Discover the ins and outs of opening a bank account in New Zealand as a new arrival with insights
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“Hi All, I’m moving to Auckland in Jan from the UK under AEWV and need to open a bank account but staying in temporary accomodation until I can find a rental.
How do I open a bank account without address documents? Is it just with employment agreement and some letter from them?
which banks are easier opening for new arrivals? I like the look of heartland youchoose via money hub or just any main bank is fine?
I will need to send money back to UK for monthly direct debits here, is the wise card suitable?
Is there any difference if I open wise account in the uk first or open in Nz when settled? Thanks for any insights”
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Opening a bank account in New Zealand as a new arrival can be done, but there are certain requirements you need to meet. Most banks require a “proof of address” in New Zealand, which might not be possible for those who have just arrived1. However, there are alternative options such as a multi-currency account with money services.
Regarding your question about which banks are easier for new arrivals, it seems that major banks like ANZ, ASB, BNZ, and Kiwibank are commonly recommended. Heartland YouChoose is also mentioned as a good option. It’s best to research each bank’s requirements and choose the one that suits your needs the best.
As for sending money back to the UK, the Wise card could be a suitable option. It offers competitive exchange rates, low fees, and convenient features such as the multi-currency wallet and global ATM withdrawals. However, please note that Wise might not always be the least expensive option, and the potentially higher cost might turn off some people.
If you’re planning to use Wise, there shouldn’t be a significant difference whether you open the account in the UK first or in New Zealand. However, it might be more convenient to open it in the UK first, so you can start using it right away when you arrive in New Zealand.
Remember, it’s always a good idea to consult with a financial advisor or the banks directly to get the most accurate and up-to-date information. Safe travels and best of luck with your move!
Hope this helps.
Regards, Clive Fernandes (Financial Adviser)
Director – National Capital
Disclosure: I am the director of National Capital, a KiwiSaver advice firm. The views expressed in this article are the views of the author. The information provided is of a general nature and is not intended to be personalised financial advice. You may seek appropriate financial advice from a Financial Adviser to suit your individual circumstances or contact National Capital.
