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Thread: Bank account transfers

  1. #1
    Carts1976 is offline Junior Member
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    Jan 2010

    Default Bank account transfers

    Does anyone know if I can you open a bank account in NZ and have some of the money transfered in british pounds to my UK bank account? as I have a UK loan that will not be paid when I hope to arrive. I have an account with HSBC but see from the website you have to have $10K in there??

    Are there any charges with moving currency around?

    Thank you

  2. #2
    MotherBear's Avatar
    MotherBear is offline The missing link
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    currently Ras al Khaimah, UAE, ex Wales, UK
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    Quote Originally Posted by Carts1976 View Post
    Are there any charges with moving currency around?
    Yes, I'm afraid so unless you apply for a Premier account with HSBC which allows cost-free transfers, but that involves tying up $NZ100k as security. You can dip into the 100k from time to time but the money has to be replaced with 6 months.

    You could open a NZ bank account and transfer money back to the UK, but it will cost you each time, of course . With HSBC you can open multi-currency accounts so you could have a GBP account as well as a NZ$ account in NZ, as long as you have enough money to fund them both. With tranferring from one currency to another, you would be prey to fluctuating exchange rates. It might be an idea to wander into your local HSBC and speak to them about opening an account in NZ and ask them whether you need to pay the $10k bond. Maybe this is only if you don't already hold an HSBC account?
    Mother Bear

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