Best foreign currency accounts in New Zealand
Last updated: 21 Jul 2025
Compare New Zealand’s top foreign currency accounts for businesses and find the right fit for your needs.
Key takeaways
- Foreign currency accounts let NZ businesses hold, send and receive funds in foreign currencies without constant conversion to New Zealand dollars
- Integration with accounting tools can automate workflows and reduce admin
- The best account depends on your volume, currency requirements and business type
- WorldFirst offers strong multi-currency support, competitive exchange rates, Mastercard-powered debit cards and zero fees for receiving payments or setting up the account
If you’re a Kiwi retailer paying suppliers in Chinese yuan, earning in USD and AUD and converting all the funds back to NZD, then you know the frustration of losing your profits to transaction fees and poor exchange rates.
Juggling payments in multiple currencies is tricky but necessary when running a global business based in New Zealand.
Foreign currency accounts simplify this process, letting you hold, send and receive funds in multiple currencies. In this guide, we’ll explore the best foreign currency accounts in New Zealand.
Table of Contents
What is a foreign currency account?
A foreign currency account lets you send, receive, manage and hold funds in foreign currencies. The account is unique because instead of just holding funds in NZD, you can hold funds in other currencies even when your registered business address is in New Zealand only.
For example, if you receive funds in USD from customers based in the USA, you can hold those funds in your foreign currency account without needing to convert them into NZD. The same funds can then be used to further pay US-based suppliers.
While some foreign currency accounts only let you hold one foreign currency, others let you hold multiple foreign currencies under one login. These are sometimes referred to as multi-currency accounts.
For each currency account, you get access to banking details like an account number and branch code. The foreign currencies you can hold and transact in will depend on the bank or payment provider you choose to open your account with.
Top foreign currency accounts in New Zealand
1. WorldFirst
WorldFirst allows global businesses to open currency accounts in 15+ currencies, including GBP, USD, EUR, AUD, JPY, NZD, SGD, HKD, CNH and CAD. These come with local banking details so payments are made through domestic networks – and therefore faster and cheaper. You can also make fast, secure and reliable international payments in over 100 currencies across 210+ countries and regions.
As a multi-currency account, it lets you collect payments from 130+ marketplaces and payment gateways including Amazon, eBay, Etsy, Stripe and PayPal. All international transactions are processed at competitive exchange rates, with no fees for opening a new World Account or receiving funds into it.
To further simplify global spending, your account comes with a World Card, a multi-currency debit card that supports payments in 150+ currencies. When making payments in 15 major currencies, you’ll pay zero foreign exchange fees, provided you have sufficient balances in your account. You can apply for up to 20 World Cards for your business.
Pros of opening a foreign currency account with WorldFirst:
- Open local currency accounts in 15+ currencies
- Pay to China, USA, Australia, Europe and 210+ countries and regions in 100+ currencies
- Collect payments at zero costs from 130+ marketplaces and payment gateways
- Save on unnecessary conversion costs by holding funds in multiple currencies and using them to make supplier payments
- Pay 1688 suppliers directly through your account
- Make free instant transfers between World Accounts
- Keep more of what you make with competitive exchange rates
- Set up forward contracts or firm orders
- Decrease admin tasks with Xero and NetSuite integration
- No minimum balance required
WorldFirst fees
| Account setup fee | Zero |
|---|---|
| Monthly account fee | Zero |
| Fee for receiving payments | Zero |
| Fee for sending payments | |
| Currency conversion charges | |
| Fee for holding currencies | Zero |
| Fee for sending payments to other WorldFirst accounts | Zero |
| Multi-currency card | ✅ Up to 20 virtual cards at no additional cost |
| Forward contracts | ✅ |
| Integration with accounting tools | ✅ |
2. Westpac foreign currency account
Westpac’s foreign currency account lets you hold funds in nine major currencies, including USD, AUD, GBP, HKD, EUR, CAD and SGD.1 There’s also the option of earning interest on some currencies without any minimum balance requirements. While you can’t open the Westpac foreign currency account online, you can manage it through online banking once your account is activated.
| Pros | Cons |
|---|---|
Westpac foreign currency account fees2 3
| Account setup fee | Zero (9 currencies) |
|---|---|
| Monthly account fee | Zero, but you need an existing Westpac transaction or savings account to apply for the foreign currency account, which can attract a separate fee |
| Fee for receiving payments | NZD15 |
| Fee for sending payments | NZD5–30, depending on the mode of transfer |
| Currency conversion charges | A markup is charged over the market exchange rate |
| Intra-account transfers | Same fees apply |
| Multi-currency card | ❌ |
| Forward contracts | ✅ |
| Integration with accounting tools | ✅ |
3. ANZ foreign currency account
The ANZ foreign currency account allows businesses to hold funds in six major currencies, including AUD, GBP, USD, EUR, JPY and CAD.5 You can make payments to recipients overseas or receive payments directly. The account can be accessed through ANZ’s internet banking portal or app. Existing ANZ account holders can open a foreign currency account online. New business customers will have to fill out a form online and then visit the bank branch.7
| Pros | Cons |
|---|---|
ANZ foreign currency account5
| Account setup fee | Zero |
|---|---|
| Monthly account fee | Zero |
| Fee for receiving payments | Domestic payments: Zero International payments: NZD15 (No fee charged for payments under NZD300 or its equivalent amount in other currencies) |
| Fee for sending payments | Domestic payments: Zero for the first 200 transactions. NZD0.20 for each subsequent transaction International payments: NZD5–28, depending on the method of transfer |
| Currency conversion charges | A margin is included in currency conversions |
| Sending payments to other ANZ accounts | Same fees apply |
| Multi-currency card | ❌ |
| Forward contracts | ✅ |
| Integration with accounting tools | ✅ |
- Open 15+ local currency accounts and get paid like a local
- Pay suppliers, partners and staff worldwide in 100+ currencies
- Collect payments for free from 130+ marketplaces and payment gateways, including Amazon, Etsy, PayPal and Shopify
- Save with competitive exchange rates on currency conversions and transfers
- Lock in exchange rates for up to 24 months for cash flow certainty
4. Kiwibank foreign currency account
Kiwibank offers a foreign currency account with support for five currencies, including AUD, EUR, GBP, JPY and USD.8 For each currency account, you’ll get a unique account number to receive payments directly, and you can access your account through internet banking. To open a foreign currency account, you’ll need an existing business account with Kiwibank, along with a minimum deposit of NZD 500.8
| Pros | Cons |
|---|---|
Kiwibank foreign currency account8 9
| Account setup fee | Zero |
|---|---|
| Monthly account fee | Zero (but you need an existing Kiwibank business account to apply for the foreign currency account, which can attract a separate fee) |
| Fee for receiving payments | NZD12 for international payments involving foreign currency |
| Fee for sending payments | NZD10–35, depending on how you make the transfer |
| Currency conversion charges | A markup is charged over the market exchange rate |
| Intra-account transfers | Free transfers to Kiwibank accounts under the same name |
| Multi-currency card | ❌ |
| Forward contracts | ✅ |
| Integration with accounting tools | ✅ |
5. ASB foreign currency account
ASB foreign currency account lets businesses receive, send and hold funds in seven currencies including AUD, CAD, EUR, GBP and USD.10 ASB also gives you the option to hold some currencies for an extended period as a term deposit to earn interest.
| Pros | Cons |
|---|---|
ASB foreign currency account11
| Account setup fee | Zero |
|---|---|
| Monthly account fee | Zero |
| Fee for receiving payments | NZD15 |
| Fee for sending payments | NZD5–30, depending on how you make the transfer |
| Currency conversion charges | A markup is charged over the market exchange rate |
| Intra-account transfers | Free transfers to ASB accounts under the same name |
| Multi-currency card | ❌ |
| Forward contracts | ✅ |
| Integration with accounting tools | ✅ |
6. Wise business account
Wise is a payment provider that allows businesses to send, receive and hold funds in 23+ currencies, including USD, EUR, AUD and SGD.12 Each local currency account comes with a unique account number and bank code.
| Pros | Cons |
|---|---|
Wise business account fees13
| Account setup fee |
NZD40 to set up a multi-currency account |
|---|---|
| Monthly account fee |
Zero |
| Fee for receiving payments |
Free, except for SWIFT payments |
| Fee for sending payments |
Starts at 0.23% (fee varies by currency) |
| Currency conversion charges |
From 0.23% |
| Intra-account transfers |
Free |
| Multi-currency card |
✅ Up to 3 virtual cards and 1 physical card per account |
| Forward contracts |
❌ |
| Integration with accounting tools |
✅ |
7. Airwallex
Airwallex lets businesses in New Zealand set up local currency accounts in 20+ currencies. There are also APIs and plugins available, which make it easy for businesses to collect payments.
| Pros | Cons |
|---|---|
Airwallex NZ business account fees14
| Account setup fee | Zero |
|---|---|
| Monthly account fee | There are different tiered plans, from zero to NZD499 |
| Fee for receiving payments | Zero |
| Fee for sending payments | Zero for domestic payments International money transfer attracts a transfer and currency conversion fee For SWIFT payments, charges are AUD10 – 30 |
| Currency conversion charges | 0.5% for major currencies and 1% for other currencies. |
| Intra-account transfers | Free |
| Multi-currency card | ✅ Up to 2 employee cards and 10 company cards with the zero monthly fee account |
| Forward contracts | ❌ |
| Integration with accounting tools | ✅ |
Choosing the best foreign currency account in New Zealand for your business
There’s no one-size-fits-all answer when it comes to choosing the best foreign currency account in New Zealand. Your decision should depend on your business model, the currencies you transact in, how often you send or receive international payments and whether you value integration, ease of use, or low fees most.
Digital providers like WorldFirst, offer flexibility, marketplace integrations and often more competitive exchange rates, especially for businesses with high volumes of international transactions.
Sources
- https://www.westpac.co.nz/foreign-exchange/foreign-currency-account/
- https://www.westpac.co.nz/about-us/legal-information-privacy/international-service-fees/
- https://www.westpac.co.nz/about-us/legal-information-privacy/general-terms-fees/
- https://www.anz.co.nz/personal/travel-foreign-exchange/international-banking/foreign-currency-accounts/
- https://www.anz.co.nz/rates-fees-agreements/foreign-exchange-international/
- https://www.anz.co.nz/content/dam/anzconz/documents/rates-fees-agreements/ANZ-fees-charges.pdf
- https://onlinestore.anz.co.nz/get/foreign-currency-account
- https://www.kiwibank.co.nz/business-banking/international-business/foreign-exchange/foreign-currency-accounts/
- https://www.kiwibank.co.nz/business-banking/international-business/rates-and-fees/
- https://www.asb.co.nz/international-business/foreign-currency-account-and-overdraft.html
- https://www.asb.co.nz/content/dam/asb/documents/banking-with-asb/2024/asb-banking-with-asb-guide-to-fees-01-sept-2024.pdf
- https://wise.com/nz/business/
- https://wise.com/nz/pricing/business
- https://www.airwallex.com/nz/business-account/
- https://www.airwallex.com/nz/pricing/plans
- https://www.airwallex.com/nz/terms/fee-schedule
Disclaimer: The information contained is general only and largely our views. Before acting on the information you should consider whether it is appropriate for you, in light of your objectives, financial situation or needs. Although information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions, estimates, mentioned products/services and referenced material constitute the author’s own judgement as of the date of the briefing and are subject to change without notice. WorldFirst shall not be responsible for any losses or damages arising from your reliance of such information.
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