Opening a bank account in New Zealand from Australia

Moving across the ditch? Opening a New Zealand bank account will help you get your finances in order.

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If you're moving to New Zealand, whether for work, study or just a change of scenery, there's plenty to organise. One of the most important jobs on your to-do list will be opening a NZ bank account.

We'll show you what you'll need to open an account, how to do it with the four major banks (ANZ Bank, ASB Bank, Bank of New Zealand and Westpac) and examine some of the alternative options available.

What are my options for opening an account?

1. NZ bank account

You'll need a New Zealand address to open an account, and you'll need to provide proof of address during the application process.

2. International bank account

These accounts are designed for people who don't yet have a NZ address. There are several NZ banks that offer international accounts.

3. Multi-currency account

Also known as a foreign currency account, this can be used to hold multiple currencies at the same time, including AUD and NZD.

Open a multi-currency account with Wise

Wise is an international account for 50+ currencies with fast money transfers, a muti-currency debit card and bank details for 30 different countries to make payments easy.

  • Government regulated
  • Supports 50+ currencies
  • Uses the mid-market rate
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1. Setting up a bank account if you have a NZ address

If you have a NZ address, setting up a NZ bank account is much the same as opening an account in Australia. You can apply online or visit a branch, and you'll need to provide the following information and documents:

  • Your full name, address and contact details
  • Proof of ID, such as your driver's licence or passport
  • Proof of address, such as a utility bill or correspondence from a government department
  • An IRD (Inland Revenue Department) number

However, if you don't yet have a NZ address, there are other options available.


2. Setting up an international bank account

Thanks to the close relationship between Australia and New Zealand, not to mention the fact that several major banks operate branches in both countries, it's easy to open a NZ bank account from overseas.

You can apply online and deposit funds into your account, but you typically won't be able to make any withdrawals until you arrive in NZ and confirm your address and ID at a bank branch.

Let's take a closer look at how to apply for an account with the four biggest banks in NZ.

ANZ logo

ANZ Bank

You can apply for a transaction, savings or student account with ANZ up to 90 days before you arrive in New Zealand. You can also access special offers as part of the Migrant Banking Package, such as waived account and credit card fees. Here's what you'll need to do to apply:

  • Fill out an online application form with your name, contact information and tax details.
  • Provide a copy of your passport.
  • Deposit funds into your account and pre-book a branch appointment for when you arrive in NZ.
  • Visit an ANZ branch to verify your identity.

ASB Bank logo

ASB Bank

ASB Bank is owned by the Commonwealth Bank and has a team dedicated to helping foreigners moving to New Zealand with their financial needs.

To get started, you'll need to fill out an online enquiry form with your name, contact details, country of residence and date of arrival in NZ. An ASB Relocation Specialist will then contact you to lead you through the account opening process and help you deposit funds.

Once you arrive in NZ, you can then visit an ASB branch to verify your identity and address.

Bank of New Zealand logo

Bank of New Zealand

The Bank of New Zealand is owned by NAB and lets you open a NZ account online while you're still overseas. You can apply by doing the following:

  1. Filling out an online application form with your name, date of arrival, employment details, personal information, contact details and your banking needs.
  2. Depositing funds into your account via telegraphic transfer.
  3. Visiting a Bank of New Zealand branch when you arrive in NZ to verify your identity and address.

Westpac logo

Westpac

Westpac also makes it easy to apply for a NZ bank account before you arrive in the country.

To start the process, fill out an online application form with your arrival date, destination, personal details, tax residency information and contact details. You'll also need to provide your NZ employment details (if known) and details of your banking needs.

A Westpac representative will get in touch via email to help you finalise your account, and you'll then need to visit a branch once you arrive in New Zealand to confirm your identity and address.


3. Multi-currency accounts

Also known as a foreign currency account, a multi-currency account allows you to hold funds in more than one currency, including NZD and AUD. This type of account lets you send and receive money in a foreign currency, such as NZD, and you can apply for an account online.

Multi-currency accounts are available from a range of major Australian and international banks, including options like the Citi Global Currency Account and the HSBC Everyday Global Account. The Wise Borderless Account is another available option, and it allows you to hold dozens of currencies including NZD.

Name Product Card access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly account fee
HSBC Everyday Global Account
Visa
$0
$0
$0
Special offer: $100 cash bonus for new HSBC customers.
Earn 2% cashback on tap and pay purchases (T&C's apply).
Enjoy no minimum ongoing balance or transaction requirements and the flexibility to hold up to 10 currencies. Apple Pay and Google Pay available.

Citi Global Currency Account
Mastercard
$0
$0
$0
Earn up to 0.75% p.a. interest on your AUD balance.
$0 monthly account fee.
Enjoy one linked debit card to hold up to 10 currencies and receive foreign currencies for free.
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How to transfer your money to your new NZ bank account

When you want to move funds to your NZ bank account, it's easy to send a transfer straight from your Australian bank account. However, you won't get the best exchange rate from your bank, so it's worth shopping around for a better conversion rate from a specialist money transfer service when you need to send money to New Zealand.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 250 1 - 2 days AUD 0.00 1.049 NZD
10,491
$0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
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AUD 2,000 1 day AUD 0.00 1.049 NZD
10,491
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Go to site Show details
AUD 2,000 1 day AUD 0.00 1.049 NZD
10,491
Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Go to site Show details
AUD 1 1 day AUD 62.00 1.053 NZD
10,468
Pay no fees on your first two transfers, up to $3,000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
Go to site Show details
AUD 1 Same day AUD 0.00 1.048 NZD
10,481
XE has fast transfers with low fees and a range of foreign currency tools. Go to site Show details
AUD 5 1 - 2 days EUR 3.00 1.049 NZD
10,488
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
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AUD 1 Same day AUD 3.99 1.041 NZD
10,403
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
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AUD 1 1 - 2 days AUD 50.00 1.049 NZD
10,438
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies. Go to site Show details

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Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

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International Money Transfer Offers

Important Information*
Logo for TorFX International Money Transfers
TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.

Logo for OFX (Ozforex) International Money Transfers
OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.

Logo for Send International Money Transfers
Send International Money Transfers

Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.

Logo for XE International Money Transfers
XE International Money Transfers

XE has fast transfers with low fees and a range of foreign currency tools.

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