Migrant banking: How to open account in New Zealand

You can open a bank account in New Zealand without being in New Zealand. This is what many retail banks in New Zealand refer to as MIGRANT BANKING. You can also see it being called “Open a bank account from overseas”.

If you are moving to New Zealand or planning to come to New Zealand, you can open a bank account before you arrive. This account opening option is for migrants or anyone coming on a visa that gives them a long stay in New Zealand. So, visitor visa cannot be used for this function unless it is a working holiday visa.

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How to open a migrant banking account

Why should you do this you may be thinking?

• Your money arrives there before you and will be ready and waiting for you.
• Get paid in the first pay cycle of your new job by your employer.
• Take advantage of good transfer rate while skipping the middleman, a.k.a bureau de change, which sometimes comes with unnecessary extra fees and charges.
• Start building credit history and your savings from day one.
• It’s especially good for international students and working holiday visa holders. Those one usually need money as soon as they arrive. For student, your sponsors can pay your maintenance fee into your account which you will access when in the country rather than waiting for the bank transfer.

To open a bank account from overseas, you can do this in 4 simple steps.

Step 1. Decide which bank you want to open an account with

Follow the link for details. How many banks are there in New Zealand

Step 2. Apply online.

Depending on the bank of your choice, you can apply and open your New Zealand bank account from 90 to 365 days before your arrival in the country.  To apply online you’ll need:

1. To choose an account
2. Your contact details (including phone number and home address),
3. proof of residential address etc.
4. your tax details, if relevant
5. copy of passport
6. copy of your visa
7. proof of study, if you are applying for a student account.
8. Some banks will require you to send the completed application form

Additional documentation may be required subject to current compliance requirements. Once you’ve submitted your application, the bank will get back to you, usually within 2 days, requesting for additional information to finish setting up your account.

Westpac and Kiwibannk: Set up your account up to 180 days before you migrate in some circumstances.

ANZ: Apply online within 90 days of your arrival to New Zealand.

Step 3. Account will be open with limited access.

If all is complete, the bank will set up your account and you’ll get an email confirmation of your account details.

You can then transfer funds into it. However, you won’t be able to take money out of your account, but they can help you set up Internet Banking so you can view your balance when you log into that account

which brings us to

1. Decide which bank you want to open an account with
2. Apply online.
3. Account will be open with limited access.
4. Verify to Full account access.

Step 4. Verify , activate to gain full account access.

Once you arrive NZ, you will need to activate your account.

You can simply walk in to any of the bank branches for this but if you want to avoid waiting, you can email them to setup an appointment in advance. Some banks take appointment only. Some banks will specify the branch to go to.

Documents to carry:

1. your passport,
2. a copy of your visa.
3. Proof of your residential address (either the one you used in your application  or your address in NZ) Original or online is fine.

Once that is done, you’re all good to go.

T&Cs and Eligibility criteria:

1. You must have a valid visa before applying.
2. You must be 18 and over
3. Some banks don’t allow this for some countries.
4. Your account will generally need to be activated within 6 months or less from the date its opened

Is it safe? What if someone takes my money before I arrive

It is as safe as safe can be. The limited access is one of the controls in place to minimise or eliminate that risk. So basically, you can put in money but you cannot take out or do any everyday banking activities on it.

Secondly, check the emails address before responding, with the increasing rate of cyber insecurity, be alert and extra careful when dealing with sensitive information and money, so check the email that is requesting for those additional documents is the same as what the bank has on their website. And call them if in doubt.

How to open account within New Zealand

You can open your account online or in a bank branch in this simple steps.

• Decide the type of account.
• Apply online.

Fill out their application which takes between 5-10minutes. You must be aged 13 and above, live in New Zealand, are eligible to work or study or live here; have an NZ mobile phone number,

• Verify it’s you.

Go into a brank to confirm your identity and activate account. You’ll need an acceptable ID and proof of your address. If a student, proof of study.

• Viola! All good to go!

Start using your account. Order for EFTPOS or visa debit card.

Hope this helps.