NZ banks do not accept USD as cash?!

[Torki]

Hello,

Is there any reason that banks do not accept USD as cash? So strange or for me.

[JandM]

In what circumstances? What were you not allowed to do?

[Torki]

Every circumstances!


Thanks for your email.



Unfortunately Kiwibank (and most of the other NZ banks) no longer accept foreign cash or cheques.

[JandM]

But accept it how? Were you trying to pay them in over the counter without prior arrangement?

[Torki]

But accept it how? Were you trying to pay them in over the counter without prior arrangement?

Look my friend someone opens usd account and want to deposit money as cash, why he cant? why they do not accept?

[JandM]

There are Anti Money-Laundering Laws in NZ (as in many other countries). Banks and other businesses are sometimes not allowed to do business with customers without checking their identity, with several kinds of proof, and having them show where they got their money from. https://www.nzba.org.nz/banking-info...aundering-law/

If your friend wants to use this bank to hold his USD, he will have to ask them what forms he needs to fill in, and what evidence they need to see. This doesn't mean they think HE is a criminal. They have to do this with everyone, by law.

[Torki]

There are Anti Money-Laundering Laws in NZ (as in many other countries). Banks and other businesses are sometimes not allowed to do business with customers without checking their identity, with several kinds of proof, and having them show where they got their money from. https://www.nzba.org.nz/banking-info...aundering-law/

If your friend wants to use this bank to hold his USD, he will have to ask them what forms he needs to fill in, and what evidence they need to see. This doesn't mean they think HE is a criminal. They have to do this with everyone, by law.

Which other countries?! Most of the countries accept different country cash as normal. If I can open an account then not accepnt non NZ cash seems to be strange. I understand your points but I think there are other reasons related to economy! Cause the banks even has worst rate for exchange which is not the case in other countries!

[JandM]

There are many, many posts on our forum threads where people say they think things in New Zealand ought to be different from what they are. However, even if things are inconvenient for us migrants or visitors, the NZ authorities aren't going to change them to oblige us. Life's like that...

[mooncalf]

Most banks post covid removed currency exchange