# Bank accounts



## BlueBear (Mar 23, 2011)

I will be arriving in NZ early May and Iam trying to work out what the best current account would be. My current account is with RBS and I pay for this but get things like travel and phone insurance. Is there a bank that offers something similar in NZ.

Also, does anyone have advice about whether I should keep my UK account open or just shut it all down

Thanks


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## topcat83 (Apr 16, 2009)

BlueBear said:


> I will be arriving in NZ early May and Iam trying to work out what the best current account would be. My current account is with RBS and I pay for this but get things like travel and phone insurance. Is there a bank that offers something similar in NZ.
> 
> Also, does anyone have advice about whether I should keep my UK account open or just shut it all down
> 
> Thanks


I'd keep your current account open - especially if it has good on-line access. We've found a number of times where UK funds have needed paying in somewhere - for example tax rebates from the inland Revenue (yes, they do occur sometimes!)

I have travel insurance on my redit card, but not my bank account - it's a Kiwibank Gold Card. You do pay a fee for it though.


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## Wonderspring (Sep 18, 2011)

topcat83 said:


> I'd keep your current account open - especially if it has good on-line access. We've found a number of times where UK funds have needed paying in somewhere - for example tax rebates from the inland Revenue (yes, they do occur sometimes!)
> 
> I have travel insurance on my redit card, but not my bank account - it's a Kiwibank Gold Card. You do pay a fee for it though.


We have just arrived from Europe and are now looking for house to rent etc and setting up bank connections. We decided to go with Kiwi since our friends from NZ are already with them. When asking them for conditions that they offer in regards to house loans, we were told "Be at least 18 years of age, be a _permanent New Zealand resident_ or a _New Zealand citizen_, and have a good credit history".

Since I don't want to keep on renting until eternity, I will probably need a house loan in some time and as I understand it, then Kiwibank will not help us. Anybody else in similar place? Are other banks different with house-loan terms?


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## anski (Aug 17, 2008)

Wonderspring said:


> We have just arrived from Europe and are now looking for house to rent etc and setting up bank connections. We decided to go with Kiwi since our friends from NZ are already with them. When asking them for conditions that they offer in regards to house loans, we were told "Be at least 18 years of age, be a _permanent New Zealand resident_ or a _New Zealand citizen_, and have a good credit history".
> 
> Since I don't want to keep on renting until eternity, I will probably need a house loan in some time and as I understand it, then Kiwibank will not help us. Anybody else in similar place? Are other banks different with house-loan terms?


I suggest on arrival you firstly choose a bank & then establish a relationship with them by giving them all of your business, have your salary paid into this bank & apply for a credit card even if with a small limit. This way you are establishing a history with them & in time will give you a mortgage provided you have operated your accounts in a responsible manner & can meet the criteria.
Starting off in any country is the same when we moved to the UK many years ago it was difficult to get a housing loan also until we had established a relationship with our bank.

I reccommend Kiwibank.


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## carosapien (Oct 16, 2011)

There's a big chance that National will privatise Kiwi Bank. They did the same to the last state owned bank and they'll do it again.

I recommend that you spread your business around rather than putting all your eggs in one basket. Don't forget the online banks too, Rabobank used to do some good deals.

When it comes to mortgages banks are looking at the bottom line - how much you bring home and how much of a risk you present. If you're earning good money you don't have much to worry about but it is harder if you're self employed.


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