Kiwibank is a state owned bank that services thousands of people across New Zealand. As well as offering personal products, they also offer accounts, loans and financial tools to New Zealand businesses.
This article will take a look at the business accounts offered by Kiwibank including the different types, fees and how to apply. We’ll also introduce you to the Wise Business account, as you may find it’s what you’re looking for.
|💸 Looking for a stress-free international business account, with multiple cards, bank and accounting integration as well as mass payments?|
Kiwibank offers five different business bank accounts and one business credit card account.¹
- Business Edge - An everyday account
- Business Low Rate Visa - A specialised business credit card
- Notice Saver (32 days) - Savings account with 32 days notice for withdrawals
- Notice Saver (90 days) - Savings account with 90 days notice for withdrawals
- Business Online Call - Savings account with bonus interest incentives
- Business Performer - Savings account with no monthly fees
For your everyday business banking needs, Kiwibank offers the Business Edge account.¹
Here’s some of the features this account offers.²
- Free electronic transfers excluding bulk payments
- Ability to apply for overdraft
- Access to a business Visa Debit Card or ATM/EFTPOS card
- Ability to set up automatic payments
- Accounting software integration options
Let’s take a look at some of the fees Kiwibank charges for the Business Edge account and see how they compare to the Wise Business account.³
|Fees||Kiwibank Business Edge account³||Wise Business account|
|Account monthly fees||$5 NZD monthly||One-time fee of $40 NZD to get NZD and international bank details.|
|Automated payments (including Direct Debits and Standing Orders)||$5 NZD per setup or change in a branch, over the phone or via Secure Mail |
$3.50 NZD per setup using automated phone banking
No fee when done online
|Access to multiple cards||ATM/EFTPOS card - Yes² |
Visa Debit Card - No
|International transfer fee (for a sample amount of $1,000 NZD to GBP)||$25 NZD per transfer at a branch or by email |
$20 NZD per transfer when done using online banking
|Small payout fee + 0.48% variable conversion fee (e.g. for a transfer of $1,000 NZD to GBP, the total fee charged is $5.19 NZD) You can make a fee calculation here.|
|ATM withdrawals||No fee within NZ |
$6 NZD per overseas withdrawal
|You can take out money for free twice a month — as long as the total amount is under $350 NZD. After that, there is a $1.50 NZD per transaction fixed fee. If you take out over $350 NZD in one month, there is a 1.75% on the amount exceeding that. See card fees here.|
|Bulk payments||$0.20 NZD per item||No fee|
|Read more: Kiwibank international transfers - a guide to fees, rates and transfer|
As you can see, local transactions with Kiwibank are cheap, however, it can get expensive when there's an international transfer involved. For these transactions, you may want to consider Wise for Business as an alternative. It can save you over 60% on international transfer fees when compared to some of the traditional banks and is up to 19x cheaper than PayPal.
You can also take advantage of a Wise Multi-currency Account to receive international payments, hold them in any of 53 different currencies and withdraw as needed via bank transfer, direct debit or a Wise debit card. The conversions are done using the real exchange rate and the small fee is always shown.
To open a business bank account with Kiwibank you’ll need to contact their business banking team.² The easiest way to do this is over the phone.
- 0800 601 601 within New Zealand
- +64 4 803 1646 from overseas
Kiwibank doesn't list their account opening requirements online so you’ll need to check what’s required when you reach out to their business banking team. It will likely include some of the following.
- A NZBN — New Zealand Business Number
- Company address and contact details
- Proof of ID and authority for the person applying
- Proof of the company director’s citizenship or residency
- Details of any account signatories
For a business to be eligible to open a Kiwibank business account the company directory must be a New Zealand citizen or resident.² This is why you’ll likely need to provide proof of their citizenship or residency when applying.
You can manage your Kiwibank business accounts online through the Kiwibank Internet banking portal or on the go using the Kiwibank Mobile Banking app.
Whether you need to deposit money to open a Kiwibank business account depends on the type of account.¹
- Business Edge - No minimum deposit mentioned
- Notice Saver (32 days) - Minimum investment of $2000 NZD
- Notice Saver (90 days) - Minimum investment of $2000 NZD
- Business Online Call - Minimum balance of $2000 to earn interest
- Business Performer - Minimum balance of $5000 earn interest⁴
Kiwibank doesn't provide estimated processing times for new accounts on their website so it’s best to check with them directly.
You can start the process of applying for a business account overseas using Kiwibank’s international phone number² but you’ll need to check if they require you to attend a branch to complete the process.
There’s two types of card available for the Kiwibank Business Edge account.²
- ATM/EFTPOS card
- Visa Debit Card
It’s possible to get additional ATM/EFTPOS cards issued to employees provided they’re a signatory on the account.²
If you want to get in touch with the Kiwibank business support team you can use one of the following methods.
- Phone 0800 601 601 within New Zealand
- Phone +64 4 803 1646 from overseas
- Visit an in-branch business specialist
- Send a secure mail message via internet banking or the mobile app
If you’re not sure if Kiwibank is the right decision for your business, take a look at what the Wise Business account could do for you.
By using a Wise Business account you can easily manage your local and international banking through a single account. You’d have your own local bank details for several major global currencies including AUD, USD, EUR and GBP and can receive payments from customers around the world.
Sources checked on: 11 May 2022
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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