New Zealand Banks

information about banks in New Zealand. Which ones are backpacker friendly and offer the best services. New Zealanders are amongst the highest users of electronic banking services in the world. ATMs (Automatic Teller Machines) are available in most towns, even if they do not have a bank.

            EFTPOS (Laser/Switch)

New Zealand has a cash payment system called EFTPOS.(Electronic Funds Transfer Point of Sale). This is very similar to Switch and Laser in the UK and Ireland except for one difference. You don't sign the transaction docket in New Zealand unless you are making a credit card transaction However the UK and Ireland have started to follow.

Most shops have Eftpos (Electronic Funds Transfer at Point Of Sale) terminals for debit and credit cards, so most purchases can be made electronically. Credit cards are not accepted by some merchants with Eftpos, especially smaller food retailers such as dairies, takeaways and cafes that do not serve alcohol. Also smaller retailers may often set a minimum purchase of around $10 when obtaining cash, if they agree to provide cash. Banks offer a wide range of telephone and internet banking services. If you are going to be in New Zealand for a while it may be convenient to open a New Zealand bank account and set up a local debit card, to avoid carrying a lot of cash around.

EFTPOS in New Zealand uses a PIN number (Personal Identification Number), This number is a 4 digit number that is recorded at the time of your cards issue and can be a number that you choose.

Never write this number down or tell anyone this number.

Never will a New Zealand bank staff member ask you for your PIN Number. If someone does, decline as it is mostly someone attempting to defraud you.

When making a purchase using EFTPOS the sales assistant swipes your card and gives you a keypad. On the keypad you will see the transaction total " Check the amount for any Keying errors.

You then select the account from 3 buttons at the top of the keypad (Cheque, Savings or Credit). Most of the time you will use either Cheque or savings. Then enter you pin number and ok/enter.

Your account is then checked for sufficient funds and the money deducted from your account and placed into the retailers account. 99% of all retailers in New Zealand provide EFTPOS as a means of payment. However depending on your bank in New Zealand a transaction charge may apply.