Banking in New Zealand as a Brit

Getting a Kiwi bank account is straightforward once you know the trick: in New Zealand, the tax number usually comes first.

The short version

Some New Zealand banks let you open an account from the UK before you fly, depending on your visa and arrival date. You then prove your identity and address once you land [1].
Immigration New Zealand says you need an IRD number (your tax number) to open an account, and if your bank doesn't have it, tax on your interest is taken at the highest rate [1][2].
New arrivals apply for an IRD number through myIR; approved numbers usually arrive by text or email within two days [3].
Deposits are protected up to NZD 100,000 (about £41,640) per depositor, per deposit taker under the Depositor Compensation Scheme [4].
Keep at least one UK current account open. It's much harder to open one from Auckland later.

Pound conversions use the Bank of England spot rate of 5 November 2026 (£1 = NZD 2.40).

How banking in New Zealand differs from back home

Day to day, it will feel familiar. You tap your card or phone at the till, internet banking is the norm, and a handful of big banks dominate the high street, much like the UK.

The Reserve Bank of New Zealand keeps the official list of registered banks [5]. The names you'll see most in Auckland are ANZ, ASB, BNZ (Bank of New Zealand), Westpac and Kiwibank, with smaller players such as TSB, The Co-operative Bank and Heartland. Credit unions and building societies offer similar services but aren't banks [1]. We don't recommend any particular bank; compare fees, the app and whether there's a branch near where you'll live.

A few things catch Brits out:

The account number replaces the sort code. A New Zealand account number is one long string that includes the bank and branch codes. Your employer and landlord just need that.
EFTPOS is everywhere. Locals still talk about "EFTPOS" for paying by card, and you'll hear it at every till from the dairy (corner shop) to the supermarket. Watch for card surcharges and ask before you tap if it matters to you.
Interest is taxed at source. The bank takes tax off interest before you see it, at a rate based on what you tell it. No IRD number on file means the top rate [1].
No cheque book culture. Cheques have all but disappeared. Rent, bills and wages go by bank transfer.

Step one: get your IRD number

This is the bit to get right, because Immigration New Zealand puts it plainly: "To open a bank account in New Zealand, you need an IRD number" [2]. In practice some banks will start an application without one, but you'll need to supply it before long, and without it you're taxed at the highest rate on interest and wages [1][2].

Inland Revenue has a new arrival process that makes this quick [3]:

Register a personal myIR account on the Inland Revenue website.
Complete the new arrival IRD number application in myIR.
Have your documents ready. On a work or student visa you need your passport details, your Immigration New Zealand application number and your most recent overseas tax number if you have one. For a Brit, that's usually your UK National Insurance number or Unique Taxpayer Reference. On a resident visa you need your passport details and your Immigration New Zealand application number.
Apply in time. Visa holders must apply by the final arrival date on their visa. After that you're pushed onto the slower "Living in New Zealand" process [3].

Because Inland Revenue checks your identity directly with Immigration New Zealand, you don't post off certified copies. If approved, the number comes by text or email within two days [3].

Our guide to the IRD number, bank account and your first month in New Zealand covers tax codes and the IR330 form in more detail.

Step two: open the account

Before you fly

Some banks let you open an account from your home country. Immigration New Zealand notes that this "may depend on your visa and when you will arrive", so check with the bank you like [1]. The upside is real:

you can move money across before you land
you can give your new employer an account number on day one, so your first pay isn't held up [1].

When you arrive

You will most likely need to activate the account by proving your identity and your address in person [1]. New Zealand's anti-money laundering rules make banks fussy about this, so ask in advance exactly what they'll accept [1].

The address is the awkward part for a fresh arrival living in a short-let flat or with friends. Ask your bank what it accepts in your first few weeks [1]. Common evidence includes a tenancy agreement, a letter from your employer or a utility bill, but every bank sets its own list.

What you'll be asked for	Where it comes from
Passport (and visa)	You bring it from the UK
Proof of address in New Zealand	Tenancy agreement, employer letter or bill, depending on the bank
IRD number	Inland Revenue, via myIR [3]
UK tax number for the IRD application	Your NI number or UTR

The FCDO's Living in New Zealand guide also warns that a UK passport isn't always enough on its own for things like opening an account or getting an IRD number. It points to the Kiwi Access Card, a government-recognised photo ID for anyone aged 18 or over [6].

Is your money safe?

Since mid-2025 New Zealand has had a Depositor Compensation Scheme, similar in spirit to the UK's FSCS. It protects up to NZD 100,000 (about £41,640) per depositor, per deposit taker [4]. That compares with £120,000 per person per bank under the FSCS back home in Blighty [7].

If you're bringing over the proceeds of a UK house sale, it's worth spreading large sums across more than one institution, as you might in the UK.

Moving money from the UK

Immigration New Zealand lists three ways to send money over: your home bank, a foreign exchange broker or an online money transfer service. It notes that a broker can help you avoid international transfer fees [1]. Some banks want your first transfer done in person for security reasons, so check before you rely on it for a deposit on a flat [1].

Two other rules worth knowing:

Cash at the border. If you carry more than NZD 10,000 (about £4,160) in cash or the equivalent when you arrive, you must fill in a Border Cash Report [1].
Big transfers get questions. Under the same anti-money laundering rules, your bank may ask where a large sum came from. Keep the completion statement from a UK house sale or your savings statements handy.

The exchange rate and the margin a provider adds matter far more than headline fees on a big transfer. Our guide to sending money between the UK and abroad explains how to compare them. We don't recommend any particular firm.

Keeping your UK bank account

Don't close your UK current account on the way out of the door. You'll want it for:

UK income such as rent, a workplace pension or the State Pension
paying UK bills, from a mortgage to the odd Amazon order sent to family
having somewhere for your money if you come home.

Some UK banks restrict or close accounts when you move abroad, and opening a new one from Auckland without a UK address is a faff. Tell your bank you're moving and check its policy first. Our guide to keeping a UK bank account when you live abroad sets out what to expect.

Tax on that UK interest

Once you're tax resident in New Zealand, you generally have to declare your worldwide income there, including interest on UK accounts. The UK and New Zealand have a double taxation agreement so that you don't pay tax twice on the same income [6]. Our guide to New Zealand taxes for Brits explains how that works, and a tax adviser who knows both countries can check your case.

If you have UK shares, funds or ISAs, read up on New Zealand's foreign investment fund rules before you assume they're tax-free. Our community group for Brits in New Zealand is a good place to ask how others have handled the paperwork: join here.

Banking in New Zealand as a Brit: IRD number first, then the account