Advice and Support for South Africans Immigrating to New Zealand

South Africans Going To New Zealand

Author Topic: Getting your money to NZ  (Read 6214 times)

Offline Gerhardvdb1

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Getting your money to NZ
« on: September 23, 2007, 07:07:06 am »
This topic was split from THIS one. - edit by Nolan

How will they know how much money you are bringing into NZ? What is the best way to bring the money over?
« Last Edit: October 01, 2007, 11:06:08 pm by Nolan »

Offline jafa77

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Getting your money to NZ
« Reply #1 on: September 23, 2007, 07:49:45 am »
who? NZ customs or SA customs?

NZ customs may ask you to show cash, traveller cheques or credit card. I have entered NZ twice and they never asked me for anything.

SA customs wont ask I dont think.

When I came on holiday in 2005 I brought $300 cash and my credit card (drew money and used to pay for accomodation, tickets etc).

When I moved over in January I opened a Westpac account while in SA and then sent my money by telegraphic transfer. It was waiting for me in my NZ bank acc when I arrived.

SA Going to NZ Advice Forum

Getting your money to NZ
« Reply #1 on: September 23, 2007, 07:49:45 am »

Offline Gerhardvdb1

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Getting your money to NZ
« Reply #2 on: September 23, 2007, 11:53:43 am »
If I open a westpac account bfore hand, would they not suspect me to to go over the LSD way?

Which is better to take your money over?

Offline Rhodan

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Getting your money to NZ
« Reply #3 on: September 23, 2007, 05:19:51 pm »
You will need to show proof of funds so that you can support yourself  on your "holiday" should they ask. Take some money in Travellers Cheques, then you can send the rest over to your bank account.

Offline Didi77

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Getting your money to NZ
« Reply #4 on: September 26, 2007, 08:27:15 pm »
OK. I'm getting there with this finance thing....

So. If I am flying one way with a WTR visa I can open my account in NZ now. Start putting all my money in there. Then arrive at the airport with proof that my account in NZ has money in it?

Johan and Rotovegas - how do I choose a bank? Any ones standing out in low bank costs and high interest for my savings?



Offline Didi77

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Getting your money to NZ
« Reply #5 on: September 26, 2007, 08:29:09 pm »
Oh and another question.

Does anyone know if I may make an investment while still here? If I have all my investments, life savings, car etc sold could I invest it in NZ alldeady now for let's say 5 months untill I need to use it that side?



Offline jafa77

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Getting your money to NZ
« Reply #6 on: September 26, 2007, 08:58:49 pm »
I arrived on a WTR visa, one way ticket.

I contacted Westpac in Auckland, Migrant Banking section in November last year and they were VERY helpful......see

http://www.westpac.co.nz/olcontent/olcontent.nsf/Content/Moving+to+New+Zealand

or just follow the links from their website www.westpac.co.nz (moving to NZ section).

I emailed them and provided everything they needed. They opened a savings account and I transferred money from ABSA to Westpac as my travel allowance. When I arrived in AKL I went into the Queen Street branch and up to the migrant banking section upstairs and they converted the saving acc to an "Elect" cheque acc. I pay no fees (because I cancelled paper statements), I use online banking (free) as well as my debit (EFTPOS) card for free withdrawals and free payments.

On arrival at the bank they asked if I wanted a credit card. Said yes. Got the mastercard in about 7 days with a $7000 limit! So simple.

I have been very happy with Westpac. I highly recommend them.

Also get your IRD number NOW before you leave so you dont pay high tax on your bank acc or your 1st pay. see www.ird.govt.nz

SA Going to NZ Advice Forum

Getting your money to NZ
« Reply #6 on: September 26, 2007, 08:58:49 pm »

Offline Didi77

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Getting your money to NZ
« Reply #7 on: September 26, 2007, 09:04:53 pm »
This is brilliant info! Thanks R!

Contacting them next week.



Offline Gerhardvdb1

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Getting your money to NZ
« Reply #8 on: September 27, 2007, 06:06:25 am »
Thanks guys
All this extra oinfo is also going to be helping me a lot.
Regards

tandl

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Getting your money to NZ
« Reply #9 on: September 27, 2007, 08:15:10 am »
Im definitely going to try to keep an eye on this thread for later use  ;)

Offline Smallfly

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Getting your money to NZ
« Reply #10 on: September 27, 2007, 08:20:25 am »
Rotovegas,

How do you transfer money to your westpac acc ?

Is there a limmit ?

Can I for instance transfer money monthly untill my time arrives to go over,

and IRS will certainly have some limmitations ?
Never look down upon someone, unless you are helping him up.

Offline jafa77

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Getting your money to NZ
« Reply #11 on: September 27, 2007, 08:25:04 am »
I dont know how it works if you are "officially" immigrating. I did not officially immigrate so SARS and the SA govt think I am on holiday........forever!

I transferred my "travel allowance" to my NZ account. This is R160000 per year. You will have to show the SA bank a passport and a air ticket before you can do this (The same as if you went to get traveller cheques or foreign cash).


SA Going to NZ Advice Forum

Getting your money to NZ
« Reply #11 on: September 27, 2007, 08:25:04 am »

Offline zatexnz

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Getting your money to NZ
« Reply #12 on: September 27, 2007, 11:32:38 am »
We opened an account here from overseas, with The National Bank (my hubby didn't like the Westpak website - so went with National :) ).  You can transfer any amount over (you wire it from your bank in SA, once you have the swift number, etc from your new bank account in NZ).  You are allowed to only make two deposits into the new account while overseas.  And no withdrawals.  As soon as you land in NZ, you go into the nearest branch of your new bank, and show your face and your passport, they finalize the account and order your checkbook (if you wanted one), and your EFTPOS cards.  You can at that point also order a credit card if you like, we chose not to.
We are also in the process of buying a home now, and our agent gave me a card of somebody she said she highly recommended to do our home loan.  When I looked at the card, I saw it was from National Bank!  SHe then said that National is the largest lending bank in NZ at the moment.  This gave us a good feel.  When we saw the guy from National on Monday night concerning our loan, he was very informative, not pushy, we like him a lot.  We feel our loan will be in good hands.  It has been approved already! 
http://www.nationalbank.co.nz/
lekker sweet as, y'all
~ Colleen

worsie

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Getting your money to NZ
« Reply #13 on: September 27, 2007, 11:33:25 am »
On arrival at the bank they asked if I wanted a credit card. Said yes. Got the mastercard in about 7 days with a $7000 limit! So simple.

Not sure what I did wrong, when i got here i opened an account with ASB, they did not offer me a credit card so i asked for one. They said it was against the companies policy to give credit cards to people on working visas, they wanted me to put down security. They said as soon as I got PR, there would not be a problem! I was not really after credit, just needed a card so that i could buy things online, top up my skype credits etc.. Well they submitted my application anyhow, and eventually, after it went to management, and even showing them my letter of appointment, They gave me a credit card with a $500 credit limit, well i suppose its good enough, will help curb the spending  :thumbdown: :clap:

PS: While on the banking thing, do any of the banks here in NZ have the facility to transfer funds into an SA account. I have to go into my bank to do this, and its quiet a pain. Would be great if i could just set up a beneficiary from internet banking and just do a transfer!!!

Offline ks11

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Getting your money to NZ
« Reply #14 on: September 27, 2007, 11:44:03 am »
Hi I bank with ASB and I transferred money to SA via their website. You need the swiftcode for the bank you are transferring to.  You also need to be netcode registered to do international transfers (get a pin sent to your mobile).  quick and easy,