Sterling accounts

This isn't a new topic really just one that I want to bring to the fore again as I think it was on the old forum. The exchange rate isn't too good at the moment for the English pound (and I should think the US dollar too) so if you don't need access to all your money the minute you get off the plane open yourself up a sterling or US dollar account and let it sit there until the exchange rate gets better. You can take it out bit at a time if you need to or leave it in there gaining interest until you need the lot. We've got one with the Westpac and its working well for us. Just wish the NZ$ wasn't quite as strong as it is.

You can get better interest on your sterling off-shore in the CI's or IoM! You can then have a sterling account facility at the bank to handle the transfer of funds prior to buying Kiwi Dollars.....can mean an eaxtra 2% interest!!!!!!

Karl :nice1

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You can get better interest on your sterling off-shore in the CI's or IoM!

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Karl, how do you go about this??? ;)

Hi Dinnaefash,

Jush open an off-shore sterling account with one of the banks or building societies in the Channel Islands, I recommend the Portman Channel Islands based in Alderney, International Reserve Account.

Get an application form, fill it in, send in your passport and Other forms of ID requested.

Account is then opened in your name/s.

Due to new anti-fraud laws you will need to nominate an account to which any withdrawls will be sent so open up a NZ bank account then apply to open a sterling account facility at this bank to recieve your money in sterling. I know this may sound a bit Jack and Jill but it is vitally important that you have the sterling account facility in NZ before you make any withdrawls otherwise if you transfer to the wrong account you will only get a spot price for your sterling against the Kiwi dollar.

I also recommend you link a Superbank Account to your Kiwi Dollar account as this will pay about 6.15% currently on ANY balance but it must be linked to a NZ nominee account, ie your current account. You can then transfer funds form this account via the internet only to your current account when needed and you gain and extra 1.5% to 2.00% interest against other banks rates without having to have a high balance or notice to get the best interest rates on the market!!!

Footnote

WRT Mortgages I recommend fixed rate 12, 18 or 24 month rates as opposed to floating rates. Word on the street is that interest rates will drop in about 18 months time and the banks are hedging there bets so take advantage while you can. Current floating rate is 8.25% and could go higher!!

Great info Karl, thanks.

I note that on the 10th Sept the rate increased to 6.35%. :clap :clap