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Best foreign currency accounts in New Zealand

Last update: July 21, 2025

Contents

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.

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	Fee for domestic payments to New Zealand or Australian accounts: Zero Fee for cross-border payments and local payments in currencies other than NZD or AUD: 0.4%, capped at AUD15
Currency conversion charges	Major currencies: Up to 0.6% Minor currencies: From 0.67%
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
Supports over nine major currencies¹ No account m aintenance fee¹ Earn interest on existing balances in some of the currencies¹	You must have a Westpac transaction or savings account to open a foreign currency account¹ There’s no way to open the account online, even if you have an existing Westpac account No multi-currency cards available

Westpac foreign currency account fees^{2 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
Supports over six major currencies⁵ No account maintenance fee⁴ No transaction fees when transferring funds between your own ANZ foreign currency accounts⁴	Non-ANZ customers will have to visit a branch to open an account⁴ Separate fees for sending and receiving international payments No multi-currency cards available

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	✅

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
Supports over five major currencies No account maintenance fee No transaction fees for Kiwibank accounts under the same name⁸	To open the account, you’ll have to reach out to the team or visit a branch While the foreign currency account has no monthly fee, you’ll need an existing Kiwibank business account which can have its own monthly fees and eligibility requirements⁸ Opening a foreign currency account requires a minimum deposit equivalent to NZD500⁸

Kiwibank foreign currency account^{8 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
No monthly account maintenance fee An overdraft facility is available No transaction fees when transferring funds between your own ASB foreign currency accounts	ASB doesn’t transparently share the eligibility requirements for its foreign currency account You can’t open the account online. The only options are to email or call the ASB team directly To earn interest, the account must maintain specific balance threshold

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
No monthly maintenance fee Receiving payments is free in some currencies¹³ Multi-currency debit cards are available	While registering for a Wise Business account is free, you’ll have to pay a one-time fee of NZD40 to access local currency accounts¹³ There are charges for receiving SWIFT payments¹³ Only three virtual cards are available for free per account

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
The foreign currency account supports 20+ currencies¹⁴ Receiving payments is free¹⁴ It’s possible to apply and sign up for the account online	Batch payments and scheduled payments are available, but only on higher pricing plans¹⁵ SWIFT payments attract extra fees of up to NZD15¹⁶ Dedicated account manager and onboarding support is only available if you commit to the NZD499 per month account¹⁵

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.

Rick Hill has worked in payments and financial services for the past nine years. He began his career at a large institutional bank and has since worked across startups and scaleups. Over the past four years, his experience with e-commerce retailers has led him to believe that WorldFirst will be crucial in helping brands expand globally by demystifying the complexities of entering new markets.

Rick Hill

Author

Head of Sales ANZ at WorldFirst

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Best foreign currency accounts in New Zealand

What is a foreign currency account?

Top foreign currency accounts in New Zealand

1. WorldFirst

2. Westpac foreign currency account

3. ANZ foreign currency account

4. Kiwibank foreign currency account

5. ASB foreign currency account

6. Wise business account

7. Airwallex

Choosing the best foreign currency account in New Zealand for your business

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