kato33

What with the rate being so low at the moment, what are your suggestions?

a) Keep money in UK bank.
b) Buy at rate now with HIFX
c) Send money over to Westpac (if it can be done) and gain interest over there?

Help!!

Nici

julesnye

a or c I'd say

sarahw

I'd keep it in GBP till the rates are better. You can have a GBP account in NZ though - I know a few banks offer multi-currency accounts.

Genesis

The good thing about keeping your money in the UK if you are a non resident you will pay no tax, if you have it over here in say a Westpac £ account you will incur a minimum of 19.5 tax duty, 38% or thereabouts if you don't give them an IRD number or you are already earing over $39000 NZ.

We have some money in the UK and it will stay there indefinitely for the above reasons and until the rate gets back to the late 2's. It may be a looooong wait but changing now (unless you have to) is madness.

I remember changing my life savings back in 2005 at 2.64 only to find 9 months later it was arond 2.9. I can wait now. You lose some and you win some aye?

simonmarkellis

Have a look and see if you can get your money into a sterling account with an NZ bank. I know BNZ and Kiwibank do them.

teambwr47

Blimey........... just looked at the rates online and they're down to $2.49 to the pound.

Good news for many in NZ comparing their salary worldwide and means earnings will go further if you're travelling or buying things abroad.....

Roll on a stronger and stronger NZ dollar.............. yes i know many will moan that their cash does not convert so well but the the same people will moan that prices are to high and wages to low.

Keep the dollar strong and imports get cheaper meaning eventually prices come down and wages are made to seem more realistic on the world stage.

Yes it affects the export industry and the farmers plus the economy but hey you can't please everyone all the time.

The dairy industry will be the first to moan and push the economy side of a strong dollar again....i mean those dairy farmers and Frontera really are struggling money wise eh?................

minky

Keep it in £ at the mo if you can as you can get sterling accounts here and wait for a better exchange rate it went to 2.4 in back in 2005 and last July was at 2.97 so it does change but with the credit crunch and America being in a bad way the rest of the world suffers it may be different this year.Also the 2 year fixed mortgage rates went up .2% this week so we are starting to feel the creditcrunch here too.