The Best Multi-Currency Accounts in New Zealand in 2026

Apps and bank foreign-currency accounts work differently

Wise and Revolut combine several balances with card spending, while local banks normally open one separate account for each currency.

A bank foreign-currency account can retain a wire without immediate conversion, but it may have no overseas card or ATM access.

Best multi-currency accounts for New Zealand residents

9.2

Wise

general.fees

0.1% - 2.6%

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0%

general.transferSpeed

Minutes - 24 hours

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"Over 15 million customers use Wise, mostly for their excellent mobile app, transparent fee structure & use of mid-market rates. Now increasingly used for larger transfers."

8.8

Revolut

general.fees

0.3% - 1%

general.exchangeRateMarkup

0.1% - 0.6%

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Minutes - 5 days

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"Revolut has 70+ million customers globally. You can hold up to 25+ currencies in the app and send money quickly in 25+ currencies to 140+ countries."

US Disclaimer: Revolut is not a bank. Banking services are provided by Lead Bank, Member FDIC. Fees may apply. See revolut.com/en-US/ for details.

Wise

Wise combines broad currency holding with foreign account details and a card.

Account details let you receive supported currencies without converting them immediately, although the available currencies depend on your account.

NZD funding can use a local bank transfer, POLi, eligible NZ-issued card or Wise balance, but not an NZD SWIFT payment.

ATM withdrawals are free within NZ$400 each month, followed by 2.69% on the excess.

For regular GBP income and occasional GBP spending, keeping the money in pounds avoids converting it into NZD and back again.

I would choose Wise over a bank foreign-currency account when that retained balance also needs to fund everyday card purchases.

Customer money is held on trust in segregated accounts and is not covered by New Zealand's Depositor Compensation Scheme.

Revolut

Revolut suits regular smaller conversions within its NZ$2,000 market-hours allowance.

During market hours, Standard adds no exchange fee within the allowance and charges 0.5% above it.

Outside market hours, the charge is 1% within the allowance and 1.5% above, making planned timing part of the cost.

Revolut uses its own variable rate, so an exchange without an added fee is not automatically the mid-market rate.

Standard ATM use is free within NZ$350 on a rolling monthly basis, then costs 2%.

Exchanging NZ$1,000 outside market hours costs NZ$10 within the allowance, so converting beforehand can avoid that charge.

Market hours follow New York time, which means the extra-fee period does not match a New Zealand weekend exactly.

Westpac Foreign Currency Account

Westpac lets existing customers keep smaller foreign-currency receipts without a monthly account fee.

The low entry requirement suits someone receiving an occasional overseas payment who wants to choose when to convert it into NZD.

Opening requires a branch or relationship manager, which adds delay compared with Wise or Revolut's digital setup.

Telegraphic-transfer fees and the conversion rate remain separate, so free maintenance does not make moving the money costless.

Westpac works best when the balance supports a future payment or deliberate conversion rather than everyday travel spending.

ASB Foreign Currency Account

ASB suits existing customers holding larger foreign balances or considering a foreign-currency term deposit.

Opening generally requires 5,000 currency units, with HKD50,000 and JPY500,000 thresholds, making ASB unsuitable for a small holiday balance.

The account cannot be accessed overseas using an ASB Card, so its purpose is holding and payments rather than travel cash.

Transfers between the foreign-currency and NZD accounts are processed during business hours, with later instructions moving to the next business day.

Foreign-currency term deposits can suit money held for 30 to 180 days, although minimums and early-release conditions apply.

I would choose ASB when the balance is large enough to justify planning access, rather than when instant card spending is essential.

Kiwibank Foreign Currency Account

Kiwibank gives existing customers a unique account number for foreign receipts and online wires.

Receiving one foreign payment monthly costs NZ$144 equivalent each year before conversion or any sending-bank deduction.

That fixed incoming cost weighs heavily on small freelance payments, while fewer consolidated receipts reduce the annual total.

An online outgoing wire costs NZ$10 equivalent with shared charges or NZ$20 when the sender chooses OUR.

OUR aims to cover overseas charges but cannot always guarantee the exact beneficiary amount after every intermediary path.

Kiwibank fits deliberate receiving and sending, while Wise can be more practical when card access and local receiving details are also needed.

Match the balance to a planned expense

Holding AUD for an Australian tuition bill removes the need to convert those funds again when the payment falls due.

But buying foreign currency without a matching expense exposes your savings to changes in its value against NZD.

Before choosing a term deposit, leave enough accessible money for payments falling due before it matures.

Keep an NZD buffer for urgent expenses because a foreign account transfer can wait for banking hours or intermediary processing.

Reduce repeated receiving costs

Ask whether your payer can use local receiving details in the payment currency instead of sending an international SWIFT transfer.

When incoming wire fees apply, fewer consolidated payments can reduce charges, provided waiting longer does not strain your cash flow.

Check the details inside your account before sharing them, because an old account number or unsupported currency can delay the payment.

Existing ANZ customers also have a foreign-currency account without monthly fees, while BNZ charges maintenance subject to balance-based rebates.

Our guide to the best international money transfer services in New Zealand covers one-off overseas payments instead of held balances.

Understand DCS exclusions

New Zealand's Depositor Compensation Scheme can protect eligible deposits up to NZ$100,000 per depositor at each deposit taker.

Foreign-currency accounts are explicitly excluded, so a Westpac, ASB or Kiwibank foreign balance does not gain cover from the bank name alone.

Wise's New Zealand contract also excludes DCS cover, while Revolut uses a bare-trust structure and remains a non-bank service.

How to open and fund a multi-currency account in New Zealand

Use the form below when a one-off international transfer fits your need better than maintaining a foreign-currency balance.