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Bank Accounts

Opening a bank account in Australia or New Zealand is easy, but doing it the right way makes your whole working-holiday life run smoother. Whether you prefer a classic local bank or a quick, modern online option, there are a few essentials to know before you sign up. This guide walks you through everything you need to get set up fast and hassle-free.

Card and Laptop

In Australia and New Zealand, you can opt for a traditional local bank or a modern online bank. Local banks offer in-branch support, while online banks are fast, convenient, and app-based. The best choice depends on how you want to manage your money while travelling.

Online Banking Options

Stacks Of Coins

Monzo  â€‹

  • There are no additional transaction fees when using it abroad – You can spend your British pounds in new Zealand with Monzo's fair exchange rate. This means you don’t have to worry about paying any extra fees.​

  • Limited fee free withdrawals​

Wise ​

  • Monzo benefits +​

  • In app currency Exchange with 40+ currencies. This means you can exchange GDP and NZD in app simply and efficiently while paying minimal fees. Don’t need to stress about paying extra at physical stores.​

  • Wise allows multiple bank accounts in different currencies. This means you CAN receive payments from New Zealand Accounts with a Wise. Monzo you CANNOT.

Key Points

1

Service Name

We recommend online banks for everyday spending, everything you need can be accessed through the apps including 24/7 customer service chats. 

2

Service Name

Overseas Cards are not as reliable as NZ cards –For most uses they will be fine, but not guaranteed for everything.

3

Service Name

If you intend to work In New Zealand, You can only receive wages to a New Zealandbank account. While you may be able to pay with your UK bank account, you CANNOT receivepayments.​

Local Banking Options

Stacks Of Coins

ANZ (VISA): Largest banking operator in NZ:​

Our professional recommendation for a New Zealand based Bank.​

ANZ New Zealand is a great choice for working-holiday makers thanks to its wide branch network, easy-to-use online banking, and simple account options like the Go everyday account. It’s quick to set up, reliable for getting paid, and offers both app-based convenience and in-branch support — perfect for managing your money while travelling and working across New Zealand.

1

Can only be fully set up once you have arrived in New Zealand. However you can speed thisup by starting the process in the UK.

2

  • Your ANZ card will work everywhere in New Zealand. No problems.​

  • You can receive wages with this account. 

3

  • It only deals with NZD​

  • Unlimited ATM withdrawls

Overview

Online Banking​

Pros

  • Simple set up process can be completed before arrival in NZ​

  • Can pay with GBP with minimal fees​

  • Can receive payments from UK​

  • Saves time and paperwork​

  • Familiar British app/ customer service.​​​​​

Cons

  • Employers will require a New Zealand bank account​

  • Limited cash withdrawals​

  • Using foreign cards is not as reliable and may not work at 100% of different places.

Local Banking

Pros

  • ANZ will work everywhere in New Zealand.​

  • No transaction Fees when spending in NZ​

  • High concentration of physical stores across NZ if you prefer in person contact.​

  • Instant online transactions with locals. E.g buying a car 2nd hand.​

  • Gels better with local services – e.g IRD.​​​​

Cons

  • Initially designed for Locals – Basic features compared to a travelling bank.​

  • Worse international money management​

  • Requires paperwork and more requirements v(more suited to travelers staying over 3 months)​

  • Less international flexibility. If you travel outside of NZ, ANZ will be inferior.​

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