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Best Debit Cards

Our guide outlines the best free debit cards and related bank accounts, debit card FX fees and important must-know facts to find the right card for your needs
Updated 29 November 2023
Know this first - what is a debit card?
​Debit cards are like EFTPOS cards, but you can use them to make purchases online (just like a credit card). Additionally, you can use a debit card to make contactless payments, PIN payments and withdraw cash from ATMs in New Zealand and overseas. Every transaction you make is linked to your bank account meaning payments you make are deducted from your bank balance in real time.

There are a lot of different debit card options available; our guide covers:
Advertising disclosure: We may receive payment if you sign up for a card via MoneyHub - please read our advertising policy for more details.

Do you want to compare travel money debit cards? If so, this guide is not for you. Our dedicated travel money card comparison has you covered.

MoneyHub Founder Christopher Walsh shares his views on debit cards:

"The debit cards available right now may, at first appearance seem similar, but there are some significant differences between them. While annual debit card fees and app functionality are similar, the most significant differentiator are annual fees the high foreign currency fees that earn banks lucrative profits. Worst of all, many banks charge much more than others but don't offer anything extra for doing so.

Setting aside the annoying annual fees for holding a debit card, I believe the currency fees matter because many of us shop online and purchases are often made in foreign currencies. And, now that borders are reopened, travel is on the horizon - avoiding pesky bank fees is not difficult if you know the right debit cards.

Personally, I use the Wise Debit Card in New Zealand overseas and swear by it. It doesn't have any tricky fees - you pay a one-off NZ$14 (meaning no annual fees) for the card to be issued and posted to you, and then get the best exchange rates and pay very low foreign currency fees on each transaction. All New Zealand Dollar transactions are also free and unlimited. It also has an app so you can track your spending, which is very helpful. You can transfer NZD from your bank account to the card for free. The balance is yours to spend or withdraw as you please - every transaction will then be deducted in NZD at the best rates and lowest fees. Normally I wouldn't specify the product I use in MoneyHub guides, but the Wise card is so good I feel it's in everyone's interest to know about it.

If you are looking for a new debit card I would also consider a budgeting app so you can track where you spend and make the best decisions going forward, or consider Booster Savvy which offers budgeting tools within its app".
MoneyHub Founder Christopher Walsh

Our Top-Rated Debit Card Options - Savvy and Wise

​Best Debit Card for Interest Rates, Wealth Creation and Flexibility:
  • ​Savvy is a novel approach to managing your funds, blending everyday transaction ease with impressive returns. Unlike traditional bank accounts, which offer zero or low interest rates, Savvy isn't just a place to store your money; it's an investment in the Booster Savvy Fund, managed by Booster.
  • Booster is not a bank. This means a Savvy account is not a bank account. It does, however, provide transactional account functionality.
 
​What sets Savvy apart?
  1. High Returns: Enjoy a significant 5% p.a. return, reviewed monthly, with the potential for additional quarterly bonus returns.
  2. Instant Access: Withdraw your funds anytime, anywhere, with no penalty to the return you earn - a flexibility rare in the world of transaction accounts.
  3. Mastercard Debit Card: Thanks to the convenient Booster Savvy Card, your funds are always at your fingertips, usable throughout New Zealand and around the world wherever Mastercard is accepted.
  4. Payments: With Savvy you can make and receive payments to New Zealand bank accounts, set up automatic payments and use your card to pay subscriptions like Netflix or SkySport. Savvy does not allow Direct Debits however.
  5. Tax Efficiency: Structured as a PIE, Savvy is taxed at your PIR, capped at 28%, optimising your returns.
  6. Organise Your Funds: Savvy lets you divide your money into multiple 'stacks', automating your financial management plus it has savings tools and spending insights
  7. Digital First: Embrace the future with an app-based investment experience, available on both the App Store and Google Play.
  8. No Minimum Balance: Every cent in your account earns interest.
  9. 24/7 Access: The digital platform ensures that your funds are accessible anytime through the app and debit card, usable on the Mastercard network, EFTPOS and across ATMs.

Savvy arguably redefines how we think about money management, merging the convenience of a debit card with the benefits of an investment fund, all while offering impressive returns. It's a forward-thinking solution for those who want their money to work harder for them without sacrificing accessibility or ease of use.​

More details: Our Savvy Review explains the product in detail, as does the Savvy website.
Best Debit Card for Spending and Sending Money Overseas:
Wise is the first 'electronic money account' to arrive in New Zealand. You won't be able to use it for direct debits or overdrafts, and it's doesn't pay interest on deposits either. It also doesn't offer phone banking. Instead, we see it as a "top up and use it to spend" card. In doing so, we argue Wise makes a useful 'secondary card' for specific needs such as spending securely in foreign currencies. 

​We like Wise and its debit card because it lets you:
  1. Receive and make payments (you'll have your own New Zealand bank account number), or if you're paid in foreign currencies, you can set those up in your Wise account and receive payments.
  2. Spend abroad and online without hidden fees, and have an app that lets you track all your spending
  3. Go 'cardless' by connecting your Wise card to Apple Pay and Google Pay.
  4. No annual fees - order the card with a low one-off $14 card issue fee
  5. Going overseas? The card offers the best exchange rates and lowest currency conversion fees out of any debit card on the market in New Zealand. You can also convert and hold 54 currencies (and Wise uses the real exchange rate to convert).
  6. There may be fees for anyone who relies on physical cash - you can make two withdraws up to NZ$350/month in total (or the equivalent foreign currency) without any fees. However, after NZ$350, you will pay ATM fees (NZ$1.50/withdrawal) and a 1.75% commission. These fees are not charged when you use the card to pay online or in-store. For most people, physical cash is likely to be less secure, and since COVID card acceptance is near-universal.
  7. Overall, the Wise Debit Card doesn't have any tricky fees, and it is years ahead of other debit cards and is better than any other travel money card too. 

More details: Our Wise Debit Card Review explains the product in detail, as does the Wise website.

Who offers debit cards, and how do I know which one is best?

All major New Zealand banks offer debit cards. They are designed for everyday spending and will either be Visa or MasterCard branded. These are the companies that process the transactions when you use the card. However, your relationship is always with your issuing bank so you’ll need to contact their customer service team should you have any questions about your card - Visa and MasterCard don't assist customers directly.

​How to choose the best debit card for your needs:
The best debit card is one with zero annual fees (or as low fees as possible). Furthermore, the best debit card will integrate with a fee-free bank account. While issuing and renewing a debit card can be free, using it can incur fees in a number of ways:
  1. Renewal fees: Most banks charge an annual fee for the use of the card – if your bank charges this, it will usually be no more than $10/year and taken from your bank account.
  2. Transaction and withdrawal fees: In New Zealand, bank-issued debit cards don’t charge ATM withdrawal fees or transaction charges for purchases in shops or online within New Zealand. However, if you make a transaction in an overseas currency, most debit cards charge a percentage fee.

Important: Understand how Visa and MasterCard compare
  • If you use your debit card exclusively in New Zealand, there’s little to no difference between MasterCard and Visa. However, if you make online purchases in overseas currencies (i.e. AUD or USD) or travel overseas, the main difference is the exchange rate.
  • Our Visa vs Mastercard research confirmed that MasterCard offered better exchange rates. This won’t make a difference on a $100 purchase, but if you use it often for non-NZD purchases, the difference can add up.

EFTPOS Cards vs Debit Card Features

Banks continue to issue EFTPOS cards, but the reality is debit cards are packed with a lot more features, much more convenient and don't have any additional transaction fees. The table below illustrates the advantages of debit cards.

Table 1 - How debit card offer more features comparative to EFTPOS cards

Features
EFTPOS Card
Debit Card (MasterCard or Visa)
EFTPOS purchases in NZ
Yes
​Yes
ATM withdrawals in New Zealand
Yes
Yes
Overseas ATM withdrawals
Depends on issuing bank
​Yes
In-store purchases overseas
No
Yes
Online purchases
No
Yes
Phone purchases
No
​Yes
Mail order purchases
No
Yes
Recurring purchases
No
​Yes
​payWave technology
​No
Yes
Integrates with PayPal
​No
Yes
Xero-issued online invoices
No
​Yes
​

The Best Debit Cards Available Right Now

Almost every bank in New Zealand offers a debit card alongside a free-fees everyday bank account. This means you can pay $10 (or $0) per year for everyday banking with a debit card. Beyond the free standard fees, you'll still pay overdraft interest and fees if your spending exceeds your balance (and have an overdraft facility set up). There are a few non-standard fees to aware of (for example, overseas transaction fees).

Overall, our view is that BNZ, Booster Savvy and Wise offer the most attractive debit card features, backed up by fee-free everyday bank accounts. Booster Savvy is in a class of its own for savings and budgeting tools, whereas the Wise debit card makes a sensible backup option for NZD transactions, and a cost-effective card if you're spending in overseas currencies (i..e online shopping or when travelling).

To help understand all the debit cards on offer, our comparison below highlights what's most important so you can compare with confidence:

Our Top-Rated Debit Card Options - Savvy and Wise

​Best Debit Card for Interest Rates, Wealth Creation and Flexibility:
  • ​Savvy is a novel approach to managing your funds, blending everyday transaction ease with impressive returns. Unlike traditional bank accounts, which offer zero or low interest rates, Savvy isn't just a place to store your money; it's an investment in the Booster Savvy Fund, managed by Booster.
  • Booster is not a bank. This means a Savvy account is not a bank account. It does, however, provide transactional account functionality.
 
​What sets Savvy apart?
  1. High Returns: Enjoy a significant 5% p.a. return, reviewed monthly, with the potential for additional quarterly bonus returns.
  2. Instant Access: Withdraw your funds anytime, anywhere, with no penalty to the return you earn - a flexibility rare in the world of transaction accounts.
  3. Mastercard Debit Card: Thanks to the convenient Booster Savvy Card, your funds are always at your fingertips, usable throughout New Zealand and around the world wherever Mastercard is accepted.
  4. Payments: With Savvy you can make and receive payments to New Zealand bank accounts, set up automatic payments and use your card to pay subscriptions like Netflix or SkySport. Savvy does not allow Direct Debits however.
  5. Tax Efficiency: Structured as a PIE, Savvy is taxed at your PIR, capped at 28%, optimising your returns.
  6. Organise Your Funds: Savvy lets you divide your money into multiple 'stacks', automating your financial management plus it has savings tools and spending insights
  7. Digital First: Embrace the future with an app-based investment experience, available on both the App Store and Google Play.
  8. No Minimum Balance: Every cent in your account earns interest.
  9. 24/7 Access: The digital platform ensures that your funds are accessible anytime through the app and debit card, usable on the Mastercard network, EFTPOS and across ATMs.

Savvy arguably redefines how we think about money management, merging the convenience of a debit card with the benefits of an investment fund, all while offering impressive returns. It's a forward-thinking solution for those who want their money to work harder for them without sacrificing accessibility or ease of use.​

More details: Our Savvy Review explains the product in detail, as does the Savvy website.
Best Debit Card for Spending and Sending Money Overseas:
Wise is the first 'electronic money account' to arrive in New Zealand. You won't be able to use it for direct debits or overdrafts, and it's doesn't pay interest on deposits either. It also doesn't offer phone banking. Instead, we see it as a "top up and use it to spend" card. In doing so, we argue Wise makes a useful 'secondary card' for specific needs such as spending securely in foreign currencies. 

​We like Wise and its debit card because it lets you:
  1. Receive and make payments (you'll have your own New Zealand bank account number), or if you're paid in foreign currencies, you can set those up in your Wise account and receive payments.
  2. Spend abroad and online without hidden fees, and have an app that lets you track all your spending
  3. Go 'cardless' by connecting your Wise card to Apple Pay and Google Pay.
  4. No annual fees - order the card with a low one-off $14 card issue fee
  5. Going overseas? The card offers the best exchange rates and lowest currency conversion fees out of any debit card on the market in New Zealand. You can also convert and hold 54 currencies (and Wise uses the real exchange rate to convert).
  6. There may be fees for anyone who relies on physical cash - you can make two withdraws up to NZ$350/month in total (or the equivalent foreign currency) without any fees. However, after NZ$350, you will pay ATM fees (NZ$1.50/withdrawal) and a 1.75% commission. These fees are not charged when you use the card to pay online or in-store. For most people, physical cash is likely to be less secure, and since COVID card acceptance is near-universal.
  7. Overall, the Wise Debit Card doesn't have any tricky fees, and it is years ahead of other debit cards and is better than any other travel money card too. 

More details: Our Wise Debit Card Review explains the product in detail, as does the Wise website.

BNZ Visa Debit Card

Avoid typical annual card fees with our alternative and trusted debit card:
  • We suggest the BNZ Flexi Visa Debit as an option to consider. It avoids the annoying $10/year annual fee many other banks charge. The BNZ YouMoney account, which pairs with the debit card, offers zero monthly account fees, unlimited withdrawals at no charge, a free debit card and an optional overdraft.
  • ​​Annual Fee: Free
  • Card replacement fee: $10 per card in New Zealand
  • Overseas foreign exchange fee: 2.25% of the New Zealand Dollar value of each overseas card transaction
  • Overseas ATM cash withdrawal fee: Free
  • More details: BNZ Flexi Debit card
  • Bank account and benefits: The BNZ YouMoney account offers zero monthly account fees, unlimited withdrawals at no charge, a free debit card and an optional overdraft. 
  • ​Account balance interest? None​
  • Overdraft available? Yes - interest rates vary, see our overdraft guide
  • Does the account have an app? Yes - BNZ's app is downloadable for iOS (rated 4.8/5) or Android (rated 4.3/5).
  • Branches? 100+ nationwide see this list for current locations
  • Know more or sign up: Visit BNZ YouMoney for more information

Westpac MasterCard Debit Card

  • Annual Fee: $10/year (waived for the first year)
  • Card replacement fee: $10 per card in New Zealand, $20 overseas
  • Overseas foreign exchange fee: 1.40% of the New Zealand Dollar value of each overseas card transaction
  • Overseas ATM cash withdrawal fee: Free (using Westpac's network)
  • More details: Westpac debit card
  • Bank account and benefits: The Westpac Everyday bank account offers zero setup account fees, free and unlimited withdrawals and transactions for in-store purchases with your EFTPOS card.
  • Account balance interest? None
  • Overdraft available? Yes - interest rates vary, see our overdraft guide
  • Does the account have an app? Yes - Westpac's app is downloadable for iOS (rated 2.7/5) or Android (rated 3.7/5).
  • Branches? Around 150 - see this list for current locations
  • Know more or sign up: Visit Westpac Everyday for more information

TSB Visa Debit Mastercard

  • Annual Fee: Free
  • Card replacement fee: $15 per card
  • Overseas foreign exchange fee: 1.90% of the New Zealand Dollar value of each overseas card transaction
  • Overseas ATM cash withdrawal fee: $5 per withdrawal
  • More details: TSB Mastercard (debit card)
  • Bank account and benefits: The TSB Personal bank account offers zero setup account fees, free and unlimited withdrawals and transactions for in-store purchases with your Visa Debit card.
  • ​Account balance interest? Yes - on balances over $10,000
  • Overdraft available?  Yes - interest rates vary, see our overdraft guide.
  • Does the account have an app? Yes - TSB's app is downloadable for iOS (rated 3.4/5) or Android (rated 3.5/5).
  • Branches? Limited - see this list for current locations
  • Know more or sign up: Visit TSB Personal Account for more information

Kiwibank Visa Debit Card

  • Annual Fee: $10/year (waived for the first year)
  • Card replacement fee: $15 per card in New Zealand, $20 overseas
  • Overseas foreign exchange fee: 2.50% of the New Zealand Dollar value of each overseas card transaction
  • Overseas ATM cash withdrawal fee: $6 per withdrawal
  • More details: Kiwibank debit card
  • Bank account and benefits: The Kiwibank Free Up bank account offers zero setup account fees, free and unlimited withdrawals and transactions for in-store purchases with your Visa Debit card.
  • Account balance interest? None.
  • Overdraft available?  Yes - interest rates vary, see our overdraft guide.
  • Does the account have an app? Yes - Kiwibank's app is downloadable for iOS (rated 3.8/5) or Android (rated 4.3/5).
  • Branches? Limited - see this list for current locations
  • Know more or sign up: Visit Kiwibank Free Up for more information

ANZ Visa Debit Card

  • ​​Annual Fee: Free
  • Card replacement fee: $5 per card in New Zealand
  • Overseas foreign exchange fee: 1.30% of the New Zealand Dollar value of each overseas card transaction
  • Overseas ATM cash withdrawal fee: Free
  • More details: ANZ debit card
  • Bank account and benefits: The ANZ Go account is free and offers the benefits of a standard everyday account. 
  • ​Account balance interest? None​
  • Overdraft available? Yes - interest rates vary, see our overdraft guide
  • Does the account have an app? Yes - ANZ goMoney app is downloadable for iOS (rated 4.3/5) or Android (rated 4.5/5).
  • Branches? 100+ nationwide see this list for current locations
  • Know more or sign up: Visit ANZ Go for more information​

ASB Visa Debit Card

  • ​​Annual Fee: $10/year
  • Card replacement fee: $10 per card in New Zealand
  • Overseas foreign exchange fee: 2.10% of the New Zealand Dollar value of each overseas card transaction
  • Overseas ATM cash withdrawal fee: Free
  • More details: ASB debit card
  • Bank account and benefits: The ASB Streamline account is free and is a minimal-fee service suited to everyday banking customers.
  • ​Account balance interest? None​
  • Overdraft available? Yes - interest rates vary, see our overdraft guide
  • Does the account have an app? Yes - ASB's app is downloadable for iOS (rated 3.3/5) or Android (rated 4.1/5).
  • Branches? 100+ nationwide see this list for current locations
  • Know more or sign up: Visit ASB Streamline for more information

SBS MasterCard Debit Card

  • ​​Annual Fee: Free
  • Card replacement fee: $10 per card in New Zealand
  • Overseas foreign exchange fee: 2.00% of the New Zealand Dollar value of each overseas card transaction
  • Overseas ATM cash withdrawal fee: Free
  • More details: SBS debit card
  • Bank account and benefits: The SBS Everyday Account offers free fees and a free debit card for life, making it one of the best deals offered by any New Zealand bank.
  • Account balance interest? None​
  • Overdraft available? Yes - interest rates vary, see our overdraft guide
  • Does the account have an app? Yes - SBS's app is downloadable for iOS (rated 2.7/5) or Android (rated 2.8/5).
  • Branches? Limited - see this list for current locations
  • Know more or sign up: Visit SBS Everyday for more information
Banks with monthly fee accounts:​
​

​

Three must-know tips when choosing a debit card:

While most debit cards are either free or $10/year, foreign exchange translation fees vary considerably

Banks charge very little for debit cards but can make significant profits if you use the card on overseas transactions. For example, Kiwibank will charge you NZ$2.50 for every NZ$100 you spend in a foreign currency - if you're overseas, these fees can quickly add up. The Wise debit card with a low fee that significantly outperforms every bank. Wise also offers debit cardholders a New Zealand bank account number and a leading app. Its NZ$14 application fee is one-off and locks in leading features and savings for life.

Download the bank app for easy insights into your money

The best way to manage your money is to make sure you can see how much you have. If your bank offers it, you can sign up for low-balance alerts via the app or website. ​

Understand ALL of the fees you’ll pay for non-standard debit card use

​From our research:
​

Frequently Asked Questions

We've listed a number of popular debit card questions to make the decision process easier. If you're unsure about anything, ask the issuing bank or provider before going any further or signing up.

Can I make a payment if I am overdrawn?

Yes. Debit cards will transact payments just as an EFTPOS card would. You will incur interest costs on the overdrawn balance - check with your bank to understand the fees involved.

Can I apply for a debit card if I have bad credit?

Yes - debit cards are not credit products, so there is a low risk of ​your debit card application being declined. Our guide to credit scores explains credit profiling in detail. 

Is contactless payment safe?

Yes, overall - but if you lose your card in a public area, there is a risk of unauthorised payments being made if someone dishonest finds it. To minimise the risk, you will need to cancel the card if you misplace it and order a new one.

How long does it take for a debit card to arrive?

Among most New Zealand banks, the time is usually within five business days from the date you requested the debit card.

Are internet and mobile banking safe?

Yes - but as with anything online, protecting your details from fraud is essential. To do this:
  1. Never share or send your online/mobile banking information.
  2. If you use an app on your phone, make sure you regularly update it so that you have the latest security features.
  3. Delete any unusual emails about 'password recovery' or 'fraud alerts' - these are likely to be scams. If in doubt, contact your bank on its official number. 

Our Top-Rated Debit Card Options - Savvy and Wise

​Best Debit Card for Interest Rates, Wealth Creation and Flexibility:
  • ​Savvy is a novel approach to managing your funds, blending everyday transaction ease with impressive returns. Unlike traditional bank accounts, which offer zero or low interest rates, Savvy isn't just a place to store your money; it's an investment in the Booster Savvy Fund, managed by Booster.
  • Booster is not a bank. This means a Savvy account is not a bank account. It does, however, provide transactional account functionality.
 
​What sets Savvy apart?
  1. High Returns: Enjoy a significant 5% p.a. return, reviewed monthly, with the potential for additional quarterly bonus returns.
  2. Instant Access: Withdraw your funds anytime, anywhere, with no penalty to the return you earn - a flexibility rare in the world of transaction accounts.
  3. Mastercard Debit Card: Thanks to the convenient Booster Savvy Card, your funds are always at your fingertips, usable throughout New Zealand and around the world wherever Mastercard is accepted.
  4. Payments: With Savvy you can make and receive payments to New Zealand bank accounts, set up automatic payments and use your card to pay subscriptions like Netflix or SkySport. Savvy does not allow Direct Debits however.
  5. Tax Efficiency: Structured as a PIE, Savvy is taxed at your PIR, capped at 28%, optimising your returns.
  6. Organise Your Funds: Savvy lets you divide your money into multiple 'stacks', automating your financial management plus it has savings tools and spending insights
  7. Digital First: Embrace the future with an app-based investment experience, available on both the App Store and Google Play.
  8. No Minimum Balance: Every cent in your account earns interest.
  9. 24/7 Access: The digital platform ensures that your funds are accessible anytime through the app and debit card, usable on the Mastercard network, EFTPOS and across ATMs.

Savvy arguably redefines how we think about money management, merging the convenience of a debit card with the benefits of an investment fund, all while offering impressive returns. It's a forward-thinking solution for those who want their money to work harder for them without sacrificing accessibility or ease of use.​

More details: Our Savvy Review explains the product in detail, as does the Savvy website.
Best Debit Card for Spending and Sending Money Overseas:
Wise is the first 'electronic money account' to arrive in New Zealand. You won't be able to use it for direct debits or overdrafts, and it's doesn't pay interest on deposits either. It also doesn't offer phone banking. Instead, we see it as a "top up and use it to spend" card. In doing so, we argue Wise makes a useful 'secondary card' for specific needs such as spending securely in foreign currencies. 

​We like Wise and its debit card because it lets you:
  1. Receive and make payments (you'll have your own New Zealand bank account number), or if you're paid in foreign currencies, you can set those up in your Wise account and receive payments.
  2. Spend abroad and online without hidden fees, and have an app that lets you track all your spending
  3. Go 'cardless' by connecting your Wise card to Apple Pay and Google Pay.
  4. No annual fees - order the card with a low one-off $14 card issue fee
  5. Going overseas? The card offers the best exchange rates and lowest currency conversion fees out of any debit card on the market in New Zealand. You can also convert and hold 54 currencies (and Wise uses the real exchange rate to convert).
  6. There may be fees for anyone who relies on physical cash - you can make two withdraws up to NZ$350/month in total (or the equivalent foreign currency) without any fees. However, after NZ$350, you will pay ATM fees (NZ$1.50/withdrawal) and a 1.75% commission. These fees are not charged when you use the card to pay online or in-store. For most people, physical cash is likely to be less secure, and since COVID card acceptance is near-universal.
  7. Overall, the Wise Debit Card doesn't have any tricky fees, and it is years ahead of other debit cards and is better than any other travel money card too. 

More details: Our Wise Debit Card Review explains the product in detail, as does the Wise website.
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