Personal accounts: New Zealand

Updated 6 October 2026

An honest assessment before work starts, the quote is fixed in writing.

A personal account in New Zealand is opened at local banks supervised by the Reserve Bank of New Zealand. For people moving on a work, study or resident visa, many banks allow applying before arrival and activating the account at a branch with a passport and visa. Non-residents without a visa get accounts less often and with stricter checks. US dollar amounts use the European Central Bank rate of 5 October 2026, about 1.79 New Zealand dollars per US dollar.

Who gets an account and how

• People moving on a visa: an online application before arrival, activation at a branch in New Zealand.
• Residents and citizens: standard terms, often fully online.
• Employees: a salary account is opened with a work visa and tax number, usually in the first days after arrival.
• Non-residents with property or income in New Zealand: at the bank's discretion.
• Students, for tuition, housing and showing funds when extending a visa.

Tax number and interest

The bank asks for a New Zealand tax number: without it, deposit interest is taxed at the highest rate. For a resident the bank withholds tax on interest at the rate chosen to match their income. For a non-resident, non-resident withholding tax applies, with the rate depending on the double tax treaty with their country. The number is issued by the New Zealand tax authority.

Deposit protection

Since 1 July 2025 a government depositor compensation scheme has applied: up to NZD 100,000, about $55,900, per depositor per bank or other deposit taker. The country had no such protection before.

Tax residency

• You become resident after more than 183 days in the country in any 12 months or with a permanent place of abode there.
• New residents who were not resident for the previous 10 years get transitional status: most foreign income is not taxed in New Zealand for four years.
• New Zealand participates in automatic exchange of tax information.

More on taxes on our New Zealand taxes page.

What you need

• passport and visa, or proof of citizenship and residence;
• proof of address in New Zealand, or before moving, in your country of residence;
• a New Zealand tax number or an application for one;
• source-of-funds evidence for large transfers;
• tax number of your country of residence for the information exchange form.

How opening works

1. Online application before arrival or at a branch.
2. Documents and source of funds for the bank.
3. Transferring money into the new account from abroad.
4. Activation at a branch after arrival with passport and visa.
5. Tax number and choice of interest tax rate.
6. Card, online banking and, if needed, a savings account.

Why banks refuse

• A non-resident with no visa or link to New Zealand.
• Source of large funds not proven.
• Sanctions risk by nationality or counterparties.
• Inconsistencies in the tax residency form.
• A pre-arrival application not activated at a branch in time.
• No tax number, with the client unwilling to pay interest tax at the highest rate.

What we do

Murblz specialists choose a bank, help apply before moving, prepare documents and the source-of-funds explanation, obtain the tax number and support the opening until the decision. We quote the cost after a short consultation; the decision always rests with the bank.

What we do

• Personal account - opening assistance

See also

Company formation · Business account · Investment property · Country taxes · All country programs

FAQ