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Transferring money to NZ

Transferring money to NZ

Old Sep 10th 2010, 6:57 pm
  #1  
jmh
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Default Transferring money to NZ

I just want to run this by you all to see if I'm on the right track.

I am planning to go to NZ next year but will keep all my bank accounts here open. I will be renting out my UK house and will have some income after expenses and mortgage. Not sure how long I will stay in NZ but at least a year (doing a recce and staying for free with family). After doing some research it looks like the best way for me is to open a NZ bank account and use HiFx or similar to move across sums of money in bulk when I need it. Is this the most cost effective way of doing it? I want to avoid bank charges as much as possible. I know the exchange rate is pants so I would only be transferring the bare minimum.

Does this look a sensible plan? Any recommendations on banks? Was thinking of ASB, but open to suggestions. Would have to be online and I notice they do a fee-free account if you bank online only called Streamline.

Advice much appreciated.

Thanks
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Old Sep 10th 2010, 7:22 pm
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Default Re: Transferring money to NZ

I guess if you got no salary coming in the ASB might be right
Kiwibank do a free online account as well
If your working and get over $2500 coming in then National Bank of Nz offer you a free account as well

I used UKforex to transfer money across, they were fine. They gave me a couple of free transactions so i paid no fees when transferring

http://www.ukforex.co.uk/

&

http://www.nationalbank.co.nz/person...omaccount.aspx
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Old Sep 11th 2010, 8:41 am
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Default Re: Transferring money to NZ

Thanks DennisBergkamp, very helpful. The advantage of National Bank seems to be that you can apply on line. I have an NZ address so no problem there.
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Old Sep 11th 2010, 2:18 pm
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Default Re: Transferring money to NZ

Originally Posted by jmh View Post
I just want to run this by you all to see if I'm on the right track.

I am planning to go to NZ next year but will keep all my bank accounts here open. I will be renting out my UK house and will have some income after expenses and mortgage. Not sure how long I will stay in NZ but at least a year (doing a recce and staying for free with family). After doing some research it looks like the best way for me is to open a NZ bank account and use HiFx or similar to move across sums of money in bulk when I need it. Is this the most cost effective way of doing it? I want to avoid bank charges as much as possible. I know the exchange rate is pants so I would only be transferring the bare minimum.

Does this look a sensible plan? Any recommendations on banks? Was thinking of ASB, but open to suggestions. Would have to be online and I notice they do a fee-free account if you bank online only called Streamline.

Advice much appreciated.

Thanks
hi you have to have at least, $3000 in your ASB account to get free banking, even with streamline if you go under $3000 they will charge you $3 a month service fee
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Old Sep 11th 2010, 7:28 pm
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Default Re: Transferring money to NZ

Originally Posted by concretepump View Post
hi you have to have at least, $3000 in your ASB account to get free banking, even with streamline if you go under $3000 they will charge you $3 a month service fee
I hadn't spotted that. Must read the small print. I'm going to have to get used to paying for banking I guess. Not easy when you are not used to it.
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Old Sep 11th 2010, 8:40 pm
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Default Re: Transferring money to NZ

Originally Posted by jmh View Post
...I have an NZ address so no problem there.
I used www.privatebox.co.nz to get a New Zealand street address while I was still in the UK.

When I arrived in Auckland, I dumped my bags at the hotel and then found a coffee shop to have my first Flat White while I waited for Post Shop on Queen Street to open. I activated my Kiwibank bank account and ordered my IRD tax number at the same time using it.
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Old Sep 11th 2010, 9:01 pm
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Default Re: Transferring money to NZ

Originally Posted by rogercruse View Post
then found a coffee shop to have my first Flat White
LOL I'm going to have to learn how to order a coffee too!
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Old Sep 12th 2010, 6:09 am
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Default Re: Transferring money to NZ

Hi,
We were/are in much the same position as you. We have a rental property in the UK - rent is paid into our UK Nationwide account and there is a bit left over each month after mortgage is taken out etc. We also have a lump sum of cash still in the UK, not really sure when to bring that across but as we do not need it at the moment I am willing to wait to see what the excahnge rate does.

We opened our ASB bank account from the UK and use it everyday day here, we both have a ASB Streamline account for our everyday stuff like wages going in and supermarket/elec/petrol etc going out - we also have a FastSaver account each that we transfer any 'leftover' money into at the end of the month.

We also use HiFx for transfer of monies from the UK - we have always found them very good and offering good rates.

Good luck with whatever you decide.
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