4 top international business bank accounts and alternatives in New Zealand (2025)

Key takeaways: 

• International business accounts allow quicker, more affordable transactions globally by using multi-currency accounts and cards, and local payment rails.

• Traditional business accounts may cost more than modern, online fintech platforms with fewer global features.

• Business accounts are a must for business owners that want to separate accounts, simplify accounting and taxes, and grow their business at scale.  

Micro, small, and medium-sized enterprises account for 97% of all New Zealand businesses. But these groups tend to be the most underserved by banks that may prioritise large businesses with more significant turnover and cash flow. Local, traditional banks can also lack the resources SMEs need to grow to their full potential.

We compared the top international business bank accounts and alternatives below, including prices and features to help you determine the right fit for your needs. 

What is an international business bank account?

An international business bank account is a transaction account designed for companies that operate across different countries. These accounts have specific features to support businesses operating globally, including allowing them to hold multiple currencies, offering fast and low-cost FX, and local bank account details in different currencies.

With the increasing popularity of fintech services, financial offerings are no longer exclusive to traditional banks, with many fintech platforms offering innovative international business accounts to support global business needs.

How do international business bank accounts work?

International business bank accounts work in a similar way to standard business accounts, but they offer specific features to support companies operating across borders. These features can include:

• Local bank accounts in multiple countries

• Access to interbank FX rates

• Bill Pay and accounting integrations

• Payment integrations and powerful APIs for eCommerce businesses

• Multi-currency corporate cards 

• Expense management tools to track cash flow, spending, and other financials in real time. 

International business bank account alternatives

Historically, people tend to associate business accounts with banks, but this perception is shifting. While platforms like Airwallex and Wise aren't banks, many businesses are turning to these modern fintech alternatives – and competitors to banks – for additional features that manage all financial operations on a single platform. Not only can businesses transfer locally and internationally with these solutions, they can also manage corporate expenses, bill payments, and reimbursements, and integrate it with accounting systems. 

Top international business bank accounts and alternatives

There are several great international business bank accounts and alternative fintech platforms available in New Zealand, including Airwallex, KiwiBank, Wise and Westpac.

1. Airwallex: Known as an alternative to global banks, Airwallex offers international business accounts that enable businesses to manage, hold, and move funds globally. We also offer a range of features and tools to help businesses operate at home and abroad.

2. KiwiBank: Founded in 2001, KiwiBank provides personal and business banking services like loans, credit cards, transaction and savings accounts, and insurance products. 

3. Wise: A non-bank designed to facilitate global money transfers for consumers and businesses.

4. Westpac: One of Australia and New Zealand’s oldest banks, Westpac is a bank for personal and business banking services. 

Airwallex

Key features:

Airwallex’s Business Account is designed for every business that needs to operate globally without borders, from small business to enterprise. 

The Business Account lets you collect and hold multiple currencies within the one account as well as open multiple accounts per entity. You also get up to 10 free company multi-currency cards and two free Corporate Cards users per month.

We can also help support payouts to over 200 countries, with 120+ countries leveraging local rails. 90% of our international payouts utilise local payment rails, with most transactions arriving within a few hours or on the same day rather than Swift systems (up to five business days). 

If businesses make frequent international transfers, fees can add up. If there are already existing balances in the currency they’re remitting, Airwallex will draw from those balances, avoiding unnecessary FX fees. If not, Airwallex offers foreign exchange (FX) at interbank rates, allowing businesses to save up to 80% on FX fees. 

Cost: No monthly fees. Airwallex Business Accounts, plus all other features in our ‘Explore’ bundle – like Payments solutions and integration – are free for our New Zealand customers.

Wise

Key features:

Wise is a financial technology company focusing on global money transfers and offers international business accounts for both consumers and businesses. 

Wise Business Accounts may incur fees for certain transactions, such as sending money or withdrawing cash over specific limits. These fees vary by currency and can accumulate, especially for businesses that often engage in high-volume transactions or need to withdraw large amounts of cash regularly.

While Wise lets you hold 40+ currencies, there are limitations in receiving money. For example, receiving USD wire and Swift payments incurs a fixed fee of US$6.11 per payment, and receiving CAD Swift payments costs C$10. ‌And while capable of receiving Swift payments in 20 currencies, Wise may not be able to control fees imposed by correspondent banks.

Cost: No monthly fees. To receive money from 23+ currencies, it costs $22. There are international transfer fees starting from 0.65% and varies depending on location and currency. 

KiwiBank 

Key features: 

Serving ‌38,000 businesses in New Zealand, KiwiBank offers various accounts for businesses such as savings, transactions, and term deposit accounts. KiwiBank’s foreign currency account offers businesses the ability to send and receive money to popular destinations. 

This is an online account that doesn't have a physical card, so withdrawals aren't available. Users can instead transfer the money to another type of KiwiBank account free of charge and withdraw‌ it.

Cost: No monthly fee and free electronic transfers to KiwiBank accounts in the same name. International payments from an overseas account cost $12 per transaction. Sending money internationally costs $20 per online transaction or $25 per in-person transaction.

Westpac Foreign Currency Account

Key Features: 

Services:

Westpac is one of ANZ’s oldest banks and serves over 1.5 million New Zealanders. They offer personal and business banking in their 196 physical branches or online banking options. 

Westpac’s foreign currency business account offers multi-currency accounts with nine currencies available. While there are no monthly fees, transactions range from $5 to $30 depending on currency, location, and whether it was a physical or digital method. As a physical branch, Westpac offers withdrawals and cash deposits at a 1% and 2% charge respectively. 

Westpac offers businesses credit interest on funds held in five currencies, including USD, AUD, CAD, EUR, and GBP. Interest rates range from 0.85%-2.10%. 

Cost: There are no maintenance fees, but fees apply on every transaction. Foreign cash deposits cost 2%, whereas foreign cash withdrawals cost 1% per transaction. Telegraphic transfer fees range from $5 to $30 depending on location and type of transaction. 

What are the features to look for in an international business account?

Many international business accounts offer similar services and features, but coverage, convenience, and costs can vary. Consider these factors as you compare business bank accounts and alternative providers:

• Currency access varies by provider, so check out how many currencies the account supports and make sure it covers your key business currencies.

• Foreign exchange rates, which are often more favourable with international accounts.

• International transfer speed, which can take a day via local transfer methods or 3-5 days with a traditional SWIFT transfer.

• APIs and integrations to programmatically manage processes and connect with existing websites and apps. 

• Account requirements, such as director residency restrictions, local regulations, and business identification requirements.

Digging into these details will help you narrow down account options by cost and service considering your specific needs. But each international business account provider has its perks. 

How to open an international business bank account or an alternative

Opening an international business account is relatively simple and involves the following steps:

1. Compare accounts to choose the best fit for your business.

2. Choose your location by considering your actual residence and where you want to open an account.

3. Confirm eligibility for your chosen account, considering residency and business requirements. 

4. Apply and submit your business details to open an account. Many traditional banks will require you to be physically present at a branch to process the paperwork, while fintechs will allow you to apply online.

You’ll need a few specific assets to open your account, too. It may vary depending on your location and provider, but you’ll generally need:

• Personal identification, including your ID, employment, and income

• Business identification, including registration, address, and more

• Minimum deposit amount, many accounts have minimum balance requirements to maintain an account

Don’t forget to consider fees, too. Some accounts wave fees for the first year, while others charge setup and annual fees upfront. 

How to grow your business faster with fewer fees

An international business account can open a world of opportunities for business growth. Not only does it allow you to send and receive international payments more quickly and affordably, but the best business accounts are packed with business features that integrate with your existing systems.

See how you can send and receive money faster with multi-currency accounts from Airwallex. Get started with an account in minutes and enjoy streamlined transfers on local rails, convenient Payment Links and Plugins, and Spend features to keep all of your business finances in one place. 

Airwallex is regulated in all the markets we operate in, with 60+ licences and permits globally. Join the 100,000 businesses that trust us to process over US$100 billion in global payments volume.

Frequently asked questions

Can I hold multiple currencies in an international business account?

Generally, yes. Many international business accounts allow you to hold multiple currencies within the one account. Look for a foreign currency account or multi-currency business account, like Airwallex's Global Account, to be able to access multiple currencies.

Are there ongoing fees for international business accounts?

There may be ongoing account fees depending on the account you choose. Some business accounts, such as Airwallex's Explore plan for its Global Account, does not charge monthly fees for New Zealand customers.

Can I use my personal bank account as an international business account?

It's not recommended to use a personal transaction account as a business account. Business accounts are designed specifically for business use and can help simplify tax, record-keeping and reporting.

Sources:

https://www.myob.com/nz/blog/what-sized-business-are-you-2/

https://wise.com/au/pricing/business 

​​https://wise.com/au/pricing/business/hold-fees 

https://www.kiwibank.co.nz/business-banking/international-business/rates-and-fees/

https://www.kiwibank.co.nz/business-banking/

https://www.westpac.co.nz/foreign-exchange/foreign-currency-account/

​​https://www.westpac.co.nz/about-us/legal-information-privacy/international-service-fees/ 

Disclaimer: 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."