Thursday, 29 April 2010 11:13
Bank Accounts New Zealand
Opening up a bank account is one of the first tasks you need to do when arriving in Australia and New Zealand on Working Holiday Visa's. Like opening up a bank account anywhere, it's a tedious task and can get confusing thinking about charges and which bank has the most ATM's (cash points for the British).
There are a few points to consider regarding bank accounts and money handling in Australia and New Zealand.
- Banks will charge for transactions (ATM withdrawls) if you withdraw from a different bank.
- EFTPOS (electronic funds transfer point of sale) - is essentially the same as a debit card so you can pay by chip and pin but you can also get cashback at most places free of charge.
In order to open a bank account you will need:
- Your Passport
- Proof of Address (Your hostel should be able to help you with this)
New Zealand Banks & Bank Account Details
- There are two good bank account options at BNZ bank:
- Smartmoney account. If you are aged between 19 - 29 you can open one of these accounts. There is no monthly fee. You get 30 free transactions per month for BNZ ATM's and EFTPOS. Any more you get charged for.
- MyMoney account. There is a monthly charge of $5 but you get unlimited transactions. You may be asked to deposit cash in order to open these accounts.
- Again there are two options at this bank:
- Streamline Account. $3.50 per month to get unlimited electronic transactions (ATM's, direct debits, EFTPOS) but any manual transactions (in the branch at a teller) will cost you $3 each time.
- Omni Account. This account has no monthly rate but each electronic transaction will cost you $0.40 and manual transactions $0.80.
All three of these New Zealand Banks can be found around the country.