UK and NZ banks

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Jan 29th 2009, 3:06 am

#16

luvwelly

BE Forum Addict

Joined: Jul 2007

Posts: 2,285

Re: UK and NZ banks

Quote:

Originally Posted by jennifer45

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,
jennie

Never putting all your eggs in one basket is sound financial advice at any time but in uncertain times like these even sounder i.m.h.o....spread your assets. If it all really did go pearshaped, I'd rather have the UK Government behind me than the NZ one. With a population of 4 million to tax, the NZ Government is hardly cash rich and the investor protection has only just been introduced.

Jan 29th 2009, 8:26 am

#17

Hothouse

Forum Regular

Thread Starter

Joined: Jan 2009

Posts: 31

Re: UK and NZ banks

Thanks for the info. I am contacting HiFX on friday to get some more information. As for the NZ banks, what amounts of money are secured by the NZ government? I wouldn't have thought it is as great as the UK

Mnay thanks

Jan 29th 2009, 11:17 am

#18

Kiwiprincess

Sleazy Dippin Doodle

Joined: May 2007

Location: wellington

Posts: 1,363

Kiwiprincess has a reputation beyond repute

Re: UK and NZ banks

I think from reading up it is$1,000,000 for deposits - call, bond, term. This is assuming your bank has opted into the government's deposit guarantee scheme and AFAIK all the banks have opted in. I will check the exact amount though if I can get my annoying internet connection to work!

Info sheet here

There are quite a few terms and conditions so I would suggest reading it. Perhaps have some caffeine before you try it!