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
Trade Financing
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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.