[Wiggy]

Having read various threads it seems a UK resident can open a NZ bank account prior to arriving in NZ. Does anyone know how you can transfer money from the UK to NZ and how much it costs? I have looked into it previously a while ago and found it to be very expensive.

[jubjub]

We have opened an account with ASB migrant banking service, and have just done our first transfer.

They open two accounts, one in London and one in NZ, you then put money into your UK one and they move it for you at that days rate, or you can ask them to just transfer on demand, rather than automatically.

Then when you get to NZ, you go to your designated branch where your cheque book and cards should be waiting (will let you know if this runs smoothly or not!)

Only charges so far have been a £15 charge as the amount we moved was under £30,000.

Dont know if other banks offer this or not, I would have thought they might?

Only thing we had to be careful of is that both parties have to be present if its a joint account, as we are going separately we have opened it just in one name and will convert it when I get there later..

[Radders]

We use Tranzfers, they charge £7 per transfer, whatever the amount

[Timbo]

I know this has been covered before, but I cant find the answers (probably on old forum).
Do you have to have residency rights IE; PR/work permit/visa, along with a tax ID number, BEFORE you can open a NZ bank account? Ithink I read that one could have an account if travelling around for a few months. How does that one work? Any body??

I WILL print off all relevant info. from now on, as it all seems to only stay fresh in my brain for a few days/weeks.

[jo b]

We are using Hifx to transfer our money.

www.hifx.com

[captainxmas]

Timbo,

Don't think IRD is relevant - you can open an ASB account any time, but i think there is a time limit to come and activate it. Once that is done it'll be like any other bank.


JubJub,

The ASB joint account can be opened as either/or both parties present - as we almost moved seperately and asked the same. It may not be too late to change it back.


Rich :exit

[clg]

The only direct cost on transfers is the cost of wiring funds, which is low. Banks and currency brokers make money on these transactions on the spread, the difference on what they buy currency for what they sell it to you for. Check with the bank first to see what kind of exchange rate they will give you. We are with the National Bank of NZ. They are quite happy to exchange funds for you but the rate they give you up front is not that good. I spoke with them and asked for a better rate saying we were moving a lot of currency and they gave us a much better rate. The public rate they offered was not as good as I could get with a currency broker but the discount rate they gave me was better than I could get from the currency broker.

Hope that makes sense. It pays (literaly) to talk to the bank and make sure the rate you are getting is as close to wholesale as possible.

Chris

[jubjub]

We have found that ASB generally give us 0.02 below rate, so a 2.60 commercial bank rate, gets us 2.58, which is not bad, and if over $30k no charges, this was good for the house deposit.

But for small amounts we have found the best way is to use our Nationwide UK bank account and go to the cash point, we get commercial bank rates on each transaction and no bank charges, plus our UK fund is sat in a reasonably high interest instant access account until we need it.

[Singel]

Another popular place worth considering is North Shore City with several good schools. It is pretty hilly there. Expensive suburbs such as Takapuna are easy access to the beach; and Birkenhead or Devonport or Stanley Bay have breathtaking views to the Sky Tower and Harbour Bridge.

Here is the website with information about houses and schools in North Shore City : http://www.enterprisens.org.nz/live/index.html

:cheers

[Singel]

Sorry post under the wrong section. :o
:o

[Tara Sage]

Timbo You can open the account without an IRD number but you are charged a much higher rate of tax on your interest. This includes Kids accounts everyone needs to have an IRD number !

[cornerofsilence]

Has anyone used this company to transfer funds?

[Timbo]

Anyone had problems with Barclays when it comes to transfer of funds?
We have been told thatwe have to be in the uk to sign tranfer docs before they will send our money down. This may be a problem as we were looking to fly out on completion of the house sale.

[Jo and Andy]

I am using Torfx to transfer our funds from £ to $ but need to open an NZ acount to put the $ into.