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Thread: Kiwibank - Problem depositing into new account

  1. #1
    Join Date
    Jun 2009
    Location
    Dunedin
    Posts
    251

    Default Kiwibank - Problem depositing into new account

    Hi, I am in the US, and am trying to get a NZ bank account setup so that I have move some money over there before I arrive.

    A few weeks ago, I applied for an account with Kiwibank. They said it was successful, and I received an email which looked like this:
    ... I'm pleased to advise that your requested account has been opened.

    New account details

    - Account type: NOW Account
    - Your Kiwibank access number: 1234567
    - Your Kiwibank account number: 38-9009-0123456-00

    For security reasons, you can only set up internet banking and additional services (such as a cheque book, ATM card etc) once you identify yourself at a Kiwibank branch in New Zealand by presenting a copy of this email and your passport. Your bank statements can only be sent to you by email once you have identified yourself.

    International money transfers

    International money transfers make sending and receiving money as simple as possible. It's a secure way to receive money from overseas directly into your bank account. It's also fast and your money will normally be available within three to four business days.

    Please provide the following details to your overseas bank:

    - Account name: My Name
    - Account number: 38-9009-012456-00 (note that the third # is slightly different from before)
    - Bank: Kiwibank Limited, Wellington, New Zealand
    - SWIFT Code: CITINZ2X Citi New Zealand, processing for Kiwibank
    - Correspondents: Use Citi NZ correspondents for all currencies

    Banks overseas may also ask you to provide additional information, such as bank and branch numbers, BSB numbers, sort codes, routing codes or IBAN numbers – these are not necessary as your full Kiwibank account number includes this detail.

    The sending bank may have an existing relationship with another New Zealand bank and may choose to send the funds via that bank instead of Citi NZ. These funds will still be credited to your account but the fee deducted by the other NZ bank (generally between NZ$20.00 to NZ$25.00) will be higher than the fee charged by Kiwibank when it comes via Citi NZ (NZ$12.00).

    Please email us when you’ve arranged the international money transfer so we can follow up with the status of your application. ...
    I then setup an account with xe trade (xe.com), which is a currency exchange company. When they asked for information about the recipient bank I provided them with the information in the International money transfers section of Kiwibank's email. I then placed a test transaction.

    Unfortunately, a few days later I was notified that the transaction failed (causing me a $30 penalty!) because the Kiwibank account number was invalid.

    The account number I used was the one in the International money transfers section (e.g., 38-9009-012456-00). Note how this differs slightly from the account number in the first section (38-9009-0123456-00); one has "0123456" and the other has "012456". Kiwibank's email to me looks like a form letter, so I can't imagine it being a typo, but I don't want to rule that out.

    The reason I am posting here is that Kiwibank has not answered my emails about this. I was warned that their customer service is not that great, and so I figured I'd post here and see if you guys have any insight.

    My questions are these:

    1) Has anyone else had a similar problem getting funds to transfer into their Kiwibank account (before arriving in NZ)?

    2) Has anyone else had a similar problem getting funds transferred via xe.com (into any NZ bank)?

    3) For those of you who setup a Kiwibank account overseas like I did, was the account number the same in the "New account details" section and the "International money transfers" section? Or was there a digit missing from the latter, as with mine?

    4) Is there a different NZ bank that you would recommend that I try, keeping in mind that I'm not in NZ yet?

    Thanks a bunch!

    - Denalipop

  2. #2
    Join Date
    Jul 2007
    Location
    Auckland
    Posts
    253

    Default



    I'd bet $10 the second account number is a typo, and the first one is correct; if you try the transfer again with that number, it will likely go through.

    All NZ bank accounts, regardless of bank, are in the format

    00 0000 0000000 00 or
    00 0000 0000000 000

    I highly doubt you will get any satisfaction on this from overseas.

    Keep that letter, and printouts of the transfer, failure and fee notices (especially where they show the account number you tried to use), and when you get here, go into a KiwiBank branch with all of the documentation, ask to speak with a Customer Relationship Manager (don't settle for a teller), and tell them you want that $30 service fee refunded as it was a direct result of THEIR error.

    Good luck.


  3. #3
    Join Date
    Oct 2008
    Location
    Northland, Wellington, NZ
    Posts
    122

    Default

    Quote Originally Posted by denalipop View Post
    The account number I used was the one in the International money transfers section (e.g., 38-9009-012456-00). Note how this differs slightly from the account number in the first section (38-9009-0123456-00); one has "0123456" and the other has "012456". Kiwibank's email to me looks like a form letter, so I can't imagine it being a typo, but I don't want to rule that out.
    Sorry, no experience with transfers in, but I work at an NZ bank (not Kiwibank). The account number that you used (38-9009-012456-00) is not a valid account number. The 012456 section needs to be 7 digits long.

    This is the correct format: (38-9009-0123456-00) or (38-9009-0123456-000). The first two numbers refer to the bank, the next four to the branch, the next seven are the account number and the final two or three are the account suffix.

    Hope this helps!

  4. #4
    Join Date
    Jun 2009
    Location
    Dunedin
    Posts
    251

    Default

    Thanks for the info! This page also says that the third number should be 7 digits:
    http://www.kiwibank.co.nz/personal-b...-transfers.asp

    So it looks like their email to me had a typo. It's very strange that an apparently automated email would have a typo like that. Hmm... Anyway, I'll give the first account number a shot. And if that works I'll ask for them to pay the $30 penalty!

  5. #5
    Join Date
    Jun 2009
    Location
    Manchester > Now Tauranga
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    Possibly lucky it was rejected, at least you know where your money is!

  6. #6
    Join Date
    Jun 2009
    Location
    Christchurch
    Posts
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    Hello,

    That's really bad and am just echoing what others have said but in my case because we have opened a Kiwibank account ahead of time and had an email in same format as yours but the two account numbers we've been given exactly match in each section so yes deffo a typo in your case. I second the post about keeping the paperwork and getting your penalty fee back when in NZ, every NZ$ counts eh?!

  7. #7
    Join Date
    Jun 2008
    Location
    USA --> Wellington
    Posts
    1,431

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    Quote Originally Posted by welsh_italian View Post
    This is the correct format: (38-9009-0123456-00) or (38-9009-0123456-000). The first two numbers refer to the bank, the next four to the branch, the next seven are the account number and the final two or three are the account suffix.
    I enter in bank accounts DAILY and this is correct! Your bank account will always start with a ZERO.

    And don't forget the Swift code or it will bounce back.

  8. #8
    Join Date
    Nov 2004
    Location
    Stonefields, Auckland
    Posts
    301

    Default

    Is it just me or does publishing a bank account number over the Internet seem a little risky???

    Not sure I would want the world to know my details - just thinking out aloud!

    Neil

  9. #9
    Join Date
    Jun 2008
    Location
    USA --> Wellington
    Posts
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    Quote Originally Posted by neilw71 View Post
    Is it just me or does publishing a bank account number over the Internet seem a little risky???

    Not sure I would want the world to know my details - just thinking out aloud!

    Neil

    yes... but it's not the actual bank account number that they posted. It's just an example...

  10. #10
    Join Date
    May 2007
    Posts
    4,455

    Default

    Quote Originally Posted by neilw71 View Post
    Is it just me or does publishing a bank account number over the Internet seem a little risky???

    Not sure I would want the world to know my details - just thinking out aloud!

    Neil
    You are of course correct, however unless the OP was incredibly lucky, you will notice that they have changed the account and other details so that they are generic (not real account details).

    Ian

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