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

Monthly account maintenance fees

Free.

Electronic transfers between your Kiwibank foreign currency accounts and NZD accounts

Free.

You should note that free transfers are only between Kiwibank accounts that are in the same name.

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.

NZ$12 equivalent per transfer.

Outward international payment fee: telegraphic transfers and international direct credits

When you send an international payment to an overseas bank account from your NZD account or your foreign currency account.

  • NZ$25 equivalent when done person to person at your local Kiwibank or by fax.
  • NZ$20 equivalent when done by internet banking.

With international direct credits, there are no fees for the recipient, i.e. what you send is what they get. With telegraphic transfers, other banks involved in processing the transfer may deduct fees from the amount transferred. These fees vary from bank to bank.
Compare all fees

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.

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.