UK and NZ banks
#1
UK and NZ banks
Hi All
The one thing that makes me very nervous 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
Cheers
The one thing that makes me very nervous 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
Cheers
#2
Forum Regular
Joined: Jun 2007
Posts: 142
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...
#3
Forum Regular
Joined: Jan 2009
Location: New Zealand
Posts: 280
Re: UK and NZ banks
Hi All
The one thing that makes me very nervous 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
Cheers
The one thing that makes me very nervous 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
Cheers
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!
#4
Re: UK and NZ banks
Hi All
The one thing that makes me very nervous 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
Cheers
The one thing that makes me very nervous 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
Cheers
#5
Re: UK and NZ banks
Hi All
The one thing that makes me very nervous 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
Cheers
The one thing that makes me very nervous 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
Cheers
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
#6
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
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
#7
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
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
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..
#9
Forum Regular
Joined: Jun 2008
Location: Southland
Posts: 146
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?
#10
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.
#11
Re: UK and NZ banks
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
Last edited by jennifer45; Jan 21st 2009 at 11:58 pm. Reason: ,cos I sounded sooooooo sorry for myself.
#12
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.
#13
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
#14
Account Closed
Joined: Jul 2007
Posts: 336
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
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
Lin
#15
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.