ANZ vs ASB: Compare accounts, features and tools for New Zealand businesses

Key takeaways

• ANZ is NZ's largest bank with an expansive branch and ATM network; ASB has won a number of awards, including four consecutive wins for Canstar's Bank of the Year for Digital Banking 2022–2025. Both carry the same AA- credit rating from Standard & Poor's (S&P) and are regulated by the Reserve Bank of New Zealand (RBNZ).

• The real differences between the two come down to digital experience (ASB leads), physical reach (ANZ leads), and everyday account fees — on most other measures, including lending products and accounting integrations, they're broadly comparable.

• If you regularly pay overseas suppliers or hold foreign currencies, modern fintech platforms like Airwallex can work alongside either bank. You can access interbank FX rates and multi-currency accounts without the typical high bank mark-up.

If you're running a business in New Zealand and comparing business bank accounts, chances are you may be considering ANZ or ASB. Both are part of the country's 'Big Four' banks, both are Australian-owned, and on paper they look remarkably similar – same credit rating, similar lending products, and comparable account structures.

But the differences that matter most to you show up in the day-to-day. How much you pay in fees, how good the app is, and how well the bank handles international payments. Below, we'll break down what each bank offers, compare them side by side, and help you work out which one actually fits the way you work.

What does ANZ offer NZ businesses?

ANZ is New Zealand's largest bank with a wide branch count and customer base. It's owned by Australia and New Zealand Banking Group and has operated in New Zealand for decades, building a wide branch and ATM network in the country – over 100 branches and more ATMs than any other NZ bank.

If you regularly visit a branch, deposit cash, or need in-person support, that's a genuine advantage when it comes to in-person banking. Here's what its business banking covers:

• Business account: The Business Current Account includes a monthly fee and a set number of free transactions; charges apply above that limit.

• Cards: Business credit and debit card options, including the option to earn rewards on spend.

• Lending: Overdrafts, business loans, and lines of credit for working capital and growth.

• Integrations: Connects with Xero and MYOB for automated bank feeds and reconciliation.

• Network: Considered to have one of the widest branch and ATM footprints in NZ, with over 100 locations nationwide.

What does ASB offer?

ASB is owned by Commonwealth Bank of Australia and has built a strong reputation for digital-first banking. It consistently earns high user ratings for its mobile app, particularly if you do most of your banking online.

The standout feature for everyday business use is the Business Current account: no monthly fee and unlimited free electronic transactions. That's a meaningful difference if you process a high volume of payments each month. Here's what ASB's business banking covers:

• Business account: The Business Current account has no monthly fee and includes unlimited free electronic transactions; in-branch and manual transactions incur fees.

• Cards: Business debit and credit cards available.

• Lending: Business loans, overdrafts, and working capital facilities on standard terms

• Integrations: Connects with Xero, MYOB, and Reckon for automated syncing and reconciliation

• App: Consistently rated among the top banking apps in NZ – it lets you toggle payWave, international transactions, and spending limits directly from the app.

Side-by-side comparison: ANZ vs ASB

On most standard features, ANZ and ASB are closely matched. The meaningful gaps come down to digital experience, physical reach, and international payment costs.

How do ANZ and ASB differ on key features

Beyond fees and account structures, a few areas set ANZ and ASB meaningfully apart. Here's where the real differences show up.

Which bank has the better business banking app?

This is the clearest difference between the two banks. ASB's app is consistently rated higher by users, with specific features that give you direct control over your spending.

• ASB: Lets you toggle payWave and international transaction access directly in the app; earns higher average user ratings; shows real-time spending insights.

• ANZ: Reliable and functional; receives lower average user ratings; suits businesses that bank digitally but don't need granular in-app spend controls.

If you want to quickly block international transactions or turn off payWave on a card, ASB makes that easy. ANZ handles the basics well but doesn't offer the same level of in-app control.

Which bank works better with Xero and accounting tools?

Both ANZ and ASB support Xero and MYOB bank feed integrations, which pull transactions directly into your accounting software for automated reconciliation. Neither has a clear advantage here – it's essentially a draw.

ASB also supports Reckon, which gives it a slight edge if your business uses that platform. Airwallex integrates with Xero too, so if you use it alongside your main bank account, your international transactions sync automatically without any manual data entry.

Which bank is better for international payments and FX?

Here's the honest answer: neither ANZ nor ASB is built for high-frequency cross-border payments. Both apply FX mark-ups and transfer fees, which makes them costly if you're regularly paying overseas suppliers or receiving international revenue.

• ANZ: FX mark-up applies on international transfers; SWIFT fees may apply; foreign currency accounts available but not a dedicated multi-currency platform.

• ASB: FX mark-up applies on international transfer with a similar cost structure to ANZ.

• Airwallex FX & Transfers: Airwallex gives you access to interbank rates for 90+ countrie, payouts to 200+ countries, and over 90% of transfers leverage local payment rails. You can save with a multi-currency account allowing you to avoid forced conversions, multi-currency cards for your team and employee spend, and local banking details in 21 countries. 

Which bank is better for business lending and branch access?

ANZ is generally considered to have one of the largest branch networks. That matters if you deposit cash regularly, prefer in-person relationship banking, or operate in a region where digital connectivity is limited.

On lending, both banks offer broadly similar products – overdrafts, business loans, and lines of credit. Approval depends on your business's financial profile, and a broker can help you compare rates across banks if lending is high on your list.

• ANZ: One of the largest branch and ATM networks in NZ; well suited to businesses with regular cash-handling or in-person banking needs.

• ASB: Still a wide branch network; lending products are comparable.

Which New Zealand bank should you choose?

There's no single right answer – it really comes down to how you actually run your business. Here's a practical guide:

• Choose ANZ if: you regularly visit branches, handle cash, need the widest ATM access across NZ, or value a long-established banking relationship with a broad physical reach

• Choose ASB if: your team prioritises a polished mobile app and wants free electronic transactions with no monthly account fee.

• Use Airwallex if: you pay overseas suppliers, receive international revenue, or want to hold multi-currency balances without paying bank FX mark-ups. The expansive Airwallex platform also works for businesses looking to grow their funds with a Yield account, to receive customer payments, or who want to bank like a local, globally.

Frequently asked questions

Are ANZ and ASB both safe banks for NZ businesses?

Yes – both banks hold an AA- credit rating from S&P, are regulated by the RBNZ, and operate under NZ's Depositor Compensation Scheme, which covers up to NZD 100,000 per depositor per deposit taker from 1 July 2025.

What's the main fee difference between ANZ and ASB business accounts?

ASB's Business Current account has no monthly fee and includes unlimited free electronic transactions, while ANZ's Business Current Account charges a monthly fee and includes a transaction allowance – with per-transaction charges applying above that limit.

Do ANZ and ASB both integrate with Xero?

Yes – both banks support Xero bank feed integration, which pulls transactions directly into Xero for automated reconciliation; MYOB is also supported by both, and ASB additionally supports Reckon.

How do you switch your NZ business bank account from ANZ to ASB or vice versa?

The NZ Bankers' Association runs a bank switching process that takes around five working days, and it covers your direct debits and automatic payments. You should also notify clients, suppliers, and Inland Revenue of the new account details, and keep the old account open for several months to catch any missed transfers.

Do ANZ and ASB charge fees on international business transfers?

Yes – both banks apply FX mark-ups when converting currency for international transfers, plus potential SWIFT transfer fees; if you're making frequent overseas payments, factor these costs in when you're comparing your total transaction costs.

Does Airwallex replace a NZ business bank account like ANZ or ASB?

Airwallex is a financial platform, not a bank – it can work well alongside a traditional NZ business bank account, particularly if you have cross-border payment needs. It doesn't offer business overdrafts or loans, so it doesn't replace the full-service banking relationship that ANZ and ASB provide.

Sources 

1. https://www.asb.co.nz/about-us/awards.html

2. https://www.asb.co.nz/business-banking/business-account.html 

3. https://www.asb.co.nz/content/dam/asb/documents/business-banking/2025/asb-guide-to-business-banking-fees-7-jan-2026.pdf 

4. https://www.anz.co.nz/business/accounts-and-cards/business-accounts/current-account/

The information in this article is based on our own online research. Airwallex was not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed annually. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (New Zealand) Limited is registered with the New Zealand Financial Service Provider Register (FSP No. 1001602) to provide a range of financial services in New Zealand.