How to receive money from overseas with Kiwibank: Steps, fees, and transfer time

When banking with Kiwibank, you can receive international transfers directly into your account. But it’s important to understand exactly how the process works, what details you’ll need and how much it will cost (fees, exchange rates, etc.)

This guide will walk you through how to receive money from overseas with Kiwibank. We’ll also introduce Wise as a low cost alternative for international payments.

Can I receive money from overseas with Kiwibank?

Yes, both individuals and businesses in New Zealand can receive international payments directly into their Kiwibank accounts. The money can be sent to your everyday account (personal or business), or into a foreign currency account if you prefer to hold funds in another currency other than NZD.

Most payments arrive via the SWIFT network. Kiwibank also supports international direct credits, but these transfers are less common and limited to very specific regions.

How to receive money from overseas with Kiwibank: Step-by-step

Receiving money from overseas with Kiwibank is pretty straightforward, and you are likely to be familiar with the process — it’s similar to inward payments from New Zealand account holders. Just with a few more details.

Here’s how it usually works:

1. Confirm the payment method - Ask the sender to confirm whether they’re sending via SWIFT or international direct credit. SWIFT is the most common.
2. Check your account - Decide whether you want the money sent to a regular transaction NZD account or foreign currency account (if you have one).
3. Provide the details - Make sure the sender has all the details needed to complete the transaction. We’ll cover this in the next section.
4. Wait for the funds to arrive - International payments don’t clear instantly. You’ll have to wait a day or two for the transfer to complete.
5. Watch for fees or deductions - Kiwibank charges its own fees for processing overseas payments, and intermediary banks might deduct handling fees en route.

What details to share to receive international transfers

In order to receive transfers from overseas with Kiwibank, there are a few details the person sending the money will need from you. These include¹:

• Your full account name
• Your 15-digit Kiwibank account number
• Your physical address
• The Kiwibank SWIFT code - KIWINZ22

Kiwibank says “some overseas banks” could also request an international bank account number (IBAN), and additional details like BSB numbers and routing codes.

How long does it take to receive money with Kiwibank

The time it takes to receive money with Kiwibank varies based on the transfer type and where the money is coming from.

Telegraphic transfers, commonly known as wire transfers, are the fastest. Any payments sent through SWIFT-type networks should arrive in your bank account within 1 to 3 business days². However, if you’re sending payments to Australia in AUD, the time frame is shorter. Kiwibank says it “should” arrive on the same day when sent before 1pm (New Zealand time).

For international direct credits, it can take 3 to 5 business days to receive money².

Fees for receiving an international transfer

There is a flat-rate fee of $12 NZD per transfer with Kiwibank when receiving an international payment from overseas³. This is the same when receiving money into both Kiwibank NZD and foreign currency accounts.

Other additional fees may also be deducted. These are typically outside of Kiwibank’s control and will vary on the sending bank and the payment route.

Kiwibank’s exchange rate

When money arrives in a foreign currency and is converted into NZD, Kiwibank applies its own foreign exchange rate plus a margin. This means the rate you get is worse than the “true” mid-market rate you see on places like Google. Kiwibank’s terms explicitly state that it “makes money on the conversion” so there is a built-in markup³.

The exact markup rate will depend on the currency and transfer size. But what can seem like a small difference, can really add up over time. For comparison, services like Wise use the real mid-market exchange rate. There’s no hidden markups here, so you’ll know exactly how much money will land in your account.

A cost example: Receiving $1,000 NZD from abroad: Kiwibank vs Wise

To illustrate the differences in costs, let’s look at a scenario where you receive quite a big sum: $1,000 NZD from overseas via SWIFT. As the sender is using NZD, there’s no currency conversion required.

Receive money like a local with Wise

Wise is a simple way to receive money fast and conveniently. Open a Wise account for free; get paid however you like, wherever you are. You will get 8+ domestic account details in global currencies like USD, GBP, and more to receive money like a local.

Easily manage transfers through the Wise app by sharing your account details, requesting with the Wise tag or syncing your contacts. After getting your funds, you can hold and exchange 40+ currencies in your Wise account. For all your currency exchanges, you can get the mid-market rate and low, transparent fees, which usually gives the best value for your money. Wise also lets you send money to 140+ countries or get a linked Wise debit card to spend internationally, all at the same great mid-market rate.

When it comes to international transfers, Wise makes things easier and cheaper.

📥 Receive money with Wise