New Zealand bank codes
New Zealand bank codes -
Are the identifying code that each New Zealand bank has. The New Zealand bank codes format for a New Zealand domestic account number is:
So the first two digits are the “New Zealand Bank” identifying number, then a four digit “Branch” code, then seven digit account number, then three digit account suffix .
For foreign bank account numbers you need to check with the bank directly, because other countries have different identifying code system from New Zealand bank codes, that can vary from one country to another, and you don’t want to get the code wrong because it can cause problems that may result in you losing money.
To receive a payment into a New Zealand bank account
You will need to provide the person sending the money with the following information:
Account name – The full name of the receiving bank account.
Account number – The full account number of the receiving bank account, this includes the particular New Zealand bank codes.
Bank name – The full name of the receiving bank and it’s location.
Swift code – Is a code that can be obtained by contacting the receiving bank, and finding out the procedure with them.
When receiving foreign currency using the above method, the foreign currency will usually be converted into NZ currency, according to the exchange rate at the time that the funds are received into the bank account.
Foreign Currency Accounts
If you frequently receive and send foreign currency, it’s a good idea to consider having a Foreign Currency Account. This will allow the account owner to hold their funds in a foreign currency, without having to convert it into New Zealand Dollars. This allows them to avoid being charged a bank fee for the conversion. These fees can add up when you regularly exchange money back and forth.
Foreign currency accounts can usually hold one of five foreign currencies. Typically these include: US Dollars (USD), Australian Dollars (AUD), British Pounds (GBP),Euros (EUR), and Japanese Yen (JPY).
These accounts are normally on call so you can access the funds whenever you need to.
These account will usually allow other people to pay you directly into your account, because they have a unique number that identifies them.
New Zealand banks that offer these accounts will typically allow the account holder to have multiple accounts, that can hold different currencies seperately.
There is usually a minimum deposit stipulated by the bank offering this kind of account.
To send a deposit to a Foreign Currency Account
You normally require the following information:
Account name: The full name of the receiving Foreign Currency Account. This often has a different format to the New Zealand bank codes
Account number/IBAN number: The full 22 digit IBAN number of your account.
They may also need:
The details of the intermediary (sometimes referred to as the correspondent) bank details and a swift code for the various currencies.
Sometimes extra information may be needed such as:
Routing codes, BSB numbers, sort codes, or IBAN (International Bank Account Numbers), numbers. These are some of the terms that overseas banks use for bank, branch, and account numbers.
It’s very important to contact your bank, to determine what your banks procedures and requirements are, and all the details, so everything is correct to facilitate your transactions going through without any problems.
Warning – If you get the details or procedures wrong, you may find the funds get deposited into the wrong bank account. This will cause difficulties in retrieving the funds, depending on the honesty and integrity of the recipient.
Once you have obtained the bank details, including the New Zealand bank codes, store them where you can find them for future reference.
If you’re researching to open a Foreign Currency Account, to regularly receive payments from a particular sender, it can save you fees if you ask the New Zealand bank, if they have a relationship with the senders bank. Because if they do not, the intended recipient bank may have to receive your funds via another New Zealand bank, this can result in additional bank fees. So it’s best to find a bank that has a relationship with the intended sending bank, to save your self some money by avoiding unnecessary bank fees.
If you’re sending your money overseas, you will have to obtain the details and procedure from the recipients bank, to avoid creating any problems.