Moving to a new country brings a mix of excitement and challenges, and setting up a bank account is one of the first steps to settling into life in New Zealand. Navigating the New Zealand banking system might seem overwhelming at first, but with the right information, you can find a bank and bank account that suits your needs. This guide will help you understand the key aspects to consider, such as fees, ease of use, setup process, and customer service, along with some account recommendations tailored for newcomers.

Why do you need a New Zealand bank account?

A New Zealand bank account will be essential for managing your finances, receiving salary payments, paying bills, and making everyday purchases. While you can use an international bank account initially, it’s more convenient and cost-effective to have a local account.

Types of bank accounts in New Zealand

There are two main types of bank accounts to consider:

• Everyday Transaction Accounts: Used for daily transactions, these accounts allow you to deposit and withdraw money, pay bills, and make purchases with a debit card.
• Savings Accounts: These accounts offer interest on your balance, making them ideal for saving money.

Key factors to consider when choosing a bank

1. Fees:
Bank fees can vary widely, so it’s essential to compare options. Look out for:

• Monthly account fees: Some banks waive these fees for students, pensioners, or if you meet certain deposit requirements.
• ATM fees: Using an ATM that’s not part of your bank’s network can incur additional costs.
• International transaction fees: If you plan to send money overseas or use your card internationally, check the fees for these transactions. (Don’t worry too much about this one, as you can use OrbitRemit for safe, fast, and low-cost international money transfers).

2. Ease of use and setup:
An easy setup process will make your arrival in New Zealand smoother. Many banks offer online account opening, so you can even set up your account before you arrive. Look for:

• Online and mobile banking: Ensure the bank offers user-friendly apps and online banking services.
• Branch access: While online banking is convenient, having access to a physical branch can be helpful, especially when you first arrive.

3. Customer Service:
Good customer service is vital, especially if you’re unfamiliar with the banking system. Consider:

• 24/7 support: Some banks offer round-the-clock customer support, which can be a lifesaver in an emergency.
• Multilingual services: If English isn’t your first language, check if the bank provides customer service in your preferred language.

Best banks for newcomers in New Zealand

1. ANZ New Zealand:
ANZ is one of the largest banks in New Zealand, offering a range of accounts suitable for newcomers. The ANZ Go Account is a popular choice, with no monthly account fees and an easy setup process. ANZ also offers a robust mobile banking app and extensive branch network.

2. ASB Bank:
ASB’s Streamline Account is another great option for newcomers. It features no monthly fees if you meet certain deposit requirements and offers a comprehensive mobile app. ASB is also known for its excellent customer service.

3. Kiwibank:
Kiwibank’s Free Up Account is designed with flexibility in mind, offering no monthly fees and no minimum deposit requirement. Kiwibank has a reputation for strong customer service and a focus on supporting local communities.

4. Westpac New Zealand:
Westpac’s Everyday Account is ideal for newcomers, offering no monthly fees if you meet certain conditions and easy online account setup. Westpac also provides a well-rated mobile app and extensive branch network.

5. BNZ (Bank of New Zealand):
BNZ’s YouMoney Account is a modern, flexible option with no monthly fees if you meet certain criteria. BNZ is known for its innovative digital banking tools, making it a great choice for tech-savvy newcomers.

How to open a bank account in New Zealand

Opening a bank account in New Zealand is a straightforward process. You’ll typically need:

• Identification: Passport, visa, and other proof of identity documents.
• Proof of address: A rental agreement, utility bill, or any official document with your New Zealand address.
• IRD Number: While not mandatory, providing an Inland Revenue Department (IRD) number helps ensure you’re not taxed at the highest rate on any interest earned.

Choosing the right bank and account in New Zealand will help you manage your finances efficiently. Take the time to compare fees, ease of use, and customer service to find the best fit for your needs. With the right account, you can enjoy a smooth financial transition into your new life in New Zealand.

Once you’ve set up your new bank account, OrbitRemit is here to help you send money back home with ease. OrbitRemit offers reliable and affordable money transfer services, making it easier for you to support your loved ones back home while you adapt to your new surroundings. Trust OrbitRemit for fast and secure international money transfers, so you can focus on settling into your new life. Sign up today to start sending!