NZ Bank Account That Can Be Opened from Overseas?

Hi All,

I'm an 11-year old Ozbargainer (same username) and seeking some advice/assistance for a New Zealand matter, so hoping to get some assistance!

My parents lived in New Zealand in the late 80s and early 90s, and during their time in New Zealand, they had some sort of insurance with AMP. Their insurance has now reached maturity and they are entitled to some sort of pay out, but they do not have a bank account in New Zealand. They are New Zealand citizens.

The document I've been shown has conflicting information as to whether the money can or cannot be credited directly to an overseas bank account. However, regardless of whether this is possible, I think it might be a better idea to see if there is any NZ Bank Account that can be opened from overseas, have the money credited there first, and only later on decide when/how/if to transfer the money overseas. I'm thinking of using a company like CurrencyFair/Transferwise/Instarem/OFX.

Are there any digital/virtual banks with which bank accounts can be opened with full internet banking, and without an active New Zealand number, and also has no monthly/annual fees? Thanks in advance!

Comments

  • Hi,

    Assuming this is a reasonably significant sum, I would not try and have it paid into anything other than a proper bank account that is in their name (even if you could).

    For me, I would talk to AMP, and if it can be paid directly into their overseas account (wherever they are now resident), then that would probably be the best option.

    If you are worried about currency movements, and they are long-term 'short' on NZD (either without the payout or perhaps even with it), then you could open an NZD account in their country of residence. Then, when they are in NZ in the future, and spending NZD, they can fund that trip from their NZD account (maybe not directly, but at least by transferring to their normal currency account) thus not caring out the forex rate too much.

    Opening a bank account in NZ, from overseas, is going to be a hassle at best. Its hard enough opening an account in NZ when you're here with all the AML stuff now!

    If you are dead set on going that way, just go into a branch of whatever bank you are with, or jump online and send them a message, and ask them - they should be able to tell you what can be done, and what your parents would need to do.

    Alan.

    • Thanks for your help!

      Assuming this is a reasonably significant sum, I would not try and have it paid into anything other than a proper bank account that is in their name (even if you could).

      Yea I definitely had no intention of having it paid into anything but a legit bank account!

      For me, I would talk to AMP, and if it can be paid directly into their overseas account (wherever they are now resident), then that would probably be the best option.

      I've reached out to them now and confirmed that it can be paid out to an account overseas. I personally have a multi currency account including NZD, but neither of my parents do, so having the money credited to any of their accounts will result in a conversion. And I've also confirmed (unsurprisingly) that the money has to be paid into an account in the name of the policyholder, so I can't have it credited to my account first!

      However, now I'm thinking of whether I can ask whether an authorisation can be written by my parents to allow the money to be credited to my account first. Looks like I'll need to reach out again!

      Opening a bank account in NZ, from overseas, is going to be a hassle at best. Its hard enough opening an account in NZ when you're here with all the AML stuff now!

      Well for example, in Australia, there are banks like Xinja, 86400 and UP, all of which are "digital banks" with no branches, so I was hoping for something similar, and I was hoping my parents being New Zealand citizens would make the process slightly easier, despite being physically away from the country. But it doesn't look like anything's changed in the last year! I've literally just found this from googling "digital bank new zealand"!

      What's AML? Ok don't worry - I can probably google it! I'm assuming.. OH. It's anti-money laundering HAHA.

      If you are dead set on going that way, just go into a branch of whatever bank you are with, or jump online and send them a message, and ask them - they should be able to tell you what can be done, and what your parents would need to do.

      Yep I'll do it if I've exhausted all other options!

      Thanks!

      • Hi,

        I'm not familiar with 'Xinja, 86400 and UP' (probably all local outfits in Aus?), but the key thing, at least in NZ, is that you are dealing with a registered bank, rather than some random 'financial business'. If they are a registered bank, they are regulated by the RBNZ, and should be safe and legit (nothing is ever 100% of course!).

        The overall key consideration to me is the question of whether your parents are currently 'short' on NZD. If they aren't, or worse still, if they are 'long', then by holding the funds in NZD they are gambling on the currency cross-rates, and they should really consider converting to the currency that they are likely to need to spend it in sooner rather than later (for example, where they live now and hence where they will be spending for the foreseeable future).

        Good luck!

        Alan.

  • Hello buddy. Welcome to cheapies !!!! :D

  • I would look at a bank which has presence in both countries, Westpac for example: https://www.westpac.co.nz/fx-travel-migrant/banking-in-new-z...

    I assume it would be easier if you choose a bank they are already with, I am sure it couldn't be that difficult, especially based on the above link.

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