Hi,
1. Has anyone successfully transferred money from an AUS CBA account to a NZ bank (non CBA) account using the CBA’s NetBank (internet) banking facility?
2. Does the CBA operate in NZ…or are they are a different company (i.e. call themselves CBA but are a separate legal entity?, or more to the point has anyone borrowed money from the CBA in Australia for IP in NZ?
I’ve asked my CBA loans officer about this but know the forum will be quicker!
Thanks
kitdoctorHi Kitdoctor.
I am in the same situation – I have CBA account and NZ bank account. No it cannot be done online using Netbank (yet – its coming apparently).
You need to call into any branch of the CBA and complete an IMT (international money transfer) – costs about $28 (plus whatever your NZ bank charges to receive the cash at the other end, maybe $10 in my experience).
For your other question, the banks in NZ are pretty much separate to the Aust. versions. Even though there is ANZ in A and NZ (funnily enough) they are pretty much run separately. Westpac in NZ is known as Westpac Trust and is technically a ‘branch’ of the Australian Westpac (yes, NZ is a single branch… the NZ govt hate it!)
The equiv. of CBA in NZ is ASB Bank. But its extremely unlikely that your local CBA branch can open an account in NZ for you. Maybe if you were with ANZ, I have heard that you can be ‘referred’ if you are well known to the bank in Australia (its hard these days as few people know their branch manager anymore!).
You really need to make a few calls to NZ to enquire about opening an account here, and similarly for getting finance pre-approved to invest in NZ.
Give it a try and let me know if you get stuck. Part of your investing journey is to take action and then possibly learn from your mistakes.
John.
(I believe that later this year there will be no +CF deals left in NZ, so I’ve moved here to invest full time. I can find +CF deals for your NZ portfolio for a fee, just email me [email protected])
Hi
I have had problems too.
I deal westpac, westpac manager told me the following:
use and do it over the interent, he said it can be done. (dont hold me to it) so longas you have the bank details.Westpac site do tell you what to do anyway re international money.
Westpac manager told me cheapest is a bank check and send it over
telegraphic transfer is most expensive.ANZ dont like to help out, I found here. But I was given a contact over there and I am still trying to set up my account, it hasnt been easy.
Elves
” a blind man may see what a sighted man may not”
I can confirm that you can transfer from Westpac Aus internet to NZ. Done it myself.
Does anyone know if you can do vice versa?A quick note to Elves,
bank cheques are an option, but you will probably get a lower conversion rate than for an electronic transfer, and if you’re transferring $100K this can mean a few hundred dollars difference. So its not really the cheapest option in that sense.
Electronic is easier than manual (cheque = paperwork) for the NZ bank. It’s also faster as you dont need to get them a chq in the mail.
John.
(I believe that later this year there will be no +CF deals left in NZ, so I’ve moved here to invest full time. I can find +CF deals for your NZ portfolio for a fee, just email me [email protected])
not to sure if it helps but I use transfers.com to transfer money OS
Yep John
but ya gotta also watch the costs, transfers eg tt are costly this end and can cost t’other end too. eg $60
where a cheque might cost 20 or 30also, TT can take 48 hours
cheque not much longer by air
so much for electronics…? cant they do it quicker?” a blind man may see what a sighted man may not”
If overseas transfer are a regular thing, open a Citibank Online account. Not only can you transfer anywhere overseas via the internet, and cheaper than most banks in Oz especially if the receiving bank is another Citibank, but you earn 5.40% interest.
Hi guys,
I have Aus Westpac account and transfer to NZ westpac account. Money has been there in as little as twelve hours as goes direct from here to Wellington Westpac and then onto branch. difficulty with Westpac here is they have just capped the TT amount by internet to $5K so now have to go to branch to transfer more than that – unless you set up a business account with them (advised by my local WBC branch here in brisbane re this)
I wait until I need more than 5K and go to the branch. Try to minimise the number of transactions to minimise the fees. I recollect $30 this end and ??? 10-15 at the other end
CheersCastleDreamer
Baloo,
I also use Citibank to transfer funds overseas. It costs $10.
Spider
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