Banking when on Visitors Visa

Moorf · Posted: Wed Aug 18, 2004 3:14 am Post subject: Banking when on Visitors Visa

Argh, here's a topic I am floundering with.... money.

Now, when we arrive in NZ it will be on a visitors visa - our EOI will probably still be going thru the processes for a while whilst we are out there.

Do we just keep our UK bank account open and use our Visa cards in ATM's and banks or is there an alternative.

Can we open a savings account over there and bung in our savings or does that require an IRD (tax?) number etc etc... we have got ourselves a PO Box in Chch - will that do?

ARGH banking...

Moorf

Timbo · Posted: Wed Aug 18, 2004 4:48 am Post subject:

I think you need to supply an address in order to open a bank account.

Moorf · Posted: Wed Aug 18, 2004 5:16 am Post subject:

And a PO Box address in Chch won't do? Confused

Timbo · Posted: Wed Aug 18, 2004 5:32 am Post subject:

According to ASB advert in destination NZ, you can open an account if you have lodeged your visa application.
They have a dedicated migrant banking service who could probably be more helpfull.

www.migrantbanking.co.uk

This contains an application form

Moorf · Posted: Wed Aug 18, 2004 5:33 am Post subject:

Cheers Timbo! Nice One

How are things going your end?

Timbo · Posted: Wed Aug 18, 2004 5:36 am Post subject:

Welcome Moorf. It looks like I am in for a bit of fistycuffs to get a decent settlement. I will be more carefull if and when we engage further help. At least they sent all of our paperwork back today, which is a start.
I bet you are getting itchy feet aye.

Moorf · Posted: Wed Aug 18, 2004 5:44 am Post subject:

Hell yes... Yes

Feels like we've been in an airport departure lounge for the last few months!!

Going slowly now too ... but each day I find something to do to progress things - med's are on Monday Eek

and the rental agency is coming round Thurs to re-assess this place .... fingers crossed

I am holding out hope that we won't get mega stressed on our Bank Hol flight out to Italy - c'mon BA - give them a pay rise!!!! Yes

Good luck on the settlement - at least it sounds like you are getting somewhere fingers crossed

after their previous rude repsonse.

wilson182 · Posted: Wed Aug 18, 2004 6:05 am Post subject:

Hi Moorf

When we went as visitors in May, we wernt able to open a bank account (although we were not in the process of submitting an EOI), but we managed fine with our visa's using the ATM's and the banks.

However, might be a good idea to warn your bank what you are doing cause we had a bit of a shock. We were merrily using my visa card to fund our trip, (including buying a car etc etc) when all of a sudden my card got refused, and I couldnt get any money out of the ATM. Eek

Panic Stations doesnt not quite do the feeling I had justice. I had no way of getting in touch with the bank, cause they only had a 0800 number, and I was totally desperate. Luckilly enough I had my travel insurance with my bank, and was able to find an international number I could call. It turned out that they had obviously observed the unusual spending pattern and put a block on the card in case it had been stolen. Very handy, but I wish they had told ME about it.

veronica · Posted: Wed Aug 18, 2004 8:39 am Post subject:

I would be surprised if you couldn't open a bank account here, most of the people we've met at the backpackers have accounts and they don't all have work visas. Try phoning the London Branch of one or two NZ banks and asking them....After all, Tis a rare thing for a bank to refuse to take your money.

Tara Sage · Posted: Wed Aug 18, 2004 3:46 pm Post subject:

Hi Moorf

We are with ASB Bank and have found them fine, but we have got work visa's.

I just wanted to pass on one piece of info, If you have got an account with no IRD number then you are charged a much higher rate of tax on any interest earned something stupid like 40%.

We still have our UK account as well although most of our money has been transferred to NZ using our Visa cards hasn't been a problem.

Tara

veronica · Posted: Wed Aug 18, 2004 9:18 pm Post subject:

On the money side if you choose when you get here you can open up a sterling (or us dollar) account and just change up when you either need it ir if the exchange rate is good. saves maybe losing loads if the exchange rate is down.

volusia · Posted: Wed Aug 18, 2004 10:44 pm Post subject:

hi ya moorf,
you will be able to open a nz bank account mate, we did with ASB, and we were on a visitors visa.we were renting a property so we had an address,and as soon as i applied for and got an IRD number they made a note of it for tax/interest payments, ASB so far have been great,
a freind of mine as also moved over to nz, he is in hamilton and until his house is sold in the uk and his family join him, he is in a backpackers house,and he applied for and got a bank account with westpac,

so you should be ok, just try the different banks upon your arrival, you will be surprised how helpful they can be.

and on another point, as stated previously, do inform your uk bank branch as to what you intend to do, we still have open our HSBC account,which we access quite regular,via the internet, if they are aware of your move, gaining access to your cash in NZ should be easy via your cards, our bank just wanted to have an uk address for contact,we gave our father-in-laws.

no worries bro' bet ya can't wait to get over here. good luck with the move Nice One

Tara Sage · Posted: Wed Aug 18, 2004 10:45 pm Post subject:

If only we had known. Never mind it's done now and we didn't get to bad a deal.

michelle · Posted: Wed Aug 18, 2004 10:53 pm Post subject:

Hi Moorf

If you are looking at using UK credit cards regularly check their charges. Most can charge around 2.5% I believe that Nationwide have a card with very low foreign currency charges so that might be worth checking out.

Michelle

Moorf · Posted: Thu Aug 19, 2004 5:11 am Post subject:

Great info - thanks guys - I'll put that on the "can't do anything until we arrive" list Laughing