Account Terms and Conditions

These Account Terms and Conditions supplement the Bank’s standard account terms and conditions. These Account Terms and Conditions are only applicable to your account before your account has been activated. Please read them carefully.


Account means the Personal OnCall account or Foreign Currency Call account for which you are applying in the application form with the Bank in the name of the Account Holder(s), the terms and conditions of which are stated here.

Account Holder(s) means the customer(s) of the Bank named in the application form.

Activated means an account is fully operational, ready for use, and can have withdrawals made by the Account Holder(s). Clause 2.1 explains how to activate an account.

Bank means Bank of New Zealand, an incorporated company having its registered office at Auckland, New Zealand.

Fee Guide means the Bank’s personal account, service and facility fees brochure (pdf 268kb) which is updated from time to time and can be found at any store (branch) or Partners Centre of the Bank of New Zealand, or on our website

Terms and Conditions means these Account Terms and Conditions, the application form, the Bank's Standard Terms and Conditions, the Account Operating Authority and the Fees Guide, as each is amended or varied by the Bank in accordance with its terms, all of which can be found on BNZ’s website.

1. Opening an Account

You can apply to open an Account through our Migrant Banking Service if you are 16 years of age or over, have not yet arrived into New Zealand, or have been resident in New Zealand for less than 6 weeks.

2. Account activation and closure

2.1 Activation of Account. The Account will be Activated once the Account Holder(s) has/have attended the activation meeting at a Bank of New Zealand store (branch), and completed and satisfied all of the Bank's required identification and address verification checks, any other account activation procedures, and any other identification and address verification necessary under New Zealand law.

If there is more than one Account Holder, the Account will not be Activated until both Account Holders have completed and satisfied the above.

Note that for foreign currency call accounts, Activation will occur on the business day following the completion and satisfaction of the above.

2.2 Before Activation of Account. Until the Account is Activated and fully operational, the only transactions which the Account Holder(s) may carry out in connection with the Account, are deposits to the Account made by telegraphic transfer from an account in the Account Holder's name with a reputable bank or financial institution. For Personal OnCall accounts, deposits must be in New Zealand dollars.

2.3 Closing Account. The Account Holder(s) is/are entitled to close their  Account at any time by contacting their BNZ banker or the Migrant Banking team.

If the Account has not been Activated before the first anniversary of the date on which the Account was opened, the Bank will close the Account. If the Account is closed before it has been Activated, any balance standing to the credit of the Account Holder(s) will be refunded to the account of origin or to an account in the Account Holder's name with a reputable bank or financial institution carrying on business in the country of origin, provided that the Bank has received appropriate written confirmation of the account details from an Account Holder, and the bank or financial institution in question. The balance refunded will be less any charge(s) the Bank incurs for the telegraphic transfer of the balance to that account. Our fees and charges are available in our Fees Guide(pdf 268kb)

2.4 Balance refund. Any balance refunded to the Account Holder(s) requiring an exchange of currency will be subject to the exchange rate which applies at the time the Bank refunds the balance to the Account Holder(s). The Account Holder(s) may contact the Bank to find out the exchange rate that will be applied to the transfer of funds.  

3. Internet banking access

3.1 View-only Internet Banking. Account Holder(s) will be given access to Internet Banking when their Account is opened. BNZ Internet Banking terms and conditions, which can be found on the Bank’s website, will apply. The Internet Banking service will be limited to viewing Account balances only. Account Holder(s) will obtain full access to Internet Banking (including the ability to transact on their Account) when their Account has been activated. Account Holder(s) also automatically opt in to receive Account statements via Internet Banking. See clause 4.

3.2 Accessing view-only Internet Banking. To access Internet Banking, Account Holder(s) must provide the Bank with a valid email address at the time of submitting their Account application. The Bank will send Account Holder(s) a temporary Internet Banking password to the email address provided.  For joint Accounts, each Account Holder must provide a separate email address. Joint email addresses will not be acceptable for the set up of view-only Internet Banking before arriving in New Zealand.

3.3 NetGuard card. A NetGuard card is required to access certain functions within Internet Banking. If an Account Holder is arriving in New Zealand more than 21 days after the Account is opened, the Bank will post the Account Holder’s NetGuard card to their overseas address. If an Account Holder is expecting to arrive in New Zealand within 21 days of the Account being opened, they will receive their NetGuard card once they arrive in New Zealand.

4. Account statements

4.1 Receiving Account statements via Internet Banking. The Bank is required to provide Account Holder(s) with an Account statement every 6 months. By submitting an application to open an Account, the Account Holder(s) consent to receiving Account statements via Internet Banking. Subject to clause 4.2, the Account Holder(s) will not receive paper account statements.

4.2 Requesting paper account statements. If Account Holder(s) want to receive paper account statements (either by post to the Account Holder(s) overseas address, or by post to the Account Holder(s) New Zealand address) the Account Holder(s) must notify the Bank.   If paper account statements are sent to the Account Holder(s) overseas address, the Account Holder(s) will be charged the International Postage Fee (referred to below in clause 8.2).  If paper Account statements are sent to the Account Holder(s) New Zealand address, no Postage Fee will be charged to the Account Holder(s). 

5. Variation of Terms

The Bank reserves the right to change, add to, delete, or replace at any time any of these Terms and Conditions by giving you notice, either in writing or by public advertisement, a reasonable time before the changes take effect.

6. Foreign Currency On Call Accounts

Account Holder(s) can apply for one or more Foreign Currency On Call Accounts. Before Activation, a Foreign Currency On Call Account can only have funds credited to it. Once credited, funds cannot be transferred from or to other accounts  Account Holders can only access the funds in a Foreign Currency On Call Account (and the debit restriction will be lifted) once their Account has been Activated or by some other means where BNZ deems, in its sole discretion, there to be exceptional circumstances and are able to comply with all Anti-Money Laundering obligations. 

7. General

7.1 Subject to Terms and Conditions.  The Account is subject to the Terms and Conditions. The Terms and Conditions may be obtained free of charge from any store (branch) or agency of the Bank or viewed on the Bank’s website. 

7.2 Independent legal advice. Account Holders should seek independent advice on whether there are any taxation or other financial implications of non-New Zealand residents opening a New Zealand bank account. 

7.3 Service. Except as provided in clause 5 any demand on or notice to the Account Holder(s) shall be made in writing addressed to the Account Holder(s) (or any of them) and signed on behalf of the Bank by any officer of the Bank and shall be deemed to have been served if delivered to the Account Holder(s) (or any of them) personally or addressed to the Account Holder(s) (or any of them) and left at or posted to the last known place of business or residence of the Account Holder(s) (or any of them).

8. Bank fees and charges

8.1 No monthly fee until Activation. No monthly account fees will be payable on the account prior to the Account being Activated. 

8.2 Postage Fee. If paper Account statements are sent to the Account Holder(s) overseas address, the Account Holder(s) will be charged the International Postage Fee which can be found in the Fees Guide (pdf 268kb) ($2 per statement as at December 2016). If an Account Holder has no funds in their account when they are charged the International Postage Fee, the Account may go into overdraft and the Account Holder will incur an unarranged overdraft fee. The Bank will refund any unarranged overdraft fees and any debit interest relating to the overdraft fees either when the Account Holder arrives in New Zealand or if the Account Holder contacts the Bank and asks the Bank to refund the fees before the Account Holder arrives. 

9. Applicable Law and Jurisdiction

The Account and these Terms and Conditions are governed by New Zealand law and the Courts of New Zealand have exclusive jurisdiction to hear and determine disputes in respect of these Terms and Conditions. If any Term is not enforceable for any reason, the remainder of the Terms will still be enforceable.

10. Declaration

By submitting this application you (or each of you) are confirming that:

1. You understand that you will not be able to withdraw funds from the Account until you have completed all of BNZ's account activation procedures at a branch of the Bank of New Zealand; and
2. You understand that we’ll provide you with online statements for this account through Internet Banking, instead of paper statements, unless you tell us otherwise.
3. You declare that all the information supplied and all statements made in this Declaration are, to the best of your knowledge and belief, correct and complete.
4. You authorise BNZ to make any enquiries it considers necessary for confirmation of the above.
5. You certify that you are the account holder of all the accounts or products to which this form relates.
6. You undertake to advise BNZ within 20 days of any change in circumstances which affects your tax residency status or causes the information contained herein to become incorrect or incomplete, and to provide BNZ a suitably updated self-certification and Declaration and relevant documentation (as requested) within 20 days (or a lesser period as requested by BNZ) of such change in circumstances.
7. You acknowledge that the information contained in this form and information regarding you and any account(s) may be reported to the tax authorities of the country/jurisdiction in which this account(s) is/are maintained and exchanged with tax authorities of another country/jurisdiction or countries/jurisdictions in which you may be tax resident pursuant to intergovernmental agreements to exchange financial account information.
8. You certify that all statements made in this Declaration also extend to any information that you (or an authorised person on your behalf) may supply to BNZ, in whatever manner, subsequent to submitting this form.