Upcoming changes
Changes to our international payments
Effective from 29 November 2023
Summary of changes
We’re introducing an additional outward international payment fee option called OUR², in addition to our current payment fee option SHA¹. And, we’re also reducing the payment fee option for SHA¹ from $20 to $10. As a result we’re updating our Personal Banking Fees and Limits and Business Banking Fees and Limits to include the following:
- NZD20 equivalent when done by internet banking with charges OUR²
- NZD35 equivalent when done person to person at your nearest Kiwibank branch or by email with charges OUR²
- NZD10 equivalent when done by internet banking with charges SHA¹.
¹ SHA fees are shared between the sender and beneficiary of the payment. Overseas bank fees will be deducted from the payment. This will mean the beneficiary receives less than you have sent.
² OUR fees are paid by the sender of the payment. You will pay an additional fee, which will be added to your payment fee to cover overseas bank fees. By choosing this option, the full amount you send should reach the beneficiary; however, this is not within Kiwibank’s control and there may be additional fees charged to the beneficiary.
Download a copy of the updated Personal Banking Fees and Limits (PDF 291.7 KB), and Business Banking Fees and Limits (PDF 261.5 KB), effective from 29 November 2023.
Changes to international direct credit payments
From 29 November 2023, we’ll no longer offer international direct credit payments in Canadian Dollars. If you're wanting to make a payment to Canada in Canadian Dollars (CAD), this can still be completed as an international money transfer as this remains unchanged.
Date published: 14 November 2023
Changes to our fees and limits
Effective from 20 November 2023
From 20 November, we're removing the fee for credit card cash advances in New Zealand. As a result we've made changes to the Personal Banking Fees and Limits and Business Banking Fees and Limits brochures.
Summary of changes
The credit card cash advance fee for transactions made in New Zealand has been updated from $0.90 per transaction to 'free', as we'll no longer charge this fee.
Download a copy of the updated Personal Banking Fees and Limits (PDF 205.8 KB) and Business Banking Fees and Limits (PDF 212.6 KB), effective from 20 November 2023.
Date published: 31 October 2023
Changes to our fees and limits
Effective from 1 November 2023
We're updating our Personal Banking and Business Banking fees and limits.
Summary of changes
Personal Banking fees and limits
- The Contact Centre and automated phone banking high usage fee will be changed to remove the automated phone banking high usage fee. Please note that the Contact Centre high usage fee will continue to be charged.
- The postal statement fee will be charged on Free Up accounts at $2 per statement, per account.
Download a copy of the updated Personal Banking Fees and Limits (PDF 211.0 KB), effective from 1 November 2023.
Business Banking fees and limits
- The Contact Centre and automated phone banking high usage fee will be changed to remove the automated phone banking high usage fee. Please note that the Contact Centre high usage fee will continue to be charged.
Download a copy of the Business Banking Fees and Limits (PDF 174.3 KB), effective from 1 November 2023.
Date published: 18 October 2023
Recent changes
From 18 September, we'll no longer be issuing non-personalised Visa Debit Cards at our branches. You'll still be able to order a new or replacement personalised Visa Debit Card at a branch or within the mobile app. The card will then be posted to you.
We’re updating section 30 of our General Terms & Conditions brochure to reflect this change.
Download a copy of the updated General Terms & Conditions (PDF 469.9 KB) effective from 18 September 2023.
Date effective: 18 September 2023
Date published: 4 September 2023
What’s changing
As part of our exciting multi-year programme of transforming our products, services and technology, we have strengthened our 10+ year partnership with NCR to take over the ownership and operations of our ATM network. NCR is the leader in ATM technology and operate Allpoint branded ATMs in New Zealand.
What this change means for you
You'll still be able to access all the same features you currently have today as well as continuing to enjoy fee-free ATM transactions. From 2024, you'll have access to a broader network of deposit capable ATMs.
All ATMs located at our Kiwibank branches will remain branded as Kiwibank, while the rest will transition to new Allpoint branding as part of this change. We expect this transition to run from mid September to April 2024.
Date effective: mid September 2023
Date published: 14 August 2023
From 1 August 2023, Kiwibank customers with a merchant facility will be able to accept in person UnionPay card payments (where the terminal hardware supports such payments). As a result, we’ve made changes to our Merchant Agreement and merchant service fees.
The service fee for acceptance of UnionPay card payments is 1.50% of the total monthly volume of sales and refund transactions. Effective 1 August 2023, once you process a payment or transaction using a UnionPay card, you're taken to have accepted the updated terms and conditions applying to UnionPay card payments, as detailed in the updated Merchant Agreement.
Download a copy of the updated Merchant Agreement (PDF 276.1 KB), effective 1 August 2023.
Date effective: 1 August 2023
Date published: 30 June 2023
Kiwi Asset Finance Limited (KAFL) and Kiwibank Limited (Kiwibank) are amalgamating on 30 June 2023 to become one company. The continuing company will be Kiwibank.
After the amalgamation Kiwibank will replace KAFL as the creditor under KAFL’s lending products, and any reference to "Kiwi Asset Finance Limited" or “Kiwi Asset Finance” in an agreement should be read as a reference to "Kiwibank Limited".
Information for KAFL customers:
- The amalgamation will not expand Kiwibank’s security position in relation to Kiwibank and KAFL lending.
- Any existing security held by Kiwibank will continue to secure only non-asset finance obligations, and any existing security held by KAFL will continue to secure only asset finance obligations.
- Any security entered after the amalgamation will secure all past and future obligations to Kiwibank and KAFL, unless we agree otherwise.
When we talk about ‘security’, this includes guarantees.
Information for guarantors:
- If you have guaranteed the obligations of a KAFL customer, the amalgamation means that any existing guarantee granted to KAFL will continue to secure only asset finance obligations.
- Similarly, any existing guarantee granted to Kiwibank will continue to secure only non-asset finance obligations.
- Any guarantee you give us after the amalgamation will secure all past and future obligations to Kiwibank and KAFL, unless we agree otherwise.
Date effective: 30 June 2023
Date published: 15 June 2023
We’re making changes to the Lenders’ Mortgage Insurance fee, request for a basic transaction history printout at branch service and description of top-up fee. We've updated the Personal Banking Fees & Limits and Business Banking Fees & Limits as a result of the changes.
Personal Banking Fees & Limits brochure
- Kāinga Ora – Homes and Communities is reducing the Lenders’ Mortgage Insurance fee on page 20 for First Home Loans and Kāinga Whenua loans from 1% to 0.50% of the loan amount.
- The basic transaction history printout fee has been removed from page 11 as we're no longer offering this service.
- The top-up fee description on page 20 has changed to clarify that the fee applies to additional lending on an existing home loan.
Business Banking Fees & Limits brochure
- Kāinga Ora– Homes and Communities is reducing the Lenders’ Mortgage Insurance fee on page 16 for Kāinga Whenua loans from 1% to 0.50% of the loan amount.
- The basic transaction history printout fee has been removed from page 10 as we're no longer offering this service.
Download a copy of the updated Personal Banking Fees & Limits (PDF 239.1 KB), and Business Banking Fees & Limits (PDF 197.6 KB), effective from 1 June 2023.
Date effective: 1 June 2023
Date published: 16 May 2023
Changes to payment processing days
We’ll be processing electronic payments to and from participating New Zealand banks seven days a week (365 days a year). Currently electronic payments between New Zealand banks are processed on business days only.
From 26 May, payments will be processed on their actual due date rather than the next business day. If someone is transferring money to you, you’ll receive the funds the same day. This change will apply to automatic payments, bill payments, direct credits, direct debits, merchant settlements.
We'll also be processing home loan repayments, business loan payments, term deposit and Notice Saver payments every day of the year.
There are no changes to
- processing times for personal and business payments - these will continue to be processed between 9am and midnight and will move to seven days a week
- card transactions, as these are already processed every day
- direct debits to pay your Kiwibank credit card balance - these will continue to be processed on business days
- same-day cleared payments - these will continue to be processed on business days
As a result of this change, we’re updating the following terms and conditions brochures effective 26 May 2023:
- Kiwibank General Terms and Conditions (PDF 396.9 KB)
- Business Lending Terms and Conditions (PDF 274.3 KB)
- Personal Overdraft Terms and Conditions (PDF 220.0 KB)
- Home Loan Terms and Conditions (PDF 271.7 KB)
- Notice Saver Funds Terms and Conditions (PDF 186.4 KB)
- PIE Term Deposit Funds Terms and Conditions (PDF 180.8 KB)
- Direct Debit Initiator Terms and Conditions (PDF 347.4 KB)
- Kiwi Asset Finance Limited Business Loan Terms and Conditions (PDF 75.8 KB)
For more information visit Payments NZ website
Please note: The date for this change has moved from 22 April 2023 to 26 May 2023.
Changes to the way we can communicate with you
We’re updating the Kiwibank General Terms and Conditions to clarify the ways we can give notice under our terms, and how we may provide you with account statements. We’ve also included that sometimes we can get things wrong, and when this happens we’re determined to make them right as soon as we can.
Download a copy of the Kiwibank General Terms and Conditions (PDF 396.9 KB) effective 26 May 2023.
Date published: 8 March 2023
As of 27 October 2022, we stopped offering the ability to set up a new Sweep, Dynamic Sweep and EasySave (also known as PayStream) service. If you already had one or more of these services, you could continue to use them.
From 31 May 2023, you'll no longer be able to use Sweep, Dynamic Sweep or EasySave on business accounts. However, you'll still be able to continue to use these services on personal and joint accounts for now.
We’re updating the Business Banking Fees & Limits brochure to reflect these changes.
Download a copy of the updated Business Banking Fees & Limits brochure (PDF 205.2 KB) effective from 31 May 2023.
Date effective: 31 May 2023
Date published: 22 February 2023
Previous public notices can be found on our archived public notices.