spideyo

Hi there guys was wondering if anyone could help moving back to the UK soon and wanting to transfer dollars to sterling however want to hold the sterling in an international account although been having trouble getting an account as they said as your moving back to the UK you don't meet the criteria. Really what I would like to do is use one of the transfer currency platforms and was wondering if they can hold it for long as been struggling to get the info.

LittleGreyCat

If you have Internet banking in NZ, can you not leave your money in NZ then use a money transfer service when you have a UK account set up?

Pollyana

He's posted in the Aussie forum as well, and I gave exactly the same advice on that thread. Seems the easiest way.

BEVS

I am assuming you wish to take advantage of the very favourable exchange rate right now in case it spikes the other way.

I'm not sure who has stated you do not meet the criteria for an international account. Was that your own NZ bank? Were you looking at a foreign currency a/c with your own bank here in NZ & they have said no.

If what you are wishing to do is to make the exchange from NZD to GBP then of course you can use an NZ forex. What you seem to be describing is a 'buy and hold' position. I'm not sure that Mr Joe Public can use a forex company for this .

What you could do is to set up an off-shore bank account and then set that account up as your designated account with the forex company. You would then set and make the exchange at the favourable rate & once you had transferred your funds to the forex , they would then transfer onward to the off-shore account.

You do need to state the origin of the funds ( as in house sale) .

Is this what you are after? If not come back .

spideyo

yeah bevs that the sort of thing am after cheers

BEVS

Must be agony seeing that exchange rate and not being able to access that. I remember that feeling

Assuming now that you don't have a UK bank account in situ otherwise you could forex direct into that .

Most offshore bank accounts require that the account be opened via post. There are a couple of exceptions. Barclays will allow you to open online but it may be that you will need to scan ID and then still post that. All of this is about money laundering which may be why whoever told you that you were not eligible for an international foreign currency a/c.

Opening the account by post is a bit of a faff and obviously can take a good week or more. These accounts often come with added security as you would expect.

Have a look here to get you started.

Once you have the account opened it is ready for your sparkly new pound notes & the forex company would transfer there for you once you have let them know that is the preferred destination. You do have to be a bit careful to get all the a/c numbers and letter exactly right.

Once you have a UK a/c , if you don't already, you will nominate that on your off shore account as a designated account for your UK account.

Saying this , cover all options and perhaps ask NZforex for instance ,or whichever one you prefer, if they can hold forex'd funds for any length of time or if it must be immediate onward transfer.

janiejones

Your NZ bank should be able to open a Sterling account for you. You can transfer into that now, (although their rates aren't as good as the forex companies) and then SWIFT transfer a lump sum into a UK account when you open it.

BEVS

Yup. That's why I asked if it was his NZ bank that said no.

He mentioned that he was told he wasn't eligible for an international foreign currency account because he was permanently leaving NZ.



However the Op will know who it was told him no.

spideyo

they said you can not open a hsbc international account and she explained it was to do with jurisdiction and cross border agreements with new zealand, yes and bevs its very frustrating with the exchange rate the way it is, might just wait until we get to England an open an account as reckon the pound will stay down for a while