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Thread: Nationwide BS and exchange rates

  1. #1
    Join Date
    Aug 2004
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    Nelson, NZ
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    Default Nationwide BS and exchange rates

    I have been looking at going with one of these specialised money transfer companies, until I realised I would be better off using what I have already got - a current account with the Nationwide. I can do everything I need to over the internet, they are happy for me to keep my account open once I move to NZ, and the exchange rate is the full market rate on the day, not the tourist rate. Plus no commission charges.

    I dont even need to convert to NZ dollars; I can withdraw/spend NZ dollars, using cash machine or EFPOS, from my sterling account, and still get the full market rate.

    All sounds too good and too easy. Has anyone else done it this way?

    Cheers
    Billy

  2. #2
    Join Date
    Feb 2005
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    Eastern Auckland (from UK '05)
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    Default

    We do it all the time, we have got a flexaccount with e-savings with most of our dosh in, and you can withdraw $700 each 24 hour period, so if you dont want big amounts at a time, its great! Much the best way.

  3. #3
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    Aug 2004
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    Whitianga. Nz. Pop; 4004
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    Default

    You can do the same with ASB. They will set up a UK based account and you can leave your money in that till the exchange rate suits you. In the mean time they will tranfer funds to a NZ account as an when you want it. Transfers are made at the commercial rate, but I have to be honest, I dont know what charges apply (yet)

  4. #4
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    Timbo with ASB transfers they charge you 15 for each transfer under 30,000, and you get commercial rate less 0.02c (roughly) so for small amounts Nationwide wins.

    Bllly, I should have said, you do know of course that you will need a nz account as well, even if its just to get your wages paid (sorry if thats dead obvious) but having re-read your post is sounded as if you were going to stick to just one account. We have only used our N/wide to eftpos once, if we need any uk dosh, we get it out of cashpoint and pay it in to our nz a/c for safe keeping.

  5. #5
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    Aug 2004
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    Thanks Sal. They kept that one quiet, and by the time we actually found the offices (our fault), I was to knackered to remember all the right questions to ask. Oh well, a small price to pay methinks.

  6. #6
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    Jun 2005
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    UK>Welly>Boonies>where next?
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    Billy

    I'm keeping my Nationwide account for all the lovely reasons you've stated plus it will be handy if Scott ever needs money or to pay family for stuff. Like Sal says and you already know, it can all be done online and I've never had any problems with them in 15+ years.

    Plus I have opened a NZ bank account with BNZ, but am going to open one with ASB because of the migrant bank account too.

    Sounds like I'm rich.........................

    Deborah

  7. #7
    Join Date
    Aug 2004
    Location
    Nelson, NZ
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    Default

    Yes, I plan to sort out a NZ bank account when I get there. We will be getting a business loan, so it depends which bank gives us the best deal - National followed by Westpac lead at the moment (I'm aware of National's customer service problems).

    Cheers
    Billy

  8. #8
    Join Date
    Sep 2005
    Location
    Hampshire...for now
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    103

    Default

    Quote Originally Posted by smiler
    Plus I have opened a NZ bank account with BNZ, but am going to open one with ASB because of the migrant bank account too.
    This is what I intend to do - open with ASB (because I can do that from the UK) and open with BNZ (because I liked their pitch at the expo, air miles etc).

    Does anyone know if I an open a current account and get credit cards with BNZ from the UK, or do I have to wait until I'm in NZ?

    Thanks in advance

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