Most New Zealanders keep their money in banks. There are many different banks to choose from and each bank offers very similar services. All cities and towns have banks and 24 hour Automatic Teller Machines (ATMs) are to be found in all cities. Banks are usually open from 9am to 4:30pm, Monday to Friday. If you want to open a bank account you need to go into any bank branch with two forms of identification (one of these should be your passport). 
All registered banks in New Zealand are very safe and reliable. The main banks in New Zealand are:
- ANZ
- ASB Bank
- BNZ
- Kiwi Bank
- National Bank of New Zealand
- Westpac Trust
All banks have foreign exchange, savings, ATM, term deposits and money market services. Cash is accepted everywhere but it is not recommended to carry large amounts of cash. US$ can be easily exchanged by banks, but cannot normally be used for purchases at shops.
Banks will pay interest on money deposited in savings accounts and will deduct tax (called 'resident withholding tax') from the interest payment before crediting your account.
All banks offer a wide variety of investment options. Make
inquiries
and check with the bank if you are interested.
EFTPOS card (Electronic Funds Transfer at Point of Sale)
Most banks will give EFTPOS cards to account holders, though some have a minimum age limit of 15 or 16 years. EFTPOS is a type of electronic payment. The bank issues you with a card that shops put through a machine when you buy something. The machine reads the card and asks for a code (your PIN - a 4 digit Personal Identification Number) to approve the transaction. The money is then deducted electronically from your account and transferred to the shops account. Do not tell anyone your PIN number and do not keep a note of this number with your card, in case your card is stolen.
EFTPOS cards are also used at ATMs to obtain cash. Again you are required to enter your PIN number. Cash is then withdrawn from your account and given to you. You can use an EFTPOS card at different bank ATM machines but in some cases an extra fee is deducted from your account.
Credit Cards
The most common credit cards in New Zealand are Visa and MasterCard, but American Express and Diners Club are also popular. To obtain a credit card you usually have to be over 18 yrs of age and to show you have acceptable income and assets.
New Zealand Currency
The New Zealand Dollar is the only currency used in New Zealand, and is comprised of dollars and cents.  1 dollar ($1) = 100 cents. There are several different notes and coins used.
Notes: $5, $10, $20, $50, $100
Coins: 5c, 10c, 20c, 50c, $1, $2
Most overseas currencies are easily exchanged in New Zealand banks and money Exchange Centres. The New Zealand currency is freely floating at any time. It is possible to open foreign currency bank accounts, for example USD accounts, at New Zealand banks but different banks have different regulations and these need to be checked. ISSL can hold USD in trust for students in its USD account if students wish. |
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