Opening a migrant bank account from abroad

[kiwidream]

Hi,

I know part of this has been covered in other threads but we are keen to move to NZ in the near future (0-2 years) and wanted to start looking into transferring money across. Seeing as the powers that be in the UK are so keen to trash the pound and savings for the foreseeable future so they can inflate their way out of their self-perpetuating debt bubble (sorry, rant over ), then we would like to transfer our money ASAP.

I have been looking at some Aus/NZ banking sites such as Westpac, ANZ and BNZ. It looks like some of them allow migrants to open bank accounts before moving. However, they never seem to require any signature and it makes me a little nervous transferring money over after just filling in a simple form. Has anyone else had any experience with this? Are they legitimate/secure - just want to make sure we don't fall into some scam!

Thanks

[M-Squared]

It's not a scam, you are welcome to transfer money over before you come, but if you decide not to come, then you have to be in NZ to get it back again. Someone else described this as overly bureaucratic, but it's just for security purposes.

If you're concerned about the exchange rate, you can always open an NZ$ account in the UK and buy NZ$ there to hedge your bets. Clydesdale Bank and Yorkshire Bank might be good ones to ask about this - they belong to the same banking group as BNZ.

[bananamuffin]

We opened an account with ANZ before we came over, and transferred money into it while still in the US. What we were told was that we could put the money in but the account would not get activated till we got here and went into the branch and presented our identifying documents etc. So, like M-Squared said, you can't withdraw the money or use it until you're actually physically in NZ to activate the account and prove your identity. It's a safeguard that allows you to have an account here ready for you when you arrive.

[Shones]

It's not a scam, you are welcome to transfer money over before you come, but if you decide not to come, then you have to be in NZ to get it back again. Someone else described this as overly bureaucratic, but it's just for security purposes..

I'm in the process of opening our account with ANZ - they have a very helpful migrant desk. We were concerned about not being able to get our money out if for any reason we didn't get our visa. We have been told that if you identify yourself in your own country (here in Mexico with a notary public) signing the account form ANZ send and sending copies of current passports, you can get the money out and sent anywhere to a new bank account should you need it - you do not need to physically visit New Zealand. You cannot get the money out until these documents have been received (preventing Money Laundering?) but once they've received them you can control your bank account online.
Hope that helps...

[Ana&Steve]

We have ASB and we're happy with them. Our savings acct was opened from the States and it was easy. We've since gone to NZ to to the face to face stuff, which largely consists of ATM/EFTPOS cards and opening a checking acct.
When we have some extra savings scraped up, we send it over though our bank in the US. There are cheaper ways to transfer money, like using HiFX and XE, but they usually deal with amounts over $5000us.

[Millieandme]

There are cheaper ways to transfer money, like using HiFX and XE, but they usually deal with amounts over $5000us.

I have been using CurrencyOnline which is part of HiFx and there is no minimum amounts for a transfer. The exchange rates were much better than my bank was offering so the savings usually covers the transfer fees. (they are

[Buffy123]

I opened a bank account with BNZ before I came and regularly transfered money into this from my Dubai bank.

BNZ sent a letter everytime, detailing the transfer amount and the balance.

I arranged an appointment with the bank while abroad and the day after I arrived, saw the account manager and signed for my credit, debit cards and other accounts. All my cards where available in around 3 days.

Rebecca

[Grasshopper]

Hi....

We used ASB Migrant Banking in London...

Check them out here:

https://www.asb.co.nz/personal/banki...ealand/from-uk

They are very helpful and the process is straight forward

[Mickfin]

Hi,

It looks like some of them allow migrants to open bank accounts before moving. However, they never seem to require any signature and it makes me a little nervous transferring money over after just filling in a simple form.
Thanks

We opened an account with Westpac and we did it online and via email with them. Once we submitted our paperwork online the bank faxed us papers to sign and return. We also receive monthly statements from them.

I think you are fine as long as you go to a reputable bank that others have heard of.

[rogercruse]

We opened an account with Westpac and we did it online and via email with them. Once we submitted our paperwork online the bank faxed us papers to sign and return. We also receive monthly statements from them.

I think you are fine as long as you go to a reputable bank that others have heard of.

Ditto. Only difference being that we opted for KIWIBANK transferring funds via Halo Financials. Next Friday next I'm going activate the account by presenting myself in their Queen Street branch to arrange ATM cards, etc.