TIZUS

Just a quick question how are you going to transfer your money to your New Zealand bank account and what kind of fees were you charged at either end? I have a First Direct accoun that I am planning to keep open and have set up an account in New Zealand. Don't think I want to use a froiegn exchange company what other options are there?

Thanks Tori

Moving out in three hours!!!

TIZUS

Has any one any advice on the above thread?????
Tori

sofistek

Why wouldn't you want to use a foreign exchange company? I've had not experience of them but I understand that there are many reputable ones that can get you near money market rates (as opposed to tourist rates).

Why are you planning on keeping a UK bank account? Just in case you decide to return? I'm not sure what the benefits of doing that are.

speckles

If you`re transferring more than about £5,000 use a foreign exchange company - you`ll get Forex rates instead of tourist rates, a big difference. Even using your local bank will get you a rate between the Forex rate and the tourist rate.

Exchange rate company should be no charge, banks may charge a small fee.

Good luck,
Doug

Kiwipaul

I've always used telegraphic transfers form my UK bank when I've transferred funds. Same with Transfers from NZ to Australia. And I've no complaints about the exchange rate.

May not be the best but suits me.

Andrew S

I was planning on leaving some money behind in the UK, and keep an eye on the NZ exchange rate, transferring money back when it is favourable. It can't be a bad thing to keep some pounds sterling, can it? It must be more stable than the NZD.

Are others doing this, or does everyone just take all they have with them?

Stoney

Hi Andrew,

Have a look at www.ozforex.com.au they will hold onto the money in sterling and change it when the rates may be nmore favourable, they seem like good exchange rates any how.

Kiwipaul

You can keep the money in Sterling in any NZ bank, just set up a foreign currency account and transfer your sterling to that. Then you can eaisly switch by just phoneing the bank.

TIZUS

We have a property here that we will continue to rent out therefore need to keep open a uk account. Was just worried about using a company to transfer money what happens if the company goes bust what would ahppen with my money:scared:

Tori

sofistek

Fair enough but have you factored in the low interest rates over here, versus the higher rates that you can get in NZ? For example, you'd be lucky to get 4% over here, probably less, whereas 6% or more seems possible in NZ. I thought I even came across an 8% rate somewhere.

It's never quite as clear cut as you'd like.

TIZUS

I agree Tony the majority of our money will be held in Nz. The account will purley be to pay mortgage and any out goings relating to the property. Still not sure if I will use a foriegn exchange company have just emailed a few companies so I will see what comes back.

Cheers Tori

TIZUS

I agree Tony the majority of our money will be held in Nz. The account will purley be to pay mortgage and any out goings relating to the property. Still not sure if I will use a foriegn exchange company have just emailed a few companies so I will see what comes back.

Cheers Tori

smithone

Hi there

I did the following prior to moving to Auckland.

1) Set up a NZ bank account with ASB Bank. This was done through ASB's london branch which is known as the Commonwealth Bank of Australia.

2) I then transferred money (pounds) from my First Direct Account to the Commonwealth Bank in London.

3) The Commonwealth Bank in London hold your funds in a sterling account (very low interest from memory).

4) You then call the Commonwealth Bank in London, check the rate and instruct them to transfer the money.

5) A few hours later your money is in an NZ account.

Cost of each transfer is 25 pounds (this was a year ago)

Commonwealth Bank in London can be recahed on (020) 7710 3990

xpat19

That's excactly what we did !

tezzabart

HI
but what kind of rates did you get from them
tezza