Opening a bank account in New Zealand

If you’re thinking about moving to New Zealand, you’ll need a way to manage your finances there. We’ve written this guide for you to learn more about opening a bank account in New Zealand as a British citizen.

Can a British citizen open a bank account in New Zealand?

Yes, you can open a bank account in New Zealand if you’re a British citizen. You’ll need an address in NZ to do so.

If you’re not a permanent resident, you’ll need a work, study or residence visa to open one.

Using Revolut as a banking app

Revolut Standard

8.9 Great

Minimum opening balance	£0
Account fees	£0
Interest (AER)	0% AER

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Revolut launched in New Zealand in 2023 and has applied to become a registered bank. If approved, it would become the first global digital bank in the country.

You can still open a Revolut account in New Zealand or use your existing UK-opened account. It could come in handy when you first arrive if you use it to transfer your money between New Zealand and the UK, because it has competitive exchange rates and transparent fees. You could also spend with the debit card and withdraw NZ dollars from ATMs, though your account allowances will depend on which account tier you’re on.

• Pros and cons

  Pros

  • Low overseas fees
  • Quick sign-up
  • Earn cashback on spending
  • Set budgets for financial goals
  • Virtual cards for online purchases
  • Easy to transfer money internationally

  Cons

  • 1% currency conversion charge on weekend spending abroad
  • Free cash withdrawals in the UK and abroad both limited to £200 per month
  • Cannot deposit cash or cheques into the account
  • Charged a fee to receive your bank card

• More details

  Minimum opening balance	£0
  Switch service guarantee	No
  Account fees	£0
  Overseas card transactions	0%

Minimum opening balance	£0
Account fees	£0
Interest (AER)	0% AER

See dealRead review

The key requirements of opening a bank account in New Zealand

To open a bank account in New Zealand, you’ll need a valid passport and a visa that shows your residence status. You’ll also need proof of a residential address, which could be a utility bill, letter from a bank or employment agreement. Some banks might require a minimum opening balance when you open an account, so check what’s required before committing.

Popular banks in New Zealand that you can open an account with

Below is a list of some of the most popular banks in New Zealand. Some of them will let you open an account online ahead of your arrival, provided you have all the required documents:

• ANZ
• ASB
• BNZ
• Westpac
• Kiwibank
• Heartland Bank

Are there fees?

All the biggest banks in New Zealand have accounts that come with no monthly or transaction fees, but they’re usually quite basic. It might be a good idea to start with one of them when you first arrive then see what you’re likely to need later on.

Some accounts charge fees but come with more features, while others will waive the fees if you meet deposit requirements or make enough transactions on a linked card.

Bottom line

It’s relatively easy to open an account as a foreigner in New Zealand as long as you have a residency visa, but you need to make sure you fulfil all the eligibility requirements. New Zealand has a small population so there isn’t as much choice of banks as larger countries, but there are still plenty of options. Most banks offer basic free accounts, which could be a good starting point ahead of your arrival there or when you first arrive.

Written by

Jason Loewenthal

Senior writer

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Jason is a writer and editor. He worked as a senior subeditor for Finder for 5 years and in that time became familiar with a wide range of financial products and services. Before that, he worked for Australian Associated Press. He has a BA from Macquarie University in Australia. Jason loves to help other people find new ways to save money. See full bio