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Bank accounts in NZ..

Bank accounts in NZ..

Old Aug 28th 2010, 4:54 pm
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Default Bank accounts in NZ..

Hello

We hoping to be in Wellington in early December

Can anyone tell me please how easy (or hard) it is to open up a bank account in New Zealand? What is required from us?



Kezzar
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Old Aug 28th 2010, 7:00 pm
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Default Re: Bank accounts in NZ..

Originally Posted by Kezzar View Post
Hello

We hoping to be in Wellington in early December

Can anyone tell me please how easy (or hard) it is to open up a bank account in New Zealand? What is required from us?



Kezzar
It's extremely easy. We recently opened an account with Kiwibank from the UK, and it took about a week. Details here. Other NZ banks seem to have similar arrangements.
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Old Aug 28th 2010, 9:45 pm
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Default Re: Bank accounts in NZ..

yes it is very easy. We moved to Wellington and opened a bank account with BNZ before we came over.
So far I've been impressed with them....although OH has now had to start banking with ASB and seems to think that they're good also.

here's the link for opening a bank account with BNZ from overseas: https://www.bnz.co.nz/portal/site/bnz/migrant
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Old Aug 28th 2010, 9:48 pm
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Default Re: Bank accounts in NZ..

Originally Posted by Kezzar View Post
Hello

We hoping to be in Wellington in early December

Can anyone tell me please how easy (or hard) it is to open up a bank account in New Zealand? What is required from us?



Kezzar
Hi , when we came we went to the ASB with identification and opened an account on the spot. They may do a check from the UK but I don't think they did with us. We had an eftpos card straight away and deposited our money in there and then. They gave us a savings account and a general everyday account with pin numbers and internet access. All in all it took about half an hour. We subsequently both got credit cards some months later when we applied for them.
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Old Aug 28th 2010, 9:58 pm
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Default Re: Bank accounts in NZ..

Originally Posted by shelloid View Post
yes it is very easy. We moved to Wellington and opened a bank account with BNZ before we came over.
So far I've been impressed with them....although OH has now had to start banking with ASB and seems to think that they're good also.

here's the link for opening a bank account with BNZ from overseas: https://www.bnz.co.nz/portal/site/bnz/migrant
Ditto the above!
We did it with BNZ! No complaints from us!
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Old Aug 29th 2010, 8:30 am
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Default Re: Bank accounts in NZ..

We opened one before we arrived with Westpac and we have no complaints they always are helpful in any branch we have been in everything is quick and easy so different to UK banks
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Old Aug 29th 2010, 8:43 am
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Default Re: Bank accounts in NZ..

Don't mean to high-jack your thread but it is on a similar vein.

I have read that in NZ you don't get a Debit Card when you join a bank unless you ask and that you can be charged for every transaction, is this true?

If so what does everyone do? Take out huge sums of cash and pay cash for everything?



Thanks.
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Old Aug 29th 2010, 9:20 am
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Default Re: Bank accounts in NZ..

Originally Posted by Kezzar View Post
Can anyone tell me please how easy (or hard) it is to open up a bank account in New Zealand? What is required from us?
REALLY easy, open online before you head to NZ, have a short telephone call when they ring you back to confirm you are a person and not a robot. Then arrange to validate the account in NZ by presenting your passport at the branch of your choice. Update addresses when you have them.

We used Westpac.
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Old Aug 29th 2010, 9:24 am
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Default Re: Bank accounts in NZ..

Originally Posted by joannii View Post
I have read that in NZ you don't get a Debit Card when you join a bank unless you ask and that you can be charged for every transaction, is this true?
Most banks seem to have a range of accounts that have various mixes of fixed and transaction fees so you choose how you pay for your banking. No free lunch but then there isn´tz in the UK either its just more transparent here.

Check out the banks websites, they all list their charges for you to see and compare.
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Old Aug 29th 2010, 9:39 am
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Default Re: Bank accounts in NZ..

Originally Posted by joannii View Post
Don't mean to high-jack your thread but it is on a similar vein.

I have read that in NZ you don't get a Debit Card when you join a bank unless you ask and that you can be charged for every transaction, is this true?

If so what does everyone do? Take out huge sums of cash and pay cash for everything?



Thanks.
I had a debit card last year from the ASB as they are relatively new to NZ. I don't get charged for every transaction but then I have never gone overdrawn so wouldn't expect to unless I did. I use it like my eftpos card but mainly for internet and phone purchases and use my eftpos for everday stuff. I rarely use cash and always use eftpos. You will get charged for using another bank's machine but I usually get cashback from the supermarket when buying my groceries if I need a few dollars.
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Old Aug 29th 2010, 10:04 am
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Default Re: Bank accounts in NZ..

yep, it's EFTPOS that everyone uses here. EFTPOS = electronic funds tansfer at point of sale (or something to that effect).

To us everyday folk, it works in the shops like switch/maestro/electron/etc. do inn the UK. Just means you can't use it for online / telephone purchases. But I have noticed a few websites only accept VISA and not VISA debit anyway. (unless I'm wrong and when they say VISA they include the VISA debit as well!?)
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Old Aug 29th 2010, 7:55 pm
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Default Re: Bank accounts in NZ..

Originally Posted by shelloid View Post
But I have noticed a few websites only accept VISA and not VISA debit anyway. (unless I'm wrong and when they say VISA they include the VISA debit as well!?)
VISA normally includes VISA Debit too, haven´t found anything different for several years now, not on any websites I have bought from anyway.
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Old Aug 29th 2010, 8:58 pm
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Default Re: Bank accounts in NZ..

oooh, that's handy to know....shame I don't have a VISA debit, but OH does. Just means I'll have to spend his money instead. Like I said, what a shame!
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Old Aug 29th 2010, 11:15 pm
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Default Re: Bank accounts in NZ..

were with Kiwibank and they dont charge for transactions if you do online banking. Quick and easy to sort out, you do pay if you use another banks ATM. Dont forget to get your IRD number(can take up to 10 days to arrive, forms avaliable from post office) and give when you open account or you will be charged 38%!!
Good luck
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Old Aug 30th 2010, 11:21 am
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Default Re: Bank accounts in NZ..

Originally Posted by joannii View Post
Don't mean to high-jack your thread but it is on a similar vein.

I have read that in NZ you don't get a Debit Card when you join a bank unless you ask and that you can be charged for every transaction, is this true?

If so what does everyone do? Take out huge sums of cash and pay cash for everything?



Thanks.
No, as someone mentioned, everywhere generally has EFT-POS facilities which is a debit card system and NZ is by far one of the most ubiquitous countries for using that sort of system, they were also one of the first to adapt cards and pins for POS.

Most banks also now have Visa or Mastercard debit cards too.

I've always found NZ banks to be far better and generally more advanced than the UK ones .
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