Introduction
For those preparing to come to or move to New Zealand, we have organized a practical step-by-step guide covering everything from opening a bank account, handling IRD (taxation), overseas remittances, setting up mobile banking, and preventing financial fraud. Each section includes necessary items, procedures, precautions, and cost-saving tips so you can use it right away.

Table of Contents

• 1) Key Points for Comparing Major Banks
• 2) Required Documents and Online Pre-Application for Account Opening
• 3) How to Apply for an IRD Number and Understanding PAYE·Tax Codes
• 4) Overseas Remittance·Currency Exchange Procedures and Tips for Reducing Fees
• 5) Setting Up Internet·Mobile Banking and Security Guidelines, How to Set Up Automatic Payments
• 6) Tips for Using Credit·Debit Cards and Preventing Financial Fraud

1) Key Points for Comparing Major Banks (ANZ, BNZ, ASB, Westpac, etc.)

New Zealand has major banks such as ANZ, BNZ (Bank of New Zealand), ASB, and Westpac. The key factors to consider when choosing a bank are as follows:

• Fee Structure: Compare account maintenance fees, international transfer fees, ATM withdrawal fees, and overseas payment fees. Some accounts offer fee waivers if transaction criteria are met.
• Branch·ATM Accessibility: Check for branches·ATMs near your residence or workplace, as banks with fewer branches can be inconvenient if you live in provincial areas.
• Mobile·Internet Banking: Check app usability, two-factor authentication, notification (push·SMS), and accessibility abroad (such as login restrictions).
• Customer Service: Consider offline consultations, services in languages other than English (occasionally available), and possible customer support hours for overseas clients.
• New Customer Benefits: Look for products exclusive to students/immigrants and promotions such as fee waivers for the first year of credit cards.
• Local User Reviews: Verify actual transaction issues or customer service reputation through community/forums and app store reviews.

2) Required Documents and Online Pre-Application for Account Opening

New Zealand banks often allow account applications online before entering the country. After arrival, you can activate your account with identity verification.

Main Preparations

• Passport (original)
• Visa proof (stamped in the passport or e-visa or immigration·student visa documents)
• Address verification: Local temporary accommodation (hotel·Airbnb) address, or rental agreement, recent utility bills (electricity·water) (can be submitted after starting residence)
• Phone number and email
• Job information (if you plan to work): Employer's name, workplace address, start date

Online Pre-Application Process (General Flow)

1. Select 'Open an account' or 'International account' on the bank's official website
2. Enter personal information (name, date of birth, contact information, etc.) and choose the account type (savings/checking/currency account)
3. Upload a copy of your passport and enter a temporary address (possible before entry)
4. Instructions for identity verification (visit branch after arrival or video call authentication)
5. Pre-account number issuance (some banks provide account numbers immediately), account activation with identity verification after arrival

Checklist for On-Site Visit: Original passport, visa, IRD number (if you have one), proof of local address, reference number or online application confirmation

3) How to Apply for an IRD Number and Understanding PAYE·Tax Codes

What is an IRD Number?
The IRD number is New Zealand's taxpayer number, necessary for income withholding (PAYE), tax returns, and refund applications. Employers need to know the IRD number or appropriate tax code to withhold taxes via PAYE.

How to Apply for an IRD Number

1. Online application on the Inland Revenue (IRD) official website: This is the fastest and recommended method.
2. Required documents: Passport·Visa information, New Zealand contact·address. Additional documents may be required for identity verification in some cases.
3. Receiving period: Typically issued within a few days after online application, but it may take longer in some cases, so apply early.
4. Getting help: Employers, accountants, or immigration service providers can assist or guide you in the application process.

Understanding PAYE (Withholding Tax) and Tax Codes

• PAYE is a system where employers withhold taxes from employment income. You must provide the appropriate tax code or IRD number at the start of your employment.
• The selection of tax codes varies depending on the type of income (whether it's primary employment or side work), student loan repayment status, and salary level. Incorrect code usage may lead to over/under-withholding, so use the IRD's guidance tools or consult your employer.
• Specific codes (e.g., main job vs. secondary job) will differ based on individual situations, so check with official IRD materials.

4) Overseas Remittance·Currency Exchange Procedures and Tips for Reducing Fees

Overseas Remittance Procedure (General Flow)

1. Prepare recipient information: Recipient's name, recipient bank name, account number (country-specific format), SWIFT/BIC code (if the corresponding country uses SWIFT), recipient address, etc.
2. Select remittance currency: Choose whether to remit in NZD or in the currency of the recipient's country. If the recipient's country accepts their currency, they might avoid currency exchange fees.
3. Apply for remittance through your bank or a currency exchange service: Use online banking, branches, or specialized exchange companies (e.g., Wise, OFX, etc.)
4. Receive and confirm: Check whether there are intermediary banks involved and the processing time (usually 1-5 business days).

Tips for Reducing Fees

• Utilize Specialized Fintech: Services like Wise (formerly TransferWise) and OFX generally offer better exchange rates and lower fees compared to banks. The larger the amount, the greater the savings compared to banks.
• Check Intermediary Bank Fees: Some countries may impose additional fees through intermediary banks when remitting. Confirm whether intermediary banks will be involved before remitting.
• Currency Selection Strategy: If possible, remit directly in the recipient’s currency, or check for more favorable exchange options in the recipient's country before remitting.
• Bulk Remittances·Regular Transfers: If you plan to remit multiple times to the same recipient, consider bulk remittances or scheduled transfers to reduce fees.
• Currency Rate Timing and Locking: Consider using services that offer rate locking or limit setting (forward contracts) during times of significant currency fluctuations.

Must-Check Items When Remitting

• Whether the recipient's account number and name match
• Accuracy of the SWIFT/BIC code
• How the receiving bank shares fees (SHA: shared fees, OUR: sender pays, BEN: recipient pays)
• Properly specify reference message (remittance reason)

5) Setting Up Internet·Mobile Banking and Security Guidelines, How to Set Up Automatic Payments

Setup Procedure (Basic)