How to choose a bank and open an account in New Zealand

New Zealand financial institutions offer fairly standard and straightforward packages, including the usual checking account with online banking and transactions for a low fee or zero fees.

To open a bank account, you will need:

• Your passport
• Proof of address (acceptable proof varies from one bank to another)
• Your IRD number
• A copy of your New Zealand Working Holiday visa
• Possibly the Tax Identification Number (TIN) from your home country
• Possibly a minimum deposit into your new account

Some practical information to get you started

• There is no fee if you withdraw money from another bank’s ATM. However, be careful—if you withdraw money from an ATM in a grocery shop or even a liquor store, you may be charged a fee.
• Contactless payments are very common in New Zealand. However, in small shops, they often cost you 2% of the amount of your transaction. So it’s best to use your physical card in small shops and cafés.
• You can get cash at supermarkets if you ask for a “cash out.” If you want to withdraw cash and buy groceries, ask the cashier for a “cash out” of $20, for example. Use your card to pay for your purchases plus the $20, which the cashier will give you in cash. Note that you will often have to insert the physical card into the machine (i.e. not the digital card stored on your phone). This also only works if you have a bank account and card in New Zealand.
• Most banks will give you the option to open a free savings account that allows you to earn interest on what you earn in New Zealand.
• At the end of your adventure, transferring your money back home won’t be free of charge. Ask about international transfers! You can also use Wise to transfer money to your home bank account.

Payment cards overview

You generally have access to three types of payment cards.

EFTPOS/ATM cards

These classic debit cards are generally free. They work with a PIN code—you’ll get yours right away, at the bank. You can:

• Withdraw money from all ATMs in New Zealand free of charge
• Make payments in most shops and restaurants in New Zealand

However, you can’t use them to make payments online or over the telephone.

Visa/Mastercard debit cards

These cards are enhanced debit cards. You can:

• Withdraw money from all New Zealand ATMs free of charge
• Make a payment in most shops and restaurants
• Make payments online
• Book hotel or hostel rooms over the phone
• Make payments outside New Zealand (useful if you plan to travel to other countries during your WHV!)

These cards must be ordered so you won’t get yours on the day of opening your account. Your bank will probably provide you with an EFTPOS card in the meantime, and you will receive your card a few days/weeks later.

Credit cards

The Visa/Mastercard debit card is probably what you’re looking for—you’re probably not going to New Zealand to make large purchases worthy of a credit card.

Guide originally published in 2013, last updated in October 2024.