New Zealand Money

Money

Electronic banking/purchasing New Zealanders are amongst the highest users of electronic banking services in the world. Automatic teller machines (ATMs), locally known as 'the hole in the wall', are available in just about every town, even those without a bank. Most shops have EFTPOS (Electronic Funds Transfer at Point Of Sale) terminals for debit and credit cards, so most purchases can be made electronically. Credit cards are not accepted by some merchants with Eftpos, especially smaller food retailers such as dairies, takeaways and cafes that do not serve alcohol. Also smaller retailers may often set a minimum purchase of around $10 when obtaining cash, if they agree to provide cash. Banks offer a wide range of telephone and internet banking services. If you are going to be in New Zealand for a while it may be convenient to open a New Zealand bank account and set up a local debit card, to avoid carrying a lot of cash around. Price negotiation Because of strong advertising laws, the displayed price is normally the purchase price for most goods sold in New Zealand. The principle The price stated is the price you pay is strongly ingrained in New Zealand culture. Most retailers will not negotiate on price, though some have a formal policy of matching (or beating) the competition and will match or even discount their prices for you if you can find a better price for the exact same product elsewhere. However this seems to be changing as there are stories about people finding appliance/electronics store very willing to negotiate on price to get business, especially if you're looking at high-end items or have a laundry list of multiple high-priced items. Some places you have to ask for a discount (they will gladly take full price if you are willing to hand it over), while others have salespeople that offer discounts on pricey goods as soon as they approach you. Taxes and fees Unless it says otherwise the price includes GST (Goods and Services Tax, or sales tax) of 12.5%. Some shops, especially in tourist destinations, will ship purchases overseas, as export goods which are not subject to GST. Ask about this service before making your purchase. Goods purchased and taken with you will be subject to GST. On public holidays, some establishments such as cafes, may charge a holiday surcharge in the region of 10%–20%, supposedly to cover the cost of employing staff who are working on the holiday. This is a recent development because current holiday legislation requires workers who work on public holidays to be paid for the time they work and be given a paid public holiday as well. The legality of this charge is questionable and should be challenged if not advertised openly or notified at the time of placing an order.

0900-1700 Mon to Fri with many open on Sat and some on Sun.Banks are closed at weekends.