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Thread: How do I bring Money to NZ?

  1. #1
    Join Date
    Nov 2008
    Posts
    52

    Default How do I bring Money to NZ?

    Hi, we will be travelling with about US$20000 to NZ. Can we just take on us in our clothes or do we have to inform that amount on arrival? are there any taxes involved??

  2. #2
    Join Date
    Feb 2008
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    36,525

  3. #3
    Join Date
    Sep 2007
    Location
    Wellington
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    389

    Default

    I am trying to figure it out too..

    http://www.enz.org/forum/showthread.php?t=24507

  4. #4
    Join Date
    Nov 2008
    Posts
    52

    Default

    Ok, so from what i understand, I can just bring in the cash I need and declare it?

  5. #5
    Join Date
    Jul 2007
    Location
    44N to 43S; Oregon to ChCh
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    1,698

    Default

    Is there no way for you to transfer the money electronically to a NZ bank account?

  6. #6
    Join Date
    Nov 2008
    Posts
    52

    Default

    transfer the money? I dont have a bank account in NZ. I will open one the first day i arrive. I will have to risk it.

  7. #7
    Join Date
    Feb 2008
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    36,525

    Default

    You would probably be able to open an account remotely before you arrive. But if you don't want to, the safest way to carry cash on yourself is a money-belt under your clothes. For our trip, I wasn't carrying as large a sum as you, but I had the main sum zipped into the belt around my waist under my shirt, and only carried a small amount I might need for the actual journey in my wallet.

  8. #8
    Join Date
    Jul 2007
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    44N to 43S; Oregon to ChCh
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    You should be able to open a NZ bank account online. Contact the migrant banking section of any bank you are interested in for details. Even if they ask for an IRD number and you don't have one you can do it, you will just be taxed higher on the interest your money gains (not on your money). Once you arrive they will need to see your passport.
    It was very easy for us and just involved some emailing of forms.

  9. #9
    Join Date
    Dec 2007
    Location
    Stanley Bay, Auckland, NZ
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    1,480

    Default

    I would open an account before you arrive (NZ is a civilised country so you don't need to be there in person and show ID signed in triplicate by hordes of public servants - unlike the US and UK! ).

    Then you can transfer the money electronically using a specialist money exchange company (banks are normally more expensive than specialists). You'll get a much better exchange rate with no fees and won't have to worry about carrying large sums of money around.

    Once the account is open you should be able to get set up with electronic banking immediately as well (Westpac did this for us and just emailed our usernames and passwords to us) so that you can check your balance and make transfers to a savings account when your money arrives.

    Once you arrive you should be able to pop into any branch and show them your passport. They'll then issue a bank card immediately and you can start using the account. If you are going to be in Auckland then most banks will have branches that are open on Saturdays and Sundays for you to be able to do this (not sure about elsewhere in NZ).

  10. #10
    Join Date
    Sep 2008
    Location
    USA to Tauranga
    Posts
    302

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    If you're coming from the USA, just open up a Bank of America account (if you haven't already) and put the funds in there. BofA is partnered with NZ West Pac, so it's automatically available for you, you can use the ATM w/o fees, etc.

    That's what we're doing. That way, we watch the exchange rate and transfer USD over to our West Pac account to make the most of the currency difference.

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