Open a New Zealand Business Bank Account from Overseas: What Banks Ask

Reserve Bank, DIA and the Depositor Compensation Scheme

New Zealand splits the oversight of its banks in two. The Reserve Bank of New Zealand (Te Pūtea Matua) registers banks and is moving them onto a single licence under the Deposit Takers Act 2023. Anti-money laundering supervision changed hands on 1 July 2026, when the Department of Internal Affairs became the only AML/CFT supervisor and took over the Reserve Bank’s role for banks. Every bank remains a reporting entity under the AML/CFT Act 2009.

Since 1 July 2025 the Depositor Compensation Scheme has protected up to NZD 100,000 per eligible depositor at each licensed deposit taker, a status registered banks hold during the transition. Companies qualify, and nothing in the Act turns on where their owners live; the exclusions are other deposit takers and insurers, overseas banks, government agencies and people connected with the failed institution. Only New Zealand dollar deposits are protected, so ANZ and Westpac list foreign currency accounts as outside the scheme, and money held with a payment provider such as Wise is not a bank deposit at all.

ANZ, ASB, BNZ, Westpac, Kiwibank and Two Payment Providers

None of the five main banks says on its own pages that it turns away a company owned from abroad. What separates them is how they verify the people behind it.

Provider	Type	What its own pages say	Identity check
ANZ	Bank	After the online or phone application, ANZ books a branch visit for every company and asks for tax residency information and ID for each key individual.	In a branch
ASB	Bank	The online form asks for the Companies Office record, any constitution and the details of anyone associated with the entity who is based outside New Zealand.	ASB ID app, or copies certified by a trusted referee
BNZ	Bank	Company extract, certificate of incorporation and foundation evidence for any organisation holding 25% or more, overseas entities included.	Branch, trusted referee, RealMe or photos of the ID
Westpac	Bank	Identifies nominee directors and nominee shareholders as well as owners above 25%, with their foreign tax numbers.	Online only with a current New Zealand driver licence or passport; otherwise branch or certified copies
Kiwibank	Bank	Online for a New Zealand registered limited company; a corporate shareholder above 25% must also be on the New Zealand register.	Link sent to a New Zealand mobile number, or in branch
Wise	Payment provider, not a bank	Lists each director with their country of residence; no residency rule published.	Online
Airwallex	Payment provider on the Financial Service Providers Register	NZBN, certificate of incorporation and IRD number.	Online

So BNZ and ASB publish routes that work with certified copies or online checks, Westpac and Kiwibank build their quick routes on a New Zealand licence, passport or mobile number, and ANZ wants a branch appointment. The director who lives in New Zealand under section 10 of the Companies Act 1993 is best placed to attend; whether that director must also sign on the account is for the bank to decide.

Certified Copies, Trusted Referees and Translations

ANZ publishes the most exact certification rules. The certifier must see the original and the copy in person, not over a video link, give their full name and occupation, sign, and date the certification within the last 12 months. Its list of certifiers includes a notary public, a Justice of the Peace and New Zealand lawyers and chartered accountants, and the certifier may not be related to the person or involved in the business. Foreign-language documents need an English translation: by an independent agency for ANZ, a professional translator for ASB and an approved provider for Westpac.

The Paperwork for a New Zealand Limited

• The Companies Office extract and the certificate of incorporation; Kiwibank checks that the register names all current directors and shareholders.
• The constitution, if there is one, and any shareholders’ agreement.
• ID for directors, controllers, signatories and owners: 25% or more at BNZ, above 25% at Westpac and Kiwibank, traced through any holding company.
• Confirmation of any nominee director or nominee shareholder.
• Tax details: the IRD number, an Automatic Exchange of Information form and FATCA answers at Kiwibank, and the tax number for every other country of tax residence at BNZ and Westpac.
• Evidence of the source of funds or wealth when Westpac or Kiwibank asks.

The IRD number also sets the tax on interest. Inland Revenue says a payer without it deducts resident withholding tax at 45%, while a company that supplies it with its company status may choose 28%, 33% or 39%.

What New Zealand Law Requires and What Each Bank Adds

The AML/CFT Act sets the floor: a bank identifies the company, each beneficial owner and anyone acting for it, and verifies the owners according to risk. Enhanced due diligence is compulsory for a trust or other vehicle for holding personal assets, a non-resident from a country with insufficient anti-money laundering measures, and a company with nominee shareholders or bearer shares. Company law adds a director living in New Zealand or Australia, a registered office and an address for service; a bank account is not among its requirements. ANZ’s branch visit, the New Zealand documents behind the online checks and Kiwibank’s line on corporate shareholders are bank policy, and policy can change.

Why Applications from Abroad Stall in New Zealand

• No identity route that works from abroad, because the person has no New Zealand licence, passport or mobile number and cannot reach a branch.
• Certification that misses the rules, such as a copy certified over a video call or dated more than 12 months earlier.
• A foreign holding company above 25%, outside Kiwibank’s standard route and needing foundation evidence at BNZ.
• Nominee arrangements, which make enhanced due diligence compulsory under section 22 of the AML/CFT Act.
• A Companies Register entry left out of date after a change of directors or shareholders.
• Missing tax paperwork or source of funds that cannot be evidenced.
• A business description that does not match the expected payments, which general bank practice, rather than any published rule, treats as a reason to ask more.

New Zealand Dollars, Account Numbers and SWIFT

A New Zealand business account runs in New Zealand dollars and has no IBAN. Kiwibank tells overseas payers to use its SWIFT code, KIWINZ22, with the 15-digit account number starting with 38, which already contains the bank and branch, and it cannot credit an incoming international payment that lacks the sender’s account number, full name and street address. New Zealand is outside SEPA, so euro invoices are paid by international transfer. At home, Kiwibank sends payments to other banks every hour from 9 am to midnight, daily.

Buying a New Zealand Company That Already Banks

Can a bank account be transferred to a new owner, or does a change of structure mean a new account? In New Zealand the account is held by the company, so a share sale leaves it in place. Under section 14 of the AML/CFT Act a bank repeats its due diligence when the relationship has materially changed and its information is no longer sufficient, and BNZ identifies every new authorised person. The bank then continues the account, asks for more or ends the relationship, and only that bank can say which. Update the Companies Register first. Compare a ready-made shelf company in New Zealand with company formation in New Zealand; the general mechanism is on shelf companies with bank accounts.

Our Role for New Zealand Companies

We can hand over a ready-made New Zealand Limited or incorporate a new one, put together the documents these banks ask for and, where we have a working contact at a bank that suits the company, introduce you. The bank decides on its own, and no one can promise an account. More about the country is on our New Zealand page.

Frequently Asked Questions about New Zealand Business Bank Accounts

Can I open a New Zealand business bank account from overseas?

Yes, for a New Zealand company, though the route depends on the provider. BNZ accepts ID certified by a trusted referee or checked online, ASB’s form collects details of people based abroad, and Wise and Airwallex onboard online. ANZ books a branch visit, and Westpac’s and Kiwibank’s online checks need New Zealand documents or a New Zealand mobile number.

Do I have to travel to New Zealand to open the account?

Not always. The law requires identification and verification, not a meeting. BNZ lists certification by a trusted referee, RealMe and photos of ID alongside a branch visit, and ASB accepts certified copies. ANZ, however, books a branch appointment for every company, partnership and trust, so check each bank’s route before choosing it.

Are company deposits covered by the Depositor Compensation Scheme?

Yes. Since 1 July 2025 the scheme has protected up to NZD 100,000 per eligible depositor at each licensed deposit taker, and companies are eligible whatever the nationality of their owners. Only New Zealand dollar deposits governed by New Zealand law qualify, so foreign currency accounts fall outside it, and balances with payment providers such as Wise are not protected deposits.

Does the company need an IRD number before it opens the account?

In practice, yes. Kiwibank and Airwallex both ask for it, and it decides the tax on interest: without it a bank deducts resident withholding tax at 45%, while a company that gives its IRD number and company status can choose 28%, 33% or 39%. A new company can apply for its IRD number in the incorporation application itself.

Does a New Zealand business account have an IBAN?

No. New Zealand does not use IBANs. A payer abroad needs the bank’s SWIFT code and your full account number, which already identifies the bank and branch; Kiwibank, for example, gives KIWINZ22 and a 15-digit number starting with 38. New Zealand is not a SEPA country either, so euro payments arrive by international transfer.

If the owners or directors change, can the bank keep the existing account?

It can, once it has checked the newcomers. The account belongs to the company, so a new shareholder or director does not end it, but the AML/CFT Act requires the bank to repeat its due diligence where the relationship has materially changed. The bank may then continue the account, ask for further documents or close it, so tell it about the change early.