arcticblue
12-04-2011, 12:42 PM
Currently I have all my cash sitting in NZ bank accounts earning interest here. I've seen a few foreign currency accounts with the NZ banks but they all seem to pay very low interest. Checking out the Australian bank websites (http://www.rabodirect.com.au/) it seems like it is possible to get 6%+ on term deposits of less than a year.
Now I realise there is also exchange rate risk to factor in but I think currently it looks worthwhile.
So how do I open a bank account with a foreign bank? I presume most want you to be a resident, how do you get round this?
Are there extra fees if you don't reside in Australia?
And what is the easiest/cheapest way to transfer between NZ and AU banks? What sort of costs are involved? Is there a minimum size transaction required to make it worthwhile?
Oh and if anyone can suggest somewhere better than Oz then please do tell. EU looks sick, pound too, as does USD.
Now I realise there is also exchange rate risk to factor in but I think currently it looks worthwhile.
So how do I open a bank account with a foreign bank? I presume most want you to be a resident, how do you get round this?
Are there extra fees if you don't reside in Australia?
And what is the easiest/cheapest way to transfer between NZ and AU banks? What sort of costs are involved? Is there a minimum size transaction required to make it worthwhile?
Oh and if anyone can suggest somewhere better than Oz then please do tell. EU looks sick, pound too, as does USD.