Advice and Support for South Africans Immigrating to New Zealand

South Africans Going To New Zealand

Author Topic: Bank Accounts  (Read 6327 times)

Offline mandyh

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Bank Accounts
« on: November 02, 2007, 09:18:26 am »
Sorry if this question duplicates with others previously posted but I've looked around and can't find the answer that I need.

My son and I will be leaving in January for NZ on a visitors visa.  I know that we can take out R160 000 per person.  I've had advice of using a debit card, know of travellers cheques/cash.  Somewhere someone on here mentioned opening bank accounts in NZ before we arrive. 

My question - is it possible for me to open a bank account there from SA if I'll be entering the country on a visitors visa?  Obviously I'd still need some money with me as well - travellers cheques or the debit card, which is the better?


Offline Amber

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Re: Bank Accounts
« Reply #1 on: November 02, 2007, 10:49:47 am »
Hi Mandy
As far as I am aware you can open a bank account there - I am sure somebody can assist you with that, it has been discussed quite a lot.  Just a tip though - try and buy your forex this year still, that way next year if you need another full holiday allowance you will still have one.  - Your forex allowance works on a calender year.  Rennies has a bank card that you can buy loaded with your forex on it - it maybe worth looking into. 
Amber
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SA Going to NZ Advice Forum

Re: Bank Accounts
« Reply #1 on: November 02, 2007, 10:49:47 am »

Offline mandyh

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Re: Bank Accounts
« Reply #2 on: November 02, 2007, 11:29:57 am »
Thanks Amber.  That info will definately help.  We only intended getting forex next year. 
I've also heard that these cards ie. debit cards/Rennies cards only work off the Oz $ and not off the NZ $.  Anybody know?

Badprop

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Re: Bank Accounts
« Reply #3 on: November 02, 2007, 01:25:05 pm »
Mandy you can open an account from this side too.  Do a search on banks and see the different banks that you can use.  Transfer the money from your bank to the NZ bank and take some cash in NZD with you for use.  When you get that side you go to the bank get your card and voila!

I wouldn't advise you to get AUSD travelers cheques, nobody wanted to accept them when we were there and had to change it back to NZD.  Don't know when you flying out but you can only by Forex 60 days before your flight date.   

Offline kharrison

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Re: Bank Accounts
« Reply #4 on: November 02, 2007, 01:32:17 pm »
Hi
You can open a bank account in NZ while still in SA. I have been looking around at the various banks foreign exchange rates and at the moment you get the best rate from National Bank. Here are a number of banks. ANZ, ASB, Bank of New Zealand, National Bank. ASB seems to be the most expensive.

Just e-mail bank, explain your situation. There are also post that discuss this issue.

If you need any further help you and PM me. Karen

Offline kharrison

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Re: Bank Accounts
« Reply #5 on: November 02, 2007, 01:38:53 pm »
My mom and dad came over on visitor visa and were able to open bank account with out a problem. Another way of doing it bringing in a draft open account here and it takes about 2 weeks for the money to clear. I have heard those rennies cards can work out quite expensive in charges.

Offline MJ

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Re: Bank Accounts
« Reply #6 on: November 02, 2007, 01:55:15 pm »
I found National Bank the easiest to open and they seem very helpful.  The bank on the SA side is another story.  Filled out all the forms to do the swift transfer and only got told yesterday 10 minutes before boarding the plane to Singapore that there was a problem on the form and to make someone understand that you can not come into the branch to sort it out because you are already on the plane  :tickedoff:
We are using the forex card.  Only comes in 4 currencies - US Dollars, UK Pounds and two other but not NZ dollars.  The bank was offline for a few days so I had to use my UK pound one to load money but so far is working great.  Can use it to pay for things like a credit card and draw money out. Either way I have to do a double conversion.



SA Going to NZ Advice Forum

Re: Bank Accounts
« Reply #6 on: November 02, 2007, 01:55:15 pm »

Offline zatexnz

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Re: Bank Accounts
« Reply #7 on: November 03, 2007, 05:28:13 am »
We also used National Bank when we opened from overseas.  They were the easiest to do online.  And yes, very helpful!  Indeed, we have now financed our house through them, because they're also the largest lending institution in the country.  And we got a good rate too.  And now that we're here, we can use our debit card to draw cash at National's ATM's as well as ANZ.  (Found that out yesterday).  But of course, you can also get cash-back when you buy your groceries, so you don't always have to go looking for an ATM. 
When you open an account with a bank here, you are allowed to make two deposits from overseas (swift transfers), without showing your face.  Thereafter you will need to make an appearance at any of that bank's branches to show that you really exist, give them a NZ address and contact #, and they will then arrange your cheq book if you want one, and your banking cards (EFTPOS - debit). 
For cash, we didn't do any Forex beforehand.  If you have a debit card in SA with a VISA or Mastercard logo on it, you will be able to use it here to withdraw cash directly out of your SA bank account.  That will save you having to walk around with cash in SA.  Of course, I don't know what fees you pay on the SA side for an overseas withdrawal, but I'm sure it's not too expensive?  Find out..
lekker sweet as, y'all
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Offline Didi77

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Re: Bank Accounts
« Reply #8 on: November 03, 2007, 01:58:39 pm »
Ok can I try repeat that to see if I have it right?

1. I open an account at National though the internet.
2. I can deposit only 2 x into this account
3. I may deposit up to R 2 mil per person? ( I wish....  :P)
4. First day in NZ I go to the bank, get a credit card and bank card and my money is allready converted??

Questions:

What will my bank (ABSA) require from me this side to transfer?
Can I transfer my total pension fund directly from the fund also into this account?
What is the interest rate like? Is there different options of accounts with better interest rates?



Offline zatexnz

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Re: Bank Accounts
« Reply #9 on: November 04, 2007, 11:29:27 pm »
Not sure if you get a credit card immediately, but the bank card yes. 

You can transfer into that account as much as you can afford, as far as I know.

What you will need on the SA side, is the NAtional bank Swift number and address.  This can supply you in an email.  And yes, when you get to NZ, the money in your account is in NZ dollars.  No having to still bother with forex conversions, etc.

I think you could have your pensionfund transferred, but I'm not sure if the fund will want to pay into a NZ account.  They may insist on paying out into a SA bank account, and then you do that as your second deposit.

Of course, you can make as many deposits into that account, once you've formalized it on this end. If you have internet banking set up, you can do transfers that way too. 

As for interest rates, and different accounts, it would be best to check out their website.
lekker sweet as, y'all
~ Colleen

Offline dance

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Re: Bank Accounts
« Reply #10 on: November 05, 2007, 05:05:24 am »
We have a National Account that I opened when I was there on my LSD trip last year. If I understand it we can transfer our entire pension fund into this account before I leave?
That would be great as we are already going to lose about 45% of it to tax!! If I can save a little of the remainder by not paying extra charges that would be a bonus. We have been sending small amounts out into this as gifts for my son. We left the account in his name and national said it would be sweet as to change it to our name once we get there. They were great and understood what we go through to get our funds over to restart. 
When life throws you a lemon - make lemonade!

Badprop

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Re: Bank Accounts
« Reply #11 on: November 05, 2007, 06:27:18 am »
Dance I am with ANZ and if you have your IRD number they give you .5% more interest on your money.  Maybe ask National if they do the same.  Every bit helps.

Didi did you find out about the Tax?  We received another payment on Friday and again 15% has been taken off.  Miskien het jy iets anders as ons, ons het Uitreepolisse.  Die uitree aniteite is opbetaald gemaak en bly hier toto 55 maar is taxfree.  Jou polisse word in jou rekening uit betaal en dan kan jy dit oor sit na NZ.  Die bank wil dit nie in NZ deposit nie so ons gaan oor 20 jaar moet terug kom en rekeninge hier oop maak om die orige geld uit te kry.  Hoop dit help. :)

SA Going to NZ Advice Forum

Re: Bank Accounts
« Reply #11 on: November 05, 2007, 06:27:18 am »

Offline rayzaman

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Re: Bank Accounts
« Reply #12 on: November 12, 2007, 04:51:30 am »
Hi guys,
I did all this homework before coming here in August so if it helps make things easier for you this was my route i followed:
I contacted ASB Migrant division here in Auckland via the net.
Dowloaded a document that you have to personally sign and post to them (snail mail takes 7 days) A very efficient chap called Kevin Wang at ASB Migrant division contacted me as soon as he received the doc and within 24hrs I had a account set up and operating. - kevin.wang@asb.co.nz
www.asb.co.nz - navigate to the migrant division

This was 2 months before we left SA
I then got 1 or 3 close friends and family to transfer some funds into the account using the R30 000 (each) annual GIFT allowance. This cost on average R250 per transaction.
ASB give you the highest interest rate (8.5%) as a migrant on your cash until you have an IRD number. You are then taxed on any interest at the rate your salary falls into.

Just remember you may not enter NZ with more than NZ$10 000 per person in cash or draft. You have to declare it on entry or face the law. if youare coming on a "tourist/visitors visa" it may prove to be difficult to explain why you have so much cash on you

Credit cards are only given to residents or people with work permits.
As a general rule you cant get any form of credit here until you have residence - certain exceptions are made some times though


 
regards

Ray





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Offline Didi77

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Re: Bank Accounts
« Reply #13 on: November 12, 2007, 08:46:53 am »
 :crazy2: :idiot2: :P :-\ :uglystupid2:

OK - I am confused.

Can I call a friend? Pref one that is in SA?



Offline Badprop

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Re: Bank Accounts
« Reply #14 on: November 12, 2007, 09:15:09 am »
What is the max amount you can transfer out of SA into your NZ account if you are in NZ.  Say the 10 000 isn't enough(you went shopping) and you need more.  Can you transfer the rest of or part of the holiday money allowed in SA over to a NZ account and what is the max amount you can do.
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