when to open bank account?

[feeble]

Is it true that in order to open a bank account I would first need a residential address? I'll be staying in a hotel for the first 2 weeks, so does that mean I can't open an account during that period?

[lindajax]

Hi feeble,
This is a question that probably concerns me too - I'll be in a motel for 1st 2 weeks also.
Most people are suggesting opening a NZ bank account in the uk then you just take your ID into the local branch in NZ . I think this probably is if you have a large summ of cash that needs sorting before leaving.

so I suppose you mean For a normal bank account for wages etc ..

linda xx

[feeble]

That's what I mean yes. And to deposit the money which I will be bringing with me to help me get started. Afterwards I still need to find a way to transfer my other money to the NZ account, but I guess there are a few options there : give power of attorney to someone, a lot of trips to the ATM machine, calling my bank in Belgium to wire money, or maybe using western union or something.
Simply calling my bank in Belgium would be easiest, does anybody know if that's possible?

[veronica]

Think someone, may have been moorf, has covered this and it has to be done by signing so not over the internet or phone. We did the power of attorney thing as it was easiest

[Diny]

Feeble

Have you thought about an offshore bank account? I know this sounds very grand but really it isn't.

Hubby works for a US firm and gets paid in US dollars, at the moment we are still in the UK.

With the exchange rate being so bad at the moment we were starting to panic about taking more than just some working capital with us to NZ.

This can be overcome by opening an offshore account which 'operates' with 3 currencies - US dollars, Pound sterling & NZ dollars.

With the internet banking facility and visa cards which can also be used to withdraw cash from ATM's, and an NZ dollar cheque book, you can move your funds around as and when needed, working the exchange rates to your advantage and also not having to pay any international transfer fees.

Now I'm no financial whizkid and obviously it's far more complex than my brief description implies, however it works well for us. I would suggest your best bet is to seek the help of a financial advisor.

We opened our account through the local branch of the HSBC bank - alas it wasn't necessary to make a trip to Jersey to set it up.

Diny

[feeble]

That's definitely something to look into

[Pakeha Boy]

Worth mentioning that HSBC wanted a $5000.oo initial deposit to open that account up, but if your wages are paid in diretcly, it is waived.

[Diny]

Oh yeah, I forgot to mention that. But I guess if you've sold up your home and your belongings in preparation for the move, that $5000 initial deposit wouldn't be a problem.

Diny

[Jodie]

We opened an account with the National Bank from the UK before we left.(the one with the Lloyds symbol - although don't mention that they're part of Lloyds - we were told quite sternly that they are not! ). We didn't put any money in it until a week after we got here - they didn't ask us to either. When we did get here, we also opened a sterling account with the National Bank and put a lump in there. We can now transfer pounds from our sterling account to our NZ dollar account and don't get charged any fees. We just get the exchange rate on the day. No setup fees either or minimum deposit.

The woman I spoke to on the phone (from the UK) was really helpful, and when we got here it was simply a case of making an appointment to go into the bank, sign and pick up cards, register pin numbers for them and away we went! Although we didn't actually have any money in it so had2 wait til the sterling account was open and transferred money over :eek but hey! Might be worth opening a stering account at the same time as you open the dollar account from the UK....

Then we faxed Daz's Dad authorisation to transfer some money to the sterling account, and didn't have to bother him again cos we can transfer between the sterling and dollar account here now for free. Simple as that!

Hope this helps,

Any questions, give me a shout!

Jod

[Jodie]

Oh yeah - we didn't have an NZ residential address either when we opened the account - just gave them our UK address and they sent confirmation and account numbers etc to us in the UK.

Jod