Banking Transfers

Old Aug 22nd 2011, 10:00 pm
  #1  
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Default Banking Transfers

Greetings all,

I'm an ex-pat living with my Kiwi wife in NZ, with permanent residency.

We have a baby on the way, due in early December, and my parents - back in the UK - have asked me to find out what the situation is over here if they were to transfer some money for the baby, and also for themselves for when they come over to visit later next year.

So they're saying that they've found a way to transfer money over here for free - apparently the (UK) Post Office do a free transfer of a minimum of 250GBP each time.

Does anybody know what the tax situation is for something like that?

Also, do banks over here let you set up accounts for people overseas? She has said an easy way would be just to pay into my account, but I fear that might get a bit messy.

Does anybody have any thoughts?
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Old Aug 22nd 2011, 10:04 pm
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Default Re: Banking Transfers

Westpac and BNZ have an expat banking adviser. If you or your parents google Westpac UK there might be some details where the Westpac UK branch is. I believe there is one in London, don't know about any other UK cities. I don't think there's a tax implication as it's a gift but then I don't know what your tax position is. We set up our Westpac account prior to leaving the UK.
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Old Aug 23rd 2011, 4:45 am
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Default Re: Banking Transfers

Originally Posted by bigjohnny7 View Post
Greetings all,

I'm an ex-pat living with my Kiwi wife in NZ, with permanent residency.

We have a baby on the way, due in early December, and my parents - back in the UK - have asked me to find out what the situation is over here if they were to transfer some money for the baby, and also for themselves for when they come over to visit later next year.

So they're saying that they've found a way to transfer money over here for free - apparently the (UK) Post Office do a free transfer of a minimum of 250GBP each time.

Does anybody know what the tax situation is for something like that?

Also, do banks over here let you set up accounts for people overseas? She has said an easy way would be just to pay into my account, but I fear that might get a bit messy.

Does anybody have any thoughts?

are your parents coming to visit or are they migrating. if just a visit i dont think it us easy r oreferable to open a bank acc frim the uk. migrant banking services allow you to set up an acc but not access the money till you arrive in nz.. and likely require evidence of visas etc.

why will it be messy to transfer money to your account? if you want to seperate the money just open a savinfs acc in your name abd let them deposit into that.

if migrating... yes all the main banks can set that up for them
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