US Debt Crisis- Better Get My $ to NZ Bank!

[Char]

Just thinking that with the US debt crisis that is underway and drop in market today, the Canadian dollar also dropped. It was well over a dollar not that long ago. So, need to get my monies to a NZ bank asap to take advantage of the exchange because it sounds like it'll drop further.

Which bank can I open up an account in the fastest? Thanks!

[Duncan74]

Ignoring the inevitable slew of commentsd regarding the world economy that may follow, then our National accounts were open the next day when we did that online 2 years ago. I think ASB have also been well reviewed by formutites recently, but I don't have any first hand experience.

But also look at the money transfer accounts - they may take longer to open- and getting that wrong could lose you more money than any potentiual savings in doing the transfer quickly.

[Char]

I actually "opened" an account a the National Bank of New Zealand, but I think I still need to be there physically to activate it showing a passport etc. Are there banks where you can open one without being there in person to validate and send required docs by fax or email?

[Duncan74]

You can put money into the national one before you arrive, then your card will be waiting at the branch the day you arrive.

[doreysc]

Are there banks where you can open one without being there in person to validate and send required docs by fax or email?

The anti money laundering laws require banks to show they have carried out due diligence in validating your identity so they need to see you in person with acceptable photo id.

Simon

[NZ_maggy]

https://www.westpac.co.nz/olcontent/...ng+application

I opened an account with westpac. They confirmed the account details in less than 24hrs after filling the online application (see above link). You can transfer any amount of foreign currency to the westpac account but only twice. Once you are in NZ, you can visit their branch, validate your identity and then activate your account (My understanding is they will give you online banking credentials, once you start transferring monies). Alternatively, u can visit a westpac overseas branch and prove ur identity to activate the account even before you are in NZ. This way, they will allow u to transfer any number of times and any amount of money.

[skywatcher]

Is New Zealand the new Switzerland of the world? It seems NZ is currently benefitting greatly as a "safe pair of hands" in this financially destitute world in which we are currently living.

[Azkateaz]

We opened our account at Kiwibank. It wasn't an online process and I did have to post the application along with copies of our passports and bank statements, but they were very fast and we've been quite happy with the service.

The account was opened 7 days after I dropped the application into the mail and we have just transferred some funds via XE.com.

We won't be in NZ for a while as we don't even have an ITA yet (but we're selected!), but this is something I could do now. Since this money is set aside for us to settle once we get there it still fulfills its purpose and makes me feel like I'm making progress now