Keeping Overseas Account (New Zealand)

hcx

Hello.

Long time observer, first time poster.

I am looking for an (expert) advise regarding what to do with my overseas account, keep it or close it? I was living in New Zealand for a while and have a saving account with ASB (2.20% interest). My question is twofold: is there any benefit of closing that account and moving (not substantial) funds to UK? and if there is any benefit of keeping that account and move my savings there (my UK bank only gives 0.45%).

Any thoughts or experiences?

Lith

KEEP IT.

Trust me on that.


Do they accept a foreign address on the account?

DCFC79

Id keep it as you never know you might regret closing it when you could need it.

colsten

hcx wrote: »

UK bank only give 0.45%

You can get up to 5%, particularly on small amounts, in the UK. All discussed on the forums, and even on the main MSE pages. Seems you need to observe harder!

hcx

colsten wrote: »

You can get up to 5%, particularly on small amounts, in the UK. All discussed on the forums, and even on the main MSE pages. Seems you need to observe harder!

I have updated my post - I have no intention to change my bank, the question is about keeping overseas account. But thanks for pointing it out.:)

colsten

Just to set the record straight - there is no need to change bank to benefit from up to 5%.

I can't comment on whether you should keep your NZ account as only you know whether you might need it.

hcx

Lith wrote: »

KEEP IT.
Trust me on that.
Do they accept a foreign address on the account?

Yes (but only after creating the local account there, as far as I know)

agrinnall

Are you planning to return to live in NZ or visit again? If you are then you may as well keep the account and use the funds when you are there, if not then there's really no point in keeping it open. It took me 6 years to get round to closing my account when I came back from NZ, but as I haven't been there in the subsequent 20 years it made more sense for me to have access to the money here.

hcx

Thanks everyone for your suggestions and sharing experiences. I have decided to keep it for now.

FWIW, I am also using TransferWise and did some test transfers from a) NZ to UK via direct bank transfer using TW details, b) top up NZD in TW and c) UK to NZ. All transactions went smooth and quick (less than 24 hous). So I will keep ASB unless the maintenance fees go higher.