ANZ vs BNZ Business banking: Fees, features & FX compared

Key takeaways

• BNZ and ANZ both offer a range of business products and services in New Zealand, including accounts, cards, and FX. 

• BNZ offers a NZ$0 monthly fee transaction account while ANZ offers an account with a monthly fee, although it has a package tailored to startups that lets you avoid most fees for two years. 

• While ANZ and BNZ are both trusted traditional banks in New Zealand, a financial platform like Airwallex is more competitive for cross-border businesses.

ANZ and BNZ are both well-established business banks in New Zealand, and choosing between them comes down to what you actually need day-to-day. We break down how they compare on fees, digital banking, foreign exchange (FX), lending access, and branch support. We'll also flag where both banks fall short if you operate internationally, and what you can do about it.

What are ANZ and BNZ?

ANZ and BNZ are two of New Zealand's biggest banks, both are Australian-owned. ANZ stands for Australia and New Zealand Banking Group. BNZ stands for Bank of New Zealand, and it's owned by National Australia Bank (NAB).

Both offer business transaction accounts, lending products, and digital banking tools – most of what you need to run your business day-to-day. The key differences come down to fees, digital experience, and how well each bank supports you if you operate across borders.

ANZ business banking overview

ANZ is New Zealand's largest bank by market share. It has one of the widest branch and ATM networks in the country, and its business banking range includes transaction accounts, lending, and access to dedicated relationship managers for more complex needs.

• Ownership: Australian-owned (ANZ Banking Group)

• Account type: Business Current Account

• Monthly fee: $8.50/month, waived for two years for eligible new businesses through the Business Start-up package

• Transactions: 200 free transactions per month, with a $0.20 charge per additional automated or manual transaction above that threshold

• Branch access: One of the largest branch and ATM networks in New Zealand

• Accounting integrations: Xero, MYOB, and others supported

• Overdraft: Available, subject to approval

BNZ business banking overview

BNZ is frequently cited as a strong digital-first option among New Zealand's major banks. Its Business First Transact account has no monthly fee, which makes a meaningful difference if you're processing a high volume of payments each month. Note that some transaction types, including direct credits and direct debits processed via Internet Banking for Business, incur a per-payment fee.

• Ownership: Australian-owned (National Australia Bank)

• Account type: Business First Transact

• Monthly fee: NZ$0 (note this account is generally only available for businesses with annual turnover of less than NZ$5 million)

• Transactions: Most electronic transactions included at no charge; fees apply to some transaction types including direct credits and direct debits via Internet Banking for Business

• Branch access: Nationwide, with BNZ Partners Centres offering free co-working and meeting room access for business customers

• Accounting integrations: Xero, MYOB, and others supported

• Overdraft: Available, subject to approval

How do ANZ and BNZ compare on fees?

Fees are often the first thing you compare, and the gap between ANZ and BNZ becomes more noticeable the more payments you process each month.

BNZ's zero monthly account fee gives it a clear cost advantage over ANZ's fee-based structure for most day-to-day banking activity. Here's how the two banks stack up side by side:

In depth feature comparison: ANZ and BNZ 

Fees only tell part of the story. The quality of the banking experience – including digital tools, card options, and lending access – also shapes which bank suits your business better.

Cards, online banking, and accounting integrations

Both banks offer Visa Debit cards and integrate with Xero and MYOB for automated transaction syncing and reconciliation. Where they differ is in the depth of their digital banking experience.

BNZ's app lets businesses drag and drop between accounts, link multiple YouMoney accounts to one Flexi Debit Visa card, and personalise payees. That could mean your finance team moves money more quickly, without logging separate transactions each time. ANZ's goMoney platform is well-rated for digital banking, though BNZ's interface is generally considered more intuitive for spend categorisation.

On accounting integrations, both banks support direct bank feeds to Xero and MYOB, so your transactions sync automatically for reconciliation. The quality of this integration is broadly comparable between the two.

One practical difference worth noting: BNZ lets you link multiple accounts to one debit card. If your business manages multiple cost centres or project budgets, that's a meaningful operational advantage.

How do ANZ and BNZ handle international payments and FX?

Both ANZ and BNZ charge a mark-up on foreign exchange transactions and apply fees to international transfers. This is where the comparison between the two banks becomes less relevant – because both follow a similar model for cross-border payments, and neither is built to handle them cost-effectively when volume picks up.

ANZ

When you send an international money transfer with ANZ, you’ll pay no transfer fee via ANZ Internet Banking or goMoney, NZ$5 via ANZ Direct Online, or NZ$15 with staff assistance, and in some cases an extra “OUR” process fee so ANZ can cover fees charged by its correspondent banks, while other intermediary or recipient banks may still deduct their own fees from the payment. 

For incoming international payments, ANZ charges NZ$15 per payment (waived for amounts under the NZ$300 equivalent), and foreign currency transactions can also attract a 1.3% currency conversion charge on the NZD amount, on top of any fees overseas banks may apply.

BNZ

When your business sends an international payment with BNZ, you’ll pay no BNZ fee when you send foreign currency online, NZ$5 per payment when you send New Zealand dollars online, or NZ$25 per payment if staff assist you, with an optional NZ$12 “Charges Our” correspondent bank fee if you want BNZ to cover overseas bank processing costs (payee bank charges may still apply). 

Receiving an international payment costs NZ$10 per payment into a BNZ account or NZ$15 if BNZ credits another bank, and BNZ also includes a margin in its foreign exchange conversions and may charge a 2.25% foreign currency service fee on some card transactions, so FX costs sit on top of the payment fees. 

Which bank should your business choose?

There's no single right answer here, it really comes down to what you actually need day-to-day. They suit different kinds of businesses, depending on how you work.

If your business needs wide branch access and relationship support

ANZ may suit you if you regularly handle cash, need in-person banking, or want a dedicated relationship manager for more complex needs like lending, trade finance, or multi-entity banking. Its two-year fee waiver for eligible new businesses is also worth keeping in mind if you're in the early stages of setting up.

If you want lower fees and a better digital banking experience

BNZ may suit you better if you do most of your banking online, process a high volume of transactions, and want to keep monthly fees down. The Partners Centres can be a real bonus if you occasionally need workspace or meeting rooms without paying for a separate office.

If cross-border payments and digital tools matter most to your business

If you're regularly paying overseas suppliers, collecting from international customers, or holding funds in multiple currencies, neither ANZ nor BNZ is designed to handle that efficiently on its own. Both use SWIFT for international transfers and apply FX mark-ups that quietly erode your margins over time.

You can open Global Accounts with local bank details in over 20 currencies. Send payments to over 200 countries and hold, convert, and pay out in multiple currencies – all without needing separate foreign bank accounts.

Not only that, but Airwallex’s expansive platform also lets you accept customer payments, grow your idle account balance with Yield, manage team spend globally with multi-currency Corporate Cards, and more.

Why businesses choose Airwallex

If cross-border payments are a regular part of your business, a global finance platform like Airwallex can help you reduce those costs. You can use Airwallex specifically for international collections, supplier payments, and multi-currency holding. Here's how it works:

• Global Accounts: Get local bank details in 21 currencies and accept payments from 70+ countries. A customer in the UK can pay you in pounds sterling directly, without triggering a conversion on your end.

• FX & Transfers: Send money to over 200 countries, with over 94% leveraging local rails instead of SWIFT. 

• Multi-currency holding: Hold, convert, and pay out in multiple currencies without needing separate foreign bank accounts.

Frequently asked questions

Can you use Airwallex alongside an ANZ or BNZ business account?

Yes. If you need access to cash, you can leverage the benefits of Airwallex’s platform alongside your existing NZ bank account rather than replacing it. 

How hard is it to switch business banking from ANZ to BNZ?

Switching means notifying your clients, suppliers, and any relevant government agencies of your new account number, redirecting direct debits and automatic payments, and keeping your old account open for a few months to catch any late payments. It's manageable – but it does take some planning.

Are ANZ and BNZ business accounts covered by New Zealand's Depositor Compensation Scheme?

Yes – both ANZ and BNZ are registered banks in New Zealand, so business deposits held with them are covered by the Depositor Compensation Scheme (DCS) up to the applicable limit per institution. 

Do ANZ and BNZ both support Xero and MYOB for business accounting?

Yes – both offer direct bank feeds to Xero and MYOB, so your transactions sync automatically for reconciliation. The integration is broadly similar across both.

Sources 

• https://www.bnz.co.nz/assets/personal-banking-help-support/rates-and-fees/business-account-and-service-fees.pdf

• https://www.bnz.co.nz/business-banking/everyday-accounts/business-transaction-accounts

• https://www.anz.co.nz/business/accounts-and-cards/packages/

• 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.