New Zealand money is in dollars and cents.
Coins are used for 10 cents, 20 cents, 50 cents, $1 and $2.
Notes are used for $5, $10, $20, $50 and $100.
There is extensive use of EFTPOS (Electronic Funds Transfer at Point of Sale), using bank cards instead of cash. Most credit cards are widely accepted – Visa, MasterCard, American Express, Diners Club etc.
Banks are open Monday – Friday from 9.00am – 4.00pm. There is a bank branch, or at least an automatic teller machine (ATM), on nearly every tertiary campus. All banks offer phone and Internet banking, and can cash Travellers' Cheques.
Opening a bank account
If students are staying more than a few months, it's a good idea to open their own bank account. Some banks let students open an account before arrival in New Zealand. Banks don't usually lend money to international students. Institution support staff can provide guidance to students on banking matters. Opening a bank account is very easy in New Zealand; it can take as little as ten minutes in the branch.
Foreign currency
Visitors can bring as much foreign currency as they like into New Zealand, but if it’s more than NZ$10,000 cash it needs to be declared to Customs by completing a Border Cash Report. (Cash does not include travellers’ cheques, postal notes, bearer bonds or money orders.) Most overseas currencies are easily exchanged at New Zealand banks. For latest exchange rates see www.xe.com
If a visitor loses their wallet, they need to contact their bank immediately and cancel credit and EFTPOS cards. They should also let the police know as the lost property may be handed in to them.
Any person staying in New Zealand for more than 6 months (183 days) in any 12-month period is considered a tax resident and must pay tax on any income they earn. Employers will deduct PAYE (pay as you earn) tax from wages or salary. Students may be entitled to tax rebates.
For full tax information see www.ird.govt.nzGetting an IRD number
Before starting a job, students will need an IRD number. This is an individual tax number supplied by the Inland Revenue Department (IRD).
Contact the IRD from within New Zealand on 0800 227 774, 6am – 5am seven days a week.
Goods and Services Tax (GST)
The price of all goods and services in New Zealand includes 15% GST.
Staying for less than 6 months?
Students staying for less than 6 months are ‘non-residents’ for tax purposes, but may still be liable for tax on any income earned in New Zealand.
Students can find out if they qualify for a tax exemption by contacting the Non-Resident Centre at Inland Revenue, phone +64 3 951 2020 or email This e-mail address is being protected from spam bots, you need JavaScript enabled to view it