# Tax Questions on Transferring Money Non-Resident.



## eastendoflondon (Nov 9, 2010)

Hi All,

Looking for a bit of advice...hopefully someone can help.
We are looking to move to chch next winter(July/August time). My partner is a kiwi and we own land in NZ already. We will build a house when we arrive next year.

We want to send down a large sum of money to NZ now so that when we arrive we can utilise it straight away. In the UK the rates for savers are shocking. We can currently get 3.5% with a term deposit at Westpac and the FX is only getting worse from our perspective. We would prefer our savings to be in NZ.
At present we cover our mortgage on the land by sending down money with HiFX now and then.

If we put our money in a term deposit with Westpac we haveto pay non-resident with holding tax(NRWT). Westpac is an Assured Issuer Levy(AIL).
NRWT is 10% to British citizens. If we choose to be listed under the AIL scheme we will only have 2% deducted from our interest.

My question is this: _Has anyone had the same or similar circumstances and how did you go about setting up your term deposit? We would like to use Westpac as we have our mortgage with them and they have already done the KYC on us.I.E. We dont haveto have another notary done in UK._
Thanks in advance!


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## Sha007 (Feb 7, 2014)

Hi,

On the Westpac NZ website is a section "International and Migrant" and you can obtain advice on setting up an account before you arrive. There is also a toll fee phone number for people in the UK.


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## eastendoflondon (Nov 9, 2010)

Sha007 said:


> Hi,
> 
> On the Westpac NZ website is a section "International and Migrant" and you can obtain advice on setting up an account before you arrive. There is also a toll fee phone number for people in the UK.


Thanks - i did go through their website thoroughly but the answer to my question wasn't there. Thanks anyway.


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