Should we convert to NZD in us or wait tell NZ

[WANZLittles]

I guess the other thread on how much gave me a thought. Should we convert 10k in cash in NZD or bring it in USD? we will be selling a house, and will have a lump of cash. The reason I ask is we want to wait to open a bank account because we want to use a local bank instead of a global bank.

[JandM]

You can open an account with a bank in NZ over the internet from anywhere in the world - see various old threads. When you arrive, you just turn up with ID, and they activate the account, issue cards, etc., very quickly.

[Azkateaz]

I'm not sure what you should do but we decided to go ahead and open an account ahead of time and transfer now. Actually we moved money last month when the exchange rate was over 0.85 to the dollar - yuck! Who knows what will happen to the rates in the future, but for us we just feel happier knowing our start up funds are already waiting for us.

And, we didn't use a "global bank" but opened a migrant account with KiwiBank. It lets you transfer your funds now and you can activate the account once you show up in country with your passport. I had to send the hard copy application via mail but they were wonderful to work with and I've been quite happy with their service so far. I believe a few of the other banks have similar migrant account options.

[veronica]

there is always the option of opening a US$ (or any other curency) account and bring the money over in that and converting it when the exchange rate is better.

[Steve_B]

there is always the option of opening a US$ (or any other curency) account and bring the money over in that and converting it when the exchange rate is better.

The way things are looking with banks at the moment this may be a good option. Can you still achieve relatively high interest rates in foreign currencies once you've shifted your 'home' currency over there?

[WANZLittles]

thanks for advice

[Dell]

there is always the option of opening a US$ (or any other curency) account and bring the money over in that and converting it when the exchange rate is better.

If you open a foreign currency account in NZ, you can send the money to NZ and just let it sit in the account until the exchange rate improves (and it seems to be getting better!). But keep in mind that your US$ will not earn any interest in the account.

If you send your US$ to NZ and transfer it to NZ$, you'll get a better interest rate (6% or more) in NZ.

[Steve_B]

But keep in mind that your US$ will not earn any interest in the account.

Ah, there's always a downside to what, on face value, seemed to be a brilliant idea.
Thanks Dell.

[tigerlily]

I would not recommend traveling with a large amount of cash. Wire the money into an account. I've actually set up the wire transfer from my US bank to my bank here in NZ without much difficulty. Yes, have some cash for the first few days, but your ATM card will work here too.

[Super_BQ]

Can you still achieve relatively high interest rates in foreign currencies once you've shifted your 'home' currency over there?

Worldwide interest rates on USD deposits are VERY LOW. By a margin of around 1/2% or less. Normally in NZ, foreign currency accounts generate a slightly higher rate of interest than their native country deposit rates for callable accounts.

$10,000 IMO is not a lot of $ in today's term. I would have no issues bringing that much in cash for a specific purchase or even sitting on an airplane travelling over the ocean.