[Red Devil]

Hello

We'll soon be wishing to open a NZ bank account, but don't have a clue who to approach.

Westpac seem OK, offering free banking for public sector workers (OH), however we'd appreciate your views, comments and recommendations for other NZ banks.

If it helps with answers, we're after an account that pays a reasonable amount of interest, yet allows access to your money 24/7 without any penalty.

Also, when is it a good time to open an account... should we do this whilst in the UK or wait until we've arrived in Chch itself? I ask, as we have a reasonable amount of money to transfer and personally we don't fancy transferring all our hard earned cash into a NZ account when we haven't even met the local branch manager ;)... what did you do under the circumstances?

Thanks

[napiers]

Both OH and I have ASB accounts. We have a cheque (current account) and an internet based savings account which is linked. Savings was paying around 7% (in November when OH opened his but it's probably gone down abit now). We just transfer to ASB savings by bank to bank transfer and then transfer (online) to the cheque account as and when we need it. Currently that's only when we go on holiday. At the expo last year I opened an ASB transfer account with the branch based in London and so the last transfer I put it into ASB and they transferred it.

When I transfer between savings and cheque accounts it's instant. We do it all online and there are no monthly charges doing it that way.

Although we opened ours in NZ the branch in London can open them and the guy who opened mine has been nothing but helpful. For example about 9 months after opening the account I emailed him with questions and he rang me straight back rather than email. If it's something you want to follow up PM me and I'll give you the details.

Between us OH and I have dealt with various NZ banks and can honestly say that ASB has been the most helpful and friendliest and easiest to deal with. Obviously we may change our minds when we live there permanently and deal with them on a day to day basis, and a different branch to the one we've dealt with so far, and we may end up opening other accounts but the way we see it is that it's a start.

I know that loads of people will have different experiences but hope it's of some use!

[Janey]

We use Westpac both of us are public sector they have been so helpful nothing like Uk banks we do all our banking online no fees cash points avaialbe we set up a savings account from uk online and then when we arrived we visited and gained eftpos straight away. we also got discount on mortgage for being public sector.

[victoria24]

we opened our westpac account at London expo, it was a 5 min job and great email comms from the account manager.

[dylan]

As my work will be public sector good to hear about Westpac.

How easy is it to set up account from UK?

Thanks:nice1

[Janey]

Hi dylan very easy go to there site and it involves a couple of emails!

[dilanium]

We opened a westpac account before going over and have used westpac for all of our accounts. They have been really helpful, nothing like anything I've ever seen in the US.

[Red Devil]

Thanks all for the advice and information, it's much appreciated :nice1

Janey... is this the website to go through? www.westpac.co.nz

With regards opening an account, did you simply approach them via the 'Contact us' link or did you click elsewhere on their website?

[BkyMonster]

There should be a migrant banking link on the Westpac (or most of the banking) website. http://www.westpac.co.nz/olcontent/olcontent.nsf/Content/Moving+to+New+Zealand <- there you go!
We started in Auckland and so first met with the Auckland migrant banker but when we moved down to ChCh we swapped to the one based here. He's a nice friendly guy named Richie I believe... :) He's based out of the branch in Riccarton (or upper Riccarton? I forget) so that is where you would have to go to get your cards and such once you arrive.
The migrant bankers will probably be more helpful to you as they can help sort out things like home loans and debit plus cards for people with less of a NZ banking history, whereas the regular bankers may not be aware of banking rights you have with PR.

[IanW99]

We went with ASB bank, see Migrant Banking (http://www.migrantbanking.co.uk/) for opening an account from the UK.

Very easy, definitely recommend.

Just like westpac they give discounts to public sector workers or DHBs etc.

TBH, you will find many of the banks in NZ are very good compared to UK banks. Would suggest you check out opening hours of the banks in the area you want to live as they all seem to vary, and also check out the cashpoints available.

Ian

[elleann]

Some of you have said 'No monthly charges' in relation to some of the banking stuff. Is this a general thing in NZ or is it just in relation to specific aspects of the banking service? In SA, I'm used to paying a hefty monthly charge just for the privilege of holding an account with a bank, as well as other odds and ends - the banks here seem to like to rip you off any way they can ....

But seriously, I'm also about to open an account and my recruitment agency suggested ASB or National. I don't have vast amounts of cash to transfer in - just a couple of months survival money ....

Any websites where you can compare banking services?

[IanW99]

...
Any websites where you can compare banking services?

You could try cheque accounts (http://www.interest.co.nz/chequeaccount1.asp?40)

Note: You can also select other types of accounts to compare fees for.

Ian

[benandclare]

We are very happy with ASB on the whole the one downside is there is no branch in Rangiora which will be our local town in 3 weeks time, to deposit my business cheques.
Know you're thinking of heading to North Canterbury might be a consideration to opt for one with branch there :nice1

[elleann]

Brilliant, Ian - thanks! I'm already amazed by the difference in monthly charges - the highest seems to be $5.00 which equals ZAR 27.50 - my SA monthly cheque account fee is ZAR 87.00!!!

[elleann]

Another question: how often is a cheque likely to be required in NZ?

I have not issued a cheque in years and years, as I do all my banking online and pay everyone directly that way. If I need a cheque, I have to get the bank to issue one specifically and that happens about once in five years!

[IanW99]

Another question: how often is a cheque likely to be required in NZ?

I have not issued a cheque in years and years, as I do all my banking online and pay everyone directly that way. If I need a cheque, I have to get the bank to issue one specifically and that happens about once in five years!

Don't bother with cheques or cheque books would be my advice.

Haven't used one in ages and in NZ you pay for the book of cheques.

Ian

[Red Devil]

Many thanks all, this is great advice... looks like a choice between ASB or Westpac, although ASB is slightly more favourable.

[Marsh]

Here a good site to compare various info...enjo

http://www.interest.co.nz/

[Red Devil]

Just one final point before we make a decision with whom to bank with...

We've been 'Approved in Principle' and our passports were posted to NZ House, London just before Christmas to have our 'Blue Stickers' inserted :D... should we wait until these have been returned to us (probably within the next 2 weeks or so) or can opening a bank account be done without them?

[IanW99]

Just one final point before we make a decision with whom to bank with...

We've been 'Approved in Principle' and our passports were posted to NZ House, London just before Christmas to have our 'Blue Stickers' inserted :D... should we wait until these have been returned to us (probably within the next 2 weeks or so) or can opening a bank account be done without them?

For the ASB account it states:

Certified Photocopy of your Passport(s) - information page including photo and Visa (if approved)

So if you have a certified copy available then you don't need your passport.

Ian

[Red Devil]

Thanks Ian :nice1

[Red Devil]

Is it true that Westpac is still the only NZ bank offering debit cards... just something I've read on the internet.

[IanW99]

Is it true that Westpac is still the only NZ bank offering debit cards... just something I've read on the internet.

AFAIK, yes it is true.

Must say though that I don't have a debit card at all, never needed one in NZ so can understand why other banks don't follow them. Of course I have an EFTPOS and credit card so these can be used in all cases anyway.

Ian

[Red Devil]

Thanks Ian... that does surprise me about debit cards. I would have thought 'chip and pin' was pretty much global these days.

Does this mean everyone carry's wads of money around with them? ;)

Not wishing to sound a numpty, but what is EFTPOS?

[mylesdw]

Electronic Funds Transfer at Point Of Sale, you might know it as Switch.

[mylesdw]

Not sure what is meant by debit card, EFTPOS is used for nearly everything, even buying drinks in the pub. I virtually never have any cash on me.

I think a debit card is like a credit card in that you can make online and phone purchases with it BUT the money comes straight out of your account instead of going on a monthly statement.

[Janey]

I agree with Ian you do not need a debit card the odd time I have needed to get cash quick to pay someone but few and far between even your cup of coffee is on eftpos brillant but better still is taken there and then so you can look at your account at then end of the day and have a true balance not like the UK you can wait up to a week for debit card transactions to go through!

[Red Devil]

Thanks all, that's clarified matters... I was getting mixed up with the UK debit card system.

Having read your comments about EFTPOS, I much prefer the sound of this system :nice1

[nevertouchme]

I got this info from wiki.

" EFTPOS (short for Electronic Funds Transfer at Point of Sale) is an Australian and New Zealand electronic processing system for credit cards, debit cards and charge cards. EFTPOS also allows users of the system to withdraw cash at the time of purchasing a product or service through the merchant's EFTPOS terminal. This functionality is called debit card cashback in other countries. "

I hope this helps...

Cheers,
Jai

[pleccy2000]

Nobody uses Kiwi Bank? They seem really good...

[G Prinsen]

The ANZ Bank has special "New Residents Services Teams" that will assist you greatly to open a bank account in NZ.

However, it's recommended that you take great care with ANZ's "immigrant services" because the ANZ also uses the information that you provide to these teams to link you up with their "special financial advisers".

These ANZ financial advisers may push you into products and services that may not need or cost you dearly.

The banking sector in NZ hads been pretty 'deregulated' in the 1990s and 'customer protection' may not quite be what you would expect.

The sad story of one immigant who took the advice of ANZ's special financial advisers is here: http://www.youtube.com/watch?v=30W3xDSviJc

Cheers.

[Red Devil]

Hmmm, just watched (and read) the link... reckon we'll be staying clear of ANZ then :eek:

[Will_2007]

I opened an account with ASB while we were still in the UK, the guy in their London branch was really helpful, I got his direct line and email address (can you imagine getting those details from a UK bank employee?!? You can't even get the branch phone number at most banks!).

He opened a holding account for me in the UK, which I paid £ into, and current and savings accounts here in NZ. He sent me daily emails of the exchange rate (the bank's trading rate, much better than the tourist exchange rate) and I just rang him when I was happy with it and he transferred the cash over from the UK to the NZ account. Easy as, as they say over here.

Once we got here the staff in our local branch were really helpful too. I've not had experience of any other banks, but I'd recommend ASB. Their online banking is also good.

[Red Devil]

All sorted with regards the bank... we decided to go with Westpac and already the level of service far exceeds the UK's standard (IMHO).

Within 24 hours of emailing our application form, we received an email confirmation from 'the migrant branch manager' himself in Upper Riccarton (Chch), welcoming us and advising of our bank account details, plus mentioning points that need to be done when we first arrive in Chch... all helpful stuff :nice1

Thanks all for your help and advice, it's much appreciated.

Simon

[victoria24]

:nice1

[BodaciousBean]

Thank you so much for starting this thread because just last night, hubby and I were discussing this. We would like to open an account in NZ before we leave the US. So this is thread is very useful! :nice1

[Scibby]

Thank you so much for starting this thread because just last night, hubby and I were discussing this. We would like to open an account in NZ before we leave the US. So this is thread is very useful! :nice1

The exchange rates took pretty good now. Better then the $1US = $1.24NZ I was seeing last year.

[BodaciousBean]

The exchange rates took pretty good now. Better then the $1US = $1.24NZ I was seeing last year.

Hubby just saw last night it is 1.88!! Hope that stays like that for some time.:cool:

[elleann]

I dithered for ages over which bank to choose and as a result, left it horribly late!! I only faxed off my application to Westpac about five days before we were due to leave, but even so, they responded within 24 hours, sent me banking details within three days and I was able to transfer money over before we left - whew! In the email, they included a 'Why did you choose us?' section and my rather embarrassing answer was 1. because you have a lot of ATMs all over the place! and 2. I liked the sound of the name 'Westpac' - sounds like it means Western Pacific, which is a lot more exotic than the very dreary Standard Bank I have used for the last twenty odd years!

However, so far I am really, really happy with the service which, as Bod Bean said, vastly exceeds anything I have experienced in South Africa. There seemed to be excellent communication between branches, we were expected, we were promptly and efficiently processed with great friendliness, and I now have a savings account and a current account with NO fees at all attached to it at all (unless I get a transaction done in a branch). Plus! my daughter of 17 has her own account which she can transact on just as I do on mine and she can access it online for free - none of this was available to her in SA. So WESTPAC gets a big thumbs up from us so far!!