• New Zealand

How to open a Bank Account in New Zealand as an International Student?

2055 Reads
3 min Read

By:CANAM Group
Updated On:Oct 16,2023 12:39 PM IST

New Zealand has a safe and efficient banking system with a full range of accounts and banking services available. It is recommended to start the process in advance of arriving as it is taking a longer period to open a bank account than in previous years. This blog will discuss opening a New Zealand bank account as an international student.

How to open a Bank Account in New Zealand as an International Student.webp

New Zealand offers the ultimate experience for any expat, with a laid-back lifestyle, vibrant culture and awe-inspiring nature. It is certainly beneficial to open a bank account in New Zealand once one arrives rather than carry around large amounts of cash. Opening a bank account from abroad is one of the main concerns of international students. Some banks do not offer full account functionality until students have moved to New Zealand and confirmed their local address with them.

International students planning to live in New Zealand for a few years may require a bank account for local and international transactions, from paying rent to transferring funds to and from their home country.

Why to open a bank account in New Zealand?

Among various things to know when planning to study in New Zealand, one is certainly about opening a local bank account in New Zealand. International students in New Zealand will need money for their daily living expenses and also need a bank account to manage their money, as it is inconvenient to carry cash in hand. One can use their native country’s bank account, but they need to check international services provided by their bank.

Also, they are charged a certain amount on every transaction. It is advisable to open a bank account in New Zealand for the following reasons.

• One can avoid international transaction fee while making debit/credit card payments for everyday activities like shopping and eating out.

• Money withdrawal is convenient due to the abundance of ATMs.

• One can manage money transfers between their home country and New Zealand easily.

• Students will need a New Zealand bank account to get paid if they decide to work while studying.

• It will be easier for visa processing officers to check proof of funds if one holds an account in a New Zealand bank.

How to open a student bank account in New Zealand? Types of bank accounts?

There are various types of bank accounts for different purposes. It helps to have a clearer understanding of each account type to choose the one that best suits one’s specific needs.

International Student Bank account

As an international student, it is a good idea to opt for an international student bank account, which gives one access to exclusive perks meant only for international students.

Student Bank Account

One of the top perks of studying in New Zealand is that 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.

Current account

It is designed for everyday use, and the current account enables one to securely deposit money into the bank and access it whenever necessary. It comes with a debit card that one can use to make payments in stores or withdraw money from ATMs.

Savings account

If one has access to larger sums of money, it is a good idea to set up a savings account as it comes with higher interest rates, which means earning more on what one deposits. It could get one into the good habit of setting aside cash to put into savings and also be the account for salary to get credited to if working.

Packages

Some banks have packages on offer that include both a current account and a savings account, which are great options if one needs to set things up in a hurry. They also have added perks, such as a lower fee to maintain both accounts.

The Process of opening a bank account in New Zealand

As International students identify New Zealand as an emerging education destination, more and more students are studying in New Zealand. There are a few important things to be done before reaching their study destination, like choosing a university, courses, a place to stay, and opening a local bank account in New Zealand. Several points are to be kept in mind to go through a smooth process of opening a bank account in New Zealand as an international student. Opening a bank account in New Zealand is relatively easy.

• Some banks in New Zealand let students open a bank account online before they arrive.

• Some banks will only open a bank account with students who have a student visa that is valid for six months or longer.

• Interest-free overdrafts- When a bank account comes with an interest-free overdraft, it means the bank will let the students spend more money than they have up to a certain amount without charging any fee. It’s a great perk that many students use, but they should remember that if they choose one, it still isn’t free money and should ideally only be used in emergencies.

• Students will usually have to pay it back shortly after they graduate, when they will have to start paying the interest fee.

Students need to provide following identification and information to open a bank account.

• Passport details

• Proof that they are enrolled students in New Zealand, such as their place offer or student identity card.

• Proof of student’s address in New Zealand, like a tenancy agreement or utility bill.

• Student’s Tax Identification Number from their home country, IRD- Inland Revenue Department Number is required.

• Complete assistance on every step can be received from Canam Consultants for the smooth functioning of the Process of opening a bank account in New Zealand.

How to open a bank account in New Zealand as an International Student?

There are some student bank accounts for international students, which can be found in some of the Great New Zealand banks. Some come with high interest-free overdrafts, others with low fee, and a few come with other excellent perks.

Westpac, Student Pac

Westpac’s Student Pac offers students a current account with a low fee, a debit card, and a save-and-win account, which will allow them to win monthly cash prizes. Students will also get access to online and mobile banking.

ANZ, International Student Package

If students opt for ANZ’s International Student Package, they will get a current account with no monthly account or transaction fee and a savings account of their choice. The bank will also waive their annual ANZ Visa Debit card fee if it’s linked to their current account.

ABS, Tertiary Account

With the ABS Tertiary Account, students can get interest-free over draft is only up to $1000 in the first year and $2000 in the following years. They will also get great extra perks when they use their debit card to buy something.

Bank Opening Hours

Students can find bank branches in all major cities and most towns. Most universities will have bank branches on campus. Banks are usually open Monday to Friday, from 9 am to 4:30 pm and also Saturday mornings in some large cities. 24-hour ATM machines are linked to these banks everywhere, including universities, airports and shopping centres.

For more detailed information on opening a bank account in New Zealand as an international Student, contact Canam Consultants.

Conclusion

There are ample reasons to study in New Zealand, including globally accredited universities and courses, a vibrant culture, and a comprehensible banking system assisting international students to deal flawlessly with financial transactions while away from home. New Zealand has plenty of local banks to choose from. After opening an account, students can get full access to their new bank account in New Zealand.

Connect with Canam Consultants to get assistance to study in New Zealand.

FAQ

What ID is required for opening a bank account in New Zealand?

National identity card, valid passport, Resident identity card, or current overseas driving license issued by an overseas government agency that contains the student’s current resident address.

What is the proof of address for a bank account?

Proof of address can be one of the following documents: water, electricity, gas, telephone, or internet bill, credit bill or statement.

What are the major banks in New Zealand?

New Zealand’s banking market is dominated by four major players- ANZ, Westpac, the NAB-owned Bank of New Zealand, and CBA-owned ASB Bank.

What is the limit of student account transactions per day?

Student account transactions provide per day cash withdrawal limit of Rs. 25,000 and an online transaction/purchase limit of Rs. 30,000 (subject to change).

What are the advantages of a student account?

One benefit that a student bank account offers is a large interest-free overdraft facility, which a standard current account does not offer. An overdraft allows students to borrow money from their bank through their current account if it’s at zero.

Get great articles direct to your inbox

The latest news, articles, and resources, sent straight to your inbox every month.

Popular Universities to Study Abroad

World class education waiting for you.

SRH University in North Rhine-Westphalia - Hamm Campus

North Rhine-Westphalia, Germany • 3 Programmes

Tuition Fee : EUR 0-0 / year

Kaplan Group - Arizona State University - Polytechnic Campus

Arizona, USA • 90 Programmes

Tuition Fee : USD 31200-33000 / year

University of Central Lancashire - Westlakes Campus

England, UK • 4 Programmes

Tuition Fee : GBP 14000-28000 / year

La Trobe University - Shepparton Campus

Victoria, Australia • 11 Programmes

Tuition Fee : AUD 34000-40500 / year

University of Delaware

Delaware, USA • 144 Programmes

Tuition Fee : USD 39000-40000 / year

SRH Berlin University of Applied Sciences - Berlin Campus

Berlin, Germany • 48 Programmes

Tuition Fee : EUR 9450-11000 / year

Grand Valley State University

Michigan, USA • 177 Programmes

Tuition Fee : USD 19500-20000 / year

Conestoga College - Milton - Parkhill Drive - Campus

Ontario, Canada • 49 Programmes

Tuition Fee : CAD 14000-14500 / year

View All Universities

Latest at CANAM

Events, webinar, college / university visits and more.

The International Education Fair

Study in Canada, UK, USA, Australia, New Zealand, Dubai, Singapore, Germany, Ireland, France

Ahmedabad • 11:00AM

In-Person Event

University Visits - Lakehead University

Study in Canada • University Visit

Ahmedabad • 12:30PM

In-Person Event

The International Education Fair

Study in Canada, UK, USA, Australia, New Zealand, Dubai, Singapore, Germany, Ireland, France

Hyderabad • 11:00AM

In-Person Event

Top countries destinations

Popular university and colleges for Studying abroad.

Bond University Queensland
Central Queensland University - Rockhampton, North Campus Queensland
Charles Sturt University - Wagga Wagga Campus New South Wales
Deakin University - Geelong Waurn Ponds Campus Victoria
Engineering Institute of Technology - Perth campus Western Australia
Griffith University - Nathan Campus Queensland
La Trobe University - Bendigo Campus Victoria
LCI Melbourne - Art & Design School Victoria

Ara Institute of Canterbury - City Campus Southland
Aspire 2 International - Auckland Campus Auckland
Auckland University of Technology - City Campus Auckland
Eastern Institute of Technology - Hawke Bay Campus Hawke's Bay
Manukau Institute of Technology -Manukau Campus Auckland
Massey University - Auckland Campus Auckland
Nelson Marlborough Institute of Technology (NMIT) - Nelson Campus Southland
New Zealand Institute of Business & Technology (NZIBT) Auckland
The University of Waikato - Hamilton Campus Hamilton

Kent state university Ohio
San Jose State University California
Wright State University Ohio
Clark University Massachusetts
Rowan University New Jersey
Arkansas State University Arkansas
University of Wisconsin Milwaukee Wisconsin
Southern Illinois University Edwardsville Illinois
University of Findlay Ohio

Popular English Language Proficiency Exams

Blogs and Articles

Curated content to keep you updated on the latest education trends, news and more.

IELTS Speaking Questions

The IELTS exam is a popular way for people who want to study overseas, but don't speak English as their first language or where it's not spoken often....

Updated on • Nov 21,2024 05:49 PM IST • IELTS

IELTS Writing Task

IELTS Writing Task One of the most crucial aspects to scoring well on an exam is writing. The IELTS assesses both Academic and General Training in ...

Updated on • Nov 21,2024 05:46 PM IST • IELTS

Best Cities to Study in Canada

Canada is home to lakhs of international students, making it one of the most popular study abroad destination in the world. The country is celebrated ...

Updated on • Nov 21,2024 05:23 PM IST • Study in Canada

Universities in Ireland for International Students

Ireland is among the safest and most welcoming nations in the world. The country provides high-quality education and excellent research opportunities ...

Updated on • Nov 21,2024 12:25 PM IST • Ireland

Post Study Work Permit in Australia

Australia is known for its scholastic brilliance and magnificent job opportunities. Due to this, numerous students are opting to study in Australia to...

Updated on • Nov 18,2024 01:57 PM IST • Australia

Reasons to Study in UK

Studying in the UK opens up a world of opportunities and experiences for international students. With its rich history, reputation of having...

Updated on • Nov 13,2024 03:41 PM IST • UK

Bachelor of Architecture in Canada

Canada is considered the most popular study destination in the world because of its world-class education. Architectural universities and colleges in ...

Updated on • Nov 13,2024 11:16 AM IST • Study in Canada

Tips to Prepare for CELPIP Reading Module

Are you thinking of permanently living in Canada? We would like to tell you that you have made a great decision. But there is just one thing you need ...

Updated on • Nov 08,2024 04:17 PM IST • CELPIP

Master's in Management (MIM) in UK: Best Universities, Scholarships, Jobs & More

The UK provides a wealth of education and a robust economy, with prestigious business schools that offer a Master's in Management (MIM). Business scho...

Updated on • Nov 07,2024 05:30 PM IST • study in the UK

Masters in International Business (MIB) in USA

Masters in International Business (MIB) is a 1-2 years long postgraduate degree program offered in the USA. The program offers a unique blend of busin...

Updated on • Nov 06,2024 01:23 PM IST • USA

Study in New Zealand After Graduation

Thinking about pursuing your higher education in a serene and culturally diverse country? New Zealand is indeed your best option! The sceneries of Ne...

Updated on • Nov 06,2024 01:22 PM IST • New Zealand

Why Study in France

Art and culture are among the most attractive factors that make France a wonderful choice as a study destination. The Eiffel Tower, Notre-Da...

Updated on • Nov 06,2024 12:38 PM IST • France

IELTS Line Graph Model Answer

IELTS Line Graph is one of the two tasks of IELTS writing section. In this task, you will get a visual representation to explain in 150 words. It show...

Updated on • Nov 02,2024 04:35 PM IST • IELTS

Common Reasons for Student Visa Rejection in the USA

Studying in the United States is a dream for countless students worldwide. The idea of exploring expansive campuses, connecting with a diverse global ...

Updated on • Nov 01,2024 05:40 PM IST • USA

Statement of Purpose (SOP) for Undergraduates : Format, Sample & Expert Tips

The Statement of Purpose is a cornerstone of every student's dream of pursuing higher education in a foreign country. An SOP allows students to highli...

Updated on • Oct 28,2024 05:52 PM IST • SOP

January Intake in UK : Universities, Timeline, Deadlines & More

Before choosing the UK as your study abroad destination, it is essential to learn about the three study intakes: Fall, Winter, and Summer, beginning i...

Updated on • Oct 28,2024 04:17 PM IST • study in the UK

Part-time Jobs for International Students in USA

A part-time job is more than just extra income; it's a stepping stone to experience, grow, and discover your potential. Going by this quote you might ...

Updated on • Oct 25,2024 05:56 PM IST • USA

Top Perks of Studying in New Zealand

Every year, a large number of students take a leap towards their dream by beginning to study in New Zealand. This island country has the all resource...

Updated on • Oct 25,2024 01:54 PM IST • New Zealand

Top MBA Courses to Specialize in Abroad

MBA (Master of business administration) is a prestigious postgraduate qualification recognized internationally. It is designed to develop ...

Updated on • Oct 25,2024 01:52 PM IST • Study Abroad

Study Abroad: Physiotherapy Guide

With mechanization and inactive lifestyles, people face common muscular-skeletal problems that include neck pain, osteoarthritis knee, backache, a...

Updated on • Oct 25,2024 01:42 PM IST • Study Abroad Guidance

How to open a Bank Account in New Zealand as an International Student?

Table of Contents

Why to open a bank account in New Zealand?

How to open a student bank account in New Zealand? Types of bank accounts?

International Student Bank account

Student Bank Account

Current account

Savings account

Packages

The Process of opening a bank account in New Zealand

How to open a bank account in New Zealand as an International Student?

Westpac, Student Pac

ANZ, International Student Package

ABS, Tertiary Account

Bank Opening Hours

Conclusion

FAQ

Events, webinar, college / university visits and more.

Popular university and colleges for Studying abroad.

Bond University Queensland

Central Queensland University - Rockhampton, North Campus Queensland

Charles Sturt University - Wagga Wagga Campus New South Wales

Deakin University - Geelong Waurn Ponds Campus Victoria

Engineering Institute of Technology - Perth campus Western Australia

Griffith University - Nathan Campus Queensland

La Trobe University - Bendigo Campus Victoria

LCI Melbourne - Art & Design School Victoria

University Canada West British Columbia

University of Windsor Ontario

Dalhousie University Nova Scotia

Carleton University Ontario

Cape Breton University Nova Scotia

University of ottawa Ontario

University of saskatchewan Saskatchewan

University of regina Saskatchewan

University of guelph Ontario

Ara Institute of Canterbury - City Campus Southland

Aspire 2 International - Auckland Campus Auckland

Auckland University of Technology - City Campus Auckland

Eastern Institute of Technology - Hawke Bay Campus Hawke's Bay

Manukau Institute of Technology -Manukau Campus Auckland

Massey University - Auckland Campus Auckland

Nelson Marlborough Institute of Technology (NMIT) - Nelson Campus Southland

New Zealand Institute of Business & Technology (NZIBT) Auckland

The University of Waikato - Hamilton Campus Hamilton

University of Warwick England

De Montfort University England

University of West London England

University of Strathclyde Scotland

Aston University England

University of Bath England

University of Liverpool England

Durham University England

Newcastle University England

Kent state university Ohio

San Jose State University California

Wright State University Ohio

Clark University Massachusetts

Rowan University New Jersey

Arkansas State University Arkansas

University of Wisconsin Milwaukee Wisconsin

Southern Illinois University Edwardsville Illinois

University of Findlay Ohio

Popular English Language Proficiency Exams