Most New Zealand NZ banks are open between the hours of 9:30 and 4:30pm, Monday to Friday.
Many NZ Banks have an automated teller machine( ATM ) accessible 24hrs, 7 days per week for deposits and withdrawal of cash.
Most overseas credit cards can be used in NZ ATMs providing they have a 4 digit encoded pin number.
Most NZ bank branches in larger cities have a Bureau de Change department, where you can make foreign exchange transactions.
Most shops have Electronic Funds Transfer at Point of Sale (EFTPOS) facilities that accept major credit cards.
GST (Goods and Services Tax)
All Goods and Services traded here are subject to a 12.5% Goods and Service Tax (GST). Usually prices are GST inclusive unless stated otherwise.
A list of NZ banks is:
The banks marked with a (B) operate in this country, as branches of overseas incorporated banks.
All NZ banks are incorporated in this country.
ANZ National Bank Limited
ASB Bank Limited
Australia and New Zealand Banking Group Limited (B)
Bank of Baroda (New Zealand) Limited
Bank of India (New Zealand) Limited
Bank of New Zealand
Citibank N A (B)
Commonwealth Bank of Australia (B)
Deutsche Bank A G (B)
JP Morgan Chase Bank NA (B)
Kookmin Bank (B)
Rabobank Nederland (B)
Rabobank New Zealand Limited
Southland Building Society
The Bank of Tokyo-Mitsubishi UFJ (B)
The Hongkong and Shanghai Banking Corporation (B)
TSB Bank Limited
Westpac Banking Corporation (B)
Westpac New Zealand Limited
The NZ Bank System
New Zealand’s banking system is regulated by The Reserve Bank of New Zealand. It acts as the nation’s central bank, and is primarily a policy organisation.
The Reserve Bank’s role is to manage the country’s monetary policy.
The purpose of this management is to:
1.Maintain price stability.
2.Maintain an efficient and stable financial system.
3. Supply the country with cash notes and coins.
4.Oversee and assist efficient operation of payment systems.
It was established in 1934, and has statutory independence from the Central Government to carry out monetary policy.
This countries monetary policy is conventional by current international standards.
The current Policy Targets Agreement at 2009, is to keep Consumers Price Index (CPI) inflation between 1 and 3 percent per annum, on average over the medium term.
The Reserve Bank is headed by a Governor.
The role of the Reserve bank, has evolved over years to include a requirement, that trading Banks must be registered with the Reserve Bank. Only organisations formally registered with the Reserve Bank are entitled to use the word ‘bank’ in their names.
Registered banks have to meet certain criteria in regard to their financial position.
Late in 2007 a decision was made by the government to extend the Reserve Bk’s regulatory role to include finance and insurance companies, credit unions and building societies.
The Reserve Bank also administers the countries settlement and wholesale payment systems, that registered Banks use to complete their transactions between each other.
This system handles approximately NZ $40 billion in transactions per day.
These systems give the countries economy, stability and reliability, that underpins the quality of our way of life here.There are 19 different Banks that are registered and trade in the country. They are all required, by law to disclose their financial situation each quarter of the year.
The Government, through the Treasury established a Crown retail deposit guarantee scheme from 2009 in which banks trading here, are guaranteed by the Government. This came into force after the global credit crisis of 2008/9.