A New Zealand bank account is what your employer pays into, what your landlord takes rent from, and what power and broadband companies bill. Getting one open in your first week means your first pay lands somewhere useful, and you're not paying exchange fees on every bond, rent and grocery payment from a card back home.
How to do it
- Ask your chosen bank whether you can start before you fly. Some banks let new arrivals apply from overseas and finish identity checks in a branch once they land. Others want you in New Zealand from the start. Check the bank's own page for new migrants, since this differs from bank to bank.
- Take your passport and visa details. Every bank will want to confirm who you are, and your passport is the document that works for everyone.
- Sort proof of your New Zealand address. A signed tenancy agreement, a utility bill or an official letter to your new address is the usual kind of thing. If you're still in temporary accommodation, ask the bank what it will accept before you go in.
- Give the bank your IRD number. Without it, the bank must deduct tax at 45% from any interest you earn. If you've only just applied, get your IRD number sorted and add it as soon as it arrives.
- Choose your tax rate on interest. Once the bank has your IRD number you can pick a rate that matches your income. If you don't choose, it deducts 33%.
- Set up the basics in the same visit: a debit card, internet banking, and the account number your employer and landlord need.
- Keep your account back home open for now. You may still have final pays, refunds or bills going through it. Move larger sums with a dedicated transfer service rather than a card, see arranging currency exchange.
Common mistakes
- Turning up without anything showing your New Zealand address, then needing a second trip.
- Opening a joint account where only one of you has given an IRD number.
- Paying bond and the first weeks of rent on an overseas card, with exchange and card fees on each payment.
- Closing your home account before the last pay, tax refund or deposit has come through.
Useful links
- Inland Revenue: using the right RWT rate — the 45% non-declaration rate and the rates you can choose from once you've given your IRD number.