sandybob

Hi everyone,
I need some advice on moving money from the UK to NZ when we move:

Will We be taxed on the money we bring.
How to get the best exchange rate.
What is the best way to transfer it .
Recommended Banks.

Cheers Bob

Markk

Hi Bob,
Can't tell you about tax or recommend banks, but I can recommend XE Trade for getting the best exchange rates and to transfer money.
This is a 'real time' currency exchange system. Once you register and they run a few checks on you, you can set up source and target bank accounts in a number of different countries. You can also tell exactly what rate you will be getting before you commit yourself to a trade. We have been using it to transfer money for a while now and it's very easy to use.
If you logon to the below website you can read up about it :-

http://www.xe.com/

And if you try this link, there is more info and you can do a live demonstartion.

https://www.xe.com/fx/

Good luck,
Mark

sandybob

Thanks for that Mark.

Biddy

Nice one Mark - can you put this in the realy useful thread too?
Ta
Biddy

Markk

Good idea Biddy, I will!
Mark

scottish

We were with ASB but the charges were quite high... Kiwi bank are cheaper and get a good name for themselves..... Kiwi bank are through the Post Office.

sandybob

Thanks Scottish.

Don

You won't be taxed on money you bring into NZ if it is your capital.

To get a good exchange rate, shop around in the half hour before you agree a deal, ie telephone several money changers and ask the rate, ask if they can beat the best you've been offered elsewhere. I recommend HIFX plc and have used them several times. http://www.hifx.co.uk/members/quotes.asp
HIFX also transfer your money but you need to have a NZ bank a/c first. ANZ/ National are happy to open an a/c before you arrive in NZ.

sandybob

Thanks Don I will check them out.
BoB

sunshine_and_rain

You won't get taxed -we just did an electronic transfer from the UK to our account here in NZ. We bank with The National Bank of New Zealand and they have been marvellous. They really have been great. My sister in law had trouble getting a credit card when she first got here, but we were issued one straight away. I think all the banks are fairly good here from knowing others who bank elsewhere.

sandybob

Thanks for that. I hadn't thought of credit cards. Do banks ect. need credit details from the Uk to be able to set accounts up. If so can anyone tell me, what is the best way to get a credit ref. before I go out to NZ.
BoB