Banking Services 

New Zealand is well developed in terms of banking services. There are a number of local and overseas banks and other financial institutions that operate here. Banking fees are reasonable, and you will have access to multiple banking channels including branches, ATMs, online and POS purchases as well as services like PayPal and international money transfers. You don't need to carry cash in New Zealand.

IMPORTANT TO NOTE: Loans may not be easy to obtain when you are a new arrival. You may have difficulty getting a personal loan, credit card or car loan when you first arrive. The banks and finance companies have certain lending criteria and newcomers may battle with getting finance without a NZ credit history and residency restrictions.

Banks with Migrant Services:

1. BNZ (Bank of New Zealand): Allows immigrants to apply online to open a New Zealand bank account while still overseas, which can help establish a banking relationship before arrival.

2. ANZ, ASB, and Westpac: All major banks have dedicated migrant banking services, though they may require longer credit history for loans.

Here's a list of banks as per the Reserve Bank of New Zealand - Registered banks in New Zealand - Reserve Bank of New Zealand - Te Pūtea Matua

Finance Companies

Herewith some finance companies that are particularly helpful for newcomers/migrants who may have limited or no credit history:

  • Vehicle & Asset Finance Ltd (VAF Ltd) - Especially focused on newcomers and helping them with various loan options including car and personal loans-  www.vaf.co.nz.
  • Finance Now - Listed among the providers working with lending brokers to help customers secure personal loans, often more flexible with credit requirements than traditional banks.
  • Avanti Finance - One of New Zealand's largest specialist lenders with over 35 years of experience helping New Zealanders finance cars, homes, and businesses. They're known for working with people who may not qualify at traditional banks.

Note - Be prepared for higher interest rates initially as you build local credit. 

  • The specialist finance companies like VAF Limited, FinanceNow and Avanti are generally more flexible and experienced in working with newcomers who are still establishing their credit history in New Zealand.
  • Buy now and pay later finance options are also available. Refer Buy Now Pay Later with Afterpay

Tax Tips for Newcomers to New Zealand

1. Get an IRD Number Immediately

2. Understand Income Tax Rates (Progressive System)

  • As of 2025 (annual income):

    • 10.5% → up to $15,600

    • 17.5% → $15,601 – $53,500

    • 30% → $53,501 – $78,100

    • 33% → $78,101 – $180,000

    • 39% → over $180,000

  • Employers deduct tax automatically under the PAYE (Pay As You Earn) system.

3. Know About GST (Goods & Services Tax)

  • 15% is included in most prices (you don’t add it separately).

  • If you run a business earning over $60,000/year, you must register for GST.

4. Check Your Tax Code

  • Your employer will ask you to fill in a form when you start.

  • Using the wrong tax code = paying too much or too little tax.

  • If you have multiple jobs, be careful: secondary income is taxed at a higher rate.

5. KiwiSaver (Retirement Savings)

  • Voluntary savings scheme. You may not be able to immediately get access to a KiwiSaver account without the correct residency status. 

  • Contributions: 3%, 4%, 6%, 8%, or 10% of salary.

  • The government adds an annual contribution if you put in enough.

  • Great for long-term savings, but you can’t usually withdraw until retirement (except first-home use or hardship).

6. End of Tax Year (31 March)

  • Many employees don’t need to file a return — IRD auto-calculates.

  • But if you have multiple jobs, overseas income, or self-employment, you’ll likely need to file.

7. Foreign Income Rules

  • If you’ve been in NZ less than 4 years, you may qualify for a temporary tax exemption on overseas income (except foreign employment income).

  • Important for migrants with investments, property, or pensions overseas.

8. Self-Employed or Contracting

  • You’re responsible for paying your own tax (no PAYE).

  • May need to pay provisional tax if you earn over $5,000 tax in a year.

  • Keep good records — you can claim business expenses.

9. Keep Records & Receipts

  • For employees: not much admin.

  • For self-employed: keep receipts, invoices, and logbooks (if using a car).

  • IRD can ask for proof up to 7 years back.

10. Use Tools & Help

  • myIR (online IRD account) lets you see your income, tax, student loans, KiwiSaver, and make payments. Home - Home - myIR

  • If unsure, use an accountant, especially if self-employed or with overseas income.

Practical Tips and Advice

  • You will have lots of expenses when moving to New Zealand including flights, visas, shipment costs etc. Budget carefully for this as well as for the settling in costs e.g. setting up a house, getting a car, having the rental bond deposit etc etc. 
  • Depending on the exchange rate, you may have less money than you think when you send cash to New Zealand. Especially when you don't fully understand the cost of living, getting here and setting things up. 
  • Be prepared not to have access to loan facilities when you get here. As mentioned, banks and finance institutions may be weary of extending finance to brand new arrivals for various reasons. Finance may also be more expensive based on the risk-based pricing models of the banks. 
  • Getting a tax number is relatively easy. You will, however, need to visit a branch in person. For employees, the tax system requires very little effort and tax returns are automated. Be careful not to try and hide anything from the tax man if you run your own business e.g. cash transactions. IRD is vigilant. 
  • You may want to consider a tax migration process eventually. But don't forget to still comply with tax regulations in your home country e.g. filing a nil tax return. 
  • We suggest not to immediately cancel your existing insurance policies in your home country e.g. life assurance. Be patient until you obtain residency in New Zealand (at least) before cancelling important policies. You don't know what may happen during the residency process.