Kija

As I am totally clueless with these things, I was wondering if you have any advice on banks in NZ. We like HSBC in Egypt, is it good there? I was told that to move a large sum of money we'd get taxed but to transfer smaller amounts it would be ok? So basically we'd like to get an account opened there and add to it. Do you also know how much we can transfer per time without getting taxed? Sorry if I sound like a total idiot about it all, but I am

Thanks very much for any help in this matter

Numptyhead

We opened an account with Bank of New Zealand online and had the account details within hours. We had to give them our passport numbers etc.

When you open an account this way you can only deposit monies in. Use HIFX or something similar to get the best exchange rate (which is all crap at the moment), rather than your own bank in Eygpt.

About two weeks before you arrive in NZ you make an appointment to visit the NZ bank with proofs of ID etc. The account then becomes live and able to be used proper. We have our appointment for the day after we arrive on the 10th Nov

As for maximum amounts and tax, I haven't read anywhere about that. perhaps someone else can help with that question.

HSBC is over in NZ and I know Frenchly (lol) uses them, perhaps he could advise you on what they are like in NZ x

lardyl

I have a HSBC account in the UK but never entertained opening one in NZ probably because the branch network is rather small here......
Others manage using HSBC without a local branch and you can use the facilities of other banks, Westpac is it???
Not aware of any taxes on money transfers into NZ accounts although I've only ever brought in about $15k at any one time.
The NZ $ is riding high at the moment so exchange rate will probably be more of an issue.
Can recommend Kiwibank and ASB as not had any real issues, other than the Kiwibank EFTPOS card which wore out in 12months and we had to pay for a new one......

newkiwi

National bank
Westpac
ASB

all good options and you can open an account over the internet before you arrive, for deposits only, until you verify your identitiy at the bank when you arrive in Nz.
Not aware of any tax on incoming funds.

look at those banks' websites therte should be info on how to open a bank account if you are a prospective migrant.

Kija

Thanks Numptyhead, lardyl and newkiwi! I will look into the banks you all suggested. The NZ immi website says you have to do something called a border somethingorother if you move more than $15,00 in or out of the country. My immigration consultant said large amounts are taxed. We're thinking of eventually selling our house to buy something there if all goes well

NakiMan

I think the $15000 thing may refer to the maximum amount of cash that you can bring in as a visitor, anyone else got any ideas?

I'm not aware of any tax on money brought into the country, certainly my banks (Westpac in NZ, Natwest in UK) never mentioned anything about it, and before we moved over I was moving money $50,000 at a time.

You will, of course, have to pay tax on any interest that you earn on your money in NZ (Just as you do in the uk). I think the current rate is 19% if you have an IRD number, but this is on interest income only

Maybe you need to query this with your immigration consultant.

Matewx

Am with HSBC, only & purely because I was with them back in the UK.

If you have Premier status then all fees are waived in terms of using other banks ATMs as the only HSBC ATM I've ever seen is by their branch on 1Queen St.

I never had a lot of $$, €€ or ££ to move so would not know about fees sorry!

NakiMan

from the NZ customs website

http://www.customs.govt.nz/traveller...orts/Money.htm

quote

"If you are carrying NZ$10,000 or more (or foreign equivalent) in cash, under the Financial Transactions Reporting Act 1996, a Border Cash Report must be completed. This must be completed regardless of whether you are entering or departing New Zealand, and includes cash on your person, or in your baggage. Cash does not include traveller’s cheques, postal notes, bearer bonds or money orders.

it is not an offence to import or export cash, however failure to report, or the presentation of a false or misleading report, may result in a fine up to a maximum of $2,000."

Could it be that Egypt imposes a tax on money taken out of the country?

Jan n Neil

TSB can,t say enough good things about them, There is no tax on money brought over u will get taxed in the interest when u bank it


Neil

Kija

Thanks for the replies everyone Like you Matewx we have an account with our local HSBC and they can transfer any funds easily though lack of facilities there may be a concern so we're checking out the other banks suggested too. Thanks again!