[Aug & Feb]

Hi forumers,

Anybody here has advice or personal experience with regards to ASB Bank's migrant banking services ?

I was told that we get to enjoy low tax rate of 2%....vis-a-vis the high tax rate of native kiwis ?

Cheers

[foolsgold99]

We used ASB migrant banking, very helpful people.

As for the tax, I don't think it's correct, I assume you are talking about tax on interest ? It's treated like income and you'll pay tax on it depending to your situation, that's why you give your ird number to the bank

Have you ever heard of a goverment letting people pay less tax, just because they use a specific bank ?

[Aug & Feb]

These are non-resident PR who leave their money in ASB migrant banking...they end up paying only 2% tax. These people already received their PR approval and they have up to 2 years to move to NZ. During these 2 years...they move funds to NZ and enjoy the lower tax rate.

Foolsgold99, could you ask your officer at ASB migrant banking whether this is true and my understanding is correct ?

[Avalon]

My parents use an ASB account for savings to hold money here while they are in the UK. They pay non-resident holding tax, but im not sure what the rate is. (bear in mind that TECHNICALLY - you should also claim the income from interest to the UK Inland Revenue - as that is where you are a resident for Tax purposes.

Mum finds ASB migrant banking a breeze (she uses Stacy in Auckland, and has had no problems with her). We on the other hand really got to dislike our Migrant Banking Officer- Tafa, because she was a pain and a bit of a "rules Polititian" - I like people to be flexible and helpful - she wasnt. She also got really snotty with us if we were at all unhappy. So if you get a choice - Try and get Stacy as a manager - apparently nothing is too much trouble!

HTH

[foolsgold99]

Our paper work said either Stacy or Tafa. When I got to NZ I got Tafa too.

We've found her ok, her English is fairly poor though, never needed to ask her to do anything for me though. Can't say we "bonded" at all.

She tried to sell us all manner of stuff at the start, none of which we bought, she quickly left us alone.

[Soon2baKiwi]

I deal with Stacey - she's great. She's a Kiwi and doesn't do any of the above selling stuff. Nothing is too much trouble for her.

[Avalon]

Our paper work said either Stacy or Tafa. When I got to NZ I got Tafa too.

We've found her ok, her English is fairly poor though, never needed to ask her to do anything for me though. Can't say we "bonded" at all.

She tried to sell us all manner of stuff at the start, none of which we bought, she quickly left us alone.

At first I did wonder if it was just the accent that made her seem a bit "short" (or stroppy), but we had dealings with her via email, and it wasnt any better.

I can recommend Heath Mohi in wellington's Manner St branch once you get out of the migrant banking system, for anyone who is down there. Lovely chap - has done wonders for us!

[Michelle and Richard]

I can't rate ASB or more to the point Stacey high enough, she made everything so much easier for us and saved us money in the process when it came to timing a transfer. Don't think there is anything to chose between the banks but in terms of the service we had and still get I can't fault them.

Michelle

[Junnifer USA]

We used ASB Migrant Banking services out of Christchurch, and thought the staff was terrible.

One example: after being fed up with non-responsive staff and a banking officer with absolutely no people skills, we removed all, I mean every penny of money that we had in NZ. To do this, I walked into a downtown branch that I had never been to before, where nobody knew me, and made the cash (bank check) withdrawal of everything, without ever being asked for one piece of identifiacation to confirm either my name or identification! Oh My God! Anyone could have come in, signed my name, and left with an unnamed check for all the funds!

A week later when the ASB officer finally called to ask why we left the bank, I described the disappointing service we had experinced. Then I mentioned the final incident, and our surprise at the lack of security. THe response: The bank officer was actually mad at us!

Anyhow, we started interviewing personal bankers at all the major banks. It took a week. Found a brilliant, attentive banker at BNZ. In addition, they have really 'taken care of us' by removing the endless fees that our accounts would have incured... organized a unique mortgage that really suited our needs... and gone well beyond the call of duty! Plus, over lunch, we have learned a lot from the bank on NZ investments, their view of the current economy...

If you have the resources and plan to move your savings/investment, this is a smart, efficient, attentive place to be! We continue to be impressed!

PM me if you are interested in that contact.

Jen