Virtual banking - How to make a deposit

What are virtual bank accounts?

When your profile is created on Consilium Wrap, a unique virtual bank account number is generated for each of your investment accounts. These accounts:

• Don’t hold money themselves but are linked to FNZ’s main bank account.
• Ensure that deposits are applied automatically and directly to your investment account.

Important things to know

Confirmation of payee service

From late 2024, banks began rolling out the ‘confirmation of payee’ service to verify account details for online payments.

NOTE: This service does not currently work with virtual bank accounts.

• You may see a message stating that the account details cannot be checked.
• This does not indicate a mismatch, only that the service cannot verify virtual accounts.

Ways to double-check your virtual bank account details:

• You can make a small test deposit between $1-$5 and confirm the amount shows in your investment account the same day.
• Contact your adviser for confirmation.

Daily transfer limits

Most banks have daily transfer limits. If your initial deposit exceeds your bank’s limit, then:

• Request a temporary limit increase from your bank.
• Split the deposit over several days.

When to use FNZ’s main bank account

In rare cases, you may need to deposit directly into FNZ’s main bank account. These situations include:

• Over-the-counter deposits made at a bank branch.
• Foreign currency payments.
• NZD payments from offshore accounts.
• Contributions to the KiwiWRAP KiwiSaver Scheme (use the relevant scheme’s bank account).

Deposits to FNZ’s main account may take up to 3 days to process and require correct referencing.