Geekzone: technology news, blogs, forums
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.

4352 posts

Uber Geek

Lifetime subscriber

# 11257 11-Jan-2007 23:32
Send private message

hopefully someone can help me on this!

I work for someone who has a NZ business and is setting up agents/franchises in Australia.
The agents basically sell the companies products and then pay on invoice. The product itself is manufactured in europe and then sent to NZ where its forwarded to australia.

The company want to know the easiest way to manage payments and invoices in a situation like this. They were thinking of opening a Foreign Currency Account, as this supposedly allows easier deposits and withdrawals where foreign currency bills are involved. They would also be wanting paying their supplier in Europe out of this FCA account to avoid having to pay exchange rate twice.

Does anyone know how this works? Is this the best way to do it?  Or would they have to set up an a/c in australia and register for GST and income tax and etc.
The agents would not be paying any Australian GST content on the NZ companies invoices.

Any ideas or suggestions?


Create new topic
BDFL - Memuneh
64444 posts

Uber Geek

Lifetime subscriber

# 57689 12-Jan-2007 05:39
Send private message

Thsi si the kind of topic where you should get help from an accountant or a company that specialises in foreign investments. Anything you read on an on-line forum on these matters can be just pointing in the wrong directions and cause great losses if wrong.

4352 posts

Uber Geek

Lifetime subscriber

  # 57694 12-Jan-2007 07:43
Send private message

yeah i just though id try, as youd never know who might know something, tried the banks and they all were unhelpful, even our own bank told us to look online Surprised


3539 posts

Uber Geek


  # 57710 12-Jan-2007 12:50
Send private message

Any ideas or suggestions?

Hi Ross,

Are you related to the Colebrookes in Whangarei by any chance?

I am related to them...

Anyway, in our business we have used Offshore FCAs for several years, and have also dealt with the issues of collecting payments from Australian customers.

Your idea of setting up an Australian FCA is a good one because it will avoid transferring those funds back to NZ$.  Also, your Australian customers can pay directly into that account via any branch of the Australian bank concerned.  For example, we use ASB and they are owned by CBA, so Australian customers can make deposits at any branch of the CBA.

Secondly, on the issue of GST:

When you export goods directly overseas, you don't add any NZ GST.  However, the recipient will have to pay GST to Australian Customs when they uplift the goods, so the net effect is the same.

Thirdly, on the issue of paying suppliers in Euros:

You will need to sell AU$ and buy Euros out of your FCA.  Hopefully this will work out better than bringing the funds back to NZ and then buying Euros.

I hope that helps.


397 posts

Ultimate Geek


# 57713 12-Jan-2007 13:03
Send private message

You could also use a 3rd party to make your forex payments... I recommend Elldridge Lynch  as I used them extensively when I was in the UK and back here when transferring money back from UK.  You pay into a local bank account (in Oz for example) and they will pay your beneficiary in the country you specify...

Create new topic

Twitter and LinkedIn »

Follow us to receive Twitter updates when new discussions are posted in our forums:

Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:

Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:

News »

Streaming service Acorn TV launches in New Zealand with selection with British shows
Posted 18-Sep-2019 08:55 announces partnership with smartphone manufacturer HTC
Posted 16-Sep-2019 21:30

Finalists Announced for Microsoft NZ Partner Awards
Posted 16-Sep-2019 19:37

OPPO Showcases New CameraX Capabilities at Google Developer Days China 2019
Posted 15-Sep-2019 12:42

New Zealand PC Market returns to growth
Posted 15-Sep-2019 12:24

Home sensor charity director speaks about the preventable death which drives her to push for healthy homes
Posted 11-Sep-2019 08:46

Te ao Maori Minecraft world set to inspire Kiwi students
Posted 11-Sep-2019 08:43

Research reveals The Power of Games in New Zealand
Posted 11-Sep-2019 08:40

Ring Door View Cam now available in New Zealand
Posted 11-Sep-2019 08:38

Vodafone NZ to create X Squad
Posted 10-Sep-2019 10:25

Huawei nova 5T to be available 20th September
Posted 5-Sep-2019 11:55 launches prepay challenger brand Kogan Mobile in New Zealand
Posted 3-Sep-2019 11:42

Pagan Online available now
Posted 27-Aug-2019 20:22

Starship hopes new app will help combat antibiotic resistance challenges
Posted 27-Aug-2019 19:43

Intel expands 10th Gen Intel Core Mobile processor family
Posted 23-Aug-2019 10:22

Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.

Support Geekzone »

Our community of supporters help make Geekzone possible. Click the button below to join them.

Support Geezone on PressPatron

Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.