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  • FIRST POST
    • hcx
    • By hcx 9th Mar 18, 3:09 PM
    • 4Posts
    • 1Thanks
    hcx
    Keeping Overseas Account (New Zealand)
    • #1
    • 9th Mar 18, 3:09 PM
    Keeping Overseas Account (New Zealand) 9th Mar 18 at 3:09 PM
    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?
    Last edited by hcx; 09-03-2018 at 4:35 PM. Reason: info
Page 1
    • Lith
    • By Lith 9th Mar 18, 3:41 PM
    • 872 Posts
    • 248 Thanks
    Lith
    • #2
    • 9th Mar 18, 3:41 PM
    • #2
    • 9th Mar 18, 3:41 PM
    KEEP IT.

    Trust me on that.


    Do they accept a foreign address on the account?
    HSBC (Main A/C)
    Halifax Back up A/C
    Lloyds (Spending) A/C
    RBS Back up A/C
    Barclays Old A/C
    Nationwide Old A/C
    • DCFC79
    • By DCFC79 9th Mar 18, 4:25 PM
    • 31,690 Posts
    • 19,986 Thanks
    DCFC79
    • #3
    • 9th Mar 18, 4:25 PM
    • #3
    • 9th Mar 18, 4:25 PM
    Id keep it as you never know you might regret closing it when you could need it.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • colsten
    • By colsten 9th Mar 18, 4:30 PM
    • 9,010 Posts
    • 7,757 Thanks
    colsten
    • #4
    • 9th Mar 18, 4:30 PM
    • #4
    • 9th Mar 18, 4:30 PM
    UK bank only give 0.45%
    Originally posted by hcx
    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
    • By hcx 9th Mar 18, 4:32 PM
    • 4 Posts
    • 1 Thanks
    hcx
    • #5
    • 9th Mar 18, 4:32 PM
    Updated text
    • #5
    • 9th Mar 18, 4:32 PM
    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!
    Originally posted by colsten
    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.
    Last edited by hcx; 09-03-2018 at 4:33 PM. Reason: info
    divitić bona ancilla, pessima domina
    • colsten
    • By colsten 9th Mar 18, 4:35 PM
    • 9,010 Posts
    • 7,757 Thanks
    colsten
    • #6
    • 9th Mar 18, 4:35 PM
    • #6
    • 9th Mar 18, 4:35 PM
    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
    • By hcx 9th Mar 18, 4:51 PM
    • 4 Posts
    • 1 Thanks
    hcx
    • #7
    • 9th Mar 18, 4:51 PM
    • #7
    • 9th Mar 18, 4:51 PM
    KEEP IT.
    Trust me on that.
    Do they accept a foreign address on the account?
    Originally posted by Lith
    Yes (but only after creating the local account there, as far as I know)
    divitić bona ancilla, pessima domina
    • agrinnall
    • By agrinnall 9th Mar 18, 6:34 PM
    • 20,157 Posts
    • 15,880 Thanks
    agrinnall
    • #8
    • 9th Mar 18, 6:34 PM
    • #8
    • 9th Mar 18, 6:34 PM
    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.
    Last edited by agrinnall; 09-03-2018 at 6:36 PM.
    • hcx
    • By hcx 12th Mar 18, 4:34 PM
    • 4 Posts
    • 1 Thanks
    hcx
    • #9
    • 12th Mar 18, 4:34 PM
    • #9
    • 12th Mar 18, 4:34 PM
    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.
    Last edited by hcx; 12-03-2018 at 4:35 PM. Reason: typo
    divitić bona ancilla, pessima domina
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