Best Payments in New Zealand

When it comes to making payments online, New Zealand shoppers are no different from consumers around the world. The most popular e-commerce payment methods include credit cards and e-wallets like PayPal.

But which one is best for your trip to New Zealand? This article will break it down. Plus, we’ll compare New Zealand’s top omnichannel payments gateway providers to help you decide.

Credit Cards

Credit cards are a popular payment method for New Zealanders. They account for more than 75% of all purchases made in-store. However, it’s always a good idea to bring some cash on your trip to pay for things like taxis or coffee.

EFTPOS (Electronic Funds Transfer at Point of Sale) cards are also popular with New Zealanders. These allow you to withdraw money from your bank account at ATMs and some supermarkets, as well as pay for goods and services online or over the phone. They typically come with a Visa or MasterCard logo and can be used anywhere that accepts them.

Most banks in New Zealand offer EFTPOS cards to their customers. In addition, many major retailers and hotels have card machines too. Most international debit and ATM cards will work in New Zealand as long as they have a four-digit PIN encoded. However, there is likely to be a currency conversion fee for using these overseas cards at a local merchant.

Debit Cards

Debit cards allow you to pay with the money in your bank account, and can help you manage spending. You can also use them at ATMs for cash, and many can be used with Visa payWave to skip the queue at the checkout.

Almost all businesses accept debit cards in New Zealand, from cafes to petrol stations to grocery stores and fashion retailers. Having a debit card is also great for shopping online as it gives you added protection against fraud, and enables you to choose to pay later (interest-free) or now.

Generally, the best way to carry money is to bring both debit and credit cards. Use the debit card for small daily purchases, and a credit card to book bigger expenses or anything that requires a guarantee. Prepaid travel cards are another good option as they let you lock in a fixed exchange rate, and usually come with bonus features like insurance. However, some have hidden fees and charges, so choose carefully.

Travel Money Cards

Credit cards are king in New Zealand but debit and travel money cards can be good options too. Look out for ones that waive ATM fees and offer better exchange rates than your bank.

Prepaid foreign currency cards are popular in New Zealand, especially those that allow you to load multiple currencies at a fixed rate ahead of time. You can find these cards at airports, banks and even some supermarkets.

Online payments are common in New Zealand, especially between locals. Credit cards like Visa and MasterCard are the most popular followed by PayPal. Kiwis also use POLi and AfterPay, which offer shoppers a secure and trusted environment to make online purchases.

Mobile payments are becoming more common in New Zealand too, particularly with Apple Pay and Android Pay. However, the number of merchants that accept this method is limited. Be sure to research these services before choosing one to ensure it’s a New Zealand Payments viable option for your trip.

Online Payments

As a country with a strong online presence, Kiwis enjoy access to a wide range of payment gateway options. These businesses play a crucial role in advancing frictionless transactions, providing an easy, secure, and convenient experience for online shoppers.

Debit cards remained popular for New Zealand POS payments in recent years, although their market share declined compared to credit card payments. Buy Now Pay Later websites or apps (like Afterpay) have also gained in popularity, enabling consumers to purchase online now and repay the supplier in installments.

The direct bank transfer specialist POLi has been a popular checkout option in New Zealand since 2007. This real-time payment service enables customers to make purchases using their New Zealand-based internet banking, without having to leave the merchant’s website or entering any personal information. Alternatively, Account2Account (owned by Windcave) and eWAY’s iPayit system both offer similar services to POLi. All these options are a good choice for local customers because they allow them to shop in their own currency.

Which is the Best Bank in NZ?

If you’re moving to New Zealand, it’s a good idea to get your finances sorted early. Most banks allow you to set up your account before you arrive, and most can link recurring payments to your new bank within five working days.

HSBC has been operating in NZ for over 30 years and allows you to open an account before you arrive provided that you meet their eligibility and document submission requirements.

HSBC

HSBC is one of the most popular banks in New Zealand. It has an excellent reputation for its customer service and offers a variety of products. It is headquartered in Auckland City and has over 3,200 employees. The company also provides insurance-related goods and services. Glassdoor reviews say that the company is focused on work-life balance and has a friendly, welcoming culture.

In 2021, TSB won Consumer NZ’s People’s Choice award for banking. The bank offers an excellent value travel card that lets you load multiple currencies and exchange them at a fair rate. It also offers a modern and easy-to-use app.

All the main banks allow you to set up an account before arriving in New Zealand, although you will need proof of address and a passport to do so. The process should take five working days. Once you have an account, you can link your recurring payments to it through a simple online form.

ASB

TSB is the nation’s favourite bank according to an industry survey by Consumer New Zealand. The survey found that 82 per cent of TSB customers are very satisfied with their service. In addition, the bank offers a free EFTPOS card for all its accounts. This card can be used at ATMs and chip-and-pin machines in stores.

Founded in 1861, BNZ is one of New Zealand’s oldest banks. It offers a variety of banking services, including wealth management and multi-currency accounts. BNZ also provides credit cards, mortgages and auto loans. Its services are aimed mainly at expats in New Zealand. The company is headquartered in Auckland. Its subsidiary companies include Simplicity, Milford Funds and Generate Investment Management. Its services cover the domains of consumer banking, consumer wealth management, commercial, corporate and institutional banking as well as investment and insurance.

ANZ

ANZ is one of the most well-known banks in New Zealand. It offers personal banking services, including savings accounts and transaction accounts. It also offers home loans, wealth management services, and insurance. It has a branch network that includes more than 250 locations.

The bank was founded in 1861, making it one of the oldest banks in the country. It also provides wealth management services and multi-currency accounts for expats.

In Consumer NZ’s latest bank customer satisfaction survey, smaller New Zealand-owned banks like the Co-operative Bank and TSB came out ahead of their bigger Australian-owned rivals, such as ANZ and Westpac. These banks are also known to offer lower fees and more competitive interest rates on their accounts. ANZ’s Free Up and Fast Forward Saver accounts, for example, do not charge a base fee or an electronic transaction fee.

TSB

TSB is one of the best banks for expats in New Zealand. It offers a variety of financial products, including mortgages, savings accounts, and insurance policies. However, its customer service isn’t the best. In a recent independent survey of service quality, it ranked 14th out of 20 banking providers.

You can open a bank account in New Zealand before your arrival, but you won’t be able to have full access until you show your ID at a branch. The majority of New Zealand banks are used to working with expats and are geared up to make the process as straightforward as possible for you. The banks also offer email query contact and toll-free phone numbers for overseas customers. They can even open your account remotely if you have a valid visa.

Kiwibank

Kiwibank is the best bank in NZ for mortgages and home loans. It offers a range of home loan options, including fixed rates and variable rate mortgages. It also offers a unique feature called Linked Accounts, which allows you to offset your home loan with up to eight savings and everyday accounts. The balance of these accounts is ‘offset’ against your mortgage, so you pay less interest.

As a growing institution New Zealand Banks, Kiwibank faces increased project complexity and multiple stakeholders and requirements. To address these challenges, the team implemented Adobe Workfront. This solution standardizes marketing asset management and project request, approval, and reporting processes.

Employees at Kiwibank are generally satisfied with their workplace culture and coworkers. They rank the quality of their coworkers in the top 30% compared to similar sized companies on Comparably.