New Zealand is one of the most popular destinations for international students. While studying in New Zealand, having a local bank account is very important to manage expenses efficiently. Having a local bank account will make it easier for the students to manage multiple payments like tuition fees, rent, utility bills etc. Also, if you are doing a part-time job, you can use the local bank account to receive your salary. A local bank account may also help to secure education loans to study in New Zealand. Some of the best banks in New Zealand for international students have dedicated account-opening schemes for international students. Let’s check how and where you should open a bank account in New Zealand.
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Best Bank in New Zealand for International Students
While choosing a bank to open an account, you must compare the banks based on their services. Check the interest rate on savings, online services, availability of branches and ATMs etc. Check all the details on some of the best banks in New Zealand for international students below:
TSB Bank
TSB is one of the best public sector banks in New Zealand. It is a fully New Zealand-owned bank headquartered in New Plymouth. The bank has a dedicated category for an account that is called Student First Package. The students can apply to open the account online through the official website of the bank. Check more details below:
- The bank provides interest-free overdraft facilities to the students
- The students will get up to 5.00% AER (Variable) interest each month on the savings account
- All the banking services can be managed on the mobile app of TSB
Also Read: Interest rate got increased on education loan? Check this blog and understand all about Education Loan Refinancing
Australia and New Zealand Banking Group Limited (ANZ)
The Australia and New Zealand Banking Group Limited (ANZ) is a multinational banking company. It is headquartered in Melbourne, Victoria, Australia. ANZ is the second-largest bank in Australia by assets and the fourth-largest bank by market capitalisation.
For international students, ANZ Bank provides attractive schemes for opening accounts and growing money. With the progress saver, the students can earn bonus interest on making at least one deposit of $10 into the account and making no withdrawal for that month. The ANZ Progress Saver account for students has no monthly account service fee or any maintenance fee. The account can be linked to the Access Advantage account, making it easy to transfer funds.
Westpac Bank
Westpac Bank is one of the best banks for international students in New Zealand. The bank provides attractive offers for students and a lot of financial services are free of cost. One of the most important features of the Westpac bank account is that the ATM cards provided by the bank are accepted globally. Check more details below:
- There is no account-keeping fee for as long as the student is below 30 years of age or a full-time student. However, other banking services fees may apply.
- The account opening process is very easy and quick. Once you reach New Zealand, you can apply online in less than 3 minutes and deposit money into your account
- The students can withdraw cash without a card by using the phone from any Westpac, St.George, Bank of Melbourne or BankSA ATM
Also Read: Want a collateral-free education loan? Check all about Yes Bank Education Loan without Collateral
ASB Bank
ASB Bank is a reputed bank in New Zealand and is known for its safe and secure digital banking services. The bank offers international students to set up a new bank account with ASB even before their arrival. The services are carried out through the ASB Relocation Specialist. Check the major features of the bank below:
- The bank also offers a currency exchange service so that you can manage your money easily.
- The bank provides FastNet Classic internal banking service and the ASB Mobile Banking app on which you can use all the financial services provided by the bank
- We’ve got branches across New Zealand and we are one of New Zealand’s largest banks – and part of the Commonwealth Banking Group
Co-operative Bank
The Cooperative Bank in New Zealand is owned by its customers. It provides various banking services like regular banking, small business banking, deposits, savings, loans, and insurance. The bank was founded in 1928 as the Public Service Investment Society and later changed its name to PSIS before becoming a registered bank in October 2011. As of 2017, it had around 161,000 customers in New Zealand.
Being a cooperative, the bank is owned by its members, and its main aim is to serve them. In July 2019, The Cooperative Bank gave back $2.1 million in extra profit to its customers. Since 2013, it has returned over $12 million to its members. Check some of the features that make it a perfect choice for bank account for international students in New Zealand:
- Cooperative banks help people in rural areas and international students by providing loans with lower interest rates compared to regular lenders, who usually charge higher rates
- Cooperative banking allows people in rural areas and international students to invest their money instead of keeping it idle in a savings account. This will bring benefits to the financial management of students over time
- Co-operative Bank, a bank with a history of 95 years, is one of the oldest and most reputed banks in New Zealand. It provides a straightforward banking system that is easy for clients of all ages to use.
How to Open a Bank Account in New Zealand?
Opening a Bank account in New Zealand is simple and easy. The students are required to submit documents like admission letters, identity cards, offer letters, address proof, visas etc. Check some of the major steps involved in opening a bank account in New Zealand as an international student:
- Visit the nearest branch of the bank in which you want to open the account
- Contact the branch manager or the officer in charge in order to get an application form.
- Submit the duly filled application form along with the supporting documents like your passport, copy of visa, address proof, and passport-size photographs for verification
- The bank will open your account after completing the verification process
FAQs
Some of the best banks for international students in New Zealand are ANZ, ASB, and BNZ. They offer dedicated schemes for students with various benefits.
Usually, the bank asks for proof of identification (passport), proof of enrollment, and proof of address.
ASB Bank is known for offering low or no monthly fees for students, making it a popular choice among international students.
Yes, most banks in New Zealand provide user-friendly online banking platforms, allowing international students to manage their accounts conveniently.
International students can open standard transaction accounts. However, some banks may have restrictions on certain types of accounts, such as savings or investment accounts. It’s advisable to check with the specific bank for details.
This was all about the best banks in New Zealand for international students. Always compare different banks and choose the one that is best suited for you. To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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