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Thread: NZ currency Term Deposit

  1. #1
    Chalky's Avatar
    Chalky is offline Junior Member
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    Default NZ currency Term Deposit

    Hi all,

    First and foremost, Happy New Year 2012 !!!
    Its been an amazing 2011. My family got the NZ Resident Visa approved (Approved-In-Principle).
    I saw many other fellow migrant got their NZ Resident Visa approved as well.
    By new born baby came out in time for the resident visa to includes her.
    I got a new job in a MNC that is a big employer in NZ, hopefully I can ask for internal transfer soon.
    I believe 2012 will be a better year.

    Anyway in the following post, I have some financial plan that I would like people to comment and validate.
    I plan to move ny family over to NZ in a year time. I suppose thats the requirement for the Resident Visa.
    During this period, I will not be touching a portion of my saving that is meant for migration usage (e.g. rental, living).
    Since the interest rate of Singapore banks is really low, I was thinking of getting a NZ currency Term deposit in New Zealand.

    My Plan:
    1) Open a bank account in NZ (e.g. ANZ) from Singapore
    2) Do a Telegraphic Transfer (TT) using WorldFirst (since it is cheap and safe, right?)
    3) Earn the Interest from the Term Deposit and at the same time benefits from the current exchange rate between Sg and NZ.
    * I consider that the ~0.5% interest rate is Sg is far too low compare to NZ ~4%
    * I also consider that the current exchange rate between SG and NZ is favourable to Singpore currency (in the past it was NZD 1 = SGD 1.1, now it is NZD 1 = SGD 1)
    4) One year later when I arrived, I can start using my saving with the extra interest earn. (Is there tax for interest earn for non-resident?)

  2. #2
    taenoz is offline Junior Member
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    Default

    Hi Chalky, First of all congrat on your blue sticker.
    I am from Singapore as well and in progress of applying NZ PR.
    The NZ deposit sounds like a good plan.
    Just wonder if you got any advice to deposit NZ dollars? What's the best offers from SG banks?

  3. #3
    Cliff's Avatar
    Cliff is offline Oh Masterful One
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    Default

    Quote Originally Posted by Chalky View Post
    Hi all,

    (Is there tax for interest earn for non-resident?)
    Chalky

    Yes you will pay tax on your interest and will be deducted automatically from the interest earned. Get a New Zealand IRD number (Income Revenue Department). If you don't have one you will pay a higher tax rate on your interest.
    Cheers

    Cliff

    Nelson, New Zealand
    NZ Citizenship in 2000, been in NZ 15 years now
    Arrived NZ in 1997 from Las Vegas, Nevada, USA

    "New Zealand isn't just a physical place it is a state of mind."

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