skip to content

Frequently Asked Questions

You can find answers to your questions quickly and easily by reading our frequently asked questions

Send us a message

How do I become a RaboDirect customer?


You can apply for a RaboDirect account online. Click 'Apply Now' at the top of the page to open our application form.

Here’s a few things you will need:

  • Your IRD number
  • Your NZ driver licence and passport details (if you have them)
  • Your vehicle licence plate (if you own one)
  • An account number for another NZ bank account you hold 
We use the passport and licence information to electronically identify you, however if this isn’t successful we may need you to post us some documents. After completing the online application:
  • Submit any documentation listed on the checklist. 
  • Make an initial deposit to activate the account.

We will then post out your Digipass, giving you access to your new account online.

Any deposits you make will earn on-call interest straight away.

How does Electronic Verification work?


You have the option to have your identity verified electronically or by providing certified identity documentation. Providing consent to verify your identity electronically allows us to verify your details against external data sources and therefore streamline the account opening process.

We do this by providing your details securely to a third party which specialises in electronic identity verification. The details you have provided are verified against data from a number of NZ data sources. Your details will not be forwarded to other third parties or used for any other purpose; read our privacy statement.

Electronic identity verification is optional, however it means less documentation you need to send us.

If the electronic identity verification is not successful (which means that we are unable to sufficiently match your information against the data sources), we will need certified identity documents. In this situation you will be advised during the application process of any additional documentation requirements.

Use our Identity Verification Checklist

What is a nominated account?


A nominated account is an external bank account held in the same name as your RaboDirect account. You need to provide details of this account on your application form. It is used for transferring money to and from your RaboDirect account.

How do I open an account for a child?


Go to our online application form, and select ‘Children’s’ and follow the instructions. 

When opening a children’s account we will need to identify both the authorised signatory and the child. We offer the option to have the identity of the authorised signatory electronically verified, but we will need to receive certified identity documents for the child. Look out for the checklist at the end of the online application.

How do I know if I’m a tax resident of another country?

Each country has its own tax residency rules and regulations. Please visit the OECD website for more information.  If you are unsure if you are a tax resident of another country, we recommend that you seek advice from a professional accountant or financial advisor.

Can I have my ID verified at a Rabobank branch?


 If you would prefer to get your documents verified in person, this can be done at any Rabobank New Zealand branch. You can find the list of branches here.

What identification is needed to open a children’s account?


We will need to identify both the authorised signatory and the child. If you are an existing customer, please select this on the form as you are already identified.

For new customers, the authorised signatory can:

  • choose to be electronically verified using their passport or driver licence details, or
  • provide certified identity documents (photo ID and residential address evidence).

Electronic verification isn’t always successful, so they may still need to send certified identity documents. You will receive a checklist at the end of the online application confirming what is needed. 

For the child, we will need:

  • A certified copy of their identification (passport or birth certificate)
  • Residential address evidence (for example IRD letter, or existing bank statement)

See our Identity Verification Checklist for some options of what to send and who can certify documents for you. 

What is Anti-Money Laundering legislation?


Anti-Money Laundering legislation requires banks to conduct due diligence on its customers to try to identify individuals/entities who may be engaging in money laundering or terrorism finance. As a bank, we are required to comply with this legislation. For more information please visit

What tax residency information do I need to give you?


You are required to let us know if you are a tax resident of any country other than New Zealand.  If you are, you’ll need to supply your TIN (tax identification number) or equivalent.  That’s your identifying number for tax purposes. 

Why are you asking me if I am a tax resident of another country?


As of the 1st of July 2017, all New Zealand banks are required to collect information about foreign tax residents (under the Common Reporting Standard – CRS, & Foreign Account Tax Compliance Act - FATCA).  We need this information before we can open your account.  

Why does my child have to pay Resident Withholding Tax (RWT)?


Although your child might not be working, interest payments are still considered a form of income. We are required to deduct tax from this interest and pay it to Inland Revenue on the child’s behalf. 

What if the child doesn’t have an IRD number?

You can still open an account for the child, but the Resident Withholding Tax rate will be set at the maximum rate of 33%. 

Once the account is open, you can add an IRD number and update the tax rate online. 

To do this:
  1. Login to RaboDirect
  2. Click ‘My Rabo’ then ‘Tax Details’
  3. Click ‘Actions’ then ‘Change tax details’
  4. Enter the new details. 
  5. Confirm the change with the Digipass. 

How do I open a Term Deposit account?


To open a term deposit with RaboDirect, select 'Apply Now' on our home page, then 'Term Deposit' from the investment options and follow the instructions.
Please note that when you set up a term deposit account we will also set up a RaboSaver account for you.

For Existing Customers:

To set up a term deposit, simply log into RaboDirect and click 'Term Deposits' then 'Create Term Deposit' from the menu at the top of the page. This will allow you to specify the amount, term (duration), and maturity instructions of the new term deposit.

Please note, before the funds are transferred to the term deposit they need to be in one of your RaboDirect savings accounts. The cut-off time for starting a new term deposit is 4pm (NZT) business days. 

Can I open an account if I live overseas?

No. You need to be a New Zealand tax resident to open a RaboDirect account.

As part of the application process you also need to provide:
  • an existing New Zealand bank account in the same name, and
  • a New Zealand residential and postal address.
If you move to New Zealand and can provide the documents above, you can apply for an account by clicking ‘Apply Now’ at the top of the page.

Can I use a joint nominated account for an individual application?

Yes, as long as we can see that you are one of the account holders.

Can I use an individual nominated account for a joint application?

Yes, but we will need to receive evidence of a New Zealand bank account in the other applicants name so that we can fully identify them. 

How long before I can access my RaboDirect account?


Once we have completed your application, we will courier your welcome pack which will include the Digipass (a security device that allows you to access your account securely) and instructions on activating your account. You will then be able to log in online, complete transfers and invest in our range of excellent products.

What if I don’t supply an IRD number or RWT rate?

If you do not provide an IRD number, we are required to deduct RWT at 33%.

In the case that you supply an IRD number but fail to select an RWT rate, then we are legally required to deduct RWT at 33%.

You can update your RWT rate and IRD online once your account is opened. To do this click ‘My Rabo’ then ‘Tax details’ when logged into your account.

What is a nominated account?


A nominated account is an external New Zealand bank account held in the same name as your RaboDirect account. You need to provide details of this account on your application form. It is used for transferring money to and from your RaboDirect account.    

You can only have one nominated account but this can be changed online at any time.

Who can open a RaboDirect account?

We offer accounts to the following customer types:
  • Individual
  • Joint
  • Minor
  • Business

The minor account will be opened in the name of the child with an adult acting as the authorised signatory.

Business and trust accounts are also operated by an authorised signatory.

Why do I have to accept a direct debit authority?

We require a direct debit authority for the nominated bank account as our internet banking system has both a 'Transfer in' and 'Transfer out' facility. This allows you to make both deposits and withdrawals all in the same place, rather than having to log in to two different internet banking systems.

If you prefer to make deposits via direct credit using the services of your other bank, you are more than welcome to do this. However, we still need you to accept our direct debit authority before you can open an account with RaboDirect.