Creating a New Zealand bank account is definitely advised for anyone who is preparing to spend an extensive period of time in New Zealand or even moving there.
As there are more cashless transactions done in New Zealand than cash transactions, it is vital to own an EFTPOS – electronic funds transfer at point of sale – card that can be used at any automated teller machines and in almost all stores, cafes and restaurants. You could also apply for a Visa Debit Card which functions in the similar way as an EFTPOS and can also be used in cash dispensers in other countries as well as in online transactions.
The prominent banks in New Zealand are:
ANZ National Bank – www.nz.anz.com ( 0800 269 296 )
ASB – www.asbbank.co.nz ( 0800 803 804 )
Bank of New Zealand – www.bnz.co.nz ( 0800 275 269 )
Westpac – www.westpac.co.nz ( 0800 400 600 )
Kiwibank – www.kiwibank.co.nz (0800 11 33 55 )
National Bank – www.nationalbank.co.nz (0800 18 18 18)
HSBC – www.hsbc.co.nz ( 0800 80 23 80 )
After deciding on the bank in which to open an account and the kind of account to open, go into any of the bank’s branches to start the process.
1) Normally, the banks entail a minimum deposit of NZ$200 to NZ$500.
2) The things you will need to complete the process are:
- A utility bill with your name and residential address stated in it or any other proof of residence
- The New Zealand Visa
Opening the account will be easy once you have the required documents. The bank worker will set up your account and provide you with an EFTPOS card on the same day.
New Zealand banks’ opening hours are from 9.30am until 4.30pm Monday to Friday. The banks are closed on weekends and holidays.
By normal standards, New Zealand banks and the bank accounts opened there are quite safe. However New Zealand banks and account owners are prone to many scams and frauds as well. One of the most common scams employed on New Zealand bank account owners are the Nigerian fee scam. This scam involves supposedly someone of a Nigerian origin sending you an e-mail pleading for your bank account number to transfer funds from another bank to yours and offering you a portion of the money in return. This person would then proceed to drain out all of your money once you give them your bank account number. The second type of most common scam is the prize notification variation. This scam involves receiving an e-mail notifying you of your victory in winning a huge amount of money in lottery and to obtain that money all you have to do is pay the operators a release payment. This is a scam because after paying for the release of the money the e-mail sender would disappear and you would have lost your money. The next most common type of scam is called ‘phishing’. ‘Phishing’ is the process where the scammer tries to fish for your bank account information by sending you a fake e-mail with your bank’s address asking you to key in all of your bank account details. Do not believe in e-mails sent under the names of the New Zealand banks solely. Proceed to call the bank to inquire about the received e-mail if you are not sure of the authenticity of the e-mail.