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RaboDirect
 

Frequently Asked Questions

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

Can I have my ID verified at a Rabobank branch?

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 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.

How does Electronic Verification work?

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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 Anti-Money Laundering legislation?

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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 http://www.rbnz.govt.nz/regulation-and-supervision/anti-money-laundering.

How do I become a RaboDirect customer?

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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.

Can I open an account if I live overseas?

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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?

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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?

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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?

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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?

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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?

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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?

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

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?

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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.