Banking in New Zealand
It’s not a good idea to carry large amounts of cash around with you or hide your money at home. Instead, keep it safe in a bank account.
Advantages of a bank account:
- Your money is safe, but still easily accessible.
- You can earn interest on credit balances.
- You can purchase items with an EFTPOS card, so there’s no need to carry a lot of cash around.
- You can transfer and receive money from within New Zealand or overseas easily, quickly and safely,
- You can use bank statements to track spending, which helps you to live within your budget.
- Current account: Ideal for everyday use, such as buying food and paying bills. This type of account, also known as a cheque account, may pay interest on credit balances.
- Savings account: Ideal for any spare money that you don’t need to use for day-to-day living. Earns a higher rate of interest.
Some banks, such as The National Bank, offer an ‘International Student Package’ with special benefits for international students. It's also possible to open more specialised accounts, such as foreign currency accounts.
To open a bank account, you will need:
- your passport
- a residential address in Auckland
- an opening deposit
- proof that you are a student (such as pre-enrolment, fees receipt or letter of acceptance) if you want to take advantage of a special international or tertiary student package.
When your account is opened, you will be given an account number. With this account number you are able to make deposits (including international payments) and withdrawals immediately. You will also receive an ATM (Automatic Teller Machine) card in the mail.
ATMs (also known as cashpoint or money machines), allow you to withdraw money 24 hours a day, seven days a week. They are widely available throughout New Zealand and on campus. ATMs also allow you to check your account balance and transfer money between accounts.
You can also use your ATM card at most shops, cafés, bars, restaurants, hotels and service stations to pay for goods and services electronically via EFTPOS. When you make a purchase with EFTPOS, the amount is immediately debited from your account. Because EFTPOS is widely available in New Zealand, you don’t need to carry a lot of cash around.
You can also check your account balance, transfer money or pay bills with telephone and internet banking. Ask your bank for details on how to use these services.
If you do need to go into the bank, branches are usually open Monday to Friday from 9.30am - 4.30pm.
You will be sent regular statements with details of all your transactions. You can choose to receive statements every week, fortnight or month.
