Jpearson92

Hi all,


first of all apologies if I can find my answer elsewhere... I'm currently awaiting my visa application to be processed by INZ and the next thing on my checklist is setting up a bank account in order to apply for my IRD number.

I have read conflicting information on the good old web regarding this and need clarification as to whether you can set up and activate a NZ bank account from the UK? I am really keen to get a 'fully functional' bank account up and running before i arrive so that i cant get the IRD number and avoid paying tax at the default rate

Also, are HSBC a popular bank in NZ? thinking of transferring my UK current account to them so that i can transfer easily using just the 'one' bank.

Any help would be appreciated.

Thanks
Jack

Justcol

HSBC, no, not in NZ
Main banks are ANZ, ASB, Westpac, TSB, Kiwi bank

Getting a IRD number doesnt take long, I applied, waited a week, rank them up and they gave it me over the phone

Kotare

As far as I know you can set up an NZ account and pay funds in, but not 'activate' it until arrival. That involves walking in the door with proof of id and walking out 30 mins later ith etpos card etc.

Jpearson92

Thanks for your replies

One problem I envisage is that i will be in temporary accommodation for up to a month - is their a way round giving an address?

Kotare

Shouldn't be - don't mention temporary. My wife used a motel address ok, and but may depend on the Bank/branch. Once activated you can change the address on line as needed.

escapedtonz

It's easy to set up a bank account or accounts from overseas. You can transfer money in but until you've shown up at a branch in person and gone through the ID process you cannot activate the account.
We set up a PO Box address at a local NZ Post Shop and used that address for the bank and everything else just until we found a more permanent rental.

You cannot apply for an IRD number until you are physically here in person and assuming you apply on the first working day after arrival you should have sufficient time until the first pay run goes through. In all honesty you aren't going to lose a massive amount in tax by not having an IRD number for that first paycheck.

simonsi

It isn't like paying PAYE on an emergency code in the UK with no tax allowances. There aren't any personal tax allowances in NZ in the first place, you'll pay tax on every cent. So the default rate might even be in your favour if you are lucky enough to be earning enough to be a higher-rate tax payer.

Jpearson92

I found this out last week and the default is set at 45% i believe? would definitely be worse off Sounds positive that NZ inland revenue are much more efficient than the HMRC.. they seem to take about 7 weeks to do anything!

simonsi

The no-notification rate is 45% yes, but as said above the IRD issue IRD numbers almost while you wait so even if you are paid fortnightly you are likely to have your number before your pay deductions are made.

You have a job to come to I take it?

Jpearson92

Ahh that's good to hear thank you

I do indeed moving internally with work for 2 years - can't wait!

Mishclark

Hi JPearson,

I moved from Australia to Nz in 2009 ( I am currently back in Oz but will be back in nz end of 2017)..we opened our accounts with ASB bank from australia and it was through their migrant banking section, they opened accounts from most countries so I am assuming you could open from the UK easily. Most banks have a migrant banking section in Nz. I just had to get certified copies of our ID over.

I couldn't activate it until we were in Nz though.

I couldn't open IRD numbers for us from overseas, I had to wait until we were there to do that, it's a pretty quick process..you can do it at the local Postshop as well.

As for the tax rate, I can't help you with that as I didn't keep any money in until we went over, and I don't have any money in my account over there at the moment..well according to my recent bank message, -$5.00!

Good luck for your journey!

Michelle

BEVS

Post about proof of address moved to a thread of its own.

wakwak

Easy peasy to set the bank account up with BNZ, we did it online from the UK, they give you a team to contact with any questions, we have our online access card sent and when we arrive we go into branch and pick up our bank cards.
We can transfer funds in when we are ready

Shirrom

Try Westpac, they have been good for me! They are welcoming for migrants.