Transferring a balance from NZ credit card to UK

Mattchew

Is it possible to transfer an outstanding balance of approx £3,000 to a 0% rate with a UK bank?

A colleague of mine has recently moved to the UK from NZ and would like to know.

Thanks a lot!

nzseries1

I would like to know this too as when I moved here I was going to balance transfer my NZ credit card balance.

However, if your colleague has just moved here, it is extremely unlikely he will get accepted for any 0% balance transfer offers.

Mattchew

nzseries1 wrote: »

I would like to know this too as when I moved here I was going to balance transfer my NZ credit card balance.

However, if your colleague has just moved here, it is extremely unlikely he will get accepted for any 0% balance transfer offers.

He moved here about two months ago, but would be happy taking a life of balance offer if that was all available...

Just need to know if it's possible first, before he starts applying for credit.

Cheers

YorkshireBoy

Mattchew wrote: »

Is it possible to transfer an outstanding balance of approx £3,000 to a 0% rate with a UK bank?

Not directly. They'd need to use a super balance transfer card such as Egg or an MBNA run card, which will pay money into their UK current account at 0%.

They'd then need to convert and send this money overseas.

Could be expensive (6-8%?)...that's if they can get a UK 0% card so soon?

Mattchew

YorkshireBoy wrote: »

Not directly. They'd need to use a super balance transfer card such as Egg or an MBNA run card, which will pay money into their UK current account at 0%.

They'd then need to convert and send this money overseas.

Could be expensive (6-8%?)...that's if they can get a UK 0% card so soon?

Is that 0% transfer fee to transfer the money to your current account? - Would you then also qualify for say for example, 10months 0% on BT's as well? So the £3k that was transferred will be transfer fee free and interest free?

YorkshireBoy

Mattchew wrote: »

Is that 0% transfer fee to transfer the money to your current account? - Would you then also qualify for say for example, 10months 0% on BT's as well? So the £3k that was transferred will be transfer fee free and interest free?

MBNA, for example, would charge you a 3% fee to transfer cash (at 0% for 12-15 months) to your current account.

There would then be a cost (I've assumed 3-5%) to convert and send this money abroad.

M_Thomson

They'll be highly unlikely to get any credit cards after residing here for just 2 months. Most lenders like to see around 3 years UK history before granting credit.