| What is the local currency? |
| The New Zealand Dollar is the local currency (NZ$) and each dollar is worth 100 cents. |
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| What denominations does it come in? |
New Zealand dollars are divided into 100 cents. There are $100, $50, $20, $10 and $5 notes made of a sturdy plastic material and coins in denominations of two dollars and one dollar, as well as 50, 20 and 10 cents. Grocery items are given to the nearest cent, but the final bill is rounded up or down to the nearest ten cents. Generally, Goods and Service Tax (GST) of currently 12.5%.is included in the listed price, except for some business hotels, where rates will be clearly marked GST-exclusive.
Please note: New Zealand Government has made an announcement that by October 2010, GST will be 15%. |
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| What is the best way to exchange currency? |
| Banks provide the best method for foreign exchange and will have the latest foreign exchange rates. Hotels will exchange foreign money, but they are likely to offer the service at a higher rate than the banks. |
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| What are commonly-used forms of payment for everyday purchases (such as groceries)? |
| Cash, personal banking cards (debit), and major credit cards (i.e. MasterCard, Visa, Diners Club and American Express) are the most commonly-used forms of payment. Also, keep in mind, personal cheques will not be accepted without proof of identity. |
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| Will I be able to use my credit card around town? If not, list when I’ll need cash. |
| While most shops and restaurants will accept cheques or credit cards, some smaller businesses such as shops, street vendors and public transport may not. As such, it is always a good idea to have a little cash on hand. |
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| By what method are bills (such as rent and utilities) paid? |
| Typically, people opt to pay by direct debit from a bank account or by credit card. However, some choose to pay by cheque or cash. |
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| What are the requirements for opening a bank account? At what stage of the settling-in process should I open it? |
| A bank account can be opened at any time with correct identification such as a passport or driver's license. You do not need a permanent address to open an account. |
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| Will foreign residents be able to find banking services in their native languages? |
| Banking services are mainly in English, though several of the major banks in the Central Business District also have staff who can speak a variety of foreign languages. |
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| Are there any restrictions on services for those who are new to your country? |
| Generally, there are no restrictions on services to newcomers as long as personal identification is provided. And, for opening a bank account, minimal cash is required. Please check with your bank to find out the exact amount. |
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| What are typical banking hours? |
| Typically banking hours are Monday through Friday from 9:00am to 4:30pm. However, some banks stay open late on Thursday evening and some open for business on Saturday morning. Do note: the majority of banks are closed Saturdays and all banks are closed on Sundays and public holidays. |
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| Are automatic teller machines (ATMs) available around the clock? |
| Yes, ATM's are available 24 hours a day, 7 days a week and can be found all over the city. |
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| Is there any other money information that might help me? |
| Watch out for high service charges incurred for using ATM machines not affiliated with your bank. Also check to see if your bank charges a service fee for every transaction or if it is a monthly-based fee. |
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| Useful Links |
Australian & New Zealand Bank
www.anz.co.nz
Bank of New Zealand
www.bnz.co.nz
National Bank of New Zealand
www.nationalbank.co.nz
Westpac Bank of New Zealand
www.westpac.co.nz
Taranaki Savings Bank
www.tsb.co.nz
Kiwibank
www.kiwibank.co.nz |