Advice and Support for South Africans Immigrating to New Zealand

South Africans Going To New Zealand

Author Topic: Blocked funds  (Read 1889 times)

Offline elsiecoetzee

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Blocked funds
« on: May 06, 2008, 06:20:44 pm »
Hi there,

I read somewhere about blocked funds. Does anyone know what this is.


Offline Nolan

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Re: Blocked funds
« Reply #1 on: May 06, 2008, 09:45:32 pm »
that can be in many ways :

1) You have told your bank that you are emigrating, so they block your accounts and retract all your credit cards, so that you have to beg to draw R50 of your own money.

2) You have more money than your overseas allowance, so you can't take that out, hence it is blocked

3) then as far I know some retirement anuaties only allow you to have a certain amount paid out as a lump sum, the rest has to stay in an investment and you can only draw the interest, so that would also be blocked funds

so you would need to be a bit more specific about what exactly you had in mind?

SA Going to NZ Advice Forum

Re: Blocked funds
« Reply #1 on: May 06, 2008, 09:45:32 pm »

Offline jafa77

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Re: Blocked funds
« Reply #2 on: May 07, 2008, 06:21:58 am »
be careful what you tell the bank.......

Offline Cameleon

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Re: Blocked funds
« Reply #3 on: May 07, 2008, 06:58:22 am »
 :blush: Yip, won't make that mistake again!  :tickedoff:

Offline Alta van zyl

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Re: Blocked funds
« Reply #4 on: May 07, 2008, 07:11:22 am »
We have been here almost 4 months and fnb has no idea!   :whistle:

Offline MJ

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Re: Blocked funds
« Reply #5 on: May 07, 2008, 07:26:34 am »
Thats because FNB are useless.  I cancelled 3 insurance policies last month, phoned FNB and spoke to the manager who gave me a reference number and guaranteed the money would not leave my account.  Also gave notice in writing to insurance company. The 1st of May arrived and nothing left my account so I thought this is too good to be true. Lo and behold yesterday R3160 goes out my account which is the one policy as well as another R3600 to Sanlam for which I have no idea  so of course stay up late, phone FNB, get transferred all over the bank and tell your story 100 times  and finally speak to a snooty unfriendly lady who does reverse the money.
Can't wait for the beginning of next month when we will probably have to go through this all again :crazy2: