How to handle banking between IRL and NZ

cantdecide

I'm heading to NZ on a 12 month WHV. I have VISA debit and credit cards here. I know that if I want to work in NZ, I have to set up a bank account.

I'll be clearing my credit card before I go anyway. Do I leave my Irish cards and accounts dormant or do I tear up the cards and start afresh in NZ? Do I bring my Irish VISA credit card and lodge all my money to it? Do I get a NZ debit card?

Also, I think I'll have a couple of things I need to sell before or after I go. If the cash is banked here by my family, can I use my Irish account to transfer over to my NZ account?

jockey#1

You should use currency fair, some of the best rates available compared to using your own irish bank to transfer funds. You should bring a few hundred dollars with you in cash & your credit card for emergency purchased, when you get to NZ open an account and transfer from your irish account to currency fair then they transfer to your specified NZ account.

It's a very simple process, use them every few weeks to transfer money to Ireland and vice versa and am very happy with them.

zbluebirdz

If you're going away for a year or two, keep your Irish accounts open.

With your Irish accounts, make sure you have internet banking for at least one of them and it has the ability to transfer money to your Irish credit/debit card.

Check with your bank that the c/d card will work overseas and let them know where and when the card will likely be used. Otherwise, they'll lock your card out ...

Before you go, put about 1-2,000 Euro into your Irish credit/debit card (so it is flush with credit). Use your Irish c/d card in NZ to withdraw the cash (but don't go into the red - you'd be whacked with huge fees). When withdrawing cash, don't withdraw small sums ($50). Withdraw largish sum ($500) to minimise the fees.


When setting up an account in NZ, you'd be given an ATM card (probably a limited c/d card). As usual, you'll be in a catch-22 situation. They'll want some id, proof of address ... however, a letter from the employer might persuade the bank to give you an account.

A proper NZ c/d card may not be given to you until you have some history with the bank ... but the ATM card is widely accepted by the shops in NZ.


You shouldn't really need to transfer cash between the Irish and NZ banks - you should be self-sufficient by the end of the 1st or 2nd month of working.

If possible, have two Irish c/d cards (if possible, from different banks) so that if one card locks you out, you can use the other one.


Now, if things go barmy with the Irish card(s), you'd need someone in Ireland to sort it out for you due to different time-zones and expensive calls.
Ideally, a trusted family member will have a copy of the c/d card number(s), the phone number to the bank's c/d department.
Also, request (in writing?) that this person is allowed to act on your behalf in relation to the card.
So, if the Irish c/d card gets blocked/stolen/mislaid, you can simply fire off a text or email to that family member, who will in turn sort it out for you in Ireland ... while you sleep ...

Hope you have great time in NZ!

elementalwater

zbluebirdz wrote: »

If you're going away for a year or two, keep your Irish accounts open.

With your Irish accounts, make sure you have internet banking for at least one of them and it has the ability to transfer money to your Irish credit/debit card.

Check with your bank that the c/d card will work overseas and let them know where and when the card will likely be used. Otherwise, they'll lock your card out ...

Before you go, put about 1-2,000 Euro into your Irish credit/debit card (so it is flush with credit). Use your Irish c/d card in NZ to withdraw the cash (but don't go into the red - you'd be whacked with huge fees). When withdrawing cash, don't withdraw small sums ($50). Withdraw largish sum ($500) to minimise the fees.


When setting up an account in NZ, you'd be given an ATM card (probably a limited c/d card). As usual, you'll be in a catch-22 situation. They'll want some id, proof of address ... however, a letter from the employer might persuade the bank to give you an account.

A proper NZ c/d card may not be given to you until you have some history with the bank ... but the ATM card is widely accepted by the shops in NZ.


You shouldn't really need to transfer cash between the Irish and NZ banks - you should be self-sufficient by the end of the 1st or 2nd month of working.

If possible, have two Irish c/d cards (if possible, from different banks) so that if one card locks you out, you can use the other one.


Now, if things go barmy with the Irish card(s), you'd need someone in Ireland to sort it out for you due to different time-zones and expensive calls.
Ideally, a trusted family member will have a copy of the c/d card number(s), the phone number to the bank's c/d department.
Also, request (in writing?) that this person is allowed to act on your behalf in relation to the card.
So, if the Irish c/d card gets blocked/stolen/mislaid, you can simply fire off a text or email to that family member, who will in turn sort it out for you in Ireland ... while you sleep ...

Hope you have great time in NZ!

Heya,

I opened my NZ bank account from
Ireland with kiwibank. I filled in the application form, sent copies of my passport and bills and I got an email 10 days later saying my account was open and I could start transferrig money.

I sent all my money, arrived in Auckland, got a letter from my hostel saying I was staying there, went to branch an was given Laser card. Two days later I received my visa debit card in the post. All correspondence and bank statements are online and I have no bank fees.

Smartest decision I made. Also the most organised!

pclancy

Yep its easy as pie, NZ banks are all well used to immigrants and everything can be setup before you land. I ended up with National Bank/ANZ. Officially they don't give credit cards to non-residents but if your salary is over $55K or you've got good credit you'll get one.

Currency Fair looks very interesting...I recently got rode with $60 charge to send $200 to Ireland with National Bank

Smiley Lassie!

Hi everyone,

Sorry to hijack the threat, I just have one quick question. I'm going travelling for four months to S.E Asia, NZ and Oz and my plan was to transfer money to my credit card and withdraw money from that when I'm there rather than carrying cash etc. I was just wondering are you charged for taking out NZ dollar etc out of a euro account when it's your own money? It's with AIB student credit card...

Thanks a mill in advance!

Ozeire

Smiley Lassie! wrote: »

Hi everyone,

Sorry to hijack the threat, I just have one quick question. I'm going travelling for four months to S.E Asia, NZ and Oz and my plan was to transfer money to my credit card and withdraw money from that when I'm there rather than carrying cash etc. I was just wondering are you charged for taking out NZ dollar etc out of a euro account when it's your own money? It's with AIB student credit card...

Thanks a mill in advance!

Don't put any money onto your credit card as if your card is stolen , lost n used your money isn't covered . They only insure n cover their own money.

The banks will charge you a exchange rate plus a fee for every ATM transaction you make . That's why alway best to withdraw max amount to reduce this fee.

cantdecide

elementalwater wrote: »

I opened my NZ bank account from Ireland with kiwibank...All correspondence and bank statements are online and I have no bank fees...Smartest decision I made

So Kiwibank gets a positive review but are they the best option overall? Were there any pitfalls?

I think if it's that easy, I may as well start applying straight away, too.

cantdecide

I'm finally just going through the application for Kiwibank.

They claim you can set up the a/c before you arrive but the application asks for addresses, phone numbers, employment details etc etc. I'm sure some of this information isn't necessary but it doesn't specify which information is essential. If I assumed it's all essential, there's no way anyone could open an an account in advance.

For example, one of the first questions is you IRD number. I rang them last night. The guy said the IRD# isn't necessary :rolleyes: I asked him about applying without a fixed address etc. but he didn't seem too sure.

He just suggested waiting until I arrive to set it up but that kinda defeats the purpose of being able to set it up in advance. He was pretty helpful but I got the impression he wasn't sure about some stuff. He was there on a WHV himself :P

Anyone know if it's a waste of time trying to set the account up without a NZ address? It just seems odd that you have to virtually live there already in order set up an account before you get there...

pclancy

Of course its not, most immigrants don't have a clue where they're going to end up. Its also totally the norm to put down the name of the hostel or hotel down if you know you're going to spend the first few weeks there while you look for a house. That's what I did and National Bank were fine about it. They open the account for you while you're in Ireland so that you can transfer money down to it, then when you arrive you just go and sign for your cards and finish any remaining paperwork.

pclancy

Also forgot to mention its well worth opening an account with Rabobank who generally have the best savings rates.

http://www.rabodirect.co.nz/