BANK ACCOUNT for STAY IN NEW ZEALAND

basketcase

Hi

DD is hoping to go to New Zealand for at least 6 months after graduation - getting a job, hopefully.

When she went to Uni, I changed my Clubcard account to a joint a/c with her, so I knew she'd have a small amount to fall back on for food! Also if her student account was cobbled up by the bank - not that that ever happens... :rotfl:

Obviously she'll need some sort of Bank Account whilst in NZ. To simplify things should there be any real problems, she's asked if I'd set up a joint bank account then I could deal with things quickly and easily at source. It would be my account too, so there'd no problems regarding authorisation etc.

She's very sensible about money, so I'm quite willing to do this; but I need to know:

1 Is there a British bank with reciprocal arrangements? ( I know the Clydesdale is part of an Australian bank. And, Kiwis, I know NZ is absolutely NOT Australia! :A)

2 What sort of account would you recommend?

I'm in Scotland - which might make a difference to what's available.

Any help appreciated.

xylophone

http://www.i-studentadvisor.com/countries/new-zealand/fees-and-costs
http://www.moneysavingexpert.com/banking/foreign-currency-exchange

basketcase

Thanks all. It's not opening an account in NZ that would be the problem. She actually wants to keep a GB account as well - but she'd need to be able to use it whilst over there, if necessary.

She worked in France for a while and when her card from one account got swallowed and her salary went missing, there was nothing she or anybody else could do without very long, expensive phone calls. It took ages to sort out and meantime she had no money except what she could borrow from fellow-workers that she didn't (at that time) know particularly well.

That was bad enough in Europe - she doesn't want to find herself in that position on the other side of the world! Hence wanting to have a joint account with me that I can sort out easily should there be a problem. Also, I can then just transfer cash across from my personal account (if necessary) and she can pick it up immediately.

Hope that makes sense?

basketcase

ashleyingle wrote: »

I see the convienence here, but more fees and less favourable FX rates would be charged if you use a UK GBP bank card/ account in NZ. If only in NZ for 6 months, i would say it wouldnt make much of an impact, but if in NZ more than 6 months, then I suggest considering a local NZD account open in NZ.

Her wages can then be credited in the local account rather than if the wages went out from her employer in NZD to a GBP account, the UK bank would convert NZD-GBP (losing on a bad exchange rate). - alternatively, get paid cash in hand.

You can always, if needed top up, her local account by doing a bank transfer from you UK account to her NZD account (ideally through broker on amount £500+)

Sorry, I don't think I'm making myself very clear. I take your point and it's good advice. Thank you.

She'll almost certainly open a local account for wages etc - but this isn't about convenience. This is about her having a 'back up plan', so that she can use a British account too. She got in a position in Europe where her local account didn't work and, when she tried to use her British account (RBS) her card got swallowed. She didn't have a bean and it took ages to sort out. She couldn't get through to deal with RBS herself and they (quite rightly, really) wouldn't let me do it without authorisation. Fortunately she was with a group and could borrow. But she'll be out on her own in NZ.

We've found that having a joint (Clubcard) account while she's been a student means that I've been able to transfer (and, in the early days, track!) my contribution; It was only used for food and there was a Mr T close by... It's worked really well.

Anyway, the idea is that we have what is effectively her account (but in joint names) with a British bank as an emergency back-up. Then, if necessary, I can transfer money in the UK and she can just grab it at the other end. If her card got swallowed again I'd be able to go straight into the local branch and deal with it quickly.

However, some banks are going to have better reciprocal arrangements in 'foreign parts' than others; so I was wondering which would be the best bank to go for.

xylophone

At the moment she has a UK address and in effect is simply going on a working holiday - can she not open an on-line account and if necessary, transfer funds from this to the account she has with you so that you could arrange a currency transfer if necessary?

Biggles

It does seem OTT to go to the trouble of opening a bank account for a six-month holiday.

Best bet would be to use an account in the UK which has low foreign exchange fees for a debit card (eg N&P, Santander, even Nationwide etc) or a credit card like Halifax Clarity Reward.

Most jobs for UK tourists probably pay in cash, so no account would be needed for work purposes.