[Philip10]

Hi there

Need to open a bank account in N.Z., I’ve been told by the National Australian Bank, if I open an account with the Bank of New Zealand this will make money transfers easier as my U.K. bank account is with the Clydesdale Bank owned by National Australian Bank.. Is this true? have people with Clydesdale or Yorkshire Bank (also owned by N.A.B) accounts find this to be the case. Plan to keep my U.K. account open when I move. Grateful for any help

Philip

[James 1077]

Money transfers through the banks cost a fortune and give you rubbish rates - no matter who you bank with!

My advice is to open up a bank account with whoever is most practical for you in New Zealand (I went for Westpac as the company I work for has a relationship with them and they also have free banking - most NZ banks charge a monthly fee).

When you want to transfer money use one of the specialist money transfer companies (I used HiFX who I recommend but I've heard Moneycorp are good as well). They give excellent rates and don't charge any fees - we saved about £300 in fees and exchange rates when we moved cash over here using HiFX rather than a normal bank transfer.

[chocolate cake]

I'd agree with advice of James above, open a Bank Account in advance in NZ but do use the specialist Foreign Exchange Transfer Companies for transfering money, the fees are nothing and the rates better, so it's a win/win. I also used HiFX, simple process - just need a UK and NZ Bank Account in same name, and I'd recommend them too.

I opened an Account with Bank Of New Zealand before I came, they have contact details in UK by virtue of being owned by National Australian Bank who as you say own Yorkshire and Clydesdale Banks. Though they're part of same group, certainly don't expect their forex fees and rates to be any better though. It really is worth going through forex specialist.