Multi-Currency Business Accounts in New Zealand: A Complete Guide

If your New Zealand business deals with overseas clients or suppliers, you would experience the pain of dealing with fluctuating exchange rates and hefty mark-ups that eat into your profits.

Multi-currency business accounts enable you to hold, send, and receive money in multiple currencies, allowing you to reduce unnecessary conversions and save on fees. Some multi-currency accounts like Wise Business even give you access to mid-market rates without hidden mark-ups, for greater savings.

If you’re looking for a multi-currency business account, this guide will walk you through how they work, the benefits they offer, and how to choose the right one for your business in New Zealand.

Table of contents

What is a multi-currency account and how does it work? Can you use your personal multi-currency account for your business? Benefits of a multi-currency account Scale your cross-border payments with Wise Business How to open a multi-currency business account in New Zealand Charges commonly involved in NZ multi-currency business accounts Providers of multi-currency business accounts in New Zealand How to choose the best multi-currency business account for your New Zealand business

What is a multi-currency account and how does it work?

A multi-currency account, sometimes referred to as a foreign currency account, allows a business to hold, send and receive money in multiple currencies from one place, eliminating the need for separate foreign accounts and reducing costs and losses from constant currency conversions.

Most multi-currency business accounts allow you to:

• Hold multiple currencies simultaneously, so that you don’t have to convert incoming funds immediately.
• Send and receive payments internationally with ease.
• Track and manage balances and transactions across currencies within a single dashboard or interface.
• Enjoy cost and time savings by avoiding the need to convert your foreign funds back to your home currency.

At this point, you may also be pondering this common question:

Can you use your personal multi-currency account for your business?

While you may be able to operate your business using a personal multi-currency account, it is advisable to set up a dedicated corporate multi-currency account for your business. For a start, having a dedicated corporate multi-currency account adds a layer of trust and authenticity to your business.

Plus, using a personal multi-currency account for your business blurs the separation of personal and business finances. This makes it risky for your business legally and complicates your accounting process, too.

Corporate multi-currency accounts also offer additional features like bulk payment options, multi-user access, corporate cards and others that could add value to your business operations.

The same goes for regular corporate bank accounts. If you’re still using a personal bank account, check out our review of the best corporate business accounts and set one up for your business today.

Benefits of a multi-currency account

In today’s global market, New Zealand businesses often work with overseas clients, suppliers and remote teams. Managing payments in different currencies through traditional banks can be costly and time-consuming. Having a multi-currency business account will offer the following benefits for your business.

Single account for all international transactions

Skipping the need to open multiple foreign bank accounts, juggle different logins, and pull statements from several banks allows you to save time and effort on unnecessary administrative tasks.

Save money on foreign exchange costs

One of the biggest advantages of a multi-currency account is lowering foreign exchange costs.

Traditional banks often add a hidden markup to their exchange rates. On top of that, they usually charge high conversion and transfer fees, which can eat into your profit margins over time.

With multi-currency business accounts like Wise Business, you get to convert your currencies at the mid-market rate, with a small, transparent fee that’s shown upfront before you make the transfer. This ensures you always know exactly what you’re paying.

Having a multi-currency account also gives you the flexibility to hold funds in multiple currencies. You can receive payments in the same currency your customers send them in, and pay suppliers in their local currency, thus avoiding unnecessary conversions. By only converting when your business needs to, you can reduce conversion fees, protect your cash flow from unfavourable exchange rates and save even more in the long run.

Smoother international transactions

Receiving payments from overseas customers or paying international suppliers becomes faster and simpler with a multi-currency business account. With the right multi-currency account that offers local account details for you to accept payments, you can even skip the need to establish a local entity in a foreign country.

Streamlined accounting and reporting processes

A single, multi-currency account gives you a consolidated view of your international cash flow. You can manage cash across various foreign currencies, reconcile transactions automatically, and generate reports without switching between multiple banking platforms or currency statements.

Manage cash across subsidiaries

For businesses with subsidiaries, a multi-currency account makes it easier to manage cash flow across all your entities. This centralised setup gives you clearer visibility over company finances, simplifies internal transfers, and helps you plan liquidity more efficiently, all from one account.

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Scale your cross-border payments with Wise Business

Wise Business helps streamline overseas business payments without foreign transaction fees, saving up to 6x compared to other providers.

• Free to register — Send money to 140+ currencies with no hidden exchange rate markups
• Make up to 1,000 transfers at once with the Wise batch payments feature
• Fast, low-cost payouts to customers, freelancers, employees, investors, and suppliers globally
• Automate invoice payments, recurring transfers, and international payroll
• Fast and fully secure payments through Wise, even for large amounts

Tired of hidden fees and complex processes when making overseas payments?

Start sending with a Wise Business account! 🚀

This general advice does not take into account your objectives, financial circumstances or needs and you should consider if it is appropriate for you.

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How to open a multi-currency business account in New Zealand

Most traditional banks in New Zealand would require you to visit a branch or make an appointment with a relationship manager or business specialist in order to open a multi-currency business account.

Eligibility criteria

You will need to produce the following documents when opening a multi-currency business account in New Zealand:

• Personal identification document: Valid passport or driver's licence
• Company identification: certificate of incorporation, constitution, company memorandum or articles of association or incorporation.
• Proof of address: a company extract from a New Zealand government register, and an electricity, water, or broadband bill that has been issued in the last 12 months.
• Proof of funds: bank statements or financial statements that have been issued in the last 12 months.

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Charges commonly involved in NZ multi-currency business accounts

Each bank or provider in New Zealand has its own fee structure, but here are the common fees you should take note of:

Set up fee

Some providers charge a one-time fee to open or activate your multi-currency account.

Initial deposit

Certain banks require a minimum deposit to get started, which may vary by currency.

Account fee

Account fee or maintenance fee is a recurring monthly or annual fee charged for access to the account and its related tools and features.

Fall below fee / Service charge

You may be charged for this if your account balance drops below the required minimum.

Cash conversion fee

This fee applies whenever you exchange one currency for another. Take note that cash conversion fees and rates differ across providers.

Cash holding fee

Some accounts charge a small fee for holding large amounts in specific currencies over time.

Card transaction fee

Spending or withdrawing cash in a foreign currency via a bank card or credit card may incur an additional card transaction.

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Providers of multi-currency business accounts in New Zealand

There is a mix of familiar traditional business banks and some non-bank providers in New Zealand. Here are some of the more popular ones.

Wise Business

Wise Business is a multi-currency business account that lets you hold, send, and receive money in over 40 currencies at mid-market exchange rates, with low, transparent fees. You can also get local bank details so that customers in different countries can pay you in their preferred currency, conveniently.

➡️Get started with a Wise Business account.

Westpac foreign currency account

Westpac New Zealand is one of New Zealand’s most established banks. Its foreign currency account allows you to hold and manage nine different foreign currencies without being charged an account maintenance fee, and even earn interest on selected currencies¹.

ASB foreign currency account

ASB Bank is one of New Zealand’s leading banks. Its foreign currency account allows you to hold, manage and earn interest on nine different foreign currencies².

Bank of New Zealand foreign currency account

Bank of New Zealand (BNZ) is one of New Zealand’s major banks. The bank offers foreign currency accounts that allow its business clients to manage 16 different currencies³. You will need to contact a BNZ Partner to get more details regarding their fees.

Kiwibank foreign currency account

Kiwibank is a New Zealand–owned bank focused on making a positive impact for New Zealand by offering sustainable financial solutions that support the local economy. Their foreign currency account lets you hold and manage five currencies⁴.

ANZ foreign currency account

Australia and New Zealand Bank (ANZ) is one of New Zealand’s oldest banks. While they offer foreign currency accounts to their business clients⁵, you will need to contact a business specialist for more details and help with opening an account.

If you’re ready to get started and need help choosing one that suits your business needs, read our guide on the best foreign currency account in New Zealand.

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How to choose the best multi-currency business account for your New Zealand business

Account features

Look for an account that lets you hold, send, and receive multiple currencies, issue invoices, and integrate easily with your existing payment or accounting systems.

Fees

Compare the total cost of ownership instead of focusing only on headline rates. You should consider setup fees, conversion markups, and monthly charges as part of the cost. Knowing the true pricing allows you to select the best account for your needs.

Transaction limitations

Take note of limits on transfer amounts, number of transactions, or supported currencies, especially if your business handles frequent cross-border payments.

Customer support

Choose a provider with reliable support and fast response times. Delays in resolving payment issues could affect your cash flow and result in unsatisfied partners, suppliers and even clients.

Security

Ensure that the provider you choose is licensed or supervised by a recognised authority. Ideally, they should implement multi-layered security, such as two-factor authentication and fund safeguarding.

Accessibility and convenience

Opt for an account that offers full digital access so you can manage funds, track payments, and approve transactions anytime, anywhere.

Integration simplicity

While optional, having the ability to integrate seamlessly with accounting tools like Xero or QuickBooks allows you to automate reconciliation and reduce manual admin.

Multi-currency corporate cards

Having the option to equip your team with cards linked to your account allows your business to simplify global spending, set spending limits, and avoid unnecessary foreign transaction fees.

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Conclusion

A multi-currency business account gives New Zealand businesses the tools to operate confidently in global markets. From savings on foreign currency conversions to streamlining international payments and managing cash across subsidiaries, it simplifies how you move and manage money worldwide.

If your business works with overseas clients or suppliers, consider Wise Business as a fuss-free solution to send, receive and hold over 40 currencies. You’ll always get the mid-market rate, low and transparent conversion fees, plus local account details that make getting paid internationally effortless.

Get started with Wise Business today

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Sources:

1. Foreign Currency Account | Westpac NZ
2. ASB Foreign Currency Account and overdraft
3. Foreign currency accounts | BNZ
4. Foreign currency accounts | Kiwibank
5. International business | ANZ

Sources checked on: 17 Oct 2025