Banking Information for Newcomers

Banks offer a wide variety of services, from internet and telephone banking, to automatic payments and direct debits. They also charge different fees for different accounts. Some investigation of your options is worthwhile.

OPEN A BANK ACCOUNT

You can choose which bank to join. Information about banks and their policies are available at the retail branches of the banks and on their websites. The main banks are:

• ASB (opens in a new window)
• ANZ (opens in a new window)
• BNZ (Bank of New Zealand) (opens in a new window)
• Kiwibank (opens in a new window)
• National Bank (opens in a new window)
• Westpac (opens in a new window)

WHAT YOU WILL NEED

When you open an account, banks will usually ask you for three forms of identification, one of which should have a photo on it such as a passport or overseas driver's licence.

You will also be asked for your personal IRD (Inland Revenue Department) number, which will ensure you are charged the right amount of tax on any interest from your savings.

Electronic banking using an eft-pos card, is widely available and used in New Zealand. Your bank will ask you to choose a PIN (personal identification number) for electronic banking. Do not show your PIN to anyone. If you lose your bankcard or think someone else has your PIN contact your bank straight away on its freephone 0800 number.

IF YOU ARE UNHAPPY

If you have a dispute with your bank, which cannot be resolved satisfactorily through direct negotiations, you can contact the Office of the Banking Ombudsman (opens in a new window).