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Moving to New Zealand, Part 6 - Banking in New Zealand

Part 6 - Banking in New Zealand

Banking in New Zealand

When you move to any foreign country, New Zealand included, you must immerse yourself in that country's banking options. There are several banks in New Zealand to choose from.

We chose Westpac, for two reasons:

1) When we arrived in New Zealand and needed to change over $US cash, Westpac gave us the best exchange rate among the other banks(by far! ).

2) More importantly, Westpac has a connection to Bank of America. – Not to say that all the other banks aren't good choices. As always, be sure to shop around for what fits your needs.

The Subtleties of New Zealand Banking

To the Australians, this won't be much of a surprise. To all the Americans, allow me to give you a few instances of shock, in typical, bullet point fashion:

You will be charged when you write a check. You will be charged when you deposit cash into an ATM. You will be charged when you deposit, withdraw, or write a check/cheque at the Bank. You will be charged when you setup automatic withdrawals (Rent, Utilities). Your personal banker will force you to sign all bank documents in blood. It is encouraged that you make a weekly sacrifice of lamb and/or kitten at the bank's altar (Available 24hrs!) Ok, I made the last few up, but it does feel the banks have a lot of control over you. Never fear! Fortunately, at least at Westpac (and no doubt the other banks), there are ways to skip over most of the above charges. There is no “free checking” account for you to keep 20 cents in. There are a plethora of accounts however, all with their lovely lawyer language in the fine print. Jayme and I were able to receive a deal in which all of the above charges are waived. Talk with the personal bankers. They will direct you towards the accounts that will keep you away from the fees. I would suggest keeping at least one account open in your home country.

So, don't worry — New Zealand banking isn't THAT scary. Just like nearly everyone in New Zealand, the banks here are very kind. Be sure and talk to as many people as possible with regards to banking and find the best deal for YOU! I sure do miss my pet lamb though….

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Part 6 - Banking in New Zealand

Banking in New Zealand

When you move to any foreign country, New Zealand included, you must immerse yourself in that country's banking options. There are several banks in New Zealand to choose from.

We chose Westpac, for two reasons:

1) When we arrived in New Zealand and needed to change over $US cash, Westpac gave us the best exchange rate among the other banks(by far! ).

2) More importantly, Westpac has a connection to Bank of America. – Not to say that all the other banks aren't good choices. As always, be sure to shop around for what fits your needs.

The Subtleties of New Zealand Banking

To the Australians, this won't be much of a surprise. To all the Americans, allow me to give you a few instances of shock, in typical, bullet point fashion:

You will be charged when you write a check. You will be charged when you deposit cash into an ATM. You will be charged when you deposit, withdraw, or write a check/cheque at the Bank. You will be charged when you setup automatic withdrawals (Rent, Utilities). Your personal banker will force you to sign all bank documents in blood. It is encouraged that you make a weekly sacrifice of lamb and/or kitten at the bank's altar (Available 24hrs!) Ok, I made the last few up, but it does feel the banks have a lot of control over you. Never fear! Fortunately, at least at Westpac (and no doubt the other banks), there are ways to skip over most of the above charges. There is no “free checking” account for you to keep 20 cents in. There are a plethora of accounts however, all with their lovely lawyer language in the fine print. Jayme and I were able to receive a deal in which all of the above charges are waived. Talk with the personal bankers. They will direct you towards the accounts that will keep you away from the fees. I would suggest keeping at least one account open in your home country.

So, don't worry — New Zealand banking isn't THAT scary. Just like nearly everyone in New Zealand, the banks here are very kind. Be sure and talk to as many people as possible with regards to banking and find the best deal for YOU! I sure do miss my pet lamb though….