When you first arrive in New Zealand, one of the first things you need to do is open a bank account and apply for an IRD tax number. Unlike in Vietnam, where transactions are mainly conducted with cash, in New Zealand, all financial transactions are done through a personal bank account. Opening a bank account early will make your daily transactions easier, help you manage your personal finances, and is essential for receiving money transfers from Vietnam.
1. Types of Bank Cards in New Zealand
Just like in Vietnam, banks in New Zealand offer a variety of cards to meet different needs. The major banks in New Zealand include ANZ, ASB, BNZ, Westpac, TSB Bank, Kiwi Bank, and The Cooperative Bank.
Common types of bank cards include:
- EFTPOS Card: This is a debit card issued for free when you open a bank account. It is used for withdrawing money from ATMs and making payments at store POS machines.
- International Debit Cards (Visa or MasterCard): If you need to make online payments, you will need to apply for an international debit card like Visa or MasterCard. These cards have an annual fee, and it typically takes about a week for the card to be sent to your address.
2. Documents Required to Open a Bank Account in New Zealand
Currently, banks in New Zealand do not allow foreigners to open accounts before arriving in the country. Therefore, you can only open a bank account once you are in New Zealand. You should make an appointment with the bank of your choice as soon as possible. The documents required are as follows:
- Original Passport (the bank will photocopy it for you)
- Your New Zealand Visa (make sure to print it out)
- Proof of Address: If you share a room, you will need a “Boarding House Tenancy Agreement” If you rent an entire house, you need a “Residential Tenancy Agreement” signed by the landlord.
3. Steps to Open a Bank Account in New Zealand
Once you have prepared all necessary documents, you can go to the bank to open an account. The process includes the following steps:
- Choose the bank where you want to open an account (check if an appointment is required before going to avoid waiting time).
- Submit all the necessary documents and fill out the required information.
- After the account is opened, ask for a swipe-only card to deposit money into your account and make payments while waiting for your chip-enabled card to arrive at your address.
4. Actions to Take After Opening a Bank Account
Once you have received the swipe-only card, you should follow these steps to verify that your account is active:
- Deposit some money into your account.
- Withdraw some money from your account.
- Request the bank for an account confirmation letter and a bank statement. This is to prove that your account is active.
5. How to Close a Bank Account in New Zealand
If you are leaving New Zealand, it is advisable to close your bank account before you leave. Closing a bank account can be complicated and time-consuming if you are not in New Zealand, and bank fees will continue to be charged while waiting for the account to be closed. Closing an account is quick and simple. You just need to bring your passport and bank card to the bank to complete the process. It is recommended to make an appointment in advance to save time.
6. Applying for an IRD (Tax) Number in New Zealand
Obtaining an IRD tax number is essential, especially for those coming to New Zealand for work. There are two ways to apply for an IRD number:
Method 1: Fill Out the Form and Submit by Mail
- Complete the IRD form and prepare the required documents such as your passport, visa, bank statement, and utility bills (if available).
- Submit the form at any AA Centre or via mail. You can submit it at the following locations:
- AA Building – 99 Albert Street, Auckland Central
- Post Shops: 155 Queen Street, 23 Custom Street East, 151 Victoria Street West, etc.
Method 2: Apply Online
- Visit the IRD website, fill out the information, and follow the instructions.
- After completing the process, you will need to contact the tax department to verify your information and activate your account.
Important Notes: Make sure to complete the procedures for opening a bank account and applying for your IRD number as soon as you arrive in New Zealand to avoid penalties or unnecessary complications.
Don’t forget to follow Koroo for more useful information about life in New Zealand.
Need advice or help finding a job in New Zealand? Contact us now!
