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Thread: Can/should I keep my old bank, credit cards, etc.?

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    trimprover is offline Member
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    Default Can/should I keep my old bank, credit cards, etc.?

    I'm currently in the US.

    If/when we move to NZ, what happens to our US bank accounts and credit cards? Can we still use our US credit cards and ATM (debit) cards in NZ? Is there a big fee for each usage?

    I'm wondering if there is a compelling financial or legal motivation to get a NZ bank and credit card once we move there.

    If so, should we get a NZ bank and/or credit card *before* we move there?

    And finally: are there any banks or credit cards which work well in both the US and NZ?

    Thanks!

    T

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    Cliff's Avatar
    Cliff is offline Oh Masterful One
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    Keep the uS ones until you have new ones in NZ. If you continue to make charges in US dollars you may want to keep them because you will get whacked at extra 2% to 3% for foreign currency depending by your NZ bank. There are some websites that will only take US based credit cards. Definitely hang on to them if there is no annual fee. In NZ you will get an annual fee for any card you get.
    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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    trimprover is offline Member
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    Thanks for the info!

    Is it easier/cheaper to transfer funds from certain US banks into NZ banks, or will all US bank have the same issue in terms of foreign currency fees, etc.?

    I'm wondering if it would make sense for me to switch banks here before I go...

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    flodoggblue is offline Junior Member
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    Default mastercard or visa

    I was wondering about the same thing.... I also wanted to know if there is a particular card that is better to have ie mastercard, visa, american express. I remeber in europe you couldonly use a certain type of mastercard with a chip in it and my US based cards did not work. I just wanted to make sure I didn't run into the same situation. Thanks

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    zummerzet_lou's Avatar
    zummerzet_lou is offline your flexible friend
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    Well, I've kept one UK bank account open, with funds .. and have 1 UK credit card.

    Came in mighty handy at xmas, as ordered friends and family (who live in the UK) some pressies from UK websites,and paid in pounds. Also meant, things were just posted locally.

    Can use my bank cards (visa) at NZ ATMs ... just get dollars out at a reasonable exchange rate. Not sure about the credit card - think there is a fee to get cash out on any credit cards?

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    Cliff's Avatar
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    Quote Originally Posted by trimprover View Post
    Thanks for the info!

    Is it easier/cheaper to transfer funds from certain US banks into NZ banks, or will all US bank have the same issue in terms of foreign currency fees, etc.?

    I'm wondering if it would make sense for me to switch banks here before I go...

    most bank can do a funds transfer into a foreign currency. The fees will be based on a fixed charge not a percentage but banks do adjust they exchange rate they give you. This rate can change once a day or every minute. Look for someone who uses SWIFT directly. This is the most established international funds transfer medium. Some banks will use an intermediary. This intermediary will likely hold your money a few days to make money on the interest and possibly clip an additional fee as well.

    Establishing a bank account is easy. You will get a EFTPOS card (Electronic funds transfer - Point of sale). EFTPOS is how you will pay for most things you buy from gas to food. It is like a debit card in the amount will be deducted directly from you bank account. Well established and the standard. You won't carry much cash. If your current bank has a branch in NZ you might consider it but you can just wait until you get there. See which bank has a branch close to you and has a plan to fit your needs.

    Between eftpos (sounds like f- pos) and dierct debit I haven't written a check in years.
    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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    Cliff's Avatar
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    Quote Originally Posted by flodoggblue View Post
    I was wondering about the same thing.... I also wanted to know if there is a particular card that is better to have ie mastercard, visa, american express. I remeber in europe you couldonly use a certain type of mastercard with a chip in it and my US based cards did not work. I just wanted to make sure I didn't run into the same situation. Thanks
    Chip or not it will work. American Express is only in the high end stores so is not as common. VISA and Mastercard are everywhere. If you get an NZ card you will get a pin number for it. You can enter the pin like a bank card when you make a purchase.
    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."

  8. #8
    flodoggblue is offline Junior Member
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    Thanks cliff.

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