SBS Bank Invercargill
Venture Southland
SBS Bank Invercargill

New Zealand has some of the most technically advanced consumer banking systems in the world. We are a society which relies on the convenience of cash machines, Internet banking and telephone banking.

Income tax

New Zealand law requires people and organisations to pay taxes. You can find out more on paying income tax through Inland Revenue (IRD).

You will need an IRD number before you start a job or if you want to open a bank account.  Forms and instructions for getting an IRD number are available on the IRD website. Once your application form is completed, you can take it along with the necessary supporting documents to either the Automobile Association (AA) or NZ Post Shops and they will forward the application to IRD on your behalf.

Opening a bank account

When you arrive in Southland, you will need to set up a bank account. Employers will need a bank account number in order to bank wages directly and you will need to access funds for everyday living expenses.  The local banking services include WestpacBank of New Zealand (BNZ), SBS BankANZASBKiwibankThe Co-operative BankRabobank and NZCU South.

When purchasing goods and services, New Zealanders commonly use a direct debit system called EFTPOS (Electronic Funds Transfer at Point of Sale). Most businesses allow you to pay and access cash directly through this system to debit your bank account. Some banks may charge a transaction fee.

KiwiSaver scheme

KiwiSaver is a government initiative to encourage permanent residents and citizens to save for their retirement.  It is a work-based savings initiative which deducts contributions from your pay at a rate of 3%, 4% or 8% (you choose the rate).