Open Bank Account
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Reasons that promote to open bank account at one of New Zealand banks are plans like moving to New Zealand or planning a working holiday. Even for long term travellers intending to stay for more than 6 months in the country this can be an option to handle their travel money.
Moving to and establishing your new home is smoother having already a bank account in place for your day to day banking needs. Long term travellers on a working holiday visa pave their way for wages and work related payments as well as enjoying the advantages of paying and carrying plastic money instead of cash. New Zealand’s EFTPOS card is a widely used form of cashless payment. EFTPOS stands for Electronic Funds Transfer at Point of Sale.
Most New Zealand banks offer the service to open a bank account before your arrival. However there are some differences in services:
Differences to open bank account:
- Online, by mail or fax
- with or without translated and certified documents like passport or international driver’s licence and birth certificate
- some require a work permit or visitor permit to open certain accounts
- most ask for an IRD number
- Timeframe for account activation in person differ from 3 months to 6 months or open
- Some limit the number of deposits to two before activation in New Zealand
- Others have the threshold of 1 million NZD deposit
- Choice of account diverge from basic to saving or term deposit
- List of New Zealand banks and IRD
Some have a stricter time frame the account holder has to activate the account at the bank in person. The National Bank of New Zealand set this frame to three months while it is six months for ASB Bank or Westpac Bank. After this time funds are returned to the bank of origin. In this case gained interests with Westpac Bank for example remain within New Zealand. Again others like Kiwi Bank allow even term deposits.
New Zealand banks require often certified documents like passport and birth certificate. BNZ, the Bank of New Zealand, allows submitting your application online. The identification documents are presented once you are in the country.
Most application forms ask to fill in your IRD number. The benefit for your account is occurring tax on gained interest is lower than without. In any case this number has to be forwarded to future employer. Persons working self employed get their payable tax from this department.
The Inland Revenue department is the place to contact and file your application for. It is the New Zealand tax department. Everyone planning to work for money or to open an account and chooses to pay less tax has to apply for it.
Altogether it is worth wile to establish precisely your banking needs to open bank account. Determine if you will use it for a set time like your work and travel holiday or to build your future with intention of purchasing property and more. How much money you intend to transfer, the number of payments you plan to send, or simply the ease of use and application. Compare their fees! These vary in the same manner as their service conditions.
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IRD – Inland Revenue
Inland Revenue for non residents and visitors
New Zealand Banks
ASB from abroad......application form
Westpac Bank......open account
Open an account at Kiwibank from overseas
BNZ online application
National Bank of NZ
Application form at ANZ
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