Foreign currency accounts

If your business regularly trades overseas, consider using a foreign currency account to hold funds and make payments in another currency. You can convert your money and transfer to a New Zealand dollar account when the exchange rate suits.

Key features & benefits

  • Make and receive payments in a foreign currency.

  • Convert money into New Zealand dollars whenever the exchange rate suits.

  • Access your foreign currency account through internet banking.

How it works

  • Currencies

    Foreign currency accounts are available in: Australian dollars, Euro, British pounds, Japanese yen and US dollars. Upon request, we may be able to offer foreign currency accounts in other currencies. Talk to a business banking specialist.

  • What you need

    To open a foreign currency account for your business, you'll need a Kiwibank transaction or savings account in New Zealand dollars like a Business Edge or Business Performer account.

    You'll also need a minimum initial deposit of NZ$500.

  • Deposits via internet banking or transfers

    You can't deposit physical foreign cash into your foreign currency account, but you can transfer money through internet banking for business or via an international money transfer if you're overseas.

  • Withdrawals

    You won't get EFTPOS card access with a foreign currency account, so you can't make cash withdrawals. Instead, you can transfer money to other accounts via internet banking or the mobile app.

Fees

Foreign currency account monthly account maintenance fee

No fee.

International bank draft stop fee

When you ask us to stop an international bank draft.

NZD15 per stop.

Inward international payment fee (into your foreign currency account)

When you receive an international payment from an overseas bank account into your foreign currency account.

NZD12 equivalent per transfer

Inward international payment fee (into your NZD account)

When you receive an international payment from an overseas bank account into your NZD account.

NZD12 per transfer.

If the overseas bank sends the payment via another New Zealand bank, then that bank’s fee will apply.

Other banks involved in processing the transfer may deduct fees from the amount transferred. These fees vary from bank to bank.

Outward international payment fee — international money transfers

When you send an international money transfer to an overseas bank account from your NZD account or your foreign currency account:

  • NZD10 equivalent when done by internet banking with charges SHA¹.
  • NZD20 equivalent when done by internet banking with charges OUR².
  • NZD25 equivalent when done person to person at your nearest Kiwibank branch or by email with charges SHA¹.
  • NZD35 equivalent when done person to person at your nearest Kiwibank branch or by email with charges OUR².

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.

Outward international payment investigation/ amendment/ cancellation fee

When you ask for an investigation in respect of an international payment, or ask for the amendment or cancellation of an international money transfer. NZD25 per investigation, amendment or cancellation.

Other banks involved in the amendment or cancellation may charge fees. These fees vary from bank to bank. We’ll pass these fees onto you.

Transfers (for electronic transfers between your Kiwibank foreign currency accounts and NZD accounts)

No fee.

Get in touch

If you’d like to open a foreign currency account with Kiwibank, get in touch with our international team.

Contact us

You can send an email to our team at international@kiwibank.co.nz or call us on 0800 222 490.

Call 0800 222 490

When Kiwibank converts foreign currency into New Zealand dollars, or converts New Zealand dollars into foreign currency, or converts one foreign currency into another foreign currency, Kiwibank makes money on the conversion.