Opening a bank account in New Zealand
Opening a bank account in New Zealand is a reasonably simple process. You will need to fill out some paperwork, and you will be asked to provide proof of a permanent address. This is usually in the form of a bill or letter with your address on it. Photographic identification such as a passport or a driver's license (or both) will also be required. If you are a non-resident, you will need your visa or work permit for opening a bank account in New Zealand. Some banks also require you to make an initial deposit to activate your account so it is good to have some cash with you when going into the branch. In most cases, the teller will set up your account and issue you with an EFTPOS card on the same day or within a few days.
Choosing which institution to open a bank account with, is more complicated. Putting your money in somebody else’s hands is a big decision and you want to make sure that it is going to be safe. Furthermore, you do not want to pay more for services than you have to.
When opening a bank account In New Zealand, there are a number of institutions to choose from. These range from registered banks, building societies and credit unions. Every institution offers a range of accounts - from transaction accounts to savings accounts. It is prudent do some research into which institution to choose. This will depend on your specific needs - whether you need internet banking, a debit card, a cheque book, credit card, and so on. Some institutions don’t charge fees on transactions and others do, some charge for statements and others don’t. Don't be shy to shop around!
Here are some tips on finding more information:
· Registered Banks - Reserve Bank of New Zealand website
· Building Societies - Financial Services Federation website
· Credit Unions - New Zealand Association of Credit Unions website
Opening a bank account with a New Zealand Credit Union
Over the last 45 years, there has been a move in New Zealand toward credit unions. Opening a bank account with a New Zealand credit union is the same as with any New Zealand bank, but the benefits are quite convincing. A credit union is an institution owned by the members or customers. Deposits are called shares because they represent ownership in the institution. All profits (after providing for necessary reserves and operating costs) are returned to customers through top interest rates on savings, low cost loans, and reasonable fees. Staff are employeed to serve customers and help them succeed in life though fostering a culture of wise use of credit, thrift and money management - much more like being part of a family.
It is easy to see why credit unions are popular when contrasted with banks where the customers are just customers. Banks answer to profitability – shareholders own a bank and expect financial performance from bank management.
NZCU South is proud to be a credit union, not a registered bank. Open an account with us today and experience the difference. Read More...