[kirkandliz]

My parents are visiting us in December for 3 months and we are wondering which is the best way for them to access spending money. We have thought about exchanging some money for them and them dealing in cash for day to day spending. They do have a Nationwide flexi account but I'm not sure if this would give them the best exchange rates. Can they open a bank account here and have an EFPOS card if they are non-residents? This would probably be the easiest option as I'm sure this will be the first trip of many.

[alan999]

My advice is just use the nationwide card to withdraw from cash machines down here. Unbeatable exchange rate and no charges. Limited to about $750 NZD/ day. I'm living down here and am constantly dribbling funds down in this manner.

[Aussie Pom]

Something I have done before if to pay off my credit card and then put extra on it, as much as they think they wil spend. Then when they are over they just use the credit card with no fees or interest, there may be a fee for taking out cash or for and international tranaction but it is quite low (depending on your bank) and saves a lot of time sorting out money at home. I have found that my ATM card also works overseas so this gives gives access to your own account, so as long as you have money in your bank this is really simple too. Again they may need to check with their own bank for the cheapest options before they come over. Changing or taking out$100-$200+ at a time would also keep the number of transactions down.
Just an idea.
Gina

[vixxann]

I'd stick with the Nationwide accounts and use the cards for everything, including drawing cash from ATMS. We got excellent rates and found it very handy - just kept a tab on it with our receipts and we were fine.

[Milliemoo]

yup, Nationwide is your best bet. They don't charge (so long as you use your cash card for withdrawing cash, not your credit) and they use the interbank rate for the exchange.

We still use out Nationwide credit card every now and again, mainly when we need to use it online.

Milliemoo

[nippa&pippa]

With my MIL here for 6months stay, we opened an account for her under my name (don't tell bank it is for your parents!!) with her own pin number she gave to me, then just recently, she transfered her fund from UK into our NZ main account (at very high exchange, just over 2.90!! best rate so far) which then we transfer into her account for her, so she got her own EFPOS card sitting waiting to be use ;) , so she is independent with her own money in her own account...
When she gone back home, the account will be return back to me till next time like my parents might want to use it etc.