Travel Reference
In-Depth Information
Many NZ businesses use electronic funds transfer at point of sale (EFTPOS), a convenient
service that allows you to use your bank card (credit or debit) to pay directly for services or
purchases, and often withdraw cash as well. EFTPOS is available practically everywhere,
even in places where it's a long way between banks.
Bank Accounts
We've heard mixed reports on how easy it is for nonresidents to open a bank account in NZ.
Some sources say it's as simple as flashing a few pieces of ID, providing a temporary postal
address (or your permanent address) and then waiting a few days while your request is pro-
cessed. Other sources say that many banks won't allow visitors to open an account unless
they're planning to stay in NZ for at least six months, or unless the application is accompan-
ied by some proof of employment. Bank websites are also rather vague on the services
offered to short-term visitors. If you think you'll need to open an account, do your homework
before you arrive in the country and be prepared to shop around to get the best deal.
Credit & Debit Cards
Perhaps the safest place to keep your NZ travelling money is inside a plastic card! The most
flexible option is to carry both a credit and a debit card.
CREDIT CARDS
Credit cards (Visa, MasterCard etc) are widely accepted for everything from a hostel bed to a
bungy jump. Credit cards are pretty much essential if you want to hire a car. They can also
be used for over-the-counter cash advances at banks and from ATMs, depending on the
card, but be aware that such transactions incur charges. Diners Club and Amex cards are
not as widely accepted.
DEBIT CARDS
Apart from losing them, the obvious danger with credit cards is maxing out your limit and go-
ing home to a steaming pile of debt. A safer option is a debit card, with which you can draw
money directly from your home bank account using ATMs, banks or Eftpos machines. Any
card connected to the international banking network (Cirrus, Maestro, Visa Plus and Euro-
card) should work, provided you know your PIN. Fees for using your card at a foreign bank or
ATM vary depending on your home bank; ask before you leave. Companies such as Travelex
offer debit cards (Travelex calls them Cash Passport cards) with set withdrawal fees and a
balance you can top up from your personal bank account while on the road - nice one!
