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Thread: When to transfer money UK -> NZ

  1. #1
    Join Date
    May 2013
    Location
    New Zealand
    Posts
    1

    Default When to transfer money UK -> NZ

    This seems like the sort of place where people might have opinions to help me...

    I have inherited a lump sum in the UK which is less than the mortgage I have here, paying 5.75% interest here.

    I could save about $50 / week off the mortgage payments at the current exchange rate if I brought the money over now.

    Or I could wait and see if the exchange rate gets better and get a bigger sum when (if) this happens.

    At this point I am thinking "stuff it, bring it over now" for two reasons:
    1. If I had been given this problem in 2009, then I would still be waiting, it's just got worse since then.
    2. Whilst I sit and wait, I will get next to no money from investing this money in the UK. Rates there look appalling unless you are a borrower.

    What do you think? Has the rate got so bad it can now only get better?

  2. #2
    Join Date
    Aug 2009
    Location
    UK - North Shore, Akld - UK
    Posts
    455

    Default

    Quote Originally Posted by integersmirk View Post
    Whilst I sit and wait, I will get next to no money from investing this money in the UK. Rates there look appalling unless you are a borrower.
    You might find it difficult to open a UK savings account now if you are a non-resident. With every account that I have opened since returning to the UK, I have had to declare that I am a resident of the UK.

    An alternative is to look at offshore accounts based in centres such as the Isle of Man (IOM), Jersey, Guernsey. etc. The advantage of these accounts for non-residents is that they are not subject to UK tax. Depending on the amount you are investing, you should check out the investor compensation schemes. In the IOM for example, compensation is up to £50,000 per investor. Interest rates still aren't that great though.

    A summary of interest rates:

    http://www.expatnetwork.com/Money/Ba...ings-Rates.cfm

    About offshore accounts:

    http://www.expatnetwork.com/Money/Ba...re-Account.cfm

  3. #3
    Join Date
    Oct 2007
    Location
    Nrth Wellington from Tadley UK
    Posts
    1,605

    Default

    Depending on how much you have have you thought about National Savings & Investment Premium Bonds, OK not guaranteed but I have had more in prizes than I would have in interest & they are easy enough to access should you want the money

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