| What is the local currency? |
| The New Zealand currency is dollars (NZ$). The dollar can be broken down into 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, EFT Pos (personal banking card), major credit cards (i.e., MasterCard, Visa, Diners Club and American Express). 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 checks or credit cards, some smaller institutions may not. As such, it is always a good idea to have a little cash on hand. Cash will be required in smaller stores, street vendors, and at some public transports. |
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| By what method are bills (such as rent and utilities) paid? |
| Normally, people opt to pay by direct debit from a bank account or credit card. |
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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, drivers license, etc.) 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? |
| No restrictions - as long as personal identification is available and you have some minimal cash amount for an opening deposit. |
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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? |
| Absolutely. |
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| Is there any other money information that might help me? |
| Watch out for high service charges incurred for using an ATM machine not affiliated with your bank. Check to see if your bank charges a services fee for every transaction. |
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| Useful Links |
Auckland Savings Bank
www.asb.co.nz
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
Taranaki Savings Bank
www.tsb.co.nz
Westpac Bank of New Zealand
www.westpac.co.nz
Kiwibank
www.kiwibank.co.nz |