Trev and Jayne

Hi All

Sorry if this has already been covered to death, I have looked through all the threads which are really helpful but just wanted to see what other people had done. My OH and I are leaving the UK in Jan 09 and only arriving in NZ in June 09. We have about £30K to transfer and wish to keep about £10K in a UK account. I have spoken with people from HiFx about transferring the money but wanted to get some advice of where is best to keep the money in the UK. Is it ok just to keep it in my Halifax account with online banking or is it best to change to somewhere like HSBC (I have read about transferring money with HSBC as they are an international bank).

Has anyone done the same? Also, does anyone know what security Westpac offers? Were just a little concerned as we will be transferring £30K in January but won't be in the country until June 09 and not sure if this matters?

thanks for all your help
jayne

teebrown

We are doing the same, we will be leaving 2 UK bank accounts open for the Mortgage and general things over here and sending the rest out via HiFx (as soon as the rate is better).

I intend to do on-line banking.

Genesis

Westpac are a very big concern..we bank with them..alas we owe them cash at present!! Do a google on NZ banking guarantees..I know its been in the fore of late. I am certain there is no issue re having cash in NZ whilst you are absent..we did the same thing with ASB. Have you considered holding on for a better rate if you don't need the kiwis until mid next year..no guarantees but its not looking bright just now when you look at the late $2.80s a few weeks ago!! We have internet banking and access to cash in the UK with Nationwide..bloody marvellous!!1 And neither Westpac or the NW charge me for cash out the wall from the UK account when the rates right..get a good Visa currency rate too!!!

Having wedge and access to it in the UK via ATMs and the net is invaluable I think.

JasonSouthYorks

If you are not an NZ resident and you have money in an account over there you will be taxed at 39% on any interest I think. We looked into it and are keeping our cash in the UK until just before we go at the end of the year.

Have a look at the NZ Revenue web site. All the tax implications on bank accounts and foreign income is explained on there.

Genesis

You are well right mate!!

notlob1

dont mean to scare you but we came over to nz in march, had 30k uk to transfer but by the time we arrived brought cars, paid for accomadation for a couple of weeks, aquired a rental home, paid deposits, bond, a two weeks rent up front, + brought all the things we needed till our container turned up, as you can see the money does not go a long way, we are now being very careful as wages in nz as you will find are kinda low, so hope you have a well paid job, best of luck

Trev and Jayne

Thanks for all the advice. We were thinking of keeping it in a UK account until we get there and see what the exchange rate is like, anything can happen in 6 months. Its good to hear that they dont charge you a fortune to take it out of the ATM. I know £30k isnt really a lot in the grand scheme of things especially as we don't have jobs lined up and are not shipping furniture or anything over (we havent got any) and will be starting from scratch but were willing to slum it for a while and see what happens.

Off to do some more research on NZ revenue and see Nationwide!

thanks Guys

Jayne

JasonSouthYorks

Trev and Jayne

All the best and I hope it all works out for you.