Bank transfer is the most popular method to transfer money locally in New Zealand. The recipient will received the fund transferred instantly if funds are transferred within the same bank. In the case of money being transferred between a different bank, the recipient will receive the money before the end of next working day.
There is a new initiative to speed up inter bank money transfer planned by Reserve Bank of New Zealand and Payments New Zealand. The initiative aim to make inter bank money transfer completed within a few hours. Faster payments should mean quicker trades, and it is very good to the economy.
In New Zealand, bank transfer can be made either by visiting the bank’s branch, through ATM that is available throughout the country or the most convenience way via internet banking. To make bank transfer locally within New Zealand, you will need the recipient name, bank name and account number. Recipient street address and postcode are not required for local bank transfer.
The first six digit of all bank account numbers in New Zealand is called BSB Number. This number is used to identify the branch where the account is held within New Zealand. It is very important to have correct recipient details and bank account to ensure the recipient received the money as soon as possible.
For inward international fund transfer to the New Zealand, swift code is also needed on top of recipient name, bank name and account number. International fund transfer to New Zealand may take approximately between 1 to 3 days.