Banks avoiding foreigners

[PTWhatAGreatForum]

I am now back in New Zealand with my new arrival wife and what a shock it's been trying to get her added to my personal accounts. BNZ and Kiwibank didn't want to know. TSB sounded doubtful but said we could put our case to a branch manager.

In the case of BNZ and Kiwibank - both cited alleged "money laundering" and "tax evasion" legislation - an offensive and insulting proposition on their part. In her native country my wife was a school teacher earning NZ$569 per month.

On the other hand, ANZ had no problem setting us up a joint account accepting her passport as ID and a joint utility bill (landline phone) in our names.

The other bank who seems to be popular with Asian immigrants is ASB. They do not have a branch in this area so I did not try them.

It is disappointing to see NZ banks becoming xenophobic and limiting the options for new arrivals, who have enough hurdles as it is to get past...

In response to my social media posts both Kiwibank and BNZ have denied being xenophobic, but what they can't deny is the fact I (A New Zealander) can open an account with no hassles and a new immigrant, possessing the same documentation, is declined.

[sidinz]

Hardly xenophobic. It has always been thus and all over the world. I had huge problems opening a bank account in the UK back in 1999 and it was such a problem for people going on their OE that businesses offering it as a service sprang up. Just a couple of years ago a Brit I know had similar problems here.
It has nothing to do with your wife's origins being suspected of being dodgy. It's just part and parcel of relocating to a place other than your native land. Doesn't matter if you're white or brown, from a 1st or 3rd world country.

[PTWhatAGreatForum]

I had huge problems opening a bank account in the UK back in 1999 and it was such a problem for people going on their OE that businesses offering it as a service sprang up. Just a couple of years ago a Brit I know had similar problems here.

So they treated you wrong there too. :-(

[Nick G]

The AML rules are a royal pain

[PTWhatAGreatForum]

The AML rules are a royal pain

And they are a dangerous one at that.

It will be a huge boon for dictatorships and regimes with poor human rights records who want to keep tabs on their citizens who have managed to leave the country...

[Anthonyacat]

It's not just 'foreigners' - my wife is on an Australian passport, and has had a real hassle getting Kiwibank to leave her alone.

They need proof she doesn't intend to return to Australia. Sorry, what? Proof of a negative?
That she has been in New Zealand for 25+ years (except for 2 years in London, 2014-2016) means nothing. NCEA, university degree, drivers license... Nothing.

They want utility bills from last month, 12 months ago, and 24 months ago. But 24 months ago we were in London. 12 months ago we were in transit (family / boarding house, etc) while awaiting settlement on our home.

They require an employment contract showing an end date. Now why the hell that's necessary I have no idea - if anything, an end date suggests there is intention to leave. As a primary school teacher, she doesn't have an employment contract. Has never seen one.

Complete insanity. The banks don't have a clue what's required, and are all interpreting differently.

[PTWhatAGreatForum]

It's not just 'foreigners' - my wife is on an Australian passport, and has had a real hassle getting Kiwibank to leave her alone.

Ouch because it's just gotten worse.

After the stuff around with them, I contacted a friend who said they would ask around some contacts to help us out. The following day he came back to me and said he had been told by his contact at Kiwibank they had changed their policies very recently.

So whatever you have experienced will likely get worse. I'd suggest bailing now.

[brokerman]

Welcome to the real world, been like this in UK and Europe for years. You should see the cr*p we have to go through when arranging loans for those overseas!