interest rates
#1
interest rates
If transferring a largish amount of money over from the UK, would the higher interest rate on savings accounts in NZ (compared to UK) make up for the poor exchange rate. I will have a lump sum from my retirement pay off that i am leaving in the UK at first but when we decide to stay in NZ i will have the equity from the house sale as well to move over.
#2
Joined: Nov 2006
Posts: 2,225
Re: interest rates
Oh that's a hard one to call, especially with the rates that Northern Rock are offering at the moment and you'll probably pay RWT on any interest earned in NZ.
Guess that putting all your eggs in one basket may not be a good idea and maybe you could spread the risk out a bit - bring some money over and keep some back? Investors deposits in Banks in NZ & Oz aren't insured if the bank collapses.
If you're talking serious amounts of money it's probably best to seek professional financial advice.
Guess that putting all your eggs in one basket may not be a good idea and maybe you could spread the risk out a bit - bring some money over and keep some back? Investors deposits in Banks in NZ & Oz aren't insured if the bank collapses.
If you're talking serious amounts of money it's probably best to seek professional financial advice.
#3
you dewty owld maan!
Joined: Oct 2005
Location: is practically perfect in every way
Posts: 5,565
Re: interest rates
nah, just buy gold, buy gold, buy gold!!
.......where's Martin (Sproutie) and Dave (Paladin) when you need them??
#6
Joined: Nov 2006
Posts: 2,225
Re: interest rates
Tomb raiding is illegal isn't it? (but at least the gold is 24ct)
#9
Re: interest rates
If transferring a largish amount of money over from the UK, would the higher interest rate on savings accounts in NZ (compared to UK) make up for the poor exchange rate. I will have a lump sum from my retirement pay off that i am leaving in the UK at first but when we decide to stay in NZ i will have the equity from the house sale as well to move over.
BUT as you are having to pay about 40p for every NZ$ and you will eventually be able to get a $kiwi for abouy 34p.....6p lost for every dollar you buy is quite a lot. So much that we have taken on a mortgage to pay for home improvements as it is soooooooooo punative to change £s to kiwi at present.
We have a safety net of money in NZ being freed up end of Sept to pay off the short term mortgage.
The exchange rate is utterly dire at present. It can change very quickly. April 2005 change up life savings at $2.64, by Xmas 2006 it was around $3!!:curse:
Hindsight's a great thing aye..but it will get better.
#10
Account Closed
Joined: Aug 2007
Posts: 548
Re: interest rates
DON'T convert your money now with the rate at $2.5. Once the property market cools the interest rates IN NZ will drop, so you could be in for a double whammy...