Financial Services

When moving to new country, money matters are often top-of-mind. The good news: financial services in New Zealand are modern and efficient, so the process won’t be stressful.

The first things you’ll need here are a bank account and an IRD tax number, and you can even set these up before you arrive. New Zealand’s banks and other financial institutions are well prepared to help migrants find their feet.
No matter what your financial needs, there’s a specialist to help you at every step along the way.

To start you off:

Setting up your bank accounts

It’s a good idea to have both a foreign currency – to maintain savings in your home country – and a New Zealand bank account set up before you get here, so you can access New Zealand currency immediately.

Plan for the current and possible future exchange rates, especially if you’re planning to invest in property or a business in New Zealand.

Once you arrive in New Zealand, you can go into one of the many retail branches of your chosen bank to activate your account, set up online or phone banking or get a credit card. Much of New Zealand’s banking is done electronically. Other forms of payment such as cheques are becoming less popular.

You’ll find more tips about New Zealand banking on the Banking page.

Paying tax

Inland Revenue is the government department that collects taxes on income. It’s often referred to as the IRD. When you work in New Zealand you’ll need an IRD number to give to your employer, so that the correct amount of tax can be deducted from your salary or wages with each pay. This system is called PAYE, or pay-as-you-earn. It means that the pay you get from your employer has already had tax deducted.

It’s best to get your IRD number before you start a job or open a bank account, otherwise you may be taxed at a higher level than usual. You can learn more about applying for an IRD number here.

Read more about the tax system in New Zealand on the Taxes page.

Investing for your future

If you become a New Zealand resident you have the chance to join KiwiSaver, a voluntary savings initiative set up by the government. It’s designed to help you put money aside for the future, with benefits such as a tax-free start up contribution from the government of $1,000, employer contributions and more.

You can learn more about KiwiSaver here.

There are a number of other retirement and savings schemes available through New Zealand banks and financial institutions. A great way to gather more information is by talking with banks or a financial adviser.

If you have an overseas pension, social security payments or some other kind of retirement savings, check whether they can be transferred to New Zealand. More about this on the Retirement page.