[verdugan]

Hi all. This is our situation:

We are planning to move to NZ in a couple of years. We're going on a recce trip in November. We'd like to open a bank account now, but I'm not sure if we can.

We have friends in NZ, so we have a mailing address. However, we can't provide proof of residence. We'd like to have a bank account to use while we're visiting. Also we'd like to transfer money to take advantage of the exchange rate (like right now).

Any suggestions?

TIA,

Angel

[BkyMonster]

Yes you can. Just contact the migrant banking section of whichever bank you like to set up an account.
You can transfer money in even if just on a visitors visa (or before you arrive).

[The Devoneers]

Yes, we opened an account with ASB while on holiday last year. We didn't have to put any money into it at the time and we didn't need an address in NZ.I think we just used our passports and UK driving licences.
We have just transferred some money ready for our holiday next month.

[victoria24]

watch the small print as on the westpac migrant bank account, you have to arrive within 6 months of opening although its unclear whether thats as a migrant or visitor. also, you can make only 2 tfr's before you reside.

[verdugan]

Thank you all for the replies. So looks like Westpac is out, but ASB is looking good.

Angel

[veronica]

westpac not out if you don't feel the need to do it before you get there, in my opinion be better to take some travellers checks and do the rounds of the banks once you are here. most of the backpackers that come to our hostel do this so they can chose the bank that is best for them.

[victoria24]

i was told the other day that NZ traveller cheques had stopped being issued?

[veronica]

wouldn't have aclue about that, think that might be worth phoning a few banks about, otherwise use uk sterling ones and get them changed there,

[Ana&Steve]

If you will be depositing $ into the NZ acct to gain interest while waiting to move I would suggest getting an IRD number to reduce your tax on interest. You used to be able to apply overseas but I heard (on here) that they stopped doing that. maybe you could find time during your visit to apply?
www.ird.govt.nz

[Janey]

IRD good in theroy but you need a NZ address and can not do that from out of the country it has been stopped!

[verdugan]

If you will be depositing $ into the NZ acct to gain interest while waiting to move I would suggest getting an IRD number to reduce your tax on interest. You used to be able to apply overseas but I heard (on here) that they stopped doing that. maybe you could find time during your visit to apply?
www.ird.govt.nz

Thanks for the replies.

Looks like the IRD is a no go. http://www.ird.govt.nz/how-to/irdnumbers/ No way to get one just as a tourist.

What's the tax rate on deposits w/o an IRD?

Thanks,

Angel

[IanR]

Re:Tax - at HSBC you sign a form saying you are a non resident and, as long asyou spend less than 183 days a year in NZ, your tax deductions on deposits will be 2%.

Of course you must declare that interest in your country of 'tax residence'.

I'm in a strange position myself as I sold my UK property just prior to leaving the UK to spend 6 months over here and, according to Investec Stockbrokers, am now of no fixed abode. The want to close my UK account unless I can provide evidence of a fixed address in the UK !!

[verdugan]

For those keeping score at home, we decided to open an account with Kiwi bank. They offered the best rates with the less fees, and they were the best for our situation (non-resident, not going to NZ in the next 6 months, and wanting to do multiple deposits before we "activate" the account).

Thanks to everybody who replied, and I'm thankful for the opportunity to benefit from your knowledge as we make the move.

Angel