Banks in New Zealand

Banks in New Zealand

Banking & Currency

New Zealand notes are traded in the following denominations - $100, $20, $10 and $5. Coins come in gold-coloured $2 and $1 denominations while there are also silver-coloured coins with 50, 20, 10 and 5 cent denominations.
Business hours are normally from 9.00am to 4.30pm Monday to Friday. New Zealand has a very advanced ATM and Electronic fund transfer (EFTPOS) system. Telephone and Internet banking is also a very popular choice for many of the locals.

Automatic Transfer Machines, Travellers' Cheques

If you are visiting New Zealand for a short period of time, then you are advised to use your credit card. If your bank has international links, then EFTPOS may also be an option. Travellers cheques are another option.

Withdrawal Restrictions

There is a limit of $500 on withdrawals made through ATMs. For withdrawals greater than this, you are advised to personally visit your nearest branch or start making advance withdrawals.

Opening a Account

If you're planning to stay for a considerably long period of time, then you are advised to open a account on arrival in New Zealand. Please note that NZ banks do not have any lending arrangements for international students.
Please visit this useful link for more information : http://www.asb.co.nz/
International students should note that fees are charged for every successful transaction.

Foreign Currency

If you are planning on bringing in more than NZ$10,000 into the country, then you are required to declare it to a customs officer and fill the relevant form.

Wallet lost or stolen

You must immediately notify your bank and cancel all EFTPOS and credit cards. You must also notify the police in case your property is recovered.

By Neil Rao