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JLHH

7 posts

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#197956 20-Jun-2016 05:54
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Hi,

 

Can anybody advise most recommended bank and type of account to be opened before arriving to new Zealand.

 

 

 

Thanks


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eracode
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  #1576840 20-Jun-2016 06:54
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Not sure if you have researched this but I think you will find that although you can open an account and credit funds to the account from overseas, the banks will require you to be physically present in NZ to be able to activate an account and debit or transfer funds from it. You could look here:

 

https://www.bnz.co.nz/personal-banking/international/moving-to-new-zealand/apply-for-account-from-overseas?execution=e2s1

 

 With regard to your query about the 'best type of account', that is a very broad question and an answer depends entirely on your circumstances and I doubt that anyone on this forum will be able to answer that question without knowing a lot about your circumstances, goals and objectives and so on.

 

 





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Linuxluver
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  #1576859 20-Jun-2016 08:10
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I don't know where you are from, but your ATM card for your current bank should work fine here. There may be a daily maximum for such transactions, but unless you are spending a lot of money every day you should be ok, especially if you have a credit card to back you up. It's wise to have two copies of any ATM card on an account, in case one fails or is lost or the ATM malfunctions for any reason. Rare...but it happens and when it does you really wish you had a second card. Normally, you would notify your bank in advance that you will be 'travelling' (and where) so they do not see your withdrawals as potential fraud. 

 

Yes, you would pay fees and commissions on any withdrawals, but if you withdraw a cash amount close to your daily maximum, this should minimise the amount of any fees as a proportion of any transaction. For example, Kiwibank here in NZ will charge $6 per transaction, plus 1.4% (last time I checked). So the more cash you take at once reduces the impact of the $6 per transaction...and the 1.4% is about $14 per $1,000....which is fiarly reasonable as such fees go. I don't know what your bank charges. 

 

In this way you can transfer many thousands of dollars, in cash, to NZ over a period of days and later maybe do a bank transfer into your local NZ bank account once it is open. 

 

You can also arrive with up to NZ$9999 in cash without having to declare it. Be aware of any relevant exchange rates if you bring in foreign cash.  

 

You may also have to have proof of residency. Anti money laundering and local tax laws laws generally prevent tourists from opening bank accounts. If the funds earn interest they want their tax on the income....and a tourist isn't supposed to earn money locally...It's illegal.  





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lxsw20
2490 posts

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  #1576868 20-Jun-2016 08:37
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^ A lot of assumptions going on there. Who says they are coming as a tourist? They might be eligible for NZ residency, or a 2 year working visa. Pretty hard to get paid without a local bank account.

 

 

 

http://www.anz.co.nz/personal/migrants-travel-foreign-exchange/microsite/en/move-to-nz/

 

 

 

ANZ say it can be done from overseas in that link. Hopefully you should be able to find what you need on their site.

 

Hopefully it's not like the UK, where it is a real PITA to open a bank account when new to the country. 


cshwone
476 posts

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  #1576893 20-Jun-2016 09:28
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All the big banks offer the capability. I found Westpac very helpful when I moved here 11 years ago. Link below.

 

http://www.westpac.co.nz/fx-travel-migrant/banking-in-new-zealand/setting-up-a-bank-account-from-overseas/


michaelmurfy
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  #1576906 20-Jun-2016 09:49
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With ANZ you can open an account over the phone, or on the website (https://anz.co.nz) however before you can get Internet Banking access, or the ability to transact from the account you'll need to visit a branch with:

 

- 2 forms of non-photo ID or 1 form of photo ID
- Proof of address.

 

From here, a branch can issue you with an EFTPOS card or Visa Debit card and you're away. You can receive money into the account as normal however can't do anything with the money until you're ID'd. This is to adhere to the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. I'd say other banks can do the same so you have an account you can receive money into however again, you won't be able to transact without visiting a branch.





meesham
972 posts

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  #1576910 20-Jun-2016 09:57
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The Commonwealth Bank had a presence in London which allowed me to open an ASB account before I got here, but as mentioned by another person before the account was activated I had to show up in person to a branch and provide ID (I also did this in person in London).


Geektastic
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  #1576913 20-Jun-2016 10:00
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Depends where you are, but if you have HSBC, you can open the accounts from a local branch where you are now.






 
 
 
 


JLHH

7 posts

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  #1577483 21-Jun-2016 05:58
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Linuxluver:

 

I don't know where you are from, but your ATM card for your current bank should work fine here. There may be a daily maximum for such transactions, but unless you are spending a lot of money every day you should be ok, especially if you have a credit card to back you up. It's wise to have two copies of any ATM card on an account, in case one fails or is lost or the ATM malfunctions for any reason. Rare...but it happens and when it does you really wish you had a second card. Normally, you would notify your bank in advance that you will be 'travelling' (and where) so they do not see your withdrawals as potential fraud. 

 

Yes, you would pay fees and commissions on any withdrawals, but if you withdraw a cash amount close to your daily maximum, this should minimise the amount of any fees as a proportion of any transaction. For example, Kiwibank here in NZ will charge $6 per transaction, plus 1.4% (last time I checked). So the more cash you take at once reduces the impact of the $6 per transaction...and the 1.4% is about $14 per $1,000....which is fiarly reasonable as such fees go. I don't know what your bank charges. 

 

In this way you can transfer many thousands of dollars, in cash, to NZ over a period of days and later maybe do a bank transfer into your local NZ bank account once it is open. 

 

You can also arrive with up to NZ$9999 in cash without having to declare it. Be aware of any relevant exchange rates if you bring in foreign cash.  

 

You may also have to have proof of residency. Anti money laundering and local tax laws laws generally prevent tourists from opening bank accounts. If the funds earn interest they want their tax on the income....and a tourist isn't supposed to earn money locally...It's illegal.  

 


JLHH

7 posts

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  #1577484 21-Jun-2016 06:03
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eracode:

 

Not sure if you have researched this but I think you will find that although you can open an account and credit funds to the account from overseas, the banks will require you to be physically present in NZ to be able to activate an account and debit or transfer funds from it. You could look here:

 

https://www.bnz.co.nz/personal-banking/international/moving-to-new-zealand/apply-for-account-from-overseas?execution=e2s1

 

 With regard to your query about the 'best type of account', that is a very broad question and an answer depends entirely on your circumstances and I doubt that anyone on this forum will be able to answer that question without knowing a lot about your circumstances, goals and objectives and so on.

 

 

 

 

Thanks.

 

I have been going through many bank websites and wanted to know others experience.

 

By the way I am going to move to settle there under resident visa.

 

 

 

Regards

 

J


JLHH

7 posts

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  #1577485 21-Jun-2016 06:04
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eracode:

 

Not sure if you have researched this but I think you will find that although you can open an account and credit funds to the account from overseas, the banks will require you to be physically present in NZ to be able to activate an account and debit or transfer funds from it. You could look here:

 

https://www.bnz.co.nz/personal-banking/international/moving-to-new-zealand/apply-for-account-from-overseas?execution=e2s1

 

 With regard to your query about the 'best type of account', that is a very broad question and an answer depends entirely on your circumstances and I doubt that anyone on this forum will be able to answer that question without knowing a lot about your circumstances, goals and objectives and so on.

 

 

 

 

Thanks.

 

 

 

I have been going through many bank websites and wanted to know others experience.

 

 

 

By the way I am going to move to settle there under resident visa.

 

 

 

Regards

 

 

 

J


JLHH

7 posts

Wannabe Geek


  #1577486 21-Jun-2016 06:05
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Geektastic:

 

Depends where you are, but if you have HSBC, you can open the accounts from a local branch where you are now.

 

 

 

 

Thanks.

 

 

 

I have been going through many bank websites and wanted to know others experience. Definitely will check with local HSBC as well.

 

 

 

By the way I am going to move to settle there under resident visa.

 

 

 

 

 

 

 

Regards

 

 

 

J


JLHH

7 posts

Wannabe Geek


  #1577487 21-Jun-2016 06:06
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Thanks.

 

 

 

I have been going through many bank websites and wanted to know others experience.

 

 

 

By the way I am going to move to settle there under resident visa.

 

 

 

 

 

 

 

Regards

 

 

 

J


JLHH

7 posts

Wannabe Geek


  #1577488 21-Jun-2016 06:06
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Thanks.

 

 

 

I have been going through many bank websites and wanted to know others experience.

 

 

 

By the way I am going to move to settle there under resident visa.

 

 

 

 

 

 

 

Regards

 

 

 

J


tdgeek
21525 posts

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  #1577506 21-Jun-2016 07:47
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OP is in UAE


JayADee
1773 posts

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  #1578065 22-Jun-2016 07:26
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tdgeek:

OP is in UAE



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