Compare the top international business accounts in New Zealand

Key takeaways

• International business accounts let you hold multiple currencies, send faster transfers through local payment rails, and cut FX costs compared to standard business accounts.

• Traditional banks often charge higher fees and support fewer currencies than modern fintech alternatives, so it's worth comparing both.

• Airwallex offers a free Business Account with local banking details in 20+ countries, interbank FX rates, and transfers to 200+ countries, with over 90% arriving same day through local rails.

If you're running a business across borders, whether you're paying suppliers overseas, selling to international customers, or managing a remote team, you've probably run into the friction that comes with traditional banking. High FX fees, slow transfers, and limited currency options can eat into your margins and slow things down.

You're not alone. Micro and small firms make up 97% of all New Zealand businesses¹, yet these groups often get the least attention from banks, which usually focus on larger companies with bigger turnover. That can mean fewer currencies, higher fees, and slower transfers for the businesses that need global reach most. Below, we compare the top international business accounts and alternatives available in New Zealand, covering fees, features, and currencies to help you find the right fit.

What is an international business bank account?

An international business bank account is a transaction account made for companies that operate in different countries. These accounts come with features that support global businesses, including the ability to hold multiple currencies, get fast and low-cost FX, and access local bank account details in different currencies.

Think of it like having a local office in each country you do business with, but for your money. You get local account details, so customers and partners can pay you as if you're based there, without the cost of setting up shop overseas. And these accounts aren't just offered by traditional banks anymore. Fintech platforms now offer international business accounts with features like real-time FX, expense management, and integrations with accounting software, often at a lower cost than banks.

How do international business 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. Let's say you're an NZ-based eCommerce brand selling to customers in the UK, US, and Australia. With an international business account, you could hold GBP, USD, and AUD in the same account, receive payments from customers in their local currency, and pay your overseas suppliers without converting back to NZD first. Here's what that looks like in practice:

• Local bank accounts in multiple countries, so customers can pay you like a local business

• Access to interbank FX rates, which can save you significantly compared to marked-up bank rates

• Bill Pay and accounting integrations with tools like Xero and QuickBooks

• Payment integrations and APIs for eCommerce platforms

• Multi-currency corporate cards for team spending abroad

• Expense management tools to track spending and cash flow in real time

Paying international suppliers

If you regularly pay suppliers overseas, an international business account can make the process simpler and cheaper. Instead of converting NZD to the supplier's currency every time, and paying conversion fees both ways, you can hold their currency in your account and pay them directly. For example, if you pay a manufacturer in China, you can hold yuan and send it through local payment rails, which helps you avoid the fees you'd face with a standard NZ bank transfer.

Import and export considerations

Importers and exporters deal with currency swings that can squeeze margins on a single shipment. Some international business accounts offer FX hedging tools and forward contracts, so you can lock in rates ahead of time. If you're buying inventory in euros but selling in NZD, holding euros and timing your conversions can help protect your profit margins from sudden currency moves.

What to look for in an international business account

A lot of international business accounts offer similar services, but coverage, convenience, and costs can vary quite a bit. Before you start comparing providers, it helps to know which features matter most for your business. Here's what to look at when you compare business accounts:

Currency access and FX rates

Start by checking how many currencies the account supports and whether it covers your key business currencies. Just as important is how the provider handles foreign exchange. Some offer interbank rates, which is the rate banks use when trading with each other, while others add a markup of 1–3% on top. A 2% FX markup on a £10,000 payment costs you £200. At interbank rates, that cost drops significantly, and that adds up fast if you're making regular international transfers.

Transfer speed and payment rails

International transfers can take anything from a few hours to five business days, depending on how they're routed. Local payment rails, like BACS in the UK or ACH in the US, move money through a country's domestic system, which is usually faster and cheaper than SWIFT. Think of local rails like sending a parcel with a domestic courier instead of routing it through three international sorting centres. If you're managing cash flow or paying suppliers on tight timelines, same-day transfers can make a real difference.

Integrations and business tools

If your finance team uses Xero, QuickBooks, or another accounting platform, check whether the account integrates directly. Automatic syncing can save hours of manual reconciliation each month. And if you run an eCommerce business, look for payment integrations with platforms like Shopify or WooCommerce, plus APIs if you need to build custom workflows.

Account requirements and eligibility

Requirements vary by provider. Some accounts need a local director or NZ business registration, while others are more flexible. Fintechs usually let you open an account online from anywhere, while traditional banks may ask you to visit in person or have local residency. So it's worth checking eligibility before you start the application process.

Looking at these details will help you narrow down your options based on what your business really needs. Once you've worked out which features matter most, here's how the main providers compare.

Top international business accounts in New Zealand compared

We compared four providers available in New Zealand, including both traditional banks and fintech alternatives, across the features that matter most for international business.

Top international business accounts compared

Airwallex

Key features

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

The Business Account lets you collect funds from 70+ countries into one account, and you can also open local banking details in 21 countries. You also get up to 10 free company virtual team cards and two free employee card users per month.

We can help support payouts to over 200 countries, with 120+ countries using local rails. Over 90% of our transactions go through local payment rails, so most arrive within hours or the same day, not the 3–5 business days you'd usually wait with SWIFT.

Airwallex offers foreign exchange at interbank rates with a transparent margin of between 0,5%–1% depending on the currency, which can help you save up to 80% on FX fees compared to traditional banks. 

You can also earn returns on the funds you hold with Yield, so your idle balances can work while you wait to deploy them.

Cost

No monthly fees. FX rates with a margin between 0.5%–1% depending on the currency.

Wise

Key features

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

Wise Business Accounts does not charge a monthly fee, but there is a NZ$40 setup fee to create accounts with local banking details. To send money internationally, fees start from 0.25% and vary by currency. These fees vary by currency and can add up, especially for businesses that often handle high-volume transactions or need to withdraw large amounts of cash regularly.

Wise lets you hold 40+ currencies, but there are limits when it comes to receiving money. For example, receiving USD wire and SWIFT payments comes with a fixed fee of US$6.11 per payment. And while Wise can receive SWIFT payments in 20 currencies, it may not be able to control fees charged by correspondent banks.

Cost

No monthly fees. To receive money from 23 currencies, it costs NZ$40 to set up³. There are international transfer fees starting from 0.25% and varying depending on location and currency².

KiwiBank

Key features

KiwiBank offers a range of business accounts, including savings, transaction, and term deposit accounts⁵. Its foreign currency account gives businesses a way to hold a single foreign currency in an account, with Australian dollars, Euro, British pounds, Japanese yen and US dollars available.

This is an online account and it doesn't come with a physical card, so withdrawals aren't available. Instead, users can transfer the money to another type of KiwiBank account for free and withdraw it from there.

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 international payments online costs from NZ$10–$20 depending on whether you choose shared (SHA) or ‘OUR’ fees, and NZ$25–$35 when you send via a branch or email.⁴

Westpac

Key features

Westpac is one of New Zealand's oldest banks and offers personal and business banking through physical branches as well as online banking options.

Westpac's foreign currency business account gives you a way to hold a single foreign currency, with nine currencies available to choose from⁶. You can pay NZ$0 to send foreign currency using Westpac One, but correspondent bank fees and other fees may apply. Sending fees by other methods can range up to NZ$30. To receive foreign currency there is a NZ$15 fee. 

Westpac pays businesses credit interest on funds held in five currencies, including USD, AUD, CAD, EUR, and GBP⁶.

Cost

There are no ongoing maintenance fees. Telegraphic transfer fees range from NZ$0 to NZ$30 depending on location and type of transaction⁷.

WorldFirst

Key features

WorldFirst is a digital payment provider that offers multi-currency business accounts with local bank details for 15+ currencies. WorldFirst business accounts charge fees on some international payments and conversions, especially when sending cross-border transfers in certain currencies. 

These fees vary by currency and route, and can add up for businesses that frequently send high-value payments or convert large balances between currencies each month. WorldFirst lets you hold 20+ currencies, but there are conditions around where you receive funds from. For example, cross-border payments and local transfers in currencies other than NZD or AUD attract a 0.4% fee, capped at A$15 per transaction each.

Cost

No monthly fees. Opening and maintaining a World Account is free for New Zealand businesses. International payments incur fees from 0.4%, capped at AUD15, and FX margins up to 0.6%.

How to open an international business account

Opening an international business account is fairly simple. It usually involves the following steps:

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

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

3. Confirm eligibility for your chosen account, taking your location and business requirements into account.

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

Documents and eligibility requirements

You'll need a few specific details to open your account. Requirements vary depending on your location and provider, but you'll generally need:

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

• Business identification, including NZBN, business details, address, and more

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

It's also worth watching out for fees. Some accounts waive fees for the first year, while others charge setup and annual fees upfront. Check the fee schedule for transaction fees, FX markups, and any charges for receiving international payments.

Opening an account from overseas

If you're not based in New Zealand, or you're setting up a business remotely, fintech providers will usually let you apply online from anywhere without going to a branch. Traditional banks often require local residency or an in-person visit. Check each provider's eligibility requirements before you apply, because some have director residency restrictions or ask for specific business registration documents.

Grow your business with fewer fees with Airwallex

An international business account can open up a lot of opportunities for business growth. See how you can send and receive money faster with multi-currency accounts from Airwallex. You can get started with an account in minutes and use fast 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 80+ licences and permits globally. Join the 200,000+ businesses that trust us to process over US$150 billion in global payments volume.

Frequently asked questions

Can I hold multiple currencies in an international business account?

Yes. Many international business accounts let you hold multiple currencies in the one account. Look for a foreign currency account or multi-currency business account, like Airwallex's Global Account, if you want access to 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, don't charge monthly fees for New Zealand customers.

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

It's not a good idea to use a personal transaction account as a business account. Business accounts are built specifically for business use and can make tax, record-keeping, and reporting easier.

Which provider is best for international business?

It depends on the size of your business, the currencies you deal in, and how often you transfer money internationally. For NZ businesses that need multi-currency holding, competitive FX rates, and fast transfers, Airwallex offers an account with local banking details in 21 countries, support for 70+ currencies, and interbank FX rates with a 0.5–1.0% margin.

Can I open an international business account from overseas?

Yes, many fintech providers let you open an account online from anywhere, without needing to visit a branch. Traditional banks may require local residency or an in-person visit. Check each provider's eligibility requirements before applying.

Sources

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

2. https://wise.com/au/pricing/business

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

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

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

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

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

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

9. https://www.worldfirst.com/nz/product/

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.