Investors and individuals alike need to open a bank account in New Zealand when they arrive in the country for employment or business purposes. Our team can help you throughout the bank account opening process.
| Quick Facts | |
|---|---|
| Who can open a bank account in New Zealand? | Residents and non-residents can open bank accounts. Special conditions apply to the latter. |
| Formalities to open a bank account in New Zealand | Choose a bank, gather and submit the documents, make any needed payments. |
| Required documents | ID document, proof of address, visa, the IRD number, other documents as needed |
| Types of bank accounts | Everyday accounts, savings or student accounts, business accounts |
| Debit or credit card issued with a bank account | As a standard, bank accounts come with a debit card. Conditions apply for credit cards. |
| Cash deposit to open a bank account | Not usually, although this can differ from bank to bank. |
| Fees to open a bank account in New Zealand | Not commonly |
| Banking services offered | Individual and business banking, personal and home loans, business lending, term deposits, financial instruments for savings and wealth management, etc. |
| Possibility to open a bank account online (YES/NO) | Yes |
| Possibility to pay online the utility bills (YES/NO) | Yes |
| Overseas money transfers accepted (YES/NO) | Yes |
| Formalities for student bank account | Must be enrolled in a full time recognized study program. Additional conditions can apply for international students. |
| Loans option available | Secured and unsecured personal loans, home loans. Conditions apply. |
| Offshore bank accounts | Opening a bank account from abroad is possible with some NZ banks, however, these generally offer limited options. |
| We provide support for opening a bank account in New Zealand | Our New Zealand experts can help you with business and individual banking matters. |
Table of Contents
What types of bank accounts can I open in New Zealand?
Personal and business banking solutions are available in New Zealand, and clients may choose from several large banks.
Examples of personal bank accounts that you can open in New Zealand include:
- Transaction account: the go-to account for daily payments. Also includes a debit card;
- Savings account: ideal for those looking to save money for different goals. May include one free monthly withdrawal from the account.
Some examples of business accounts used by those who open a company in New Zealandinclude:
- Transaction accounts for everyday banking for businesses. Medium and large companies may have different options for current accounts, tailored to their more complex requirements;
- Savings accounts designed to assist businesses that are interested in earning interest, while still able to access their funds as or when required.
What is a merchant account?
A merchant payment option is a suitable choice for entrepreneurs who start a business in New Zealand and who will accept credit or debit card payments, as well as mobile wallet payments (in-store or online).
Portable payment terminals, such as those that connect over Wi-Fi or mobile networks, can be particularly advantageous for some types of businesses. Our team can give you more details upon request.
Merchant accounts are applied for separately (online or in-person) once you’ve opened a business bank account in New Zealand.
Can a foreigner open a bank account?
Yes. As a matter of fact, this is a simple step, and those interested can even open a bank account online in NZ. This step is followed by many foreign nationals who move to New Zealand for business or employment purposes. Those who open a company in NZ will open a corporate bank account and a personal account afterward, as needed.
Opening a bank account for foreigners in 2026 is simple for an everyday or a savings account, as well as for special accounts, for example, those for international students.
A short video summarizes the main steps for bank account creation in NZ:
What documents do I need to open a bank account in New Zealand?
Some of the most important documents are the following:
- Identity documents: national ID card or a valid passport; the visa for foreign nationals as well as proof of address both outside of the country and in NZ, as applicable;
- Tax details: New Zealand customers will provide their IRD number and international clients will offer their international tax details;
- Contact information: a valid telephone number as well as email address;
- Others: for corporate bank accounts, documents referring to the company’s registration with the Companies Register.
Banks reserve their right to verify the applicant’s identity and can reject an application if the submitted documentation is incomplete.
Can I open a bank account online in NZ in 2026?
Yes. Most banks allow their customers to fill in the application to open the bank account online; however, the process is usually streamlined in the case of existing clients, as opposed to new ones.
How do I choose the bank?
The number of branches a certain bank has available throughout the country, as well as the costs for account management and the availability of additional services (internet banking, easy money transfer, and others) are important issues to take into consideration when choosing the New Zealand bank with which you will work.
Another criterion can be whether or not the new customer can open a bank account online in NZ. This can be important for those who wish to apply before their arrival in the country in order to save time once they are here.
Banking services providers in NZ are registered, as per the conditions set forth by the Reserve Bank of New Zealand.
How long does it take to open a bank account in New Zealand?
The expected timeframe varies according to your case:
- Residents enjoy the fastest bank account opening process, with an estimated duration of 1 to 2 business days (to allow sufficient time for identity confirmation);
- Five business days may be required to open a bank account in New Zealand if you are not in the country (overseas account). However, we do want to outline that, in this case, not all account functionalities will be available to the holder;
- One week, possibly more in the case of corporate bank accounts. This is because banks go through more complex due diligence verifications in the case of companies (know-your-client policies and anti-money laundering checks).
How much does it cost to open a bank account?
We offer the following package: NZD 2,600 (plus GST) for bank account opening that includes attending liaison meetings with the chosen bank, filing in and supplying the documents to open the account. This is about USD 1,500, not including taxes, and it can be offered as part of or in addition to our larger company formation packages in New Zealand.
Contact us if you want to open a bank account in New Zealandin 2026.