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

Almost all of these banks offer no-fee or low-fee services meeting the needs of working holiday makers—low-cost services, easy access from anywhere in the country, no commitment, etc.

Keep in mind that these are day-to-day banking accounts, not savings accounts.

Here is a selection of offers with no monthly fees and low-fee or zero-fee cards. There is a charge for over-the-counter transactions so use online banking or ATMs.

ANZ Go account

• No monthly account fee
• No fee for all electronic transactions (ANZ ATMs, online and phone)
• $3 fee for “manual” transactions (handing in a cheque, deposit or withdrawal at a bank counter)
• Free Visa debit card (you can even customise the design!) and EFTPOS card

ANZ’s offer has become very popular in recent years:

• Apply online and confirm your identity once in New Zealand
• Easy-to-get proof of address and overall straightforward process

ANZ’s offer seems to be one of the most attractive on the market:

• Most transactions are free of charge, as long as you’re comfortable with online/phone banking
• No fee Visa debit card for the first year

Kiwibank’s Free Up

• No monthly account fee
• No charges for online transactions
• Over-the-counter transactions with a fee—$3 for over-the-counter withdrawal, first over-the-counter deposit free then $3 per transaction
• Free Visa debit card for the first year, $10/year after

This offer is essentially based on online banking, as this is how you will manage your account most of the time. You won’t receive any mail from Kiwibank.

Keep in mind that since Kiwibank is attached to the postal business, you may have to queue with customers who need stamps, postage or a passport application every time you want to meet an advisor, deposit money or get some information. But if you mainly use your online account and don’t plan to go in person much, it won’t be an issue.

Westpac Everyday

• No monthly account fees if you opt out of paper statements ($1.35/statement otherwise).
• No electronic transaction fees and no withdrawal fees at Westpac ATMs ($2.50 for each bank counter transaction up to $5/month).
• $3 fee for “manual” transactions (i.e. withdrawals or deposits at the bank counter).
• No card fee for the first year for a Mastercard debit card ($10 per year thereafter).

Westpac has a partnership with foreign banks and there are branches in Australia—this can be useful to move your money at the end of your Working Holiday adventure.

ASB’s Streamline Introduction

• No monthly fee for electronic statements, and $3.50/month for paper statements.
• No fees for electronic transactions, $0.80/transaction at the bank.
• Free Visa debit card for the first six months after opening your account, then $5 per six-month period.

ASB has fewer bank branches than the other institutions mentioned above. This won’t be an issue if you’re mostly in urban areas but it’s good to know that it’s hard to find ASB branches in remote places.