Posted by Eme on 20/08/2011

Transferring money from NZ to a new Australian bank account

Hi out there. How soon would it be advisable to transfer funds from NZ to Australia? We are moving 2012 - mid February. As it is, we will loose approx $4,000 with the exchange rate (an approximate) - Do I do it now, perhaps gaining a little interest while it sits in an Aussie bank account, or perhaps to show that we are serious about the move and not free-loading! Or doesn't it make any difference - now or just before we move?

#1 response from griselda at 07:16 on Mon, 22 August 2011

Hi there,
It doesn't matter too much when you shift the money over. If you open a bank account before you shift across, you usually need to deposit $500 or so into it, but apart from that no one will ask or check that you have money to use on arrival.
It's always a bit of a gamble with the exchange rate - if you can afford to wait then you can check the rates daily until you move over and hope for a better one. But as it's impossible to predict whether it will move up or down, the best idea is just to choose a convenient time for you and do it then!
All the best :)

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