Australia/new Zealand Banks

[rbrb]

Grateful for any suggestions/advice about:

1. Which are the best banks in Australia/New Zealand?

2. Any restrictions for non national expats opening acoounts with them?

3. Approximately what rates do they give for fixed deposits?

4. Are interest payments paid gross of tax?

5. Anything else I should know?

Many thanks in advance,

rbrb.

[KhunPadThai]

The last time I looked some CDs were as high as 8.5%. The Reserve Bank summarizes rates here: http://www.rbnz.govt.nz/statistics/exandint/b3/data.html

However, NZ banks do not have depositor insurance like the FDIC in the US. So, if the bank folds you lose your money. If your money is already in USD you might consider www.everbank.com, a Florida bricks-and-mortar bank with an Internet presence. You can buy a CD denominated in kiwis and it is FDIC insured. They charge 0.75% for the currency exchange in each direction.

Good luck,

Khun Pad Thai

[TizMe]

To open a bank account in Australia you will be asked to provide identification. This is done via the 100 points test. Below is a range of identification that is deemed acceptable, and each piece of identification shown is allocated a points value. Once you have reached 100 points you will be able to open an account.

Passport 70 points.

Driver's Licence/Permit (Australian) 40 points.

Identification card issued for entitlements to a financial benefit by the Australian Government (e.g. Pensioner Concession Card) to a public service employee or to a student at a university or TAFE 40 points.

Pensioner Concession Card or Health Care Card issued by Centrelink 40 points.

Records held by the Bank or from another financial body that holds a mortgage over your property 35 points.

Driver’s License (Foreign) – must have you signature and/or photo 25 points.

Current credit card or ATM access card from any financial institution (more than one can be used if issued by different financial institutions) 25 points.

Store Card, Medicare Card, Keypass photo identification card, passbook from any financial institution containing a black light signature (more than one can by used if issued by different financial institutions) 25 points.

The most recent account from your local council or public utility (rates, water, electricity, gas) 25

OR

Centrelink Personalised letter 100

Acceptable Reference 100

If you don't give a Tax File Number then they will take tax out of any interest at the top marginal rate before it is paid into your account.

Here's a fairly comprehensive listing of banks. Check out their websites for any other info that you want.

Edited April 6, 2005 by TizMe

[ArtfulD]

Id be interested to learn of NZ banks, I contacted a few to open an account and they didnt want to know unless it was opening an account in preperation of moving to NZ.