Banking & Currency

New Zealand has dollars and cents. The denominations are $100, $50, $20, $10 and $5 notes, $2 and $1 gold-coloured coins, and 50, 20, 10 and 5-cent silver-coloured coins.

All cities and towns have banks. There is a bank branch, or at least an ATM, on nearly every tertiary institution campus. Trading banks are open 9.00am to 4.30pm Monday to Friday. Banking is very advanced in New Zealand, with a huge network of ATMs, and EFTPOS (electronic funds transfer at point of sale) in most shops. Telephone and Internet banking are available.

ATMs, Travellers' Cheques

If you are planning to be in New Zealand for only a few months, it is simple to use your credit card to get New Zealand dollars at automatic teller machines (ATM's). Credit accounts usually do not levy a charge for cash withdrawals. If your bank has international links, you can use your EFTPOS card from your home country at ATM's. All major credit cards are accepted in shops and at ATM's. Traveller's cheques are a good option, too.

Daily Limits

There is a limit to the amount of cash you can take out of an account using an automatic teller machine. The limit is usually $500 per day, so if you want to pay a big bill by cash, you have to go to the branch, or start withdrawing money piece meal, day by day.

Opening a Bank Account

If you're staying more than a few months, it is worth opening your own bank account. Some banks, including the ASB, let you open an account in New Zealand before you arrive. Banks don not usually have international students' loans.  See  Tax Systems

Bank Fees

A fee is charged for every transaction, including EFTPOS. Fees can be very high, so make sure you get advice from the bank's staff about which account and fee structure will suit your needs .Most banks offer special packages for full-time students taking a full-year course.

Foreign Currency

You can bring as much foreign currency as you like into New Zealand, but if it is beyond NZ$10,000 you have to inform a customs officer so that you can sign the relevant form. Most overseas currencies are easily exchanged at

New Zealand Banks.

See Tax system  regarding interest earned on money in your bank account.

Wallet Loss

Make sure you contact the bank immediately and cancel credit and EFTPOS cards. Also let the police know - sometimes lost property is handed in to them. It is a good idea to keep a separate list of the contents of your wallet, with the numbers of all the cards.