Moving to New Zealand — Complete Financial Checklist 2026

Arriving in New Zealand is exciting and overwhelming in equal measure. The financial admin you need to complete in your first weeks is more involved than most migrants expect — and getting it wrong early (wrong tax code, missing KiwiSaver contributions, no IRD number) can cost you real money.

Step 1 — Get an IRD Number

Your IRD (Inland Revenue) number is your NZ tax identity number. Everything financial in NZ depends on it.

Why you need it urgently: Without an IRD number, your employer must withhold tax at the no-declaration rate of 45% on all income. IRD will refund the overpaid tax eventually, but you’ll be short of cash in the meantime.

How to apply

You can apply for an IRD number:

Documents required: Passport, proof of visa or right to work, and if applying online — your new NZ bank account number.

Apply at ird.govt.nz once you have a NZ bank account open.

Step 2 — Open a NZ Bank Account

You’ll need a NZ bank account to receive wages and to apply for your IRD number. Several banks offer pre-arrival account opening — see our full guide to opening a bank account before arriving in NZ.

Main NZ banks

Documents typically required:

• Passport
• Proof of visa / right to reside in NZ
• Proof of address (a letter from your employer or accommodation provider is usually accepted for new arrivals)

For a full bank comparison see Best Banks for New Arrivals in NZ.

Step 3 — Choose Your Tax Code

When you start a new job, your employer will ask for your tax code. Choosing the wrong code leads to over- or under-payment of tax.

Most new migrants will use M (or M SL if they have a NZ student loan). Download the IR330 tax code declaration from the IRD website and give it to your employer.

Step 4 — Join KiwiSaver

KiwiSaver is New Zealand’s workplace retirement savings scheme. For migrants planning to stay in NZ for any length of time, joining is almost always worth it.

Why join KiwiSaver

• Employer contributions: Your employer must contribute 3% of your gross salary on top of your pay — this is effectively free money
• Government contribution: If you contribute $1,042.86+ per year, the government adds $521.43 annually (if eligible)
• First home withdrawal: After 3 years, KiwiSaver savings (plus employer and government contributions) can be withdrawn to buy your first home in NZ

KiwiSaver eligibility for migrants

Action: When you start your first NZ job, you’ll be automatically enrolled in KiwiSaver unless you opt out within 56 days. Choosing a fund: if you’re under 55, a growth fund will outperform a conservative fund over the long run. See our KiwiSaver guide for fund comparisons.

Step 5 — Understand ACC

The Accident Compensation Corporation (ACC) is unique to New Zealand. ACC covers all treatment costs and 80% of your income if you’re injured in an accident — car crash, sporting injury, workplace accident, or trip on a footpath. This applies to everyone in NZ regardless of visa status.

You contribute to ACC automatically via an ACC earners’ levy deducted from your pay (2025/26 rate: $1.67 per $100 of earnings, capped at ~$139,000 of income).

What ACC does NOT cover:

• Illness (cancer, heart disease, mental health — these are public health system only)
• Injury outside NZ

For illness coverage, most long-term migrants consider income protection insurance. See our income protection guide.

Step 6 — Check Your Tax Residency Status

NZ tax residency is based on either:

• 183 days: You’re in NZ for more than 183 days in any 12-month period, OR
• Permanent place of abode: You have a home available to you in NZ that you use

Once you’re a NZ tax resident, you’re liable for NZ income tax on your worldwide income — including overseas rental income, dividends, and salary from work done offshore.

Transitional resident tax exemption

New migrants who have not been NZ tax residents in the past 10 years may qualify as a transitional resident for the first 4 years in NZ. This exempts most types of foreign income from NZ tax during that period.

You do not need to apply — the exemption applies automatically if you qualify. However, you must notify IRD if you choose not to use it.

This is complex. If you have significant overseas investments or income, speak with a NZ tax accountant before you arrive.

Step 7 — Set Up Insurance

ACC covers injuries, but not illness or your possessions. New arrivals should consider:

See our insurance guides for NZ-specific comparisons and provider reviews.

Step 8 — Sort Your Banking

Once your core accounts are set up, optimise:

• Savings account: Most NZ banks offer bonus saver accounts paying higher interest when you deposit monthly and don’t withdraw. See best savings accounts NZ.
• Sending money home: If you’re regularly sending money overseas, use a specialist provider like Wise or OFX rather than your bank — the fees are significantly lower. See our sending money home from NZ guide.
• Credit card: Building a credit history in NZ from scratch takes time. Some banks offer secured or entry-level credit cards for recent arrivals. See best credit cards NZ.

First-Month Financial Checklist

Related Guides

• Open a Bank Account Before You Arrive in NZ
• Sending Money Home from NZ
• Best Banks for New Arrivals in NZ
• KiwiSaver — Complete Guide
• NZ Income Tax — PAYE Guide
• Moving to NZ — All Guides