Your Complete Student’s Guide To Opening A Bank Account In New Zealand

As there are various types of bank accounts for different purposes, it helps to have a clearer understanding of each account type so that you know which one best suits your specific needs.

Designed for everyday use, the Current Account enables you to securely deposit money into the bank and access it whenever necessary.

It also comes with a debit card that you can use to make payments in stores or withdraw money from ATMs.

Having a debit card could come in handy as Kiwis hardly carry cash around and actually prefer paying via Eftpos, debit or credit card – so this could be a preferred mode of payment around the country.

If you have access to larger sums of money, it is a good idea to set up a Savings Account as it comes with higher interest rates – that means earning more on what you deposit!

On top of that, it could get you into the good habit of setting aside cash to put into your savings and also be the account for your salary to get credited to, if you take up a part-time job.

Several banks offer student-specific bank accounts which come with special perks.

One of the key features is not having any transaction fees or charges for extra services, which can potentially add up to hundreds of dollars a year.

As an international student, it is a good idea to opt for the International Student Bank Account, which gives you access to exclusive perks meant only for international students.

Apart from that, this account type offers similar services to other student bank accounts.

New Zealand’s five major banks include ANZ Bank, ASB Bank, Bank of New Zealand (BNZ), Westpac and Kiwibank.

All these banks have branches and 24-hour ATMs in most towns and all majors, including some that are in university campuses, so you don’t have to worry about locating them.

Before making a decision, it is important to do some research and check out what the different banks have to offer as not all of them would have the option to open a student account.

Also, by taking a closer look at the special student perks that come with each account, you can then choose the one that best matches your lifestyle and preferences.

Once you’ve decided which bank to open your account in, do take a closer look at specific requirements as some banks will only open a bank account with students that have a valid student visa for a minimum period of six months.

There are also some banks that allow you to open your bank account online before you arrive in New Zealand, in case you want to do so ahead of time.

In order to successfully open your bank account, you’ll be required to provide identification and some information.

These include your passport details, your offer of place from your New Zealand institution, proof of address and Tax Identification Number from your home country.

As with most of your essentials such as accommodation and flights, it helps to set up your bank account ahead of time so that it is one less thing to worry about when you arrive.

In the event your selected bank allows you to open your account online, you could do so from the comfort of your home and get it sorted out before your trip!

However, if you’re required to make a visit to the bank, it is a good idea to do so within the first week of your trip so that you’ll be able to gain access to your funds and start making transfers as well as pay with your debit card.

Once you’re all set, the final thing to do is make your first deposit and secure your funds! After which, you’ll be able to start using the funds as needed.

If you’re making an online transfer, do monitor the exchange rate so that you can make the transfer when the rate is better and get the maximum value for your currency.

Now that you’ve gained a clearer understanding of opening a bank account in New Zealand, are you feeling more prepared for your study trip?

Regardless of how prepared you feel, we’re here for you!

At IDP, we have a team of education counsellors that have the experience to ensure you’re all set for your trip.

From advice for setting up your bank account to assisting you with every step of your application process, we’ve got you covered.

Book your free counselling session today to get started!