# How to open a New Zealand bank account before you arrive



## anski

It is possible to o0pen a New Zealand bank account before you arrive.

here is a link with details

How to open an account from overseas - Kiwibank


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## chellebubbles

we used ANZ, very heplful too.


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## 80cmills

We used BNZ. Did it all in the uk. They sent us bank card etc to us before we arrived. We transferred money into it before we left so was ready to roll the day we landed.


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## MrsRose

Our decision to move to NZ is still not 100% settled. But if/when we are ready to make the move, do you recommend we open a NZ bank account _before_ we move?


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## 80cmills

You don't have to. But if you don't make sure you have enough cash to see you through about a week. We did it so we wasn't travelling with a lot of cash. As travel insurance does not cover you for a lot. Also as soon has you land you don't have household insurance which would cover for lose or thief. Bear in mind that you might spend more than planned in the first few weeks exploring etc


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## MrsRose

80cmills said:


> You don't have to. But if you don't make sure you have enough cash to see you through about a week. We did it so we wasn't travelling with a lot of cash. As travel insurance does not cover you for a lot. Also as soon has you land you don't have household insurance which would cover for lose or thief. Bear in mind that you might spend more than planned in the first few weeks exploring etc


Haha. Traveling and exploring....that might be one of the more difficult temptations to resist upon arriving in a beautiful place like NZ. Perhaps we shall have to budget a little extra money for travel costs and lodging (or maybe even a campervan) for our first week or two there.


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## escapedtonz

MrsRose said:


> Our decision to move to NZ is still not 100% settled. But if/when we are ready to make the move, do you recommend we open a NZ bank account before we move?


I would recommend you open account / 's before you arrive even if just a couple of weeks before. Just means the bank can have everything in place ready for you - eg ATM card and you have an account to transfer funds into instead of carrying huge amounts of cash to tide you over.
On arrival just attend the ID appointment at your chosen branch then your all done. You can also apply for a credit card/insurance at this point - sweet


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## Guest

escapedtonz said:


> I would recommend you open account / 's before you arrive even if just a couple of weeks before. Just means the bank can have everything in place ready for you - eg ATM card and you have an account to transfer funds into instead of carrying huge amounts of cash to tide you over.
> On arrival just attend the ID appointment at your chosen branch then your all done. You can also apply for a credit card/insurance at this point - sweet


I figured on using my credit/debit cards, doesn't NZ have ATM machines or stores accept VISA/MasterCard?


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## anski

megan130 said:


> I figured on using my credit/debit cards, doesn't NZ have ATM machines or stores accept VISA/MasterCard?



Yes there are ATM's everywhere & most places accept credit cards, however if you are using a credit card issued in another country most banks charge a fee plus you do not always get the best exchange rate.

For instance if I use my NZ issued credit card in other countries there is a 2% loading plus I don't always get the best rate. If I am going to visit any country for an extended time I always transfer a lump sum from New Zealand & open a bank account in that country I am going to & get a Visa debit issued for use there.

If you are only visiting for a short visit then the above is hardly worthwhile.


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## Guest

anski said:


> Yes there are ATM's everywhere & most places accept credit cards, however if you are using a credit card issued in another country most banks charge a fee plus you do not always get the best exchange rate.
> 
> For instance if I use my NZ issued credit card in other countries there is a 2% loading plus I don't always get the best rate. If I am going to visit any country for an extended time I always transfer a lump sum from New Zealand & open a bank account in that country I am going to & get a Visa debit issued for use there.
> 
> If you are only visiting for a short visit then the above is hardly worthwhile.


Thanks, good FYI. I know I was planning on starting a NZ PO Box for a new local short term address once I knew I was moving til I got real residential address.


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## Weta

Money goes like water when you first arrive and you need to tell your bank or credit card issuer about your plans if you want to use overseas cards here. Imagine the alarm bells that start ring back at bank HQ with all these high value transactions. You hit the ground running with heaps of cash required for new phones, car hire, furniture, insurances, hotel, motels and all kinds; these transactions suddenly start coming through on your card in the middle of their night. 

Decline, decline, decline, assume stolen, cancel card. 

Ask me how I know?


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## carosapien

We let our bank know before we moved but still had to phone them up to keep it from being declined.

It's frightening how much you get through in those first few months, I estimate we spent at least $50,000 in the first six months, not all of it on a credit card fortunately.


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## escapedtonz

megan130 said:


> Thanks, good FYI. I know I was planning on starting a NZ PO Box for a new local short term address once I knew I was moving til I got real residential address.


As Anski says there are loads of ATM's etc but you will be charged by your uk bank for every transaction in a shop using visa delta or switch and for every cash withdrawal.
For some reason it's free when you are on holiday in Spain, Turkey, Greece etc but when you come to t'other side of the world to live the bank charges you every time!!!

Same advice with the uk credit cards. Usually charged a fee for the transaction and then when it appears on your statement the rate of exchange is rubbish - then you may have problems paying the uk credit card bill - you may have to transfer money back to the uk or pay it from nz where you will lose again on the exchange rate or you might forget to pay it at all.

You will be shocked at the banking system anyway here. Not as easy as in the uk and more charges but you'll get used


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## anski

escapedtonz said:


> You will be shocked at the banking system anyway here. Not as easy as in the uk and more charges but you'll get used


I have always found banking easy here. Agree bank charges can be high, I was with BNZ & ANZ then switched to Kiwibank when they first opened -reason ZERO fees & over the years have grown & they just keep getting better.


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## YieldQwest

I used to work for one of the largest banks in NZ. I can say with a fair degree of confidence that they all are quite good and you cant go wrong with the big 4, ASB, Westpac, BNZ, ANZ/National

Having said that, here are the things to consider:

1. Does the interest you will earn at the foreign bank need to be filed with your current countries tax code for the tax year it fall under?

2. Do you have to file a FBAR as US Citizens must do?

3. With some NZ Banks you can only deposit funds and not withdraw until you land in the country. They sometimes only allow 2 deposits and you must arrive within 6 months.

4. If you are looking for an account that you want to open up online from home and not have to travel to the country check out OPENING A FOREIGN BANK ACCOUNT 


5. There is a tax treaty with NZ/US so you will not be double taxed but make sure you clarify this with


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## Jacqcampbell

Most banks website has a tab for migrant banking, which gives you detailed instruction on how to go about it. We found ANZ to be easiest.


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## DebbieM

We opened up a Westpac account before we left the Middle East. Everything was done online (Migrant banking)...you're allowed to transfer two lump sums into the account which was great as it meant not having to bring large amounts of cash in with us. Once you arrive in NZ just go into the branch to verify your identification and you can withdrawl etc. It was all so simple that I was initially a bit concerned that it could be a scam! They have also been very helpful since we arrived.


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## Guest

We can also endorse Westpac.

Did it all with the help of HiFX who arranged a monthly deposit from the UK to the
Hamilton branch and the staff in our new bank are so helpful.

Hope this helps.


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## bleater

If you don't want to open an account before arriving, you might be able to save some fees with using your ATM/EFTPOS card from your foreign account in New Zealand if your home bank is a member of the "ATM Global Alliance" (see en.wikipedia.org/wiki/Global_ATM_Alliance). The New Zealand member bank is Westpac.

The upshot is that if you were coming (for example) from England, and used your Barclays ATM card in a Westpac ATM here to make a cash withdrawal, you won't pay the per-transaction fee for a foreign ATM. You WILL still pay the 1% (usually) currency conversion fee, plus you typically get an awful currency conversion rate... so don't plan to move big amounts via this method. Also, most banks typically impose a fairly tight limit on daily ATM withdrawals.

Still, it might be convenient to get you started.


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## padavio72

MrsRose said:


> Our decision to move to NZ is still not 100% settled. But if/when we are ready to make the move, do you recommend we open a NZ bank account _before_ we move?


Hi, 
I would recommend opening an account before you arrive. We used ANZ, it was very easy to do and they were great.
Good luck


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## walshdon

Yes we used anz to they even got us sim cards for our phone waiting free when we arrived which was good. Just one thing we were given eftpos cards but can't pay for things over the phone with them need a visa.


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## anski

I have both Kiwibank & ANZ accounts & I am afraid to say ANZ have caused me grief on 2 overseas trips. On this trip despite advising them in writing my intentions to travel to the US for 3 months & receiving acknowledgement from them that they had noted this on my credit card file.

Suddenly my CC stops working, and there is no sign of it when I logon to my account either, then I get a txt message to phone them urgently, which I do only to be advised they have put a block on my CC to protect me because I charged an amount of $15 in the US that looked suspicious. The charge was for a $15 Groupon voucher. They then tell me that all my monthly payment for my car insurance policy was not paid this month because of the block!
I asked why could they not firstly look at my file or txt me before blocking my account, no answer. I felt totally helpless & told them I will be taking it up with the Banking Ombudsman on my return.

Since then I have made contact with my insurance company explaining the position & asking them to take the payment immediately. What made it more nerve racking was the fact we had left the car for our friends to use so if they had been involved in an accident we could possibly find ourselves uninsured because of person responsible of taking it upon themselves to block our account without informing us first.

Not a good situation & last year a similar problem arose with ANZ bank when they failed to transmit US$3,000 to a US company for over a month (because they were suspicious of the company which only happens to be a very prominent manufacturer of drums in the US. Then after countless phone calls at my expense & emails the payment was suddenly sent without our knowledge.
So from my personal experience with ANZ at crucial times No I could not recommend them.

I much prefer Kiwibank, they have never let me down. I joined them when they first started up. Even when we were living overseas & I requested a substantial increase to my credit card limit, they did it almost immediately.

You may ask why I bother with 2 separate banks & the only reason is if one card fails to work I have another to fall back on.


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