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Banking / Moving money to NZ

Banking / Moving money to NZ

Old May 31st 2015, 4:33 am
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Default Banking / Moving money to NZ

Hi everyone,

I'm moving to NZ on a one year WHV from Canada (originally started in the UK). My query is about banking and money. I need to move about $9000 CAD to NZ when I travel over. Any suggestions or thoughts of the best way to do it? I'd like to avoid carrying all of it in cash, plus I'm inexperienced when it comes to exchange rates and I'm worried about getting ripped off.

Someone in the Canada forum recommended this: https://www.bnz.co.nz/personal-banki...to-new-zealand. It says I can open the account in NZ before I arrive, which would be ideal. However, not all banks are alike. Can anyone recommend a bank which can offer a good deal, and maybe offers a similar open-before-I-arrive option?

Here in Canada I've had to pay a monthly fee for a current account. Is this the standard in NZ?

Many thanks for any and all advice, really looking forward to getting to NZ now - Vancouver has really begun to lose its charm with me!
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Old May 31st 2015, 5:53 am
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Default Re: Banking / Moving money to NZ

Hello and welcome to the NZ forum.

I don't have a BNZ account but if you have an opportunity to get one before you come to NZ, go ahead. The bank account that I have does not charge to operate it but it costs NZ$6.00 to clear a cheque That's probably punitive as cheques are only taken in very rare cases these days.

Westpac Bank has an open-before-you-arrive facility. Find out whether you will be charged for a cash withdrawal from a competitor's ATM with any bank account you have.

You will still have to appear in person at a branch of BNZ to activate the account i.e. get your ATM card. That's a lot less aggravation that trying to arrange a bank account for local funds once you arrive.

Probably because if you arrange an NZ bank account before you leave Canada then you can prove that you know how to operate a 'checking account' before you leave.

The beauty of Vancouver is it's setting i.e over looking a huge harbour. Some people say the same of Auckland.

Auckland will suck the money out of your wallet like you wouldn't believe !

Last edited by Snap Shot; May 31st 2015 at 6:01 am. Reason: My husband has visited Vancouver once, it rained
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Old May 31st 2015, 6:34 am
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Default Re: Banking / Moving money to NZ

ANZ also has/ or did have/ the option to open before you come. To transfer money I would use someone like HiFX, MoneyCorp rather than a bank to bank transfer as they have better rates and possibly less fees.
I believe now you will have to show a residential address to activate the account and get your ATM card as well as showing your passport etc.
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Old May 31st 2015, 7:18 am
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Default Re: Banking / Moving money to NZ

I opened a BNZ account before I moved here and transferred money with no problems May not be the cheapest bank but haven't been able to fault them in nearly 9 years. I pay $10 nzd/month for all accounts and transactions

They are also great if your're travelling too

Hope that helps
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Old May 31st 2015, 6:56 pm
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Default Re: Banking / Moving money to NZ

Originally Posted by MrsFychan
I believe now you will have to show a residential address to activate the account and get your ATM card as well as showing your passport etc.
We used a work address with ANZ last week, although strangely we had to provide proof of UK address.

For the OP, the ANZ migrant package page. On a 1 year visa you will have trouble getting a credit card and you will not get an overdraft (despite what that page says). Assuming they're consistent .
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Old May 31st 2015, 7:13 pm
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Default Re: Banking / Moving money to NZ

Kiwibank has no monthly charges and we were able to set up account from UK.

Use HIFX for money transfers.
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Old May 31st 2015, 7:33 pm
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Default Re: Banking / Moving money to NZ

Originally Posted by MrsFychan
ANZ also has/ or did have/ the option to open before you come. To transfer money I would use someone like HiFX, MoneyCorp rather than a bank to bank transfer as they have better rates and possibly less fees.
I believe now you will have to show a residential address to activate the account and get your ATM card as well as showing your passport etc.
Yup, ANZ still do this. Be prepared for a phone call from NZ when you do it though
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Old May 31st 2015, 8:06 pm
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Default Re: Banking / Moving money to NZ

Originally Posted by desmondo84
Kiwibank has no monthly charges and we were able to set up account from UK.

Use HIFX for money transfers.
Same here. HiFx is good, as is xe dot com for transfers. I've continued using Kiwibank and am happy with it. They set up a basic account then you go into a branch and they set you up with the accounts you want. Branches are pretty widespread.
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Old May 31st 2015, 11:38 pm
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Default Re: Banking / Moving money to NZ

Originally Posted by desmondo84
Kiwibank has no monthly charges and we were able to set up account from UK.

Use HIFX for money transfers.

Yup I agree too. Both are good and you can save quite a bit with HIFX on money transfers.
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Old Jun 1st 2015, 12:44 am
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Smile Re: Banking / Moving money to NZ

I think at least 3 (ASB, ANZ, BNZ) of the big 4 banks will open accounts before you come (Westpac may also, don't know). All have very similar offerings (free accounts when you bank online etc.)

BNZ seems to have the best service of the big 4 banks for personal banking with Westpac and ANZ likely...less good.
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Old Jun 1st 2015, 4:52 am
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Default Re: Banking / Moving money to NZ

Lots to look into. Thank you everyone!
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Old Jun 1st 2015, 7:11 am
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Default Re: Banking / Moving money to NZ

Never had any problems with Westpac and they will open an account for you before you arrive too. OH currently having loads of problems with BNZ business banking and knows of quite a few people who have had bad experiences with their personal banking services also.

We've always used HIFX for money transfers and had excellent service.
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Old Jun 1st 2015, 7:34 am
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Default Re: Banking / Moving money to NZ

Originally Posted by jmh
Same here. HiFx is good, as is xe dot com for transfers. I've continued using Kiwibank and am happy with it. They set up a basic account then you go into a branch and they set you up with the accounts you want. Branches are pretty widespread.
I even made a mistake with hifx once and they reversed it for me. Awsome service.
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Old Jun 2nd 2015, 11:56 pm
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Default Re: Banking / Moving money to NZ

Any idea if the big NZ banks will let someone open an account in CAD? My gf (Canadian, met her out here) is moving out there with me and has been told that she can open an account and keep her money as CAD...
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Old Jun 3rd 2015, 12:16 am
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Default Re: Banking / Moving money to NZ

Originally Posted by AOGT
Any idea if the big NZ banks will let someone open an account in CAD? My gf (Canadian, met her out here) is moving out there with me and has been told that she can open an account and keep her money as CAD...
Last time I looked which was about 2 years ago, several of the big banks had accounts that allowed you to open in foreign currencies. However the fees were quite high and it didn't seem worth it to me.

Different currencies came with different fees so you'll need to look them up. It's probably only worth doing if the exchange rate is particularly unfavourable but you think it will become more favourable before she needs to spend the money. She will miss out on interest that she could get locally or in Canada.

What is her reasoning for keeping her money in CAD - there may be a better solution.
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