NZ Banks no longer accepting cheques

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Forums › Finance and wealth management › NZ Banks no longer accepting cheques

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Kyanar

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#2700618 2-May-2021 09:26

kingdragonfly: Again the US treasury is not Amazon or Etsy. Once I sent in my taxes, it's nearly impossible to change anything, including the method of payment.

They suspect everyone is a crook and a money launderer. Any sort of thing out of the ordinary, like depositing to Wise, may trigger a personal nuclear winter.

There's nothing out of the ordinary about it. It's an ACH deposit to an account in your name with either Community Federal Savings Bank or Evolve Bank and Trust. Not only is it perfectly normal, it's the IRS' preferred way to pay as they remind me on every letter.

You seem unusually determined to ensure you use the worst possible way to receive money.

freitasm

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#2700622 2-May-2021 09:37

@kingdragonfly:

tieke:As also mentioned, Transferwise/Wise is also an option: it's like other foreign currency debit cards that people take on holiday, in that after you transfer money to your Wise account and you can then put it into different currency "bins" (ie GBP, USD, AUD etc) while paying the appropriate conversion fee.

What is useful about Wise is that as well as getting a credit card that you can use to spend your funds, they have appropriate bank account numbers associated with each of the currencies, that you can then use for deposits. ie I can give my personal Wise US bank account number to Amazon and any funds they deposit into that account will appear in my US balance, which I can then transfer to my NZ balance or bank at my leisure.

Unless I'm mistaken, Transferwise/Wise can only be used for electronic transfers.

Also there's no mentioned of New Zealand in Wise's on-line help system.

From the Wise website

"Can I pay with cash, or by cheque?

No, please don’t ever send us cash or cheques, we can’t accept or process them.

We also can’t take payment over the phone."

@tieke was mentioning Wise in the context of replacing Amazon associates cheque payment to NZ with a direct credit option. It's not about Wise accepting cheques.

@tieke Wise and Payoneer are similar in that both have account numbers in multiple countries and will accept payments over bank transfers. I have been using Wise a bit more now because they transfer to NZ banks seem to be faster. Both offer cards for use as well.

If more discussion about payments from overseas is needed then a new thread would be useful, leaving this one for local banks accepting cheques.

freitasm

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#2700625 2-May-2021 09:42

@Kyanar:

@kingdragonfly: Again the US treasury is not Amazon or Etsy. Once I sent in my taxes, it's nearly impossible to change anything, including the method of payment.

They suspect everyone is a crook and a money launderer. Any sort of thing out of the ordinary, like depositing to Wise, may trigger a personal nuclear winter.

There's nothing out of the ordinary about it. It's an ACH deposit to an account in your name with either Community Federal Savings Bank or Evolve Bank and Trust. Not only is it perfectly normal, it's the IRS' preferred way to pay as they remind me on every letter.

You seem unusually determined to ensure you use the worst possible way to receive money.

Not only that, Wise will go through the AML checklist, require identity proof, address, etc. You get a perfectly clean usable bank account number in multiple countries. You can then use a debit card linked to that account or transfer to a New Zealand bank - usually in hours during business days.

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