Advice and Support for South Africans Immigrating to New Zealand

South Africans Going To New Zealand

Author Topic: SPENDING MONEY OPTIONS  (Read 2722 times)

Offline ARELEENE4

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SPENDING MONEY OPTIONS
« on: January 14, 2014, 02:53:37 pm »
Help guys! my bank tells me that no banks offer NZ travellers cheques or preloaded card for NZ. how is that possible???

any ideas please  :help:
17/10/13 Passports applied for.
22/10/13 UBC applied for.
05/11/13 Passports received.
10/11/13 Hubby approved decision on LSD
27/11/13 Booked tickets for LSD
11/02/14 Police clearance couriered to pta
18/02/14 Meds & xray done

Offline Kiwi_In_The_Making

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Re: SPENDING MONEY OPTIONS
« Reply #1 on: January 14, 2014, 09:39:31 pm »
Hi ARLEENE4, can't advise you as to what to do but I will share my experience and plan for my trip to NZ in May14. I opened up a savings account with Westpac NZ online. I need to validate it upon arrival in NZ in order to be able to make withdrawals from it. I am currently busy with Exchange4free who are assisting me in transferring money from SA into my Westpac savings account - option I am following is the R1m discretionary allowance option (no Income Tax Clearance certificate required) which is more than sufficient for my purposes seeing that I am transferring substantially less. I have a SA credit card which I will be able to use in NZ provided I inform the bank of my trip before I leave SA (will just transfer funds via online banking from my SA cheque account into it and use the credit card in NZ if necessary). I also still have a valid SA debit card (will notify bank of trip beforehand). 60 days before my trip, I will apply for some physical currency (not allowed to book physical currency earlier than that according to my bank) but not alot because I will already be set up with a savings account in NZ and I will have my credit and debit cards as back up (leaving some funds behind in SA). Hope some of this is helpful to you.
« Last Edit: January 14, 2014, 09:44:09 pm by Kiwi_In_The_Making »

SA Going to NZ Advice Forum

Re: SPENDING MONEY OPTIONS
« Reply #1 on: January 14, 2014, 09:39:31 pm »

Offline ARELEENE4

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Re: SPENDING MONEY OPTIONS
« Reply #2 on: January 15, 2014, 06:02:26 am »
Hi KITM - thanks. yes i have also opened an acc with ASB. i was going to transfer a lump sum and take the passport card as well. but then thought i would load everything and then deposit into my nz acc when i get there. but having probs with the online transfer.

i just cant understand how no bank caters for NZ travellers cheques.  :tickedoff:  will let you know how i go  :whistle:  :gl: for May
17/10/13 Passports applied for.
22/10/13 UBC applied for.
05/11/13 Passports received.
10/11/13 Hubby approved decision on LSD
27/11/13 Booked tickets for LSD
11/02/14 Police clearance couriered to pta
18/02/14 Meds & xray done

Offline ARELEENE4

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Re: SPENDING MONEY OPTIONS
« Reply #3 on: January 16, 2014, 02:21:16 pm »
 :sweat: hi guys. ok, passport card sorted, screwed by the ROE that FNB gave me. i saw in a previous older post someone suggested depositing the money into my SA credit card and then transferring it to my NZ bank account when i get there next week.  :help:

it was a post from 2008 - is this still possible?  im battling to do the transfer directly out of my FNB to NZ accounts and i am scared of the ROE that FNB will charge me for that. Any suggestions? 8)
17/10/13 Passports applied for.
22/10/13 UBC applied for.
05/11/13 Passports received.
10/11/13 Hubby approved decision on LSD
27/11/13 Booked tickets for LSD
11/02/14 Police clearance couriered to pta
18/02/14 Meds & xray done

Offline Kiwi_In_The_Making

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Re: SPENDING MONEY OPTIONS
« Reply #4 on: January 16, 2014, 05:32:14 pm »
Hi ARELEENE4, what rate did they give you? You can contact Exchange4Free to see what rate they can offer you. My transfer is going through tomorrow at ZAR 9.19 to NZD$ 1 (rate confirmed yesterday). My bank's rate at the time was definitely higher so ask Exchange4Free to quote you in future and compare it to what your bank quotes you.

Offline mbl77

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Re: SPENDING MONEY OPTIONS
« Reply #5 on: January 16, 2014, 08:32:25 pm »
:sweat: hi guys. ok, passport card sorted, screwed by the ROE that FNB gave me. i saw in a previous older post someone suggested depositing the money into my SA credit card and then transferring it to my NZ bank account when i get there next week.  :help:

it was a post from 2008 - is this still possible?  im battling to do the transfer directly out of my FNB to NZ accounts and i am scared of the ROE that FNB will charge me for that. Any suggestions? 8)

Credit card is practical, but the rate won't be much different from what FNB is offering. I.e. expensive.

Offline TheJo

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Re: SPENDING MONEY OPTIONS
« Reply #6 on: January 17, 2014, 08:58:27 am »
Areleene, if I understand you correctly do you mean that you're logging into your internet banking, setting up your NZ account as the beneficiary and then trying to transfer the funds?

As far as I'm aware that can't be done. Your bank needs to do a SWIFT transfer into your account. I think you mentioned opening an ASB account, the SWIFT code should be available on their website but if it isn't you can contact them for it. If you take your SA credit card then you can use it as you did in SA, except your bank will determine the ROE at the time of transaction.
11 Feb 15: Residence visa approved

SA Going to NZ Advice Forum

Re: SPENDING MONEY OPTIONS
« Reply #6 on: January 17, 2014, 08:58:27 am »

Offline JessiF

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Re: SPENDING MONEY OPTIONS
« Reply #7 on: September 08, 2015, 10:33:59 am »
I would have to agree with Kiwi_In_The_Making,
Exchange4free are probably your best bet ARLEENE4. :angel:
I'm so glad to be reading a positive outcome with them.

Offline hotthereclan

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Re: SPENDING MONEY OPTIONS
« Reply #8 on: October 22, 2015, 09:16:50 am »
Hi All,

Please keep in mind that although exchange4free might not charge commission etc, there exchange rate may be higher so their commission is "hidden" in their.  Hope that makes sense.
So for example if FNB or any other high street bank asks 8.19 (for example) they still charge a minimum of R200 commission and 2% thereafter up to a certain amount (for example).  However, companies that advertise that they do not charge commission might have an exchange rate of 9.2 (for example) so they are making 1.1% on your transaction.

So it helps to shop around when you are ready to buy and consider all commissions and exchange rates.

#myopinion - #hopeithelps  :)