Opening a Bank Account in New Zealand

If your admission and visa formalities have been completed, then the next big step is opening a bank account. There are several advantages of opening a bank account:

• As a student, it would not be safe to carry cash with you all the time
• Opening a bank account will help you transfer funds to India and even receive money from India without much hassle
• Your money will be safe but still accessible
• You can use checks to make payments, making life simpler

Types of Bank Accounts

Current account: This type of account is also known as cheque account and you would be required to pay interest on credit balances. It is best for everyday use like paying bills or buying food.

Savings account: This will help you to earn higher rate of interest and it is best for if you have extra money which you won’t be using for day to day living.

Documents you require to open an account

• Passport
• Valid Student Visa
• Evidence of enrollment or acceptance letter from a recognized university and course
• Opening deposit
• Address details

Using your Account

Once you have opened your account, you will be provided with a valid account number. You can transfer or receive funds using the account number. You will also be able to use your ATM (Automated Teller Machine) card. ATMs also known as cashpoint or money machines allow you to withdraw money anytime of the day.

Bank Branches: Bank branches are usually open from Monday to Friday 9.30am to 4.30pm.

Major Banks in New Zealand:

• The National Bank
• ASB Bank
• Bank of New Zealand
• ANZ
• Westpac
• HSBC

EFTOPS Card:

Electronic Funds Transfer at Point of Sale is a general term used for debit card based systems. It is widely in New Zealand and Australia for making payments through terminals on points of sale. In New Zealand it is highly popular as there are more debit card terminals per head of population than any other country. It is good both for the customer and the retailer. The retailer is paid instantly while the customer need not carry cash, credit cards or check books.