If you hold a Chinese passport, you may be able to open a New Zealand bank account before you land. ANZ, ASB, BNZ and Westpac all run overseas application routes for people moving there, although none of their pages says whether applicants living in mainland China are accepted, and the account only becomes fully usable once your identity is checked in New Zealand. Kiwibank requires you to be in the country first.

Moving money means following two sets of rules. Sending funds from China falls under SAFE’s personal foreign exchange rules, while sending money home brings in China’s annual conversion quota. This guide also explains what the Chinese banks in New Zealand actually offer. Figures are as of November 2026; RMB conversions use European Central Bank reference rates of 30 October 2026 (NZ$1 ≈ ¥3.75, US$1 ≈ ¥6.65).

NZ$100,000Protection cap per depositor, per institution (about ¥375,000; since 1 July 2025)
45%Withholding tax on interest if the bank has no IRD number
NZ$10,000Cash reporting threshold at the border (about ¥37,500)
US$50,000China’s annual personal FX purchase facilitation quota (about ¥330,000)

Opening an account: before or after you arrive

Immigration New Zealand says some banks let you open an account from home, depending on your visa and arrival date. The table reflects each bank’s website in November 2026. Terms can change, and the order is not a recommendation. ASB says you find out whether you are eligible by applying online; before relying on any of these routes, confirm that the bank accepts applicants from mainland China.

Bank Apply before arrival? Main conditions Activation and notes
ANZ Yes, if arriving within 90 days Visa with at least 6 months left; aged 13 or over Identity check at a New Zealand branch; deposits allowed before activation, withdrawals not
ASB Yes, depending on country of residence Long-term visa such as study or work; passport certified by a Trusted Referee; overseas address proof from the last 12 months A specialist makes contact within 2 business days
BNZ Yes Online application; passport and address proof from the last 12 months at activation Any branch, no appointment; both holders attend for a joint account
Westpac Yes, if moving within 180 days of approval Certified colour copies of passport, visa and address proof, plus a tax identification number (TIN) If you cannot activate in New Zealand within 180 days, the bank starts returning funds; up to the equivalent of NZ$1 million can be wired from your own account before arrival
Kiwibank No Work, student or resident visa; New Zealand address and mobile number; aged 16 or over About 10 minutes online; typically open within a day if everything is ready
  1. Confirm your visaGet the visa first, then check the bank’s rules on visa type and remaining validity
  2. ApplyPrepare your passport and address proof, and have them certified as the bank requires
  3. Send fundsOnce the account exists you can usually pay in, but not use the money before activation
  4. Activate at a branchShow your original passport and related documents after arrival
  5. Get an IRD numberGive it to the bank straight away so the correct tax rate applies

The IRD number and the bank account depend on each other. New arrivals on student or work visas need a fully functioning New Zealand bank account, or an IR997 form completed by a reporting entity, to apply. Resident visa holders and Australian passport holders are exempt. BNZ suggests making a withdrawal at activation so the account has a transaction record for the application. For visas, see our New Zealand visa guide. An early account also makes your first pay easier to receive; see working in New Zealand and our New Zealand guide for the wider picture.

Identity and address checks

Banks must follow anti-money laundering rules and verify who you are when you open an account or move money across the border. Those rules have changed recently:

  • Since 27 November 2025, standard customer due diligence no longer requires address verification, although the address must still be collected.
  • Since 1 July 2026, the Department of Internal Affairs (DIA) has been the sole AML/CFT supervisor, and a new identity verification code took effect the same day. Law firm and industry commentary says overseas passports no longer need a signature, and that overseas certifiers must be authorised to take statutory declarations locally.

Looser law does not mean looser banks. BNZ, ASB and ICBC NZ still list address proof, and Immigration New Zealand warns that your address may be checked. If you will not have a fixed address at first, ask the bank in advance. BNZ accepts an overseas bank statement, a utility bill or an ID showing your address. Before paying anyone, confirm with the bank whether Chinese documents need translating and who in China can certify them.

Chinese banks in New Zealand

ICBC, Bank of China and China Construction Bank each have a locally incorporated bank in New Zealand, but do not assume they can replace an everyday bank:

Bank Personal services Points to note
ICBC NZ Transaction, savings, foreign currency and term deposit accounts in NZD, USD, offshore CNY, AUD, HKD and EUR Auckland branch offers no cash, cheque or ATM services; tax details required, plus a copy of your Chinese ID if you are a Chinese resident
Bank of China (NZ) Personal banking department; personal term deposits from NZ$100,000, ¥1 million, US$50,000 or A$50,000 Everyday account terms are not on the term deposit page; ask the bank
CCB NZ Personal accounts for international payments Stated to be unsuitable for day-to-day banking; no cards; address proof from the last three months; sending to Chinese accounts and FX only for existing customers

Deposit protection and tax on interest

The Depositor Compensation Scheme (DCS) began on 1 July 2025 and protects up to NZ$100,000 per depositor, per institution. That is about ¥375,000, below the ¥500,000 limit under China’s Deposit Insurance Regulations. Transaction, savings, notice and term deposits are covered automatically; foreign currency accounts and KiwiSaver are not. The five main retail banks and the three locally incorporated Chinese banks are on the Reserve Bank’s list, but branches of overseas banks are outside the scheme, and CCB NZ says deposits at its branch are excluded.

Resident withholding tax (RWT) on interest is deducted at a rate you choose based on income. The default is 33% if the bank has your IRD number but no chosen rate, and 45% if it has no IRD number. You generally become a tax resident after more than 183 days in New Zealand in any 12-month period, or by having a permanent place of abode there. Non-residents pay non-resident withholding tax (NRWT); PwC lists 10% under the China treaty.

Withholding tax on interest (by annual taxable income, NZ$)

Up to $15,60010.5%
$15,601–$53,50017.5%
$53,501–$78,10030%
$78,101–$180,00033%
$180,001 and over39%
No IRD number given45%

Source: Inland Revenue, accessed November 2026

Sending money from China and carrying cash

Mainland individuals have a facilitation quota of US$50,000 a year for buying foreign currency (about ¥330,000, or about NZ$89,000). SAFE stresses this is a facilitation quota rather than an annual cap, and genuine needs above it can be met with supporting documents. However, the Personal Foreign Exchange Purchase Application says purchases may not fund overseas property, securities or life insurance, which are capital items not yet open. The purpose must be declared truthfully, and you may not borrow other people’s quotas to split a purchase. Violators can go on a watch list and lose the quota for that year and the next two. Transferring assets as an emigrant is a separate approval process, covered in our guide to foreign exchange and moving money out of China.

Carrying cash means clearing two borders:

  • Leaving China: up to ¥20,000 per person per trip. Foreign cash above the equivalent of US$5,000 (about NZ$8,900) needs a carry permit from a designated bank, and more than US$10,000 is generally not allowed.
  • Entering New Zealand: NZ$10,000 or more in cash or the foreign equivalent requires a Border Cash Report, and you must speak to a Customs officer. Travellers’ cheques and similar instruments count. Hiding it is a criminal offence that can bring a fine, prison or seizure.

Sending money home and fintech options

Mainland individuals face no limit on the amount or number of foreign remittances received. The US$50,000 annual facilitation quota applies when the money is converted into RMB. Material from SAFE’s Xiamen branch also says Chinese passport holders with permanent residence abroad are treated like overseas individuals for FX business, so if that applies to you, check your quota with the bank.

There are two main routes. With bank transfers, ANZ shows a $0 ANZ fee for international payments through its app or online banking, but compare what actually arrives in RMB. With money transfer firms, Wise says Wise Payments New Zealand Limited is supervised by the DIA for anti-money laundering purposes and offers NZD to CNY transfers. Its help pages show personal recipients being paid through UnionPay (¥33,000 per transaction), Alipay (¥50,000 per transfer, and about ¥300,000 to ¥600,000 per recipient per year) or Weixin (¥50,000 per transfer, ¥800,000 per year). These limits may change.

Before using another transfer firm, search the Financial Service Providers Register (FSPR) to see whether it is registered and which dispute scheme it belongs to. The Financial Markets Authority (FMA) warns that registration does not mean a firm is licensed or regulated by the FMA, and that recovering money from an unlicensed provider is very unlikely. Disputes with a bank go first to its own complaints process, then to the Banking Ombudsman. Private currency swaps arranged on WeChat are not a compliant channel, and China’s application form expressly bans underground banking. Compare our banking guides for Australia, Canada and the United Kingdom.

Scams and money mule accounts

Payments NZ reported in November 2025 that about NZ$265 million (about ¥990 million) had been scammed from New Zealand bank accounts over the past year. The Code of Banking Practice, updated on 30 November 2025, calls for payment warnings, a payee name check and a 24/7 reporting channel, and banks must compensate customers in whole or part if those measures are not followed.

ANZ has warned of a scam aimed at international students and older migrants. Callers pose as the Chinese Embassy, Customs or other authorities on WeChat or by phone, claim you are under investigation, and demand transfers to accounts in Hong Kong or China, sometimes pressing victims to fake their own kidnapping. Real authorities do not work this way. Stop any transfer and contact your bank and New Zealand Police at once.

Money mule risk is just as real. If you receive and pass on payments, or lend or sell your account, it can be frozen or closed and you may face a police investigation. ANZ said mule accounts opened by 17 to 24-year-olds rose 20% in 2023, and those opened by 25 to 34-year-olds rose 24%. For domestic payments, Confirmation of Payee shows whether the name matches the account; stop and check if it does not.

How banks treat casino money

This paragraph is for readers aged 18 and over. New Zealand casinos admit patrons from age 20 and are supervised by the DIA; for other legal gambling, see New Zealand gambling laws. Bank reporting depends on the amount and not the source: physical cash of NZ$10,000 or more and international wires of NZ$1,000 or more are reported to the Police Financial Intelligence Unit. A report is not an accusation, but a bank may ask where a large deposit came from, so keep the casino’s records. Some banks offer optional controls: Westpac can stop cards being used at casinos and at local or overseas gambling sites, and Kiwibank can block online gambling merchants. On the Chinese side, the Personal Foreign Exchange Purchase Application says individuals may not take part in illegal activities including gambling. Article 303 of the Criminal Law targets gathering people to gamble for profit, gambling as a business, running a casino and organising Chinese citizens to gamble abroad. See our disclaimer.

FAQ

Can I open a New Zealand bank account on a visitor visa?

Rules differ by bank. The migrant routes at ASB and Kiwibank require a long-term or a work, student or resident visa, and ANZ needs at least six months left on your visa. Short-term visitors should ask the bank directly rather than assume it is possible.

Can I open an account without an IRD number?

At some banks, yes. CCB NZ says it is not required and Kiwibank asks for one only if you have it, while Immigration New Zealand says you may need one. Without it interest is taxed at 45%, so supply it as soon as you can.

Is a Chinese bank better for sending money home?

Not necessarily. ICBC NZ has no cash or ATM services, and CCB NZ’s personal account is not suited to everyday banking. Most people still need a local bank for salary and daily spending.

Sources

  1. Immigration New Zealand: Banking in New Zealand (accessed November 2026)
  2. ANZ: Moving to New Zealand (accessed November 2026)
  3. ASB: Moving to New Zealand (accessed November 2026)
  4. ASB: Identification needed to open an account from overseas (accessed November 2026)
  5. BNZ: Moving to New Zealand (accessed November 2026)
  6. BNZ: How to activate your account (accessed November 2026)
  7. Westpac NZ: Apply for an account (accessed November 2026)
  8. Westpac NZ: Migrant Bank Account application (JN18621-1 01-26) (accessed November 2026)
  9. Kiwibank: Moving to New Zealand (accessed November 2026)
  10. Inland Revenue: Coming to work or study in New Zealand (accessed November 2026)
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  12. Simpson Grierson: AML reform 2026 (law firm article) (accessed November 2026)
  13. First AML: New Zealand’s IVCOP is now published (industry article) (accessed November 2026)
  14. ICBC NZ: Personal accounts (accessed November 2026)
  15. ICBC NZ: Depositor Compensation Scheme (accessed November 2026)
  16. ICBC NZ: RWT and NRWT (accessed November 2026)
  17. Bank of China (NZ): Personal term deposits (accessed November 2026)
  18. Bank of China (NZ): Depositor Compensation Scheme (accessed November 2026)
  19. CCB NZ: Personal accounts (accessed November 2026)
  20. CCB NZ: Depositor Compensation Scheme (accessed November 2026)
  21. Reserve Bank of New Zealand: What the DCS covers (accessed November 2026)
  22. Reserve Bank of New Zealand: Deposit takers offering DCS-protected deposits (accessed November 2026)
  23. RNZ: Bank failure compensation scheme begins (July 2025) (accessed November 2026)
  24. Deposit Insurance Regulations (State Council Decree No. 660) (accessed November 2026)
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  28. PwC: New Zealand withholding taxes (reviewed July 2026) (accessed November 2026)
  29. SAFE: Personal foreign exchange purchase application form (accessed November 2026)
  30. SAFE Inner Mongolia branch: Personal FX business document (2017) (accessed November 2026)
  31. SAFE Xiamen branch: Personal FX service tips (2021) (accessed November 2026)
  32. SAFE Tianjin branch: Personal FX Q&A (2025) (accessed November 2026)
  33. New Zealand Customs: Border Cash Report (accessed November 2026)
  34. Chinese Consulate-General in Belfast: Carrying cash and goods (2025) (accessed November 2026)
  35. Interim Measures on Carrying Foreign Currency Cash (accessed November 2026)
  36. Wise: How Wise is regulated in each country (accessed November 2026)
  37. Wise: Guide to CNY transfers (accessed November 2026)
  38. Wise: Send money to China from New Zealand (accessed November 2026)
  39. Companies Office: Preparing to register on the FSPR (accessed November 2026)
  40. FMA: Disputes and consumer protection (accessed November 2026)
  41. RNZ: Banking code updates focused on scam prevention (November 2025) (accessed November 2026)
  42. ANZ: Chinese extortion scams warning (July 2023) (accessed November 2026)
  43. ANZ: Money mule warning (March 2024) (accessed November 2026)
  44. Bank of China (NZ): Confirmation of Payee (accessed November 2026)
  45. New Zealand Police Financial Intelligence Unit (accessed November 2026)
  46. Department of Internal Affairs: Casinos (accessed November 2026)
  47. Westpac NZ: Gambling and online spending controls (October 2025) (accessed November 2026)
  48. Kiwibank: Block gambling transactions (accessed November 2026)
  49. European Central Bank: Euro reference rates (30 October 2026) (accessed November 2026)
  50. DLA Piper: Another step in New Zealand’s AML/CFT reform programme (May 2026, law firm article) (accessed November 2026)
  51. Department of Internal Affairs: New Identity Verification Code of Practice (accessed November 2026)
  52. New Zealand Banking Association: Banks step up scam protections and compensation (accessed November 2026)

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