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Banking Advise please

Banking Advise please

Old Apr 14th 2005, 7:40 am
  #1  
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Default Banking Advise please

We're moving to NZ in Sept and selling our house/shop in July. I have to decide what to do with the capital from the sale. No job offer yet but am confident of getting something either just before or just after arrival.There have been various posts re setting up finances in NZ but I'd like your feedback (Pros & Cons) on these options:

1) Put money into UK internet bank to earn interest over time. (have a NZ account also with a minimal amount of funds)
2) Open up a NZ bank account and put it all in there.
3) Set up an offshore bank account with internet access and skim off the interest.
4) Blow it all on buying a NZ house on the internet!

I await your combined knowledge / experiences!

Biddy
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Old Apr 14th 2005, 10:16 am
  #2  
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Default Re: Banking Advise please

National bank - thoroughbred account - a standard current account with unlimited EFTPOS transactions and pays about 6% on the savings element of current account. sounds complicated but works a dream

dont buy a house on the internet - theyre way overpriced for 'foreigners' on the web!!!
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Old Apr 14th 2005, 7:30 pm
  #3  
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Default Re: Banking Advise please

Originally Posted by Biddy
1) Put money into UK internet bank to earn interest over time. (have a NZ account also with a minimal amount of funds)
2) Open up a NZ bank account and put it all in there.
3) Set up an offshore bank account with internet access and skim off the interest.
I would hedge my bets and do both 1 and 2.

On one hand you will get better interest in NZ and foreign withholding tax is just 10% but on the other hand the NZ dollar has recently weaken against the £ so if you feel that this will continue then you might make up the 1-2% in interest in a future fx rate.
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