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  Reply # 694362 1-Oct-2012 16:53 Send private message

ajobbins:
Actually, it isn't easier. I bank with ASB in NZ and CBA in AU. If you want to send money between the two it's a SWIFT payment like every other bank. It's no faster and frankly the rates are terrible.

I get a MUCH better rate from a third party company. (Last time I transfered a few thousand, the difference was over $100 between using a 3rd party or using the banks direct)


Was that through Forex?  CommBank have cut the fees to $0 for transfers over there, but there's still a $20 transfer fee at this end.  Still alright though.  At least I'll have matching yellow cards.  None of the disgusting ANZ blue!




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  Reply # 694462 1-Oct-2012 19:56 Send private message

vinnieg:
ajobbins:
Actually, it isn't easier. I bank with ASB in NZ and CBA in AU. If you want to send money between the two it's a SWIFT payment like every other bank. It's no faster and frankly the rates are terrible.

I get a MUCH better rate from a third party company. (Last time I transferred a few thousand, the difference was over $100 between using a 3rd party or using the banks direct)


Was that through Forex?  CommBank have cut the fees to $0 for transfers over there, but there's still a $20 transfer fee at this end.  Still alright though.  At least I'll have matching yellow cards.  None of the disgusting ANZ blue!


Through currencyonline.com It wasn't so much the fees, but the actual exchange rate was worse. Currency Online charge me NZ$8 or AU$12, and offer a better rate. Essentially with the banks doing it via SWIFT, the more you transfer the more your lose.




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  Reply # 694464 1-Oct-2012 20:05 Send private message

Here are quotes from Commbank and Currency Online, taken at the same time.

Commbank:
(Note they still seem to want to charge a $22 fee. Not sure where your $0 fee comes from?)


Currency Online:



Ignoring fees, on AU$5000 you are NZ$215.94 better off by using Currency Online than Commbank - Even more if you take into account the lower fees of CO.




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  Reply # 694816 2-Oct-2012 13:16 Send private message

Seems like I might be one of the few customers who thinks this will be a non-event (or maybe i've been sucked in).  I remember when ANZ first bought National, I was unimpressed and do think their service suffered for a few years, but they have improved substantially in the last few years.  Whilst I have always liked the horse logo, its just a brand and if the people and systems aren't changing. I have investigated BNZ and Kiwibank in the past looking for a better deal on my mortgage but neither seemed to care enough to get my business.

When it comes down to it they are keeping the cash-back visa and all other banking products which I use, and keeping nationals online banking system which I like, so hopefully it there won't be any issues. I can't complain about fees since the only money they make from me is my mortgage interest and I'd be paying that to someone anyway.  I think I'm going to take advantage of the interest rates they are offering to bribe people to stay though!

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  Reply # 694821 2-Oct-2012 13:26 Send private message

berry: Seems like I might be one of the few customers who thinks this will be a non-event (or maybe i've been sucked in).? I remember when ANZ first bought National, I was unimpressed and do think their service suffered for a few years, but they have improved substantially in the last few years.? Whilst I have always liked the horse logo, its just a brand and if the people and systems aren't changing. I have investigated BNZ and Kiwibank in the past looking for a better deal on my mortgage but neither seemed to care enough to get my business.

When it comes down to it they are keeping the cash-back visa and all other banking products which I use, and keeping nationals online banking system which I like, so hopefully it there won't be any issues. I can't complain about fees since the only money they make from me is my mortgage interest and I'd be paying that to someone anyway.? I think I'm going to take advantage of the interest rates they are offering to bribe people to stay though!


Branding and perception though are very important when it comes to banks. The National banks branding was high class and exclusive. ANZ;s branding is a bit cheap and tacky, and the design is quite dated I think. The NBs design was timeless.



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  Reply # 694826 2-Oct-2012 13:31 Send private message

mattwnz:
berry: Seems like I might be one of the few customers who thinks this will be a non-event (or maybe i've been sucked in).? I remember when ANZ first bought National, I was unimpressed and do think their service suffered for a few years, but they have improved substantially in the last few years.? Whilst I have always liked the horse logo, its just a brand and if the people and systems aren't changing. I have investigated BNZ and Kiwibank in the past looking for a better deal on my mortgage but neither seemed to care enough to get my business.

When it comes down to it they are keeping the cash-back visa and all other banking products which I use, and keeping nationals online banking system which I like, so hopefully it there won't be any issues. I can't complain about fees since the only money they make from me is my mortgage interest and I'd be paying that to someone anyway.? I think I'm going to take advantage of the interest rates they are offering to bribe people to stay though!


Branding and perception though are very important when it comes to banks. The National banks branding was high class and exclusive. ANZ;s branding is a bit cheap and tacky, and the design is quite dated I think. The NBs design was timeless.




Which is funny, as the ANZ branding has just changed to the current from the Squarish looking ANZ logo....while NBNZ's branding has been pretty static for a number of years.







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  Reply # 694830 2-Oct-2012 13:38 Send private message

davidcole: Which is funny, as the ANZ branding has just changed to the current from the Squarish looking ANZ logo....while NBNZ's branding has been pretty static for a number of years.





The NB branding though is timeless and simple. The ANZs refreshed branding looked dated when it was released, and I don't really understand it. Although it looks less dated than it's previous branding, where the font which looked very 70's. If you want to see how a branding refresh works, look at the BNZs.

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  Reply # 694831 2-Oct-2012 13:39 Send private message

berry: Seems like I might be one of the few customers who thinks this will be a non-event (or maybe i've been sucked in)... etc


Putting aside those who just hate Australia, or choose their bank on the basis of the colour of the bank's logo or some other strange irrational, and so can be expected to be of the type that will always have problems, I don't understand why people apparantly get such differing experiences from the same bank.

We have had accounts with ANZ for decades since a being a pennyless student at school and university, nearly penniless days when first married and later better days from time to time, and have always been treated really well by ANZ. Incudes mortgages, flexible facilities, international payments and receipts (including work related when commuting to work in a number of countries when they have been very helpful), various accounts, etc. and never had any cause to complain or consider ourselves worse off than if using any other bank.

Not pushing ANZ as I have no reason to think that we would not be treated as well at any of the other international banks. I really do wonder what the problem is with others - maybe them, not the bank? Exaggerated sense of entitlement, maybe?

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  Reply # 694837 2-Oct-2012 13:54 Send private message

John2010: Exaggerated sense of entitlement, maybe?


Or just an extreme dislike and distrust of Aussie Bankers :)





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  Reply # 694905 2-Oct-2012 15:24 Send private message

jim.cox:
John2010: Exaggerated sense of entitlement, maybe?


Or just an extreme dislike and distrust of Aussie Bankers :)


As they seem to have among the most stable banks in the world at the moment, that reason would seem to me to be a particulary foolish and irrational one. Oh yes, just remembered, rational economical and financial thinking is beyond the average "kiwi" - can't fly, eats worms, etc  Wink.

Must rush off now to stop some mining, fix my wind generator, and promote the "green" economy (whatever that is?) Tongue Out.

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  Reply # 694909 2-Oct-2012 15:34 Send private message

jim.cox:
John2010: Exaggerated sense of entitlement, maybe?


Or just an extreme dislike and distrust of Aussie Bankers :)






Why? Had it not been for the Aussie banks saving NZ during the GFC by continuing to loan us money while nobody else would we could have suffered quite significantly as a country.

IMHO NZ should be grateful we have Aussie investment in our banks.

 

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  Reply # 694927 2-Oct-2012 16:04 Send private message

John2010: or choose their bank on the basis of the colour of the bank's logo or some other strange irrational, and so can be expected to be of the type that will always have problems?


But what really differentiates one bank from another, apart from their branding and corporate image?

These days with online banking, branding is probably the most important thing that differentiates banks. No one really looks at the financial of a bank and their credit rating etc, as they don't really mean too much to your average person, and one bank is largely the same as the other without branding to your average person. The is sort of proven by ANZ and NB. They have been the same bank for years, just mainly different branding. Strong secure looking branding is also what was used to get thousands of mum and dad investors investing in finance companies, and we know hat happened there.
The difference 30 years ago between banks, was which had the biggest and flashest head offices, but that has changed somewhat now.

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  Reply # 694928 2-Oct-2012 16:05 Send private message

sbiddle:
jim.cox:
John2010: Exaggerated sense of entitlement, maybe?


Or just an extreme dislike and distrust of Aussie Bankers :)






Why? Had it not been for the Aussie banks saving NZ during the GFC by continuing to loan us money while nobody?else would we could have suffered quite significantly as a country.

IMHO NZ should be grateful we have Aussie investment in our banks.

?


There was a lot more to it than that though, and that actually may not have helped the NZ economy long term due to our high debt levels. If we hadn't had that cheap credit, our houses would probably be a lot cheaper to buy than they currently are, as house prices have been fueled by cheap and easy credit.

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  Reply # 694988 2-Oct-2012 17:10 Send private message

mattwnz:
John2010: or choose their bank on the basis of the colour of the bank's logo or some other strange irrational, and so can be expected to be of the type that will always have problems?


But what really differentiates one bank from another, apart from their branding and corporate image?

These days with online banking, branding is probably the most important thing that differentiates banks. No one really looks at the financial of a bank and their credit rating etc, as they don't really mean too much to your average person, and one bank is largely the same as the other without branding to your average person. The is sort of proven by ANZ and NB. They have been the same bank for years, just mainly different branding. Strong secure looking branding is also what was used to get thousands of mum and dad investors investing in finance companies, and we know hat happened there.
The difference 30 years ago between banks, was which had the biggest and flashest head offices, but that has changed somewhat now.


That is what I said in far fewer words when I said in my post  "Not pushing ANZ as I have no reason to think that we would not be treated as well at any of the other international banks."

But brand and corporate image does not account for the poisonous, or close to poisonous, dislike some seem to have of some banks, unless one assumes foolishness and irrationality (also assuming, as I would contend, that choosing banks on the basis of emotion is also irrational).

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  Reply # 695051 2-Oct-2012 18:41 Send private message

sbiddle:
jim.cox:
John2010: Exaggerated sense of entitlement, maybe?


Or just an extreme dislike and distrust of Aussie Bankers :)






Why? Had it not been for the Aussie banks saving NZ during the GFC by continuing to loan us money while nobody else would we could have suffered quite significantly as a country.

IMHO NZ should be grateful we have Aussie investment in our banks.

 


Saving NZ? That's a bit rich. The NZ government guaranteed the retail deposits held in the NZ branches of the Australian banks, allowing them to attract more domestic funding. At the same time the Reserve Bank enabled the NZ branches of Australian banks access to on demand funding through widening the meaning of what it accepted as collateral for lending.

And the NZ economy was not as bad as many at the time, so the NZ branches did OK at raising funds overseas. Then banks then need to lend money to make profit. As it was they retrenched quite a bit in terms of their lending here, but where else where they going to lend money during the GFC?

It was good that the Australian owned parents of NZ banks didn't overcommit to dodgy instruments like some banks in other parts of the world did, that helped us.

And having NZ banks whose parents in Australia are ultimately backed by the Australian government is good for us and our banks, let's not kid ourselves - whatever the Australian banks do they do it because it's good for their bottom line.

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