National Bank New Resident Services
Here you’ll find a summary of some of the most common questions we receive from people moving to
New Zealand. If your particular question isn’t covered here, you can email migrant banking
for an answer or further information.
Introducing The National Bank
The National Bank is one of New Zealand’s leading and most respected banks. Established in New Zealand in 1873,
we operate throughout the country. We have an extensive network of branches and ATM machines along
with Online Banking and telephone banking services – which means our customers can manage their
finances whatever way suits them best.
Banking in New Zealand
New Zealand has a very modern and easily accessible banking system that is safe and secure. Here is
some useful information about banking in New Zealand.
- Electronic banking is very popular and includes services such as Online Banking, telephone banking
and ATMs (money machines).
- EFTPOS (Electronic Funds Transfer at Point of Sale) is another widely used payment service. With
EFTPOS you can use your Cashpoint (debit) card to make purchases in all retail stores and withdraw cash
at thousands of ATM locations around New Zealand.
- Credit and debit cards are widely accepted and used, which means people generally don’t need to
carry large amounts of cash with them.
- Credit cards are commonly used for everyday transactions such as grocery shopping or paying bills.
- Everyday banking accounts such as current (cheque) accounts often have a monthly account fee. The National Bank has a range of current accounts with different fee structures, so you can choose the account that best suits the way you like to bank.
Prior to arriving in New Zealand
The National Bank has a dedicated New Resident Services team, who specialise in helping people moving
to New Zealand. They provide a single point of contact for your banking and financial requirements -
making your move simpler and easier.
What accounts do I need prior to arriving in New Zealand?
You can set up a bank account such as a savings account, which allows you to transfer your funds and earn interest at the same time. (Please note that before you can transact or make withdrawals on the account(s) you opened prior to arriving, you need to provide appropriate identification to the Bank on your arrival.)
A copy of our current disclosure statement may be obtained through any branch of The National Bank of New Zealand (part of ANZ National Bank Limited).
Can my accounts be accessed online?
If you’re still overseas, you won’t be able to access our internet banking service. But once you have
arrived in New Zealand and completed the account opening formalities during your first visit to a
National Bank branch, you then gain full access to all National Bank services.
What is the minimum amount of money I need to open an account?
There is no minimum amount. Once you do have your funds in New Zealand, make sure you speak with your
Personal Manager about the different options available to you.
My partner and I have opened a joint account however we are arriving on different dates, will this matter?
When a joint account has been opened both parties must be present to activate the account. If you are arriving separately we suggest opening an individual account initially, as you can add a joint party to the account just by visiting a branch of The National Bank once your partner has arrived.
Can I transfer money into my new account if I have not yet arrived in New Zealand?
Yes, you can. Non-resident withholding tax (NRWT) or approved issuer levy (AIL) applies to all
interest paid on interest bearing account to non-residents. NRWT or AIL is deducted automatically
from any interest earned at the time of the payment. Refer to the
Inland Revenue (New Zealand tax authority) website for further information. Also, please talk to your existing bank for information on the fees they will charge you to make an International Money Transfer (IMT).
How can I check if my electronic money transfer has been deposited?
The New Resident Services team will email you confirmation once your funds have been sucessfully transferred. Or you can email us at migrantbanking@nbnz.co.nz the day you make the transfer and we can email you confirmation once your funds have been deposited.
What do you charge to receive an International Money Transfer?
When International Inward Payments are received there is a standard processing fee of NZD $15.00 (fees are subject to change) across all National Bank accounts.
When I transfer my currency to my new National Bank account how will it convert, and at what rate?
There are two options. First, you can instruct your bank to convert your funds to NZD and send the funds to your National Bank account. The fees and exchange rate will be determined and agreed to by you and your Bank / Money Exchange specialist.
Second, you can send your funds to New Zealand in your ‘home currency’ to a National Bank Foreign Currency Account (i.e. USD to a USD Foreign Currency Account). The benefit of a Foreign Currency Account is that you choose when you want to convert your funds. We offer USD, Euro, JPY and AUD Foreign Currency Accounts.
Do I have to be a customer of The National Bank before I can apply for a home loan?
No, you don’t have to be a National Bank customer to apply for a home loan with us. All home loan applications are assessed according to the Bank’s lending criteria, including your ability to repay the loan and the size of the deposit.
What banking services do you offer international students?
The National Bank offers international students a special banking package. As well as discounted fees, our International Student package makes handling money in New Zealand simpler.
Once you have arrived in New Zealand
Who do I call to make an appointment?
Once you have arrived into New Zealand please call your personal manager whose details are in your account opening letter. If you have chosen to have a Cashpoint card, your account manager will be holding this ready for your collection.
If you are unsure, then please call Warren Eaton (09) 359 9881 or Daniel Stockwell (09) 359 9820, they are here to help you.
Standard branch hours are 9.00am to 4.30pm.
What Bank accounts will I need?
The National Bank has many different account types to suit everyone, from current (cheque) accounts to savings accounts. Generally, resident withholding tax (RWT) will apply to all interest bearing accounts and deposits held by New Zealand tax residents. RWT is deducted automatically from any interest earned at the time of the payment. Upon your first visit your account manager will sit down with you to explain and discuss your account options. You can then make the changes to suit your needs.
What about Credit Cards?
If you have gained employment or hold a large deposit with The National Bank then you can apply for a credit card. To apply for a credit card you only need to provide your employment contract or letter of offer when meeting with your account manager.
Credit cards are very popular in New Zealand and with The National Bank’s CashBack Rewards you are rewarded for each purchase you make using the Thoroughbred Card.
Once I have visited a National Bank branch and I have activated the account are my funds immediately available?
Yes, your funds will become available for you to use.
When do I receive my Cashpoint (debit) card? And when is my PIN number mailed to me?
Your Cashpoint card is held with your account manager at your nominated National Bank branch. Once you have been issued the Cashpoint card you are then required to load your own PIN number to activate the debit card. PIN numbers are not posted in New Zealand for security reasons.
What are The National Banks branch opening hours?
Standard branch hours are 9.00am to 4.30pm, Monday to Friday. However we do have some branches open during the weekend. If you prefer to visit a branch in the weekend please email migratingbanking@nbnz.co.nz.
Can I apply for a Mortgage once I am in New Zealand?
A mortgage can be applied for once you arrive and are working. You can either go into your local branch, or arrange to see a Bank Mobile Mortgage Manager who can meet you at your work, at your home – wherever is the most convenient for you.
Change in circumstances
If I have deposited funds and my travel plans change and I can no longer move to New Zealand, what happens to my deposited funds?
You will need to contact us immediately. We will need to return your funds and this will require you to provide us with certified copies of your passport and your address. Certification will need to occur through an appropriate authority, such as a Lawyer, before any funds can be returned. We will discuss verification options with you. As the funds will be returned, you will also incur any fees and charges related to making the international transfer.
If my travel plans change (for example, you arrive into Christchurch and not Auckland) and I cannot visit my nominated branch, who do I contact?
Please email migrantbanking@nbnz.co.nz through your new arrival details so we can make arrangements to suit your arrival plans. We will then reply to you with your new branch contact and their details.
General information
New Migrant Tax Exemption
Generally, new migrants who acquire tax residency on or after 1 April 2006 are temporarily exempt from tax on their foreign sourced income. The exemption can also apply to persons returning to New Zealand after a period of time overseas. For more information, visit the Inland Revenue (New Zealand tax authority) website.
Goods and Services Tax (GST)
To qualify your household effects for duty and GST entry in to New Zealand you need to produce the document to show your visa status meets the level required. What matters is the document you hold at the date of the importation of the goods. The definition of a document authorising residence covers the following:
- A current New Zealand Passport
- A current Australian Passport
- A current New Zealand Residence visa or permit or a current returning resident's visa or permit
- A current permanent residence visa (including a resident return visa) issued by the Government of
the Commonwealth of Australia
- A current work visa or work permit that was issued for a minimum of twelve months
- A current work visa or work permit issued under the Work to Residence (Skilled Migrant Category)
policy or the Long Term Business Visa/Permit category
- A current visitor's visa or permit that was issued for a minimum of three years.
Household goods imported by returning New Zealanders are usually admitted free of duty and GST provided they have resided outside New Zealand for more than 21 consecutive months and the goods have been owned and used overseas. This can sometimes be useful to first time migrants where their partner is a returning national.