Getting your financial infrastructure in place in the first week removes a major source of early stress.
The five main banks in New Zealand:
| Bank | Pre-Arrival Option | Notes |
| ANZ New Zealand | Yes (up to 90 days before arrival) | Largest bank, most ATMs nationally |
| ASB Bank | Yes | Popular with new migrants, strong app |
| BNZ | Limited | Strong business banking |
| Westpac NZ | Yes | Good international transfer tools |
| Kiwibank | No | NZ-owned, no pre-arrival option |
To open an account in branch you need: passport, visa documentation, and a New Zealand address (temporary accommodation is acceptable). Add your IRD number once you have it - some banks require it to unlock full features.
ANZ and ASB both market specifically to arriving migrants. ANZ allows pre-arrival account setup up to 90 days before your arrival date. ASB provides online banking access before you land.
The Reserve Bank of India's Liberalised Remittance Scheme (LRS) allows Indian residents to remit up to USD 250,000 per financial year abroad for permitted purposes, including emigration and maintenance of family abroad.
A TCS (Tax Collected at Source) of 20% applies to LRS remittances above INR 7 lakh per financial year (except education and medical purposes). This TCS is refundable when you file your Indian income tax return - it is a cash flow consideration, not a permanent tax.
Comparing transfer services on a NZD 10 lakh transfer:
| Provider | Typical fee | What you save vs bank wire |
| Wise | 0.5–1% (transparent) | NZD 2,000–4,000 vs bank |
| OFX | 0.3–0.8% (larger amounts) | NZD 2,500–4,500 vs bank |
| Indian bank wire | 2–4% + flat fee | Benchmark (expensive) |
For regular salary transfers or a large initial relocation of savings, Wise provides the mid-market exchange rate with transparent fees. Always compare the total amount received in NZD - not just the advertised rate.
When you become a non-resident of India, FEMA regulations require you to convert your Indian savings accounts. Tell your Indian bank before or shortly after your departure date.
Failure to convert is a FEMA violation. Most banks handle this with a form and some documentation. Do it promptly.
Owning property in India as an NRI is permitted under RBI guidelines. Rental income from Indian property is taxable in India and, once your New Zealand 48-month transitional residency window ends, also taxable in New Zealand. Maintain Indian ITR filings even as an NRI if you have rental income or investment returns.
TDS applies to rental income received by NRIs - tenants must deduct 30% from rent payments to NRI landlords. This TDS is creditable against your Indian tax liability.
