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Skilled Migrant Residence

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Banking Services and Foreign Exchange

As is the case in any other country, NZ offers a selection of banks and a variety of products and fee structures. In general, bank costs, compared to UK, are nominal.It is advisable to open a bank account as soon as possible after arriving in NZ, not only to accommodate payment of your salary, but also to facilitate payment to service providers either electronically or by way of a debit order (“direct payment”).

Banking hours are normally from 08:30 to 16:00 on week days. With a few exceptions, banks are closed over the weekend and on public holidays.

Bank cards linked to a saving account or cheque account are known here as “Eftpos cards” and people use them for most of their payments—even of small amounts. Eftpos transactions do not usually incur bank costs.One of the most worrying and important aspects of emigrating is the conversion of your funds to the new currency. This often overlooked or left until the last minute.If you don’t pick the ideal moment, you stand to lose a significant percentage of your capital. Timing, flexibility and market knowledge are always crucial and to guarantee you get the best from your foreign exchange transactions and arrive in your new country with as much money and new currency as possible.

Tracking the New Zealand Dollar to GBP historic rates suggest that the New Zealand Dollar is typically valued at between NZD 2.75 and 3.00 to £1.If you exchanged GBP to NZD in February 2010 for £100,000 you would have bought NZD 229,000. If you waited until March 2010 £100,000 would have bought you NZD 209,000.The difference between using a foreign exchange company to move your funds to New Zealand and using a bank can be 4%. There are a number of foreign exchange companies in the UK including Halo Financial and HiFX who offer tailored solutions to migrants.