UK and NZ banks
 

Hi All

The one thing that makes me very nervous:unsure: is the thought of shifting our money from the UK to NZ. I thought it would be just a matter of pushing a button, but not so. Our bank has no direct links to any NZ banks. Are there any NZ banks that have direct links that make moving money easier? Is it possible to use internet banking to move money from a UK account to a NZ account? Or is it easier to use one of the many money moving brokers that advertise? and are they safe to use?

Cofused, so am i:confused:

Cheers

Re: UK and NZ banks
 

Hi Hothouse, check out customshouse and Sterling Exchange, both are brokers that shift the money for you but once you are setup you can do it all online with the push of a button (with Customs House at least). You get better exchange rates than you do with most banks and it's completely safe. I have had zero problems with them. Sterling Exchange I have only used once, they seem to be a bit more old fashioned and I had to fax them paperwork before I could proceed with transfers which didn't work for me but it's whatever suits you......check them out...

Re: UK and NZ banks
 

Personally I'm probably going to be using one of the currency brokers... one that comes to mind and that I've spoken to in the past is Currencies Direct (although there are many alternatives) as even in small sums they will provide normally much more competitive exchange rates than the bank.

I'm still going to be "working" (albeit remotely from NZ) in the UK and will therefore have clients paying £'s sterling in to a UK bank account so I anticipate moving money around fairly frequently and I think my bank makes enough money out of me as it is! :p

Re: UK and NZ banks
 

I set up an account with the ASB in london and changed all my wedge with them, simply deposited all my worldly with them, they converted it into kiwi$ (at a bit of a better rate than the money boys) and then they spirited it to an NZ account. When I got here I had earned a load in interest! Won't be so much now as rates have gone down. Be aware you will be caned for NZ tax at 39% (on your interest) until you get your NZ tax number. Don't think you can claw back the tax either.

Re: UK and NZ banks
 

Most NZ banks allow you to set up accounts before you arrive (NBNZ, Westpac, ASB). You cannot tranfer money overseas using internet banking, but it is not really a big deal transferring money overseas.

Your bank can do it for you, its not a "push of a button" rather a "fill out a form". It does not have to have direct links, you just fill out a form quoting your NZ bank account details. The NZ bank's website will tell you, or probably when you open your NZ account they will tell you how to go about sending money into your new account.

You can use somebody like HiFX as well, sometimes their fees and rates are better than those you get using your bank, esp if you transferring large amounts.

First step will be to contact the NZ bank and go about opening a NZ account, and taking it from there.

Its not a big deal really

Re: UK and NZ banks
 

newkiwi - by You cannot tranfer money overseas using internet banking, but it is not really a big deal transferring money overseas

Do you mean from the UK or when they get to NZ and want to transfer money over?

I can and do international transfers to my HSBC account from my ANZ account online at least quarterly. Easy peasy :)

Re: UK and NZ banks
 

Oh ok, i stand corrected then. I was not aware of being able to transfer money via online banking (i am with NBNZ and Westpac in Nz and was with Lloyds in the UK) When in the UK i went into the branch at Lloyds to do it and now I go into Westpac to transfer money back to the UK. I cannot do it online as far as I know.

I did set up a monthly automatic transfer with Moneycorp??? i think when I was in the UK so i didnt have to go into the bank every month, it happened automatically kind of like a direct debit only it went out of my Lloyds account into my Westpac account via Moneycorp each month.

So ANZ seems to make it a bit easier online, but still not really a big deal for me to do it via the branch..

Re: UK and NZ banks
 

You can if you file a tax return and your marginal raste is less than 39%.

Re: UK and NZ banks
 

If we are leaving the UK on the 16th February do you think we should have opened a bank account in NZ already? And is the best idea to bank with one with the most ATM's in the area we're going to be living?

Re: UK and NZ banks
 

It helps to open a bank account before you leave. ASB, Westpac, NBNZ all do it, just look on hteir websites under migrant banking, or moving to Nz, or something like that. ANZ might do it too. Any of those banks should have decent coverage re ATMs etc. You pay extra fees when withdrawing cash at another bank's ATM so beware of that.

Re: UK and NZ banks
 

hi there,
when we set up NZ bank Acc couple of years ago we signed a form and a 10% Non-resident withholding tax was applied to our interest.

The latest scare mongering about possibility of UK needing to print more money in near future, is really making us think of moving all our money over to NZ or a fair chunk of it, whilst sterling still has some value.
BUT- it would not be covered if NZ bank failed as we are non residents, also the exchange rate is so poor at mo,
also like many others, we can't sell our property!
What a moaning minnie!
But I feel for all those desperately hanging in there after redundancy, whilst my blood boils on hearing of yet more irresponsible behaviour by bankers, living it up on taxpayers money.

Sorry to go on- such a mess.
I'll get back in my cupboard and keep quiet.
jennie

Re: UK and NZ banks
 

yup ANZ do do it b4 hand, we basicly filled in something online and a few days later we had an account opened , very easy.. we tried with tsb b4 that and gave up waiting on a reply, we have found anz great , no probs so far, also we got our bank card the day we went in with id which was cool

Re: UK and NZ banks
 

Many thanks for all your replies. There is still plenty to think about with the pound still nose diving at the moment:(

Re: UK and NZ banks
 

Hi We used HiFX fees and rates much better then the banks you could also place it a sterling account:thumbup: hold till a much better rate comes along:thumbsup:
Lin

Re: UK and NZ banks
 

As an ex UK banker I drafted a long reply to this, but on reflection I would just like to briefly comment that yes, some bankers have been irresponsible, some (with 20/20 hindsight) showed poor judgement, and some have just been caught out by the systemic failure of global finance. I am weary of the bank bashing currently in the media.