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Old Sep 25th 2017, 5:44 pm   #1
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Default Moving money to save in NZ banks?

Is this a good idea, the saving interest rates in NZ seem pretty impressive in NZ!

150 day deposit account 3.6%! even with tax of 33% without IRD or 20% with is pretty good IMO.

any downfalls to this? thinking i can open from here and provide my IRD before interest is added at the end of the period so i only pay 20% on the money?
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Old Sep 26th 2017, 6:32 am   #2
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Default Re: Moving money to save in NZ banks?

1) I don't think that rate as achievable, if you are not resident here it would be treated as an offshore account (usually very low rates)
2) It would have to be a fairly substantial amount to be worth anything much over 150 days and
3) You have to factor in movements in exchange rate
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Old Oct 1st 2017, 4:29 pm   #3
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Default Re: Moving money to save in NZ banks?

Quote:
Originally Posted by Bo-Jangles View Post
1) I don't think that rate as achievable, if you are not resident here it would be treated as an offshore account (usually very low rates)
2) It would have to be a fairly substantial amount to be worth anything much over 150 days and
3) You have to factor in movements in exchange rate
Good point.. I dont feel like the exchange rate will change too much in a year but then again anything could happen with brexit... I think I'll put that idea in the freezer! Thanks
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