Moving money to save in NZ banks?
#1
Just Joined
Thread Starter
Joined: Apr 2017
Posts: 9
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?
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?
#2
Lost in BE Cyberspace
Joined: Jun 2005
Location: In a large village called Auckland
Posts: 5,249
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
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
#3
Just Joined
Thread Starter
Joined: Apr 2017
Posts: 9
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
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