Best USD account in New Zealand – 2024
You can use a US dollar (USD) account to receive, hold, and spend US dollars without having to convert to and from NZD every time. Some USD accounts are aimed at people who want to spend in USD when they travel or shop online, while others have more of a focus on people who want to invest in US dollars to diversify their portfolio.
USD accounts from New Zealand banks can be somewhat limited, with relatively high fees and high minimum balance requirements. They’re often also cumbersome, slow, and, most of all, expensive. Specialist providers like Wise or Revolut can be good alternatives.
In this article, we’ll walk through everything you need to know about opening a US dollar account, including the best USD account options available, the costs, and how to open one.
Can a USD account be opened in New Zealand?
Yes. You can open a USD account as a foreign currency account from a major bank, or you can pick an account from a specialist non-bank alternative like Wise or Revolut. The options from specialist providers tend to be more flexible compared to those from banks. However, USD accounts offered by banks often have interest earning opportunities, which digital providers may not offer. Which account is best for you will come down to personal preference – we’ve got a roundup of a few for you to look at, coming up later.
Read a full Wise account review here.
What are the advantages of a USD account in New Zealand?
Both personal and business customers can open a USD account – and there are distinct advantages for both.
Personal customers may want a USD account to save and invest, or to diversify your portfolio. You may choose a USD account for making regular payments to the US, or if you need to get paid in USD by someone else. Finally, you might want a USD account with a linked payment card you can use for shopping and making withdrawals in the US, and when you buy something online and pay in US dollars.
Business customers can use a USD account to pay and get paid in US dollars conveniently. You can hold a USD balance as a hedge against exchange rate fluctuations, or for future payments, plus you can get paid in USD by customers and clients, marketplaces and PSPs like Stripe.
US dollar account details
Some USD accounts give you easy access to US bank details, including an account and routing number so that people in the US can send you payments using a local payment method like ACH. This is usually cheaper for the person sending the payment, compared to using an international wire. Plus, in many cases there are free ways for you to receive the payment to your account too – meaning neither party loses out unnecessarily on fees.
Best USD accounts
We’ve picked out some good USD accounts available in New Zealand, including foreign currency accounts from major banks and a couple of non-bank alternatives for comparison. We’ll start off with an overview, and then move into more detail about each in a moment.
| Provider | Availability | Fees | Debit card | Other features |
|---|---|---|---|---|
| Wise | Personal and business customers |
|
Yes |
|
| Revolut | Personal customers only |
|
Yes |
|
| Westpac Foreign Currency Account | Personal customers (other business account services are available) |
|
No |
|
| ASB Foreign Currency Account | Personal customers (other business account services are available) |
|
No |
|
| BNZ Foreign Currency Account | Personal customers (other business account services are available) |
|
No |
|
Wise
New Zealand based personal and business customers can open a Wise multi-currency account that lets you hold, send and spend USD as well as 40+ other currencies.
Accounts also come with local bank account details for 9 different currencies including NZD and USD, to get paid by local transfers conveniently. You’ll be able to order a linked international debit card to use in 150+ countries for spending and withdrawals, making this a flexible option for travellers.
Currency conversion always uses the mid-market exchange rate with low, transparent fees from 0.43%.
Fees: No fee to open a personal account, 40 NZD one-off fee to open a business account. No monthly fee for either personal or business accounts
Currency conversion: Hold and convert 40+ currencies with the mid-market exchange rate
Other notable features: Receive payments with local bank details for 9 countries, send money to 160+ countries, spend with your linked debit card in 150+ countries.
Revolut
Revolut is a good option if you want to be able to hold and exchange USD alongside a broad selection of other currencies. Personal customers can choose a standard plan which has no monthly fee, or upgrade to a Premium or Metal plan. All accounts get a linked debit card, some no fee ATM withdrawals, and some no fee currency conversion every month. The number of no fee transactions you’ll get every month depends on the account tier you pick – you’ll need to pay a monthly maintenance fee to unlock the full suite of Revolut benefits.
Fees: Standard accounts have no monthly fee. Upgrade to a personal account with monthly charges for more features
Currency conversion: Broad selection of currencies available including USD
Other notable features: Account services include budgeting tools, ways to split bills and easy person to person payment options
Westpac Foreign Currency Account
Westpac offers foreign currency accounts in USD and in pretty much every other major currency. These accounts are not multi-currency accounts, they’re more designed to allow customers to send and receive USD payments electronically. You won’t get a debit card linked to your USD account, so whenever you need to withdraw money from this account you’ll have to send it by bank transfer or wire to another linked bank account.
Fees: No monthly fee, transfers into your account cost 15 NZD, telegraphic transfers out of your account cost from 5 NZD to 30 NZD depending on how you arrange them
Currency conversion: USD and most major currencies supported, but you’ll need separate accounts to hold different currencies
Other notable features: No debit card; you’ll also need an eligible Westpac NZD account
ASB Foreign Currency Account
ASB has a foreign currency account product which has no monthly fee. ASB clarify that this account is not intended as a travel account, it’s more aimed at people who need to make and receive USD transfers – paying a mortgage in the US for example. There’s no linked debit card with this account, so to add or withdraw funds you’ll have to use an electronic bank transfer. International transfers are available when you need to send money to the US – fees will apply.
Fees: No monthly fee; 5,000 USD minimum balance required
Currency conversion: USD and most major currencies supported, but you’ll need separate accounts to hold different currencies
Other notable features: Not a travel account, intended for international transfers and saving only
BNZ Foreign Currency Account
BZN has a foreign currency account you can use to hold USD and make payments to others. There’s a monthly fee to pay unless you hit the account balance rebate level. For USD this means you need to pay 6.5 USD a month unless your average balance over the month is at least 65,000 USD. This account doesn’t come with a bank card, so it’s not suited to people looking to spend while they travel. If you hold a high enough account balance you may earn interest on your savings in USD – interest starts once you have 10,000 USD in the account, and the interest amount you get will rise based on how high your balance is.
Fees: 6.5 USD monthly fee, waived if you have a balance of 65,000 USD; 10 NZD incoming payment fee
Currency conversion: USD and most major currencies supported, but you’ll need separate accounts to hold different currencies
Other notable features: No linked debit card, account aimed at people who save or invest in USD
How to open a USD account in New Zealand
While each provider will have their own process to open a USD account, in many cases you can get all set up online. If you choose an account from a major bank you’ll need to also have an eligible NZD account with them. In some cases, these accounts can be opened online, but sometimes this means you need to visit a branch to show your documents and get everything organised.
Digital alternative services usually let you apply online or in an app, with a fully remote onboarding process.
Here are the basic steps you’ll need to take to open a USD account in New Zealand.
- Choose the best provider for your needs
- Register for your account online, through the provider app, or in a branch
- Give your personal and contact information
- Complete the required verification steps
- Fund your account – and you’re ready to go
You need to get verified when you open any sort of financial account, for legal reasons and to keep your account secure. This can often be done online by uploading an image of your ID, but some banks may prefer you to show your paperwork in person.
The exact documents you need will vary depending on the account type, but can include:
- Government issued photo ID
- Proof of address – a utility bill or bank statement in your name for example
- Tax ID information
- Business registration documents if you’re opening a business account
US dollar account with debit card
The USD accounts from banks we’ve highlighted above do not come with linked debit cards. Instead they’re aimed at people who want to send and receive USD payments, and who want an interest earning account they can use to grow their savings. If what you’re after is an account you can use for travel, a specialist non-bank provider might be better. Here’s a reminder:
Wise account and card: Order a card for a 14 NZD one time fee, and spend in 150+ countries, in 40+ currencies. USD supported for holding and exchange, and all currency conversion uses mid-market rates with low fees. Check all Wise account features here.
Revolut account and card: All Revolut account plans have a linked card which can be used for spending and withdrawals in the US and globally. The amount you’ll pay per transaction will depend on your account type – all account plans have some no fee currency conversion, but fair usage fees apply once you’ve exhausted your plan limit. Check all Revolut account features here.
Conclusion: USD accounts in New Zealand
A USD account can help you to save money if you need to receive, hold, send or spend in US dollars regularly.
The USD accounts from New Zealand banks are aimed at people looking to save and invest, and may have high minimum balance requirements. Plus, you won’t get a card to spend or make withdrawals in USD, and you’ll need to accept the bank’s exchange rate when converting your funds.
If you’re thinking of a USD account for travel, and need a linked international debit card, try online non-bank providers instead. They’re just as safe, and often cheaper and easier to use than a bank, too. Use this guide to kickstart your research and find your perfect match.
FAQs – Best USD Account in New Zealand
Can I open a USD account in New Zealand?
Yes. You can open a USD account as a foreign currency account from a major bank, or you can pick an account from a specialist non-bank alternative like Wise or Revolut.
How much does it cost to open a USD account?
Online specialist accounts often have no opening fee, and may also have no monthly fee to pay. USD accounts from banks vary – some have monthly fees unless you maintain a high balance, while others offer accounts with no maintenance costs. You’ll still need to hold a NZD account with the same bank, though, which may have its own monthly costs to consider.
