How to open a New Zealand dollar account

By   |   Verified by David Boyd   |   Updated 10 Aug 2023

How to open new zealand dollar account

If you get paid in New Zealand dollars, have to make payments in New Zealand dollars, or need to hold New Zealand dollars for some time, opening a New Zealand dollar account means you can avoid the cost of converting NZD to AUD.

With the introduction of borderless accounts, opening an NZD account in Australia is easier than ever.

Read on for more details about where to open an NZD account, how it works, and what to be aware of.

Fast and easy setup

Where to open a New Zealand dollar account

Wise Money Transfer

On website


  • Wise Borderless multi-currency receiving accounts. This gives you access to a digital currency wallet that you can hold and transact in over 50 currencies.
  • Borderless Debit Card. The FX optimised debit card is attached to your Wise Borderless account that can be used to withdraw or pay for purchases in foreign currency within or outside Australia.
  • Android and Apple Apps. Indulge convenience by transacting thru the Wise App anytime and anywhere!
  • Fund options. Loads of options to fund your Wise account including transfer from Debit and credit cards, or thru a local bank transfer. Quick and easy!


  • Low and competitive fees.
  • Easy to understand fee structure.
  • Easy to use website and mobile apps.
  • High transfer limit.


  • Limited currencies and destination countries compared with some competitors.
  • Can only send funds to the recipient's bank account.
Airwallex Money Transfer

On website

Airwallex Money Transfer


  • $0 fees and 0% margin on your first $20,000 AUD transfer.
  • Spend less on FX fees and more on growth.
  • Make payments in 31 currencies, into over 130 countries, and counting.
  • You always get access to Airwallex's best rates, regardless of transaction volume.


  • Create an account in just a few minutes.
  • No international transfer transaction fee.
  • Favourable currency exchange rates.
  • Quick transfers.


  • Limited transfer methods.
  • Fewer transfer currencies are available than some competing services.
OFX Money Transfer

On website

OFX Money Transfer


  • Enjoy better rates and fees.
  • Transfers to most countries take 1-2 business days. Track your transfer online or with the OFX mobile app.
  • With support staff that are located in Australia, USA, UK, Canada, New Zealand, Hong Kong and Singapore.


  • Easy and quick account opening.
  • Wide range of supported currencies and countries.
  • No fees if transferring more than $10,000.
  • Enjoy additional features for business transfers.


  • Limited payment options.
  • $15 fee if transferring less than $10,000.

First time?

How to open a New Zealand dollar account

If you live in Australia and want to open a New Zealand dollar account, it’s fairly easy to do.

  1. Choose a provider. You can open an NZD account with most major banks in Australia, but it's typically easier and faster with an online provider such as those listed on this page.
  2. Open an account. You will need to provide personal or business details, including contact information like phone numbers, email addresses, and proof of identity. Businesses may be required to provide additional documentation.
  3. Fund the account. You can transfer in funds from your existing bank account. It may also be possible to fund the account with a card.

Help choosing

What to look for

There are a few key factors to consider when choosing where to open an NZD account.

  • What other currencies are supported? You might also need to deal in other currencies. If so, consider using a bank that offers foreign currency accounts.
  • Linked card. Can you get a debit card to access your account? Does it support Apple Pay and Google Pay?
  • Funding methods. For example, can you deposit funds with a bank transfer or credit card?
  • Account fees. Make sure you know what fees are associated with your account, including any inactivity fees.
  • Foreign currency transaction fees. Are there any fees for converting foreign currencies into NZD?
  • Minimum balance. Some accounts require a minimum balance and will charge a fee if the account falls below this.
  • Maximum balance. Is there a maximum limit on how much you can keep in the account?
  • Overdraft facility. Can you access an overdraft in NZD?
  • Supported transfer types. What are the options and fees for sending money from the account?
  • Settlement time. How long does it take for inbound and outbound transfers to clear?
  • Withdrawals and payments. For example, how much can be withdrawn from the account in a day?
  • The interest rate. If you maintain a balance, will you earn any interest?
  • Cashback and other perks. Will you be rewarded with cashback on money spent with the linked card? Will you get any rewards as an account holder?
  • Flexibility and tools. Don't overlook what services the account integrates with. For example, can it be linked with Xero to streamline your accounts?

Still not sure?

Pros and cons


  • Trade like a New Zealand-based company with your own NZ account details.
  • Get paid in NZD without having to worry about currency conversion.
  • Reduce the cost of online purchases and import payments by using New Zealand dollars.
  • Avoid currency conversion fees when making payments or when paying suppliers, services, and staff charging NZD.
  • Hold NZD as a hedge against volatility.


  • Some traditional banks will require you to open a local currency account first before you can open an NZD account.
  • A minimum balance may be required, and a fee may be charged if your balance falls below.
  • A variety of fees are applicable on foreign currency accounts.

Want more help?


Can I open a New Zealand dollar account in Australia?

Anyone can open a New Zealand dollar account in Australia with one of the providers listed above.

What types of New Zealand dollar accounts are there?

You can open a New Zealand dollar account for personal or business use. The documentation required to open an account will vary depending on the type of account you wish to open.

What can a New Zealand dollar account be used for?

You can use your New Zealand dollar account to collect payments from marketplaces such as Amazon, payment processors such as PayPal, buy now pay later platforms such as Klarna, send payments to companies and suppliers, pay overseas mortgages, and more.

Do New Zealand dollar accounts in Australia pay interest?

Some New Zealand dollar savings accounts in Australia pay interest, but this is typically low, as is the case for most savings accounts.

What fees are applicable on a New Zealand dollar account?

Depending on who you open an account with, fees that may be charged include the following:

  • Account opening fees
  • Monthly maintenance or ongoing fees
  • Telegraphic transfer fees on receipts and payments
  • Currency conversion fees
  • Cardholder fees for any linked debit cards
  • Cash withdrawal fees and ATM fees
  • Interest in overdraft facilities

How long does it take to open a New Zealand dollar account?

The time it takes to open a New Zealand dollar account depends on who you are opening it with.

The fastest way to get a New Zealand account is with an online provider such as Wise or Airwallex. Expect it to take longer for a traditional bank to make an NZD account available.

To be safe, begin the process at least a few business days before you use your New Zealand dollar account.