BEVS

I have opened a dedicated £ thread for this conundrum .

462

This IS an excellent forum! In just four days I have answers to my questions and now just need to work out the best way forward for us. In particular chc4me's posts and links confirm what I thought was the situation.

I think we will initially use an account similar to Lloyds Sterling Premier (they now have International Banking which looks similar but the after listening to a long telephone explanation of what they do, it ends up with a line cut-off! Don't you just love these automated 'phone systems?). Our private pensions can be included. If our new life in NZ works out well and when the NZ Superannuation - taxed at source - exceeds the frozen UK state pension payments - tax free for four years - then a switch would seem the right way to go.

The new CGT will apparently come into force 6 April 2015. The intention is that individuals will pay the same rate of capital gains tax as UK resident individuals: currently either 18% or 28% depending on whether they are higher rate tax payers. The government will confirm the rate for non-UK residents at a later date. It really does seem awful that because of crazy buying in London by mainly internationals with phenomenal assets, that the rest of us will suffer. From my experience I am certain the UK Treasury are well aware of the effect on ex-pats with just their original home property.

(On the other subject - could I go into business importing UK computer keyboards??)

Stormer999

After all that come on in the water's lovely......

462

Would that be before or after supplying you with a UK computer keyboard?

Stormer999

Ha ha
Now before you put your pc away start getting yourself familiar :-
To accompany your UK tax return Self Assessment SA100...... SA105, SA109 and HS304.
If you are going to access HMRC sites here in NZ UK will want you to use a verification code that you will need to enter within 28 days.....they send it by ship from Malta and it takes 30-32 days so get on line with them before you exit the UK.
The forms are quite simple really....for the UK tax man!

462

Hello again everyone!

Well, end September/beginning of October are when we come to Auckland and our NZ based family are eagerly awaiting us! The delay has been in part due to our moggie having to have the rabies jab. We were intending to come over in May, but only discovered in March that the whole of the EU, GB included, is classed as a rabies area. I'm sure many of you are aware that there has to be a period of six months elapsing from the jab time to being able to travel. We were not!

Can anyone help with my latest query re banking? I have a few questions, but first can I ask if there is a way of avoiding, or finding a NZ bank, that makes the lowest charge on money being transferred in via either an international bank account (such as LLoyds International) or a FX company?

chc4me

I've heard very good reports about Hi-FX, although have never used them myself. Banks charge horrendous amounts for currency, avoid at all cost!

escapedtonz

We use Moneycorp. Free to get an account. You can either trade online or over the phone. Trading over the phone is the best option as you'll get up to the minute exchange rates from the trader you are speaking to. The online rates don't refresh as often.
The fees or their commission is built in to the exchange rate but their exchange rates offered are way better than any bank.
We've used them 3 or 4 times so far and due to again for a large sum in the not too distant future.
There have also not been any fees either end from the banks
We also have a Hi-FX account but since Moneycorp have been faultless we've always stuck with them.

MrsFychan

We use HiFx, very easy and straightforward. no fees if sending over more then £3,000.

462

Sorry for the delay in replying - but I am sure that you will all remember how frantic this time is!

Thanks for that - HiFx account opened! Pickfords have given a moving qoute (very expensive!), but did not miss the opportunity to suggest that TorFx would give special rates (on the telephone they said that they can beat HiFx!) and also that their links with ANZ would be useful for us. I have an email from an ANZ rep which I am reviewing.

I can see that ANZ will help open an account before moving - but are their 'landing fees' for FX transfers better than other banks? Are ANZ an OK bank to deal with? I currently bank in the UK with Lloyds and we have had a branch telephone conference with their International Branch. I think with so much is going on here ATM that I maybe am missing a point somewhere - why would I want to have an account with them if I am using an FX company?

MrsFychan

I bank with ANZ and there are no landing fees for money coming over, also use HiFx. you can open an account with a NZ bank from the UK then rock up with passports, confirmation of NZ home address and they will sort out the ATM cards for you.

Hazelnut

How does this work if you're in a motel or other form of temp accommodation for a 2-4 weeks before moving to a more long term rental? Thanks for prompting me to ask, I've been pondering this for a while.

MrsFychan

sorry not sure as it wasn't a requirement when we came over but has since become so from what I have read from others, also our rental was a 6mth lease term so think that might of covered it as well.
maybe ask when you open an account from another country how you can access the funds straight away without a card and what the requirements are for obtaining the ATM card

BEVS

We used my husband's works address.

462

Thank you for that. I spoke with an ANZ rep who is chasing our banking business. When I asked about this point, she said that there was always a transaction/landing charge by ANZ. Could it be that when you emigrated and signed up this was not the case?


Also been looking at one way emigration travel insurance for the over 70's. Many insurers only seem to quote for a round trip back to the UK. Might someone have a recommendation? (Edit:I will put this last question as a new topic.)