How to close a bank account in New Zealand

Our experts guide you to everything you need to know when closing a bank account in New Zealand. 

Key takeaways

• Most New Zealand bank accounts need a zero balance before closure, including paying off any overdraft in use.
• Move your salary, refunds, and other incoming payments before closing the account; otherwise, payments can bounce or be delayed.
• Move direct debits, automatic payments, and card subscriptions first. Once the account is closed, those payments will fail.
• Closure methods vary by bank, account type, and signatory setup. Don’t assume every bank offers app, phone, or overseas closure.
• If you are moving abroad, decide where your NZD and any future refunds will go before asking the bank to close the account.

This guide is for information only, and it doesn’t represent financial advice. 

What to do before closing your account

Most account closure delays happen because of pending payments, leftover balance, or linked accounts, so here are a few quick steps to help everything go smoothly:

1. Bring your balance to zero

Wait for all incoming deposits and pending card purchases to clear. If you close the account too early, the bank may decline your request or reopen the account to process late transactions. 

2. Download your statements and records

Save past statements, tax documents, and proof of account ownership now. Once your account is closed, getting old records can be slow and complicated. 

3. Redirect incoming payments 

Give your new account details to your employer, tax authority like the IRD, and anyone else who pays you so you don’t miss future payments or tax refunds. 

4. Cancel all outgoing payments

Cancel all automatic transfers, bill payments, and subscriptions tied to the account. Missing one can cause unpaid bills, service cancellations, or unexpected fees. 

5. Clear linked debt and overdrafts

Pay off any overdraft balances or linked loans. If your account is tied to other products, the bank may ask you to finalize the closure by phone, secure message, or in a branch.

Move your money and save your records

Before you begin, decide where your remaining funds will go. If you’re moving to another local bank, transfer your balance there. For those leaving New Zealand, a specialist multi-currency account product like Wise can be a practical way to receive money, hold different currencies, or spend abroad.

If you’re transferring a large balance internationally, take time to compare transfer limits, exchange rates, delivery times, and fee structures using this large international transfers guide. 

How a Wise account can help after you close or leave

If you move to Australia, the UK, or anywhere else, you might still need to receive final wages or local refunds in NZD. A service like Wise can be a practical alternative to a bank account.

Wise can hold over 40 currencies in one place and provide account details in 20 currencies, making it easy to receive payments locally. You can keep NZD safely until you are ready to convert it, or use a Wise card to spend money in your new country. 

Stop payments and clear any debt

To make sure no transactions get rejected or missed during the transition, review every active payment: 

• automatic payments (rent, utilities, or scheduled savings)
• direct debits (gym memberships, phone plans, insurance policies, and subscriptions)
• incoming income (salary, freelance payouts, and store refunds)
• pending transactions (EFTPOS or debit card payments)
• any overdrawn amount, unpaid fee, or linked loan balances

How to close a New Zealand bank account

The process depends on your bank and account type. While many everyday accounts can be closed via mobile app or secure online message, others require a phone call, extra identity verification, or a branch visit.

If you’re closing a joint account, an account with an overdraft, or one linked to lending, expect a more formal process, especially if you are currently abroad.

Common closure processes at major local banks

Bank	Common closure route	Overseas option mentioned	When branch or all signatories may be needed
ANZ	Through Internet Banking or by giving ANZ a call	ANZ provides international contact numbers and online messaging options to help you close your account from overseas	Every holder of a joint account must approve
ASB	If your account has a zero balance, you can close it in the app, by secure message, or at a branch	Remote closure via secure messaging may be possible if you still have access	Some accounts require a branch visit with ID. Any account with two or more signatories requires all account holders to attend in branch
BNZ	YouMoney and Rapid Save can be closed in the app. Other accounts can also be closed via Internet Banking	No specific overseas process is detailed on their app page	If you’re closing your last remaining transaction account, you must contact the bank via secure message, phone, or branch visit
Kiwibank	Individual accounts can often be closed in the mobile app. Any account can be closed via secure message or phone once the balance is zero	No specific overseas process is listed on their account closure page	If the in-app closure option is unavailable, contact Kiwibank directly
Westpac	Most accounts can be closed by reaching out to customer service or contacting support via email	Overseas customers can complete the process by contacting their branch and submitting approved verification documents	Some accounts can only be closed in branch, usually when fees or charges need to be settled

Should you close or keep your NZ bank account if you move abroad?

Keeping your account open makes sense if you expect NZD coming in like income or refunds, or need to make local payments. It can also give you a familiar safety net while you set up banking in your new country.

Closing it may be simpler if you no longer need to send or receive money in New Zealand. It saves you the ongoing hassle of updating your contact, tax, and security details with the bank. 

How to avoid tax and inactive account problems

If you decide to keep your account open after moving, make sure to update your address, phone number, email, and tax details with both your bank and Inland Revenue (IRD). IRD requires people leaving New Zealand to keep their tax status and details up to date, and your bank needs a reliable way to reach you. 

Watch out for these issues:

• Long inactivity can result in the account being marked as inactive
• Some banks (BNZ, for instance) will close accounts that have no activity for five years or more and hand the remaining money over to Inland Revenue
• Outdated contact details make it harder for the bank to warn you before something goes wrong

Common problems with joint, overdrawn, or restricted accounts

Closing a simple personal account with no debt is straightforward. Complex accounts, on the other hand, can take longer to close. 

Joint Accounts: most banks need all account holders to agree to or approve the closure. 

Overdrawn Accounts: you must pay off any money owed, including final fees and interest, before the account can be closed. 

Linked credit cards or loans: if the account is tied to a credit card or personal loan, you must update or pay off those linked products first. 

Pending transactions: unprocessed card payments, direct debits, or refunds that have not fully cleared can hold the process up.

Last active account: while many banks let you close a savings account in the app, closing your main account often requires extra steps.

FAQ about closing a bank account in New Zealand

Can I close a New Zealand bank account from overseas?

Yes, but it depends on your bank. For instance, Westpac allows overseas customers to close accounts by contacting their branch and providing approved identity documents.

Can I keep my NZ bank account if I move abroad?

Yes, if your bank allows non-resident account holders and you keep your information up to date. You will need to provide both your bank and Inland Revenue (IRD) with your current foreign contact details and updated tax residency status. 

What happens if I leave my New Zealand bank account inactive?

If you don’t use your account, it may eventually be marked as inactive or dormant. For example, BNZ will close accounts that have no customer activity for five years or transfer the remaining money to Inland Revenue.

Do both people need to close a joint bank account in New Zealand?

Usually yes. Most banks require all account holders to authorize the closure of a shared account, whether in writing, over the phone or via secure messaging.  

Can I still get an IRD refund after closing my NZ bank account?

Yes, but only if IRD has a valid bank account on file for you. Because IRD sends refunds directly to the account listed in your record, make sure to update your bank details in myIR before closing your old account.

Sources 

• ANZ account (checked on 27 October 2026)
• ASB account (checked on 27 October 2026)
• Kiwibank account (checked on 27 October 2026)
• Westpac account (checked on 27 October 2026)
• BNZ account (checked on 27 October 2026)
• BNZ unclaimed money and inactive accounts (checked on 27 October 2026)