GBP Bank account

Old Apr 11th 2013, 10:35 am
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Default GBP Bank account

I'm going to be moving back to NZ in the next couple of months and given the crappy exchange rate I'm not in a rush to convert.

Can anyone recommend a good bank account to keep a good chunk of my GBP in?

Only real requirement is the ability to transfer money out to other GB accounts easily.

Cheers
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Old Apr 11th 2013, 12:19 pm
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Default Re: GBP Bank account

Originally Posted by Marklar View Post
I'm going to be moving back to NZ in the next couple of months and given the crappy exchange rate I'm not in a rush to convert.

Can anyone recommend a good bank account to keep a good chunk of my GBP in?

Only real requirement is the ability to transfer money out to other GB accounts easily.

Cheers
asb newzealand have a branch in London, your find them on the web , you can pay your sterling into there and transfer what you want when you want to nz asb
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Old Apr 11th 2013, 4:33 pm
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Default Re: GBP Bank account

Interest rates are practically non existent anyway.
I kept my current account open and still have it now so if you're planning on bringing the money over soon why not just do that? Another alternative is an off shore account if you are going to be tax resident in NZ.

I use a forex company to transfer money, it's cheaper than using the bank
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Old Apr 11th 2013, 4:54 pm
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Default Re: GBP Bank account

The issue with keeping my current account open is that it requires £800 to be deposited every month. Also it's with Barclays and I really don't fancy the idea of having to deal with them from outside of the country.

And yip will be a tax resident.

I've been having a look at an HSBC Expat. Anyone have any experience with them?
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Old Apr 11th 2013, 5:01 pm
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Default Re: GBP Bank account

That would be a problem! Mine is just a boring current account that has nothing going in and out most months. I use it to buy stuff online from the UK and I can't recall ever having to deal with them. I keep a nominal amount in there as it's useful to have.
I have an off shore account as well which is earning practically nothing but I'm not planning on bringing that over given the poor exchange rate at the moment

No experience of HSBC but it's early morning in NZ so there should be others on here when they get out of bed or take a break from work
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Old Apr 11th 2013, 7:35 pm
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Default Re: GBP Bank account

HSBC (NZ) only want premier account customers. If you're not one they are expensive. I don't understand why you don't just open a standard LLoydsTSB or HSBC (UK) account ?

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Old Apr 11th 2013, 7:40 pm
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Default Re: GBP Bank account

"...and given the crappy exchange rate I'm not in a rush to convert"

An awful lot of us have been saying exactly that all the way down from $2.80 to the Pound.
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Old Apr 11th 2013, 8:40 pm
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Default Re: GBP Bank account

can you just change your current Barclays account to just a current account. ?I've still got my Barclay account and like Persephone just use it to buy stuff for the UK friends and family. Also as I use HiFx for money transfer and their account is Barclays as well so it all goes very smoothly and quickly.
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Old Apr 12th 2013, 8:28 am
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Default Re: GBP Bank account

Nationwide are pretty ex-pat friendly, we use that for paying UK bills.
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Old Apr 12th 2013, 8:31 am
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Default Re: GBP Bank account

It may be worth looking for a foreign exchange provider now and asking them to explain stop loss orders to you. The earlier you do this, the higher the possibility of saving money before you go ahead with a transfer.

The NZ dollar is strong at the moment and the markets suggest that it will only continue to get stronger against the pound. I would definitely recommend you look at the various types of payment methods available in the foreign exchange market (sooner rather than later!)
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Old Apr 18th 2013, 5:48 am
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Default Re: GBP Bank account

I just kept my Santander current account. Expat accounts are expensive for what they are. I use exe.com to make currency transfers - very easy to do onlline. All the foreign currency accounts I looked at (e.g. Kiwibank) had high fees.
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Old Apr 18th 2013, 7:31 am
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Default Re: GBP Bank account

Originally Posted by Marklar View Post
I'm going to be moving back to NZ in the next couple of months and given the crappy exchange rate I'm not in a rush to convert.

Can anyone recommend a good bank account to keep a good chunk of my GBP in?

Only real requirement is the ability to transfer money out to other GB accounts easily.

Cheers
Nationwide International may be an option (TAX FREE), but it depends if you have a lot of money and how long you want to keep it there for. You can move money to other accounts from there and they were easy to deal with via the Internet. Nationwide are also good - we have had an account with them for the past 6 years and we only have birthday money paid into it and this is only twenty to forty pounds a couple of times a year.
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