Opening a business account online: A quick go-to guide

Forget queues, commutes, or even clothes. In today’s digital age, you can open a business account online from the comfort of your couch. No need to put on pants, let alone a suit and leather shoes.

This guide covers the benefits of opening a business account online, as well as common document requirements and considerations for non-residents. We’ll then walk you through the application process and provide examples of accounts you can open entirely online.

Table of contents
Benefits of opening a business account online What is required? Can non-residents open a business account online in NZ? How to open a business account online NZ business account options Wise Business ASB ANZ Wise Business: A simplified banking alternative for Kiwis trading abroad FAQs

Benefits of opening a business account online

Opening a business account used to be a formal, long-winded process. You’d travel to the nearest branch, meet with a business manager at a pre-defined time, and comb through a mountain of printed paperwork together. Some ambitious entrepreneurs would even dress to impress in slick business attire.

But nowadays, with reliable online databases and secure ID verifications, you can finalise the process in minutes from your phone.

Benefits include:

• Speed: Opening an account takes 5-15 minutes if your documents are in order
• Safety: Banks have cutting-edge security protocols to stop imposters from opening accounts under your name
• Convenience: No scheduled meetings, nor standing in a queue or waiting all day for a callback
• Apply anywhere: No need to travel to your nearest branch; that’s handy when it's hundreds of kilometres away.
• Apply anytime: You don’t have to duck away during business hours when grinding your 9-to-5
• Language barriers: Non-native English speakers needn’t tackle complex, fast-paced discussions in a foreign language

What do you need to open a business account online in New Zealand?

The precise paperwork can vary between banks, the specific business account, and your company structure. Existing customers can often skip the ID verification step. Whille the requirements might vary based on different providers, these are some of the most common details that will be requested to open a business account online:

• Registration details relevant to your business structure, such as a certification of incorporation, trust deed, partnership agreement, or New Zealand Business Number (NZBN)
• Personal details, such as names, dates of birth, addresses, and contact details, for you and any directors and shareholders
• Your business IRD number (if you have one)
• Proof of your residential address, such as a bank statement or electricity bill in your name
• Official ID verifying your residency and work rights, such as a passport
• Documentation proving you meet eligibility requirements (if applicable), such as income statements showing a turnover under $500,000.

Can non-residents open a business account online in New Zealand?

Non-residents obviously can’t prove their residency status. That makes it tricky, if not impossible, to open a business account with many New Zealand banks and certain providers.

Some banks, such as BNZ, allow immigrants and returning Kiwis to apply for an account online while overseas, and then activate it upon arrival in New Zealand. But you’ll need to visit a branch in person and provide proof of your residential address.¹

ANZ has a Migrant Banking package with a business account option. However, applicants must have a valid New Zealand resident visa or work visa. Individuals with working holiday visas are exempt cannot apply for a business bank account online.²

Business banking alternatives, such as Wise Business, offer a global, multi-currency solution for foreigners starting a business in New Zealand. Non-residents on any visa type can register for a Wise Business account in their home country, then create a local account in NZD. That takes the hassle out of the application process and lets you send and receive money for free in the native currency, just like a local Kiwi.

Of course, you’ll need a suitable visa to perform any work or business-related activities in New Zealand.

Sign up for the Wise Business account! 🚀

How to open a business account online

Again, the precise process varies between banks, business accounts, and your company structure.

1. Gather documentation

We’ve covered the likely required documentation. But it’s best to know the specifics. Review the registration details of your business account to determine the necessary paperwork. It is advisable to go through documentation list specific to each provider and have them prepared before applying online.

Compile legible digital copies of each required document, ideally under 3MB per file. PDF is the file type of choice, though JPEG/JPG, PNG, and TIFF may be accepted. Merge multiple-page documents into a single PDF, and assign each file a descriptive name.

2. Online application

Banks invest heavily in UX and web design to make online applications easy for the everyday user–you don’t need elite computer skills. Follow the on-screen instructions and upload your documents when prompted. Enter all details accurately, as a small typo can become a big headache.

While the documentation requirements might be similar across different banking solutions, it is worth noting that each provider might request unique information required for their account creation process. Most solutions also offer online support that can help you with registration process if one comes across a blocker while applying for a business account online.

3. Identity verification

Online identity verification usually involves uploading a copy of your ID, then using your smartphone to send selfies. You might often be requested to take multiple snaps from different angles to satisfy the facial recognition technology.

Some banks incorporate third-party biometric services, including the government-backed RealMe Login. While no digital asset is ever 100% safe, rest assured that banks spend a fortune on cybersecurity. The chances of someone stealing your biometrics are low.

4. Wait for approval

Approval timeframes vary depending on the provider, complexity, verification requirements, and any pre-existing relationship with the bank.

Some online applications get approved within hours, while others take up to 7 business days. If denied, a bank may provide a reason and encourage you to reapply with extra documentation.

5. Setting up your business account

Once your approval gets through, users will be notified of the next steps. This would generally entail configuring your business account. Broadly, setup process would involve:

• Install the mobile app and register for online banking.
• Link biometrics, like fingerprints or facial recognition, for faster logins.
• Enable 2FA to enhance security.
• Activate business debit or credit cards if required.
• Manage access permissions and spending limits for team members.
• Switch on notifications for transactions.
• Integrate the business account with your preferred accounting software.
• Set recurring online bill payments.
• Change your invoices to reflect your new business account BSB and account number.
• Set daily withdrawal or spending limits.

New Zealand business accounts that allow online applications

Many big New Zealand banks–such as BNZ,⁰ KiwiBank,⁰ and WestPac⁰–let you initiate an application online, but require a phone call to finalise the process. A handful of others allow you to complete the entire procedure online.

Wise Business

No need to wait in queues or hop through hoops. As an alternative to business bank accounts, Wise Business is a cinch to open from anywhere in the world. Plus, if you already have a Wise personal account, you can link your new business account to access both with the same credentials.

Here's the steps to opening a Wise Business account online:

1. Sign up for a Wise Business account in New Zealand (or your home country for non-residents) by selecting Open a business account from your name icon in the web portal or app.
2. Provide detailed information to verify your business, which varies depending on the structure. Learn more about how to verify a business in New Zealand.
3. Provide personal details and ID verification.
   • Non-directors of a company may need to submit documentation proving they are authorised to act on behalf of the business.
4. Start sending and receiving money.
   • Enter how much you want to send, who you’re sending it to, review the fees, and confirm the transfer.
   • Optional: Pay a one-time $40 fee to receive account details for sending and receiving money in 8+ currencies, including NZD, USD, AUD, and GBP.

Most Wise Business applications get reviewed within 2 business days. Learn more about how to open a Wise Business account and verify a business.

Sign up for the Wise Business account! 🚀

ASB

ASB³ lets customers open a business account using a simple web form that takes approximately 15 minutes to complete. Customers must submit:

• Contact details, such as phone numbers and addresses
• Entity documentation, such as a certificate of incorporation, trust deed, or constitution
• Personal details and contact information for anyone associated with your entity who is based overseas

👆Check out our guide on ASB business account for more info on features, fees, and more

ANZ

New Zealand’s biggest bank lets you apply online for its ANZ Business Current⁴ account in less than 5 minutes. Simply select the products you wish to apply for and provide your personal information.

Existing customers will be contacted once ANZ has reviewed the application. New customers must visit an ANZ branch with the following documents upon approval:

• Identification, such as a passport
• An IRD number, if you’ve got one
• Proof of a New Zealand residential address, like a bank statement
• Documentation verifying your company, trust, partnership, or sole trader business

If you’re applying for the ANZ Business Start-up Package⁵ online, you must also provide documentation to prove you meet eligibility requirements.

Wise Business: A simplified banking alternative for Kiwis trading abroad

With an easy online setup for locals and non-residents, Wise Business offers a simple, hassle-free banking alternative in New Zealand.

Businesses sending money abroad can save significant sums through low, transparent pricing on international transfers that use the mid-market exchange rate.

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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FAQs

1. Is it safe to create a business account online in New Zealand?
Yes. Banks have cutting-edge security protocols to protect your personal details when creating an account online.

2. How long does it take to create a business account online?
It usually takes 5–15 minutes to complete an application, depending on the bank and whether you have the paperwork ready.

3. Can I open a business checking account online?
Yes, but it depends on the bank. Some let you open a business checking account online, while others make you visit an office in person.

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Sources:

1. BNZ - Moving to New Zealand
2. ANZ - Migrant Banking Package
3. ASB - Join for Business
4. ANZ Business Current
5. ANZ Business Start Up