Banking Services In New Zealand

New Zealand banks generally welcome new customers and opening an account is quick and simple. The documents you will generally need to open an account are: 

• Photo ID (such as your passport)
  
• Proof of your address (such as a utility bill)
• IRD number (you can supply this at a later date if necessary – although any interest you earn will be taxed at the highest rate).

Bank Account Fees

There are fees on most accounts, some of them flat fees and others per-transaction fees. These could amount to around $15 per month. Some banks give you discounts on fees for things such as receiving all your statements online and some waive fees entirely if you agree to keep a set minimum balance in your account. 

Online Banking 

Most banks offer online banking. While fraud is comparatively rare here are a few things to keep in mind for safer banking practises: 

• Keep your anti-virus and spy ware software up to date
• Avoid doing your online banking on public computers
  
• Never supply your passwords to anyone.

ATMs (Automated Teller Machines)

Money machines (ATMs) are widely available at banks, along main shopping streets and in shopping malls. You may be charged a fee of around $0.50 for using a card from one bank at another’s ATM. 

Eftpos is a widely available debit card system, which you can use almost anywhere. Some retailers also allow you to withdraw cash on Eftpos with a purchase and there is generally no minimum purchase. A pin number is used rather than a signature. 

New Zealand banks offer a wide range of services but they only tend to offer their own products, which may not be the best in the market place or the most appropriate for you. It is well worth shopping around. 

This article was supplied by Broadbase International Ltd (www.broadbaseinternational.com). Information contained in this article is of a general nature and is not intended as a substitute for professional advice based on your individual circumstances. Disclosure statements are available on request and free of charge.