Money in UK bank, how to access it in NZ?
I am soon to be moving out to New Zealand from the UK to work as a nurse.
I am just wondering how it works with money that you have in a UK bank and accessing it over in NZ? All my money is in Barclays here in the UK so I am not sure what I do? Do I transfer it to a NZ bank? I hope someone can help! Thank you! |
Re: Money in UK bank, how to access it in NZ?
Use an on-line FX broker-remitter such as Transferwise which is often recommended on BE to transfer your money to a local bank in NZ. Other similar services are provided by the likes of WorldFirst, Xe, Xoom, and a number of others, at for the moment Transferwise appear to be the cheapest.
The traditional way to move your money would be a bank wire - but the fees are usually greater than with an on-line FX broker, and the exchange rates are usually worse, often a lot worse! |
Re: Money in UK bank, how to access it in NZ?
Thanks for the tip @Pulaski. Have signed up for one of their borderless accounts and alerts :)
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Re: Money in UK bank, how to access it in NZ?
Originally Posted by MrsCakey
(Post 12276015)
Thanks for the tip @Pulaski. Have signed up for one of their borderless accounts and alerts :)
References/recommendations on BE to Transferwise relate to their funds transfer service only. |
Re: Money in UK bank, how to access it in NZ?
Originally Posted by MidAtlantic
(Post 12276084)
Borderless accounts are a very new feature on Transferwise. It will be interesting to hear your experience. .....
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Re: Money in UK bank, how to access it in NZ?
My daughter was in a similar situation (Oz, not NZ): I'd recommend getting a FairFX card before you depart, top that up on-line as you need, and in the meantime open a standard NZ bank account and do as Pulaski suggests to move more money out. Unless you're going for good, now's not a good time to be changing Sterling to anything, so it might be best to minimise your initial spend and then just rely on your NZ salary.
BTW, my daughter was deeply impressed with NZ, and is considering returning to work there (in healthcare). Good luck. |
Re: Money in UK bank, how to access it in NZ?
Originally Posted by Pulaski
(Post 12276136)
By their own admission, from what I have read, because Transferwise is not a bank your money held with them is not protected by deposit insurance, as bank deposits are with a bank. I would be very sceptical about keeping more than a little "convenience money" with them. :unsure:
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Re: Money in UK bank, how to access it in NZ?
Hi,
Im moving to New Zealand in November, currently transferring money to an account I've set with FC Exchange. Then in a few months I'll open an account with a new zealand bank, FC Exchange will transfer my money into that account. I was told it was cheaper than bank transfers charges. |
Re: Money in UK bank, how to access it in NZ?
Originally Posted by Mightymurph
(Post 12278882)
Hi,
Im moving to New Zealand in November, currently transferring money to an account I've set with FC Exchange. .... |
Re: Money in UK bank, how to access it in NZ?
Originally Posted by Mightymurph
(Post 12278882)
Hi,
Im moving to New Zealand in November, currently transferring money to an account I've set with FC Exchange. Then in a few months I'll open an account with a new zealand bank, FC Exchange will transfer my money into that account. I was told it was cheaper than bank transfers charges. I would have advised you opened a Foreign Currency Account at a UK Bank and had your money immediately transferred by FC Solutions into that. You could then transfer whatever you required to your NZ bank using an online system from your pc. Some FC accounts provide a credit card, some dont. None I know of pay interest on the balance. Most only allow a single account holder. Cash can be collected from a UK bank in the same currancy as the account, takes around 2days to complete. Deposit to £85k protected by FSA. Hope this helps. |
Re: Money in UK bank, how to access it in NZ?
Originally Posted by MrsCakey
(Post 12276388)
That's exactly what I plan on doing @Pulaski. Just spending money for now as there is no protection on what they offer unlike a traditional institution.
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Re: Money in UK bank, how to access it in NZ?
Looked this up with IRD as I currently have military pensions which I would like to keep in a uk account as they are non taxed in the Uk, however, and I don't know if this is idle threats, IRD are coming after people with offshore earnings (after the 4 years grace point) and offshore pensions count as such
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Re: Money in UK bank, how to access it in NZ?
Originally Posted by CatLady1234
(Post 12275018)
I am soon to be moving out to New Zealand from the UK to work as a nurse.
I am just wondering how it works with money that you have in a UK bank and accessing it over in NZ? All my money is in Barclays here in the UK so I am not sure what I do? Do I transfer it to a NZ bank? I hope someone can help! Thank you! |
Re: Money in UK bank, how to access it in NZ?
Originally Posted by inkedneonurse
(Post 12286563)
Looked this up with IRD as I currently have military pensions which I would like to keep in a uk account as they are non taxed in the Uk, however, and I don't know if this is idle threats, IRD are coming after people with offshore earnings (after the 4 years grace point) and offshore pensions count as such
Hope this helps. |
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