Setting up a bank account in NZ is relatively easy.
We just waltzed into a branch on Main Street, and were asked for the usual:
- Proof of Identification (we used our Passport since we had just arrived)
- Some money to deposit. I've been told you should come with atleast 2000, but considering Visa applications require documentation of atleast 6000 to survive in NZ while looking for a job...
- I've also seen that you need an IRD number to be able to open an account. Since I wasn't asked for one, I'm not sure this is a requirement. But see above for getting one.
Bank Fees
Banks, where ever they are, are in the money business -- so of course they charge you fees for transactions, cheques, and withdrawals.
Some banks offer flat monthly fees that cover all the above, and others waive them completely as long as your balance is above a certain balance.
The charges do vary from bank to bank, but probably not by much, so although it might pay to shop around, it is always much more important that you like the bank you are using: you should never waste time putting your trust into a bank that doesn't feel right for you.
EFTPOS Cards
Your bank will issue you an EFTPOS card to access your funds via an ATM, as well easily make purchases in most stores in NZ, which almost all allow you to pay by cash, EFTPOS, or CreditCard.
Its all done with a card machine, in which you insert your card, and enter a pin code that your set when you are opening the bank account (ie, no signing).
The EFTPOS (Electronic Funds Transfer at Point of Sale) is basically what is called a Debit Card in other countries (the money is immediately removed from your account and transfered to the seller).
Note: you'll also find that people prefer you transfer funds to them via Eftpos card rather than a credit card as their seller's fees seem to be less high.
Online Services
All the major NZ banks offer online services, so you'll be able to go online and count your wealth any time you like.