Banking & Finance.
Banking is a regulated industry in New Zealand. A bank must be “registered” with New Zealand’s central bank, the Reserve Bank of New Zealand. There are 25 such banks on the Reserve Bank register, but 10 of them are branches of overseas-incorporated banks; leaving 15 as banks incorporated in New Zealand.
Looking behind that façade of registration, however, most of those banks, although incorporated in New Zealand are in fact owned overseas. Only 5 banks are locally owned.
Banking regulations are strict by world standard; banks in New Zealand have not engaged in the irresponsible actions characterized by less regulated American, British and European banks; so, from a customer point of view, thanks to Government regulation, New Zealand Banks are relatively safe.
The Governor of the Reserve Bank (the Central bank) is independent and is protected by legislation from political interference
Locally owned Banks.
Foreign owned, locally incorporated banks:
Here is a link to a currency converter
A cautionary note:
If you are carrying more than NZ$10,000 in cash when you come to New Zealand, this must be declared when you go through Customs.
We have $5, $10, $20, $50 and $100 notes.