Originally Posted by
Snoopy
Yes this is the reason I opted into a DRP on an overseas share I hold. I found the NZ bank charges on overseas small cheques too high. I guess one silver lining is that if we can't cash such cheques, we no longer have to declare them as income? Will Grant Robertson be pleased?
Personally I think NZ banks are making a big mistake trying to phase out the banking of overseas cheques. Or defacto doing so by making their bank charges so high that it becomes uneconomic to present them. They don't understand that the rest of the world is not as 'advanced' (sic) as New Zealand in doing electronic payments. As a result they will probably end up doing significant damage to our export sector, because they are so greedy with their bank charges.
SNOOPY