Banking in New Zealand « Elemensa Relocation Consultants

Banking in New Zealand

1. The New Zealand Banking Environment

New Zealand’s banking environment has become increasingly flexible and competitive since significant deregulation in the 1980’s.

New Zealand’s central bank is the government-owned Reserve Bank. The Reserve Bank formulates and implements monetary policy to maintain stability, registers and monitors the banks, issues currency, implements exchange rate policy, and manages overseas reserves. The Reserve Bank also sets the official cash (interest) rate. This is currently 2.50% (March 2011).

There are two categories of private financial institution in New Zealand – registered banks and non-bank financial institutions.

Registered banks must meet certain criteria to be registered with the Reserve Bank, and can use the word “bank” in their name. They must make quarterly public disclosures of their financial status and credit rating. Registered banks settle directly with the Reserve Bank.

Non-bank financial institutions can effectively carry out the same functions as the registered banks, but may not call themselves banks, and must settle via a registered bank.

From a technological perspective, the New Zealand banking system is advanced by world standards, with full overnight inter-bank electronic settlement and a high degree of automation. Electronic transactions such as ATM and EFTPOS are very popular, and outnumber cheque transactions. In terms of future directions, the banks are looking at the role of smart cards.

2. The Banks

2.1 Registered Banks

The major trading banks, i.e. those that operate national branch networks,

are:

All of the above banks are owned by offshore organizations, with the exception of Kiwibank which is owned by the New Zealand Government.

Refer to Section 8, References, for contact details for the major banks.

Other registered banks include Taranaki Savings Bank (TSB), Citibank, and Hong Kong and Shanghai Banking Corporation (HSBC).

The banks mentioned are the banks that make up the members of the New Zealand Bankers’ Association. Other organizations, such as PSIS, offer a limited range of banking services.

In November 2009, Roy Morgan Research published customer satisfaction levels for the major banks, as follows:

TSB Bank 90.4%

Kiwibank 82.5%

ASB 78%

National Bank 79.3%

Westpac 71%

BNZ 76%

ANZ 72.1%

2.2 Services Offered

The principal personal banking services offered by the major trading banks include:

Current/cheque accounts, accessed by cheque, direct debit/credit, debit card (EFTPOS and ATM), telephone banking, internet.
Payment of bills via automatic payments, direct debits, EFTPOS, internet and telephone banking
Savings and investment accounts
Money market deposit facilities
Home mortgage loans
Other personal loans
Internet banking
Credit cards
Insurance products
Foreign currency, travellers cheques and international transfers
Financial advisory services

3. Banking Practice

3.1 Fees

Banks in New Zealand normally charge a monthly account management fee, transaction fees for all transactions made on an account, and fees for any additional services. Many banks limit or waive these fees for certain categories of customers (eg superannuitants) and for customers who maintain sufficient funds in their account, or have significant business with the bank, such as a mortgage.

There are extensive branch networks operated by the major players, however banks strongly encourage their customers to automate their transactions by charging higher fees for over-the-counter transactions than for electronic transactions.

3.2 Banking Hours

Banks are generally open from 9.00am to 4.30pm , Monday to Friday. Additional banking services are available outside these hours through telephone and internet banking, automatic teller machines (ATMs) , and EFTPOS.

3.3 Opening An Account

Some banks will now open an account prior to your arrival in New Zealand. National Bank, Taranaki Savings Bank (TSB), Westpac, and the ASB will open certain accounts by email, post or fax, subject to the appropriate proof of identification (passport and some other form) and minimum deposit being provided. Check individual bank web sites (see Section 8 for addresses) for details of the process. However, at most banks you will not generally be able to operate the account in any meaningful way until you have arrived in New Zealand and have physically presented your proof of identification at a branch.

With the major banks, it may also be possible to open a New Zealand account by providing the appropriate documentation at an overseas branch of the bank’s offshore parent, e.g. at an ANZ branch in Australia, at a Westpac branch in Australia, at a National Australia Bank(NAB) branch for the BNZ. However, this depends on individual bank policy operating at the time.

On arrival in New Zealand, it is generally quite straightforward opening an account, provided you make an appointment in advance (required by some banks, and also advisable to avoid delays at the bank) and bring the appropriate documentation with you. This is normally at least two forms of identification for each account holder (passport and credit card), a completed application form, and some evidence of your employment status, salary, and banking record (not strictly necessary but may be required to help avoid credit checking). Some banks also require you to have a permanent residential address before they will open an account. They may waive this condition if you are introduced by another customer or if you have evidence of your employment. You may experience difficulties opening accounts at some banks if you are self-employed or unemployed, and have a short term immigration permit (less than six months). If this is the case we suggest you try ASB Bank, Westpac or Kiwibank. Clients have also reported good experiences with ANZ and BNZ.

You will probably need to open a cheque account for day-to-day access to cash. This may not pay any interest on your funds so you may wish to open a savings account as well. Refer to section 3.4, Types of Accounts, for details of the different accounts available.

Some banks issue an ATM/EFTPOS card on the spot, but there may be a delay of a few days before you can use it. Your cheque book will be supplied later. While cheques are no longer widely used in New Zealand, a cheque book is still useful, and if your bank does not volunteer one you should ask for one. Your bank should give you information to set up telephone and internet banking facilities. Ask about how long it will take to clear deposits, and try to get this period shortened if you have regular credits coming into your account.

Some banks require a minimum deposit to be made to open an account, others have no minimum requirement. Use travellers cheques, cash, or an International Telegraphic Transfer (ITT) to transfer offshore funds to your account. A bankers draft or foreign cheque can take several weeks to clear. We recommend you pre-arrange an

ITT with your home country bank, and get them to provide you with the appropriate forms and the correct international banking codes before you leave home. You can then just get your New Zealand bank to fill in the details of your account once it is set up, and fax it back to your bank to action the transfer. You will be charged fees for the transfer.

Alternatively you can use internet banking to transfer funds from your offshore account if your home country bank and your New Zealand bank offer such facilities. It is not normally possible to transfer funds offshore from a New Zealand bank by internet banking.

If you are being paid off-shore, you will still need a New Zealand bank account for everyday items, and to pay bills such as rent and utilities. Note that almost all landlords require rent payments to be set up as a regular direct debit from your account. You can arrange a monthly standing ITT to be transferred to your New Zealand account. Again, we recommend you talk to your bank about this before you leave home.

Plan to transfer enough money to cover the start-up costs of settling into your new country. These costs include:

Buying or leasing vehicle(s)
Advance rent (2 weeks), bond money (up to 4 weeks rent) and letting fee (one week’s rent plus GST at 15.0%) on rental property
Deposit to purchase a house
Connection, advance payment, and credit bond payments (sometimes required) to utility companies, such as telephone, electricity, gas, satellite/cable TV, and Internet providers.
Purchase or rental of household items that you have not brought with you, or that will not operate in New Zealand (all non-240 volt appliances)

Check that your ATM card is Cirrus or Plus compliant so that you can draw New Zealand dollars out of a New Zealand ATM from your home country bank account. Again, discuss this with your bank, and check what fees are charged for each transaction as these can be quite high..

Banking is a competitive business in New Zealand, and it is no longer necessary to have a banking record with a particular bank before you can get loans or other services.

All banks have assessment criteria for opening accounts and granting loans, so you should bring with you a reference from your previous banker, credit card company, etc, and any other evidence of a good credit record.

When selecting a bank, the Consumer’s Institute can provide information on the relative customer satisfaction ratings, www.consumer.org.nz.

3.4 Types of Accounts

Cheque account: This is an account for funds you wish to have easy access to on a day-to-day basis. It may also be referred to as a current account. You will normally be able to access the account through a cheque book, an ATM machine, EFTPOS, telephone banking and internet banking. You may need to request a cheque book. You should be able to arrange for automatic payments to be made out of the account for regular debits such as rent, and your salary might be direct credited to the account. Some accounts may pay interest on credit balances and most will charge monthly fees and transaction fees. These fees are sometimes waived if you meet certain criteria. Overdraft facilities may also be available on the account if you meet the bank’s criteria.

Savings Account: Savings accounts are for money that you wish to accumulate and receive interest on. Some accounts will have restrictions on the number of withdrawals you can make in any one month. They do not normally have cheque books. There will normally be a monthly fee and transaction fees charged on the account, but these may be waived if you meet the bank’s criteria.

Call Account: Also called cash management account. This is similar to a savings account in that it pays interest, but there may be a minimum balance required before interest is paid. Because funds can be withdrawn at any time the interest rates may be lower than other savings and investment accounts. There will normally be a monthly fee and transaction fees charged on the account, but these may be waived if you meet the bank’s criteria. The best interest rates on call accounts are usually found on online call accounts or “e-saver” accounts. These may attract interest rates that are higher than term deposit rates.

Term Investment: Also called term deposit. Your money is invested for a set term (30 days to 5 years) and attracts interest which is paid quarterly, six-monthly, annually or on maturity, depending on the term of the investment. You have no access to your money during the term of the investment. If you break the investment early the bank will charge a penalty or reduce the final interest payment. There are normally no fees on these accounts. New Zealand interest rates are high by world standards and these term investments can offer very attractive interest rates.

3.5 Code of Banking Practice

The New Zealand Bankers’ Association has introduced a Code of Banking practice, which establishes the minimum standards of practice for banks in dealing with their customers, and outlines the responsibilities of the banks and their customers.

If customers are not satisfied a complaint has been dealt with properly by a bank, then the complaint may be referred to the Banking Ombudsman, who undertakes an independent review of the dispute.

4. Types of Banking Transactions

4.1 Cash

Cash is still used, but the high uptake on EFTPOS and the proliferation of ATMs means it is primarily used for small transactions.

The currency is the New Zealand Dollar, sometimes referred to as the Kiwi Dollar. The standard $ symbol is used.

There are 10 cent, 20 cent, 50 cent, $1 and $2 coins.

There are $5, $10, $20, $50 and $100 notes. Note denominations are easily identified by the colour of the note.

The five cent coin has recently been removed from circulation, but goods are still priced to the nearest cent, e.g. $7.99. When you make a purchase and pay by credit card, eftpos or cheque you pay the exact amount, but if you pay by cash the amount will be rounded up or down according to the shop’s policy. E.g. if the bill comes to $7.43 you will normally be charged $7.40 in a cash sale. If the bill is $7.48 you would pay $7.50.

4.2 Automatic Teller Machines (ATMs)

There are many Automated Teller Machines (ATMs) available for 24-hour banking.

In general, it is possible to use another bank’s ATM to draw funds and access your account, although your bank may charge you a higher fee for this. Where banks do not have an agreement for use of each other’s ATMs, fees for inter-use can be very high, e.g. $5 per transaction, so check the actual fees charged with your bank.

You can use your ATM card overseas, and draw cash in local currency from your account without incurring interest charges, provided the card is linked to the “Cirrus” or “Plus” systems, and this symbol is displayed on the ATM. You will be charged fees for these transactions so check with your bank what these are likely to be. Likewise you should be able to withdraw funds from an overseas bank account from a New Zealand ATM, provided the overseas bank is connected to Cirrus or Plus.

4.3 EFTPOS

EFTPOS cards are debit cards, which automatically debit your account at the time of your transaction.

New Zealand has the highest per capita uptake rate on EFTPOS (Electronic Funds Transfer at Point of Sale) in the world. Most retail businesses have EFTPOS facilities.

The sophisticated nationwide systems in place mean your EFTPOS card can also be used to draw cash from your account at the same time as you make your purchase.

The retailer will not normally charge you for the cash withdrawal, but may require a minimum purchase amount, and may limit the amount of cash you can withdraw. Some retailers will not give out cash.

Even very small retailers usually have EFTPOS.

Your bank will charge you a fee for each EFTPOS transaction made.

4.4 Direct Credits

Few employers in New Zealand pay their staff by cash or cheque these days. The preferred method is by automatic direct credit into the employee’s bank account on pay day.

4.5 Direct Debits

It is possible to pay many bills through arranging automatic payments, (direct debits), from your account. Typical bills you might pay this way are your rent (most landlords require this method), phone bill, power bill, gas bill, insurances and rates. Direct debits usually incur cheaper transaction fees than cheque transactions.

4.6 Cheques

Cheques are still used, but their use is declining quite rapidly with the rise of EFTPOS, ATM and direct debit transactions, and with the banks discouraging the use of cheques by the introduction of higher fees for paper transactions. Cheques accounted for only 9% of non-cash financial transactions in 2005.

Some stores are reluctant to take cheques, preferring EFTPOS and credit cards.

When writing a cheque, observe the following rules:

If you wish the cheque only to be deposited in the bank account of the person to whom it is made out, you must make it out to the exact name of their bank account, and cross it with two parallel vertical lines and the words “Not Transferable” or “Account Payee Only”. Cross out “or bearer”. This is recommended.
If you wish to allow the person to be able to transfer the cheque to someone else, do not cross it, or if you do, use the words “Not Negotiable”.
Do not write in any part of the coded band at the bottom of the cheque.
Try not to run your signature or any other words over the boxes containing the amount.
New Zealanders do not normally use the “99/100” representation for expressing cents. They usually write “and 99 cents” or “and 99c”.
Dates are expressed as dd/mm/yy.
Try not to fold or staple your cheque.

Shops will normally ask you to write your name, address and telephone number on the back of the cheque, and to present some form of ID, like a cheque card.

Many large supermarkets will print the details of the cheque automatically, and ask you to check and sign it.

Most stores will not give you cash change from your cheque, unless they know you personally.

To pay a cheque into your account you will either need to take it into a branch of your bank (any branch nationally is fine but it must be your bank) or post it to your bank with a completed deposit slip. Most bank branches have a fast deposit box where you can leave your deposit slip, cash and cheques in special envelopes without queuing for counter service. Do not send cash through the post.

Note that even though there is overnight electronic settlement between banks, this does not mean your cheque will clear that quickly! Some banks will still take seven days to clear a cheque (i.e. make funds available for you to draw against). The time taken is sometimes set by individual accounts so you should discuss the time taken to clear with your bank, and try to negotiate a shorter time period.

“Bank cheques” are a useful means of paying for large items such as vehicles, initial rent and bond payments, etc, especially when you do not have a cheque book of your own. Your bank will supply a bank cheque for the specified amount made out to the person or company you specify, provided you have sufficient funds in your account. You will be charged a transaction fee for this service. Bank cheques are regarded as a very safe means of payment.

4.7 Telephone and Internet Banking

In recent years the major banks have rationalised their branch networks, and most offer telephone and internet banking services for the convenience of their customers.

Telephone and internet banking can be used to transfer funds, manage automatic payments, pay bills, obtain account balances, order cheque books and statements, obtain information on interest rates and bank products, change addresses, etc.

Fees for telephone and internet banking transactions are generally cheaper than those for branch counter transactions.

New Zealand banks do not normally allow funds to be transferred to offshore accounts through internet banking.

We do not recommend you use public internet cafes for internet banking, because of the possibility of hackers installing keystroke loggers on the computer.

4.8 Transaction Fees

We have mentioned that banks charge transaction fees for the services outlined above. Note that certain banks waive fees on accounts under certain circumstances, such as a minimum account balance, having a mortgage with the bank, etc. It pays to shop around.

You can reduce bank fees by using your credit card, by getting cash out as part of an EFTPOS transaction, and by meeting bank requirements for minimum account balances.

4.9 Credit Cards

Credit cards are popular. The major banks will issue Visa and Mastercard cards, and often the same card can be used as a credit card, an ATM card, an EFTPOS card and cheque ID card.

American Express is also popular, although many smaller businesses do not accept it. Diners Club is not common and may not be widely accepted by merchants.

GlobalPlus is a Bank of New Zealand Mastercard, linked to Air New Zealand and Telecom. You automatically earn Air New Zealand AirDollars each time you use the card. A similar card is operated by ANZ and Visa in conjunction with Qantas and Telstra.

Many products can be bought over the phone or Internet using a credit card, but take care to ensure you are dealing with a reputable firm with a valid street address before you hand over your details.

Supermarkets accept credit cards. Some stores accept only Mastercard or Visa.

Some credit cards have quite lucrative loyalty or rewards programmes, and these are worth considering when deciding which cards to use. See section 7 below for further details.

You do not incur transaction fees on your credit card, so using it can be a good way to minimise bank fees.

Comparative information on the various credit cards and the interest rates offered can be found on the following websites:

4.10 Other Cards

It is possible to buy pre-loaded cards that can be given as presents instead of gift vouchers. Some are specific to one store or retail chain, others can be used in multiple stores. The specific cards vary but an example is the NZ Post Prezzy Card.

Other cards can be used for online purchases (eg Westpac DebitPlus Visa) or between bank accounts (eg ASB Bank Pago card).

5. Savings and Investment

5.1 Types of Investment

There are many savings and investment options available to personal savers in New Zealand.

The trading banks offer personal savings accounts, call and term deposit accounts, and savings bonds, most with a high degree of security over your capital. They will also offer other investment opportunities such as unit trusts and managed funds.

Other financial institutions and insurance companies offer a variety of financial products including term deposits, bonds, unit trusts, superannuation schemes, and managed funds. Several finance companies have failed in New Zealand recently, and the main trading banks generally offer a much lower-risk investment.

All investments involve a degree of risk, and it is important to weigh up the interest rates received against the risk of losing your capital. Useful comparative information can be found at www.interest.co.nz and www.cannex.co.nz.

If you decide to use a financial planner or broker, make sure they are fully independent. Ask them what commissions they earn, and about the comparative performance of the schemes they are recommending – they must disclose this information to you.

The Wellington newspaper, The Dominion Post, lists deposit and investment interest rates by individual banks every Monday on its business pages, and the Weekend Herald also does this on Saturdays. The website www.interest.co.nz also lists interest rates.

Elemensa also provides details of current savings interest rates through its Cost of Living information sheet.

5.2 Tax

Resident withholding tax is deducted at source by banks and financial institutions from interest payments. At the end of the tax year (31 March), your bank will send you a statement of the interest income and tax paid for your tax return. You need to advise your bank of which tax rate you wish them to deduct tax.

6. Mortgages and Loans

6.1 Mortgages

Housing finance in New Zealand is called a “mortgage”.

The home mortgage lending market is one of the most competitive areas of business for financial institutions in New Zealand. A wide range of mortgage products is available, and interest rates are volatile as a result of this competition.

There are multiple mortgage lenders, (banks, building societies, insurance companies and direct telephone mortgage lenders), with varying products, interest rates, fees and conditions. It pays to shop around for the best deal for your situation. Useful comparative information can be found at www.interest.co.nz and www.cannex.co.nz.

The telephone-based mortgage lenders typically offer lower interest rates than the major banks, but sometimes the approval process can take longer.

Many banks have “mobile mortgage managers” who will visit you at your home to discuss your mortgage requirements.

There are also mortgage brokers, who usually source mortgages from a variety of lenders.

There are four main types of mortgage available:

Table Mortgage

Repayments remain the same over the life of the mortgage. Principal and interest is repaid. Over time the repayments become more principal than interest. Table mortgages are the most common form.

Reducing Mortgage

An equal amount of principal is paid in each repayment, reducing the interest payable over time, i.e. the total amount of each repayment will reduce as time goes on.

Revolving Credit Mortgage

With a revolving credit facility, additional funds can be borrowed against the value of the house and repaid as part of the existing loan arrangements. The amount owing will therefore fluctuate over time.

Flat or Interest-only Mortgage

Only interest is paid during the term of the loan, with the principal repaid at the end. This is uncommon in New Zealand, apart from as short-term bridging finance.

Some lenders will loan up to 95% of the house’s value, whereas others will only lend to 75%. It also depends on the type of property, for example, some lenders will only lend 50% of the value of certain types of apartments. There are indications in 2008 that the housing market is slowing and lenders are becoming more cautious about the percentage of a house value they will loan up to.

Mortgage interest rates are volatile, and you have the choice of a floating or fixed rate mortgage.

Floating rate mortgages have more flexible conditions, but the interest rate may change at any time.

Fixed rate mortgages have an interest rate held for a set period, usually one to five years. Many people choose a combination of floating and fixed rates.

The Wellington newspaper, The Dominion Post, lists the latest mortgage rates by individual lenders every Monday on its business pages, and the Weekend Herald also does this on Saturdays. The website www.interest.co.nz also lists interest rates.

It is not necessary to have an existing banking record with any particular lender, although this may speed up the process of arranging finance, but it will be necessary to undergo the usual credit checking process.

Some lenders will offer conditional approval over the phone, and some have “mobile mortgage managers” who will come to you. Some lenders may require a building inspection to be carried out before they will confirm a loan.

It is often possible to get a certain level of finance pre-approved before finding a property to purchase.

There are no tax benefits in New Zealand attached to having a mortgage on the dwelling you live in, so it is generally in the borrower’s interests to shorten the term and pay the mortgage off as quickly as possible.

When selecting a lending institution, bear in mind the following:

What fees will you be charged? How are these charged?
Can they pre-approve your mortgage before you make an offer on a house?
How long will it take the lender to approve your mortgage?
Will you be able to alter repayment amounts should your circumstances change?
Can you make lump sum payments to pay off your mortgage quicker? Are any fees charged for this?
What % of the house’s value will they lend up to?
What interest rates do they charge, and on what basis could these be changed?
How reputable is the institution?
Will you be required to have mortgage repayment insurance?
Does the lender require an independent valuation or a building inspection?

6.2 Personal Loans

Banks and other financial institutions also offer personal loans for purposes other than housing finance.

These personal loans may take the form of term loans, overdraft facilities, and revolving credit facilities.

Some companies offer flexible loans, based around a mortgage, that allow you to extend the loan for other purposes. While this is a very flexible form of finance, often at competitive interest rates, it can also be a way of getting into too much debt, through extending your borrowing to items that will depreciate in value.

6.3 Other Loans

The other two main forms of loan available in New Zealand are credit cards and hire purchase.

Credit cards (Visa, Mastercard, American Express, Diners Club) allow you to charge items on your card up to a specified credit limit. You must make a minimum monthly payment for Visa and Mastercard, and you are charged interest on the outstanding balance. Diners and American Express require that you pay the amount owing in full each month, unless you have a card that allows you a credit limit.

Interest rates charged on credit cards are generally much higher than those on offer by way of a bank personal loan or overdraft. If you need credit, it pays to talk to your bank about the loan options available rather than use your credit card for this purpose.

Hire purchase finance deals are offered by retailers on many products, such as appliances, furniture, cars, etc. As with credit cards, it pays to compare interest rates with those offered by your bank. Sometimes deals are offered that are interest-free for the first six months or a year. These can be an excellent form of finance, but watch for deals that make up for this through charging high interest rates later or excessive fees.

7. Customer Loyalty Programmes

While not directly related to banking, this section has been included for information, and is worth considering when selecting credit cards as some provide greater benefits through their loyalty programmes.

7.1 Fly Buys

“Fly Buys” is a customer loyalty programme that allows members to accumulate points towards a travel or product reward through purchasing at selected retailers.

Major participating retailers include, among others, Shell Oil, New World supermarkets, Telecom, Noel Leeming, State Insurance, Paper Plus, and Bank of New Zealand (BNZ).

You can earn Fly Buys points through using a BNZ Visa or Mastercard, as well as making purchases at participating retailers.

You can obtain membership application forms from any of the participating retailers.

7.2 AA Rewards

Members of the Automobile Association (AA) are automatically members of the AA Rewards scheme, which allows members to accumulate points towards various rewards in conjunction with BP service stations and other suppliers.

For further information call 0800 500 181.

7.3 American Express

American Express cardholders can join the Membership Rewards programme for a small fee by calling 0800 442 208.

Rewards can be redeemed for various products and services, direct ticketed flights, or transferred to certain airline frequent flyer programmes.

7.4 Diners Club

Diners Club cardholders can join the Club Rewards programme for a small fee by calling 0800 652 582.

Rewards can be redeemed for various products and services, or transferred to certain airline frequent flyer programmes.

7.5 GlobalPlus

GlobalPlus combines a Mastercard credit card with a Telecom Calling Card and is linked to the Air New Zealand frequent flyer scheme.

Enquire about GlobalPlus at any branch of the BNZ bank or Air New Zealand.

7.6 ANZ/Telstra/Qantas

ANZ offer a credit card in conjunction with Qantas and Telstra Clear that is linked to the Qantas frequent flyer programme.

Enquire at any branch of the ANZ.

7.7 Air New Zealand

For details on Air New Zealand’s AirPoints frequent flyer programme, call

0800 247 764. Air New Zealand is a member of the Star alliance.

Air dollars can be earned and redeemed on domestic as well as international flights.

7.8 Qantas

For details on the Qantas frequent flyer programme call 0800 808 767. Qantas is a member of the OneWorld alliance.

8. References

8.1 Agencies

Banking Ombudsman

109 Featherston St, Wellington 471 0006

New Zealand Bankers Association

PO Box 3043, Wellington 472 8838

www.nzba.org.nz

8.2 Publications

“Banking in New Zealand”

New Zealand Bankers’ Association, 1997

8.3 Bank Contact Details (Head Office addresses)

ANZ Banking Group (New Zealand) Limited

Private Bag 92-210

Auckland Mail Centre

Tel: 64 9 358 9200 ( Corporate) 64 4 470 4120 or 0800 269 296 (services)

Web: www.anz.co.nz

ASB Bank Limited

PO Box 35

Auckland 1015

Tel: 64 9 377 8930

Fax: 64 9 377 9678

Web: www.asb.co.nz

Bank of New Zealand (BNZ)

PO Box 2393

Wellington

Tel: 64 4 474 6999 or 0800 800 468

Web: www.bnz.co.nz

KiwiBank

Tel: 64 4 473 1133 or 0800 11 33 55

Web: www.kiwibank.co.nz

National Bank of New Zealand Limited

PO Box 1791

Wellington

Tel: 64 4 494 4000 or 0800 18 18 18

Fax: 64 4 473 6959

Web: www.nationalbank.co.nz

Rabobank

PO Box 38-396

Wellington Mail Centre

Tel: 64 4 462 5650 or 0800 722 622

Fax: 64 4 462 5660

Web: www.rabobank.co.nz or www.raboplus.co.nz

Westpac Banking Corporation

PO Box 691

Wellington

Tel: 64 9 912 8000 or 0800 400 600

Web: www.westpac.co.nz

9. Glossary

ATM	Automatic Teller Machine
BNZ	Bank of New Zealand
Cheque	Check (US)
EFTPOS	Electronic Funds Transfer at Point of Sale, debit cards that can be used to purchase goods, services, and cash, and have the amount directly debited from your account.
Mortgage	Loan to purchase property.
RWT	Resident Withholding Tax, tax deducted at source from interest income received.

10. Table of Contents

Jump to top of page