Banking Tax & Money

Banking

Banks are open from 9.30am to 4.30pm Monday to Friday. For more information and a list of our major banks, click here.

Automated Teller Machines (ATMs) are widely available at banks, along main shopping streets and in malls. International credit cards and ATM cards will work as long as they have a four-digit PIN encoded. Check with your bank before leaving home.

Good & Services Tax

All goods and services are subject to a 12.5 percent Goods and Services Tax (GST) included in the displayed price.

 ATM Machine

Income Tax & Inland Revenue

If your income is from salary, wages, benefits or taxable pensions, your tax will automatically be deducted under the PAYE (pay as you earn) system. This means when you get your weekly, fortnightly, or monthly pay, your tax has already been deducted from it. If you are intending to work in New Zealand, you will need an IRD number.

For information about applying for an IRD number or for more information about income tax in New Zealand, visit www.ird.govt.nz and click on 'Individuals and Families'.

Currency

New Zealand's unit of currency is the New Zealand dollar (NZ$). Coins have values of 10, 20 and 50 cents, $1 and $2; notes have values of $5, $10, $20, $50 and $100.

There is no restriction on the amount of foreign currency that can be brought in or taken out of New Zealand. However, every person who carries more than NZ$10,000 in cash in or out of New Zealand is required to complete a Border Cash Report.

 NZ Money

Foreign currency can easily be exchanged at banks, some hotels and Bureau de Change kiosks, which are found at international airports and most city centres.

All major credit cards can be used in New Zealand. Travellers Cheques are accepted at hotels, banks and some stores.

Swedish Rounding

Due to the discontinuation of 1c, 2c and 5c pieces, purchases made in New Zealand are subject to "rounding" of amounts either up or down. The Reserve Bank believes most retailers are adopting the Swedish Rounding System. Under this system prices, ending in 1 to 4 cents will be rounded down and prices ending in 6 to 9 cents will be rounded up. For example, a purchase of $15.14 would be rounded down to $15.10, and a purchase of $15.16 would be rounded up to $15.20.