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.
Quick summary: USD currency account
- Wise US dollar account: Hold and exchange 40+ currencies including NZD and USD, with a debit card and no ongoing fees
- Revolut US dollar account: 3 different account plans which all support USD and 4 other currencies, some no fee currency conversion with the Revolut rate
- Westpac US dollar account: USD account to hold, send and receive payments, and earn interest on your USD balance
- ASB US dollar account: USD account with no debit card, intended for saving or investing mainly – 5,000 USD minimum balance required
- BNZ US dollar account: USD account with a monthly fee, waived if you have a balance of 65,000 USD
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.
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 |
|
No |
|
| BNZ Foreign Currency Account | Personal customers (other business account services are available) |
|
No |
|
Information correct at the time of the writing 29.08.2024
Wise
Both individual and business customers can choose a Wise multi-currency account to hold 40+ currencies including both USDand NZD.
You’ll get local account details for 8+ different currencies and a US account and routing number, to get paid by local transfers conveniently, as well as other options to get paid by SWIFT transfer in select currencies. There’s an international debit card for spending and withdrawals with some free monthly ATM use before fees begin. Accounts are opened and managed online or in the Wise app, so your Wise account and card can travel with you wherever you’re headed.
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. 6.11 USD to receive USD wire – ACH payments are free to receive
- Supported currencies: Hold and convert 40+ currencies with the mid-market exchange rate
- Wise exchange rates: Mid-market rate with fees from 0.33%
- Receiving payments: Local account details for 8+ currencies, options to get paid by SWIFT transfer in select currencies
- Other notable features: Send money to 160+ countries, spend with your linked debit card in 150+ countries
Revolut
Revolut has 3 different account tiers so you can pick the features and fees that work best for your specific needs. Standard accounts have no monthly fee, or you can upgrade for 9.99 NZD or 19.99 NZD a month, depending on the features you need and how often you want to transact. All accounts have a linked debit card, and let you hold and exchange USD as well as a selection of 4 other currencies. Depending on the account tier you select, you’ll get some no fee ATM withdrawals, and some weekday currency conversion every month which uses the Revolut exchange rate with no extra fee. No fee transaction limits vary by account tier.
- Fees: Standard accounts have no monthly fee. Upgrade to a personal account with monthly charges of up to 19.99 NZD for more features
- Supported currencies: 5+ currencies available including USD
- Revolut exchange rates: Revolut exchange rate to plan limits – out of hours and fair usage fees may apply
- Receiving payments: Receive in NZD only
- 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 a foreign currency account which you can open to hold USD. This is a single currency account, so you won’t be able to add a balance in another currency to the same account. However, you can use your USD account to hold, send and receive payments, and earn interest on your USD balance. Because there’s no linked debit card this isn’t an account intended for travel, but could suit people paying bills in the US, or saving in USD.
- Westpac 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
- Supported currencies: USD and most major currencies supported, but you’ll need separate accounts to hold different currencies
- Westpac exchange rates: Westpac sets its own exchange rates which may include a fee
- Receiving payments: Transfer in from NZD accounts or deposit cash in foreign 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.
- ASB fees: No monthly fee; 5,000 USD minimum balance required
- Supported currencies: USD and most major currencies supported, but you’ll need separate accounts to hold different currencies
- ASB exchange rates: ASB sets its own exchange rates which may include a fee
- Receiving payments: Receive with SWIFT transfers
- 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.
- BNZ fees: 6.5 USD monthly fee, waived if you have a balance of 65,000 USD; 10 NZD incoming payment fee
- Supported currencies: USD and most major currencies supported, but you’ll need separate accounts to hold different currencies
- BNZ Exchange rates: BNZ sets its own exchange rates which may include a fee
- Receiving payments: Receive with SWIFT transfers
- Other notable features: No linked debit card, account aimed at people who save or invest in USD
What is a USD account?
A USD account lets you hold and convert US dollars, which can be helpful if you travel there often, pay bills in the US or plan to save and invest in USD for example. Different USD accounts have their own unique features, including some options from banks which pay interest on balances, and some from non-bank alternative providers like Wise and Revolut which are more about spending and withdrawing day to day.
- Hold a balance in USD and convert to NZD when you see a good rate
- Receive payments from others in USD and keep them in your account
- Spend with a linked debit card in the US and beyond
- Send money to individuals and businesses in the US to pay bills or settle invoices
How does a USD account work?
You can use some USD accounts just as you do your normal everyday NZD account. If you have an account with a linked debit card you can use it to pay and make withdrawals, and you can also send money to others. The big difference is that this account lets you transact freely in USD without having to convert to and from NZD every time. That can save costs on currency conversion and make life easier if you manage different currencies a lot.
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
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.
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.
