Guide on BNZ business accounts: Fees, rates, types & how to open

Identifying the best business bank account is a daunting task. The challenge is to find an account that aligns with your unique business needs without charging eye-watering fees.

In this post, we’ll examine the Bank of New Zealand’s (BNZ) different transaction and savings accounts. We’ll also outline how to open an account, the required documentation, and the associated interest rates and account fees.

If your company trades worldwide, a banking alternative can deliver affordable cross-border solutions. For example, Wise Business could offer cheaper international transfers than your current bank.

Table of contents
Overview on BNZ business banking Types of business bank accounts Business First Transact BNZ Current Account Business First OnCall Rapid Save Account fees and interest rates Opening a BNZ business bank account Requirements Alternative business account solutions in NZ Wise Business

Overview on BNZ business banking

BNZ offers a range of banking services to small businesses, agribusinesses, and large institutions.

BNZ banking services

From accounts to loans, meeting rooms, consultations, cards, overdrafts, and payment solutions, BNZ is a one-stop business banking shop.¹

Its institutional wing caters to corporates, financial bigwigs, and the government. A team of 30+ specialist bankers provides services such as corporate finance, transactional banking, syndicated loans, and sustainable finance. BNZ can also help with capital and financial markets, as well as market research.²

BNZ partners and industries

As a large, well-established bank and one of the Kiwi Big 4, BNZ works with a wide range of sectors. Dedicated partners can provide industry expertise in agribusiness, healthcare, technology, professional services, government, real estate, non-profit organisations, and franchising.³

BNZ also has a Māori business team to guide indigenous initiatives, and an Asia Business team to provide tailored advice for trading in this rapidly advancing region.³

Types of BNZ business bank accounts:

BNZ has two transaction accounts to suit businesses of different sizes.

• Business First Transact (small-to-medium businesses)
• Current Account (medium-to-large businesses)⁴

The bank also has two savings accounts with varying interest rates and conditions.

• First OnCall
• Rapid Save⁴

Let's dive deeper to under each business account type and the features offered.

Business First Transact

The Business First Transact is the go-to BNZ transaction account for smaller Kiwi businesses. Key benefits include low fees, 24/7 accessibility, and overdrafts up to a pre-approved limit.

The account is only available to Kiwi SMBs with a turnover of under $5 million per annum.⁵

The BNZ Big Small Business Package complements Business First Transact and appeals to budding young companies. Its vast selection of benefits makes BNZ among the best banks for small businesses in New Zealand.

• Access to meeting spaces
• Advice from small business partners
• BNZ credit or debit cards
• 12 months free cybersecurity with CrowdStrike
• Accepting payment solutions (EFTPOS, PayClip, BNZ Pay app-based phone payments, and BigCommerce for online stores)
• Merchant Flexi Loan up to $50,000
• Free online business workshops with the BNZ Growth Academy
• Free Christchurch co-working space called Community101¹

BNZ Current Account

The BNZ Current Account is specially designed for medium-to-large businesses operating in New Zealand. This account generally would allow businesses to customize their banking features and get access to what is most fruitful for them. The bank doesn’t publish details on its website, and encourages would-be applicants to contact one of its Partner Centres for discussion.⁴

Business First OnCall

This BNZ savings account must be held jointly with a transaction account and pays an interest on your balance of 1% p.a.⁶ You can access money whenever you like without affecting the interest rate. Managing the account is easy through internet banking and the mobile app.

Rapid Save

This higher-interest savings account may appeal to business owners not intending to make many monthly withdrawals. It pays 2.55%⁶ interest p.a., and you get one free withdrawal per month. Subsequent withdrawals are possible for a fee.

BNZ business account fees and interest rates

| Service fees in NZD | Business First Transact⁵5 |
| Send international payments |

• Self-service NZD: $5 per payment
• Staff assisted NZD: $25 per payment
• Overseas bank charges may apply
• BNZ adds a margin to FOREX conversions⁷

|
| Receiving international payments | Received by BNZ: $10 per payment⁷ |

You may be charged fees for other services on some accounts. International ATM providers may also charge a fee for using their services.

👆Read more about BNZ international transfer: fees, rates and transfer times

Here's a comparison of fees between the two business saving accounts offered by BNZ:

Fee/rate	Business First OnCall	Rapid Save
Credit interest rate p.a.	1.00%.	2.55%
Monthly account fee	None	None
Withdrawal and deposit fees	None	One free withdrawal per bank month, $3 afterwards
Unarranged overdraft fee	$5.00 for any bank month overdrawn	$4.00 for any bank month overdrawn6

How to open a BNZ business bank account

You can start the process of opening any BNZ account online. You will need to gather documentation and fill out an online form with details on yourself and your business, such as its structure, annual turnover, and legal trading name.

While this part of the process is quick and easy, you won’t finish the entire application online. Once you’ve submitted your form, a BNZ representative will call you to help set up the account. The team member will also let you know what documentation you must provide.

After this phase, you will receive your BNZ business account login.

Requirements to open a BNZ business bank account

The following entities can begin the account creation process online if it’s incorporated or operating in New Zealand.⁸

• Companies
• Groups/societies
• Partnerships
• Sole traders
• Trusts

The required documentation depends on the structure of your business. Some of documents you might need:

• ID for key people involved in the business – each person will also need to be verified by BNZ, either in person or through an approved certification process
• Personal tax residency details, and IRN tax details
• Tax numbers (or the equivalent) for any overseas organisations or persons
• Company extract, certificate of incorporation, and company constitution (for companies)⁹

Alternative business account solutions in New Zealand

Business banking alternatives, such as Wise Business, might prove more cost-effective for Kiwis sending money overseas.

When making a regular SWIFT international transfer, you end up paying a separate fee to the sending bank, receiving bank, and intermediary bank, plus a hefty FOREX fee. That makes moving money across borders quite pricey.

Wise Business: An affordable alternative

When your business operates on the world stage, navigating international payments can become a complex and costly part of your operations. While a local bank account is essential, managing overseas transactions doesn't have to mean dealing with correspondent bank fees and marked-up exchange rates.

A Wise Business account allows users to can send, receive, and hold in multiple currencies. Experience hassle-free global transactions by transacting like a local business. Here's what you get with a Wise Business account:

• Free to register — Hold and convert between 40+ currencies. Send to 140+ countries
• Debit cards for you and your team, which you can use in 150+ countries
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 recipients at once with the Wise batch payments feature
• Integrate with your favourite cloud accounting solutions like Xero, QuickBooks, and more
• Get account details to receive in 8+ currencies for a one-time fee of 40 NZD

Sign up for the 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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Sources

1. Small Business
2. Institutional Banking
3. Banking Partners
4. Everyday Accounts
5. Business First Transact
6. Business Savings Accounts
7. Service fees
8. Business Account Open
9. Opening An Account For A Company