New zealand Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in new zealand, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
Select Country Guide
Trade Financing
Last published date:

Methods of Payment

In New Zealand, financial institutions provide secured bank credit and trade finance products, such as irrevocable letters of credit, with open account purchase agreements commonly used among long-term trading partners. Checks have been phased out in favor of electronic payments. 

New Zealand has 27 registered banks offering retail and commercial services, including deposits, loans, and foreign exchange. Over 90% of banking assets are owned by overseas entities, with Citibank New Zealand operating a commercial bank in Auckland.  Visa and Mastercard are the most widely used credit cards. For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide.

Banking Systems

The Reserve Bank of New Zealand oversees the banking system. Similar to the U.S. Federal Reserve, it formulates and implements monetary policy, monitors banks, manages currency issuance, and acts as the central bank of New Zealand. It grants banking licenses and operates the Exchange Settlement Account System through which banks make regular high-value payments with each other. Additionally, the Reserve Bank provides clearing and settlement services to the financial markets for high-value debt and equities. 

Foreign Exchange Controls

There are no foreign exchange controls in New Zealand.

U.S. Banks and Local Correspondent Banks

Mastercard and Visa are all widely available through New Zealand’s five retail banks. Citibank New Zealand manages a commercial bank in Auckland. ExIm bank does not have a New Zealand presence.
For additional information, visit the U.S. Department of State Investment Climate Statements.

×

Global Business Navigator Chatbot Beta

Welcome to the Global Business Navigator, an artificial intelligence (AI) Chatbot from the International Trade Administration (ITA). This tool, currently in beta version testing, is designed to provide general information on the exporting process and the resources available to assist new and experienced U.S. exporters. The Chatbot, developed using Microsoft’s Azure AI services, is trained on ITA’s export-related content and aims to quickly get users the information they need. The Chatbot is intended to make the benefits of exporting more accessible by understanding non-expert language, idiomatic expressions, and foreign languages.

Limitations

As a beta product, the Chatbot is currently being tested and its responses may occasionally produce inaccurate or incomplete information. The Chatbot is trained to decline out of scope or inappropriate requests. The Chatbot’s knowledge is limited to the public information on the Export Solutions web pages of Trade.gov, which covers a wide range of topics on exporting. While it cannot provide responses specific to a company’s product or a specific foreign market, its reference pages will guide you to other relevant government resources and market research. Always double-check the Chatbot’s responses using the provided references or by visiting the Export Solutions web pages on Trade.gov. Do not use its responses as legal or professional advice. Inaccurate advice from the Chatbot would not be a defense to violating any export rules or regulations.

Privacy

The Chatbot does not collect information about users and does not use the contents of users’ chat history to learn new information. All feedback is anonymous. Please do not enter personally identifiable information (PII), sensitive, or proprietary information into the Chatbot. Your conversations will not be connected to other interactions or accounts with ITA. Conversations with the Chatbot may be reviewed to help ITA improve the tool and address harmful, illegal, or otherwise inappropriate questions.

Translation

The Chatbot supports a wide range of languages. Because the Chatbot is trained in English and responses are translated, you should verify the translation. For example, the Chatbot may have difficulty with acronyms, abbreviations, and nuances in a language other than English.

Privacy Program | Information Quality Guidelines | Accessibility