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Thread: Large amount in bank account

  1. #1
    Join Date
    Jul 2016
    Location
    Wellington
    Posts
    231

    Default Large amount in bank account

    Hello everyone, if anyone could answer my query it would be much appreciated. I have sold some land in my home country but there is no way i can transfer this huge amount into nz bank account becuase of the rules here in my country. if i was going on a student visa to NZ then only the government give allowance upto 20k $ in a year. I am planning to buy a house in NZ and i dont see any option of transferring money to NZ. any suggestion guys? thank you in advance.

  2. #2
    Join Date
    Jul 2016
    Location
    Wellington
    Posts
    231

    Default

    anyone here who could answer my query or any advice about where to get this answer. thank you

  3. #3
    Join Date
    Feb 2008
    Posts
    36,074

    Default

    I'm talking from a position of ignorance here, but logically, there are probably financial advisers in your country who could suggest a way to work what you want to do, and who are used to these regulations.

  4. #4
    Join Date
    Jun 2008
    Location
    S'pore-2-AKL again
    Posts
    877

    Default

    Open a foreign currency account in your home country and transfer all your funds into that account. When the time is right to move, transfer your funds into your NZ account. You can easily create a NZ account from overseas provided you furnish proof that you are migrating to NZ ie. a resident visa, student visa, work visa etc to the NZ bank that you have chosen.

  5. #5
    Join Date
    May 2017
    Location
    New Zealand
    Posts
    6

    Default

    Yup - many of the banks require various forms of idenfication and other proofs before approving your request to open an account.

    A few of the bigger banks do have varying processes to open an account - just found this guide whichs details a few of them: https://nzbanks.com/opening-a-bank-a...in-new-zealand

  6. #6
    Join Date
    Mar 2017
    Location
    USA
    Posts
    2

    Default

    We had a similar situation when we immigrated a few months ago. The banks won't open an account without proof of a New Zealand address. We were staying temporarily with family members so didnt have an address yet. Our workaround was to schedule appointment with a health clinic and use the receipt (with address) as proof. The bank accepted it.

  7. #7
    Join Date
    Mar 2015
    Location
    New Zealand
    Posts
    117

    Default

    Quote Originally Posted by wannabinoz View Post
    We had a similar situation when we immigrated a few months ago. The banks won't open an account without proof of a New Zealand address. We were staying temporarily with family members so didnt have an address yet. Our workaround was to schedule appointment with a health clinic and use the receipt (with address) as proof. The bank accepted it.
    Just walk in to the bank you want to open the account with, if you don't have address proof, they will send a letter to the address you fill in, with this letter you can open bank account.

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