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snowy32
Joined: 03 Dec 2005
Location: NZ
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 Posted: Sat Mar 25, 2006 2:31 am Post subject: NZ banking q's ....oh the excitement!! |
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Hi all,
Well this is pretty country-specific....I was just wondering what Kiwis in Korea are doing with banking back home. Do you use travellers cheques or wire transfers or is there some other brilliant invention I have not realised exists yet?
Thanks in advance.  |
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crazylemongirl
Joined: 23 Mar 2003
Location: almost there...
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| Posted: Sat Mar 25, 2006 2:56 am Post subject: |
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| Oh btw check out the dollar sinking like a stone thank bloody god! Lost 200won in the last two months! |
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Cheonmunka
Joined: 04 Jun 2004
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| Posted: Sat Mar 25, 2006 9:45 am Post subject: |
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.........................
There could be recession in NZ soon. But, there may not be due to some unique factors: Unemployment is low. People can still spend in the local economy giving it a prop-up. The rate has fallen so now internationals can re-invest and catch a high interest rate. And now that NZ has enjoyed great growth I think economists will be looking to new ways to keep from sinking to recession this time around.
In any case, the exchange rate should stay down a while. Recent history (1999-2003) shows us the rate should hover around 620 at a stable time. This could be where the rate will float to in the next few months. Now is 602. That's pretty low, and has fluctuated within those lows, meaning there's a nervous reaction going on.
The rate has been as low as 480 during the 80's and early 90's. That's so low that it reflects an uninspired NZ and an over-inflated Korea. NZ and Korea have both grown-up a lot so those rates will never, ever apply again.
If there's no recession, and if Korea maintains a reasonable economy, it should be 620. But if on the off-chance there is terrific gloom in NZ late this year, the rate could well drop to the early 500's.
I'm hedging on 615 as an upper limit for 2006. That's what I'm using in my calculations for mortgage payments etc. I'm expecting to be pleasantly surprised with the rates and while I'm expecting that 615-620 will be the upper limit all year we will probably see the rate sometimes hit bottom in the mid 500's, so 540 minimums.
(Don't take me to the wall if I'm wrong!)
Kiwi's must use this time to save and send. Can't stress this one enough. If you are a Kiwi and spending your pay packet, you are wasting a perfect time to build your Kiwi nest.
To the first question. Have you tried your bank here and see if they have an online telegraphic transfer system. That would save going to the bank all the time.
However, for the individual, TT's are the best way to transfer. I don't think bank drafts (cheques) are useful. You have a clumsy post service to contend with.
Remember too, if the bank gives you stick about a 10K limit per annum, tell them it's USD's so you can actually send about 19 K NZD.
Also, if you are worried about exceeding the limit get it done in a Korean friend's name and give that person a little cash or lunch for the benefit.
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VanGuy
Joined: 01 May 2005
Location: South Korea
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| Posted: Fri Mar 31, 2006 2:00 am Post subject: |
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| I send my money from Korea to my ASB bank account every month by TT. Its easy and fast as I get the money either on the same day of transfer or the next day. |
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snowy32
Joined: 03 Dec 2005
Location: NZ
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| Posted: Fri Mar 31, 2006 3:14 am Post subject: |
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Cheers guys, thanks for the info.
I'm trying to find the cheapest deal between banks...I'm guessing kiwibank is probably going cheaper but their international access isn't as great.
On the topic of banks/ripping people off...some banks in NZ have been fined for overcharging on foreign exchange credit card transactions....power to the consumer!! woohoo!!
quote from stuff.co.nz.......
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The claim comes after ANZ National Bank pleaded guilty yesterday in Auckland District Court to 45 chances of breaching the Fair Trading Act of fees levied for offshore credit card transactions.
The court fined the bank $1.325 million and ordered it to refund $10 million in fees to its customers.
Seven other financial institutions are under investigation by the Commerce Commission and could face similar charges, amounting to tens of millions of dollars. |
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ANZ National Bank had imposed charges of between 2 and 2.5 per cent of the total transaction on foreign currency transactions made on credit and debit cards, but did not inform customers they were being charged.
The bank pleaded guilty after an investigation by the Commerce Commission, which said it was also pursuing prosecutions against Bank of New Zealand, Westpac, ASB, TSB, American Express, Diners Club and The Warehouse Financial Service. |
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Col.Brandon
Joined: 09 Aug 2004
Location: Seoul
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| Posted: Sat Apr 01, 2006 11:20 pm Post subject: |
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| VanGuy wrote: |
| I send my money from Korea to my ASB bank account every month by TT. Its easy and fast as I get the money either on the same day of transfer or the next day. |
What's "TT"? Telephone Transfer? How does it work? I usually go into my bank and do a wire transfer which is time-consuming and costs about $25 NZ at each end. Sounds like your system might be a lot better.
I first got here in 2002 and 1 million won was worth almost $2000 NZ. I was feeling pretty ripped-off for the past 3 1/2 years here because the exchange rate was so bad (DAMN HELEN CLARK AND HER PROGRESSIVE POLICIES!!  ) I'ts definitely better now, and I finally feel like I'm making some progress. |
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crazylemongirl
Joined: 23 Mar 2003
Location: almost there...
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| Posted: Sun Apr 02, 2006 1:45 am Post subject: |
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| Check here for when the dollar bottoms out. Most people think sometime around June. |
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itaewonguy
Joined: 25 Mar 2003
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| Posted: Sun Apr 02, 2006 9:06 pm Post subject: |
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DAMN!!! its that low!!? I had no idea!! the time to buy houses is NOW!!!
KIWIS!! buy a house!! that rate is awesome!! |
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VanGuy
Joined: 01 May 2005
Location: South Korea
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| Posted: Sun Apr 02, 2006 9:46 pm Post subject: |
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| Col.Brandon wrote: |
| VanGuy wrote: |
| I send my money from Korea to my ASB bank account every month by TT. Its easy and fast as I get the money either on the same day of transfer or the next day. |
What's "TT"? Telephone Transfer? How does it work? I usually go into my bank and do a wire transfer which is time-consuming and costs about $25 NZ at each end. Sounds like your system might be a lot better.
I first got here in 2002 and 1 million won was worth almost $2000 NZ. I was feeling pretty ripped-off for the past 3 1/2 years here because the exchange rate was so bad (DAMN HELEN CLARK AND HER PROGRESSIVE POLICIES!! ) I'ts definitely better now, and I finally feel like I'm making some progress. |
Oops. Maybe I used the wrong term. I thought TT was for Telegraphic Transfer and was the term used to "wire" it from Korea to NZ. It costs me w18,000 to send it and about $15NZD to receive it. Not very time consuming ...it takes about 2 or 3 mins for me as I go to the same bank each time and just give them the paper work from the last transaction. |
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jaganath69
Joined: 17 Jul 2003
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| Posted: Sun Apr 02, 2006 11:51 pm Post subject: |
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| Last I heard you guys were getting 6 000 000 000 bottle tops per thousand won back home. How many of the damn things do you need to by a sheep farm, a brand spankin new Cobb and Co coach and a crystal set wireless to go on top of the mantlepeice? |
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crazylemongirl
Joined: 23 Mar 2003
Location: almost there...
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| Posted: Mon Apr 03, 2006 6:17 am Post subject: |
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| jaganath69 wrote: |
| Last I heard you guys were getting 6 000 000 000 bottle tops per thousand won back home. How many of the damn things do you need to by a sheep farm, a brand spankin new Cobb and Co coach and a crystal set wireless to go on top of the mantlepeice? |
For jsut a dollar a day in real money  |
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Col.Brandon
Joined: 09 Aug 2004
Location: Seoul
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| Posted: Mon Apr 03, 2006 8:42 am Post subject: |
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| VanGuy wrote: |
| Oops. Maybe I used the wrong term. I thought TT was for Telegraphic Transfer and was the term used to "wire" it from Korea to NZ. It costs me w18,000 to send it and about $15NZD to receive it. Not very time consuming ...it takes about 2 or 3 mins for me as I go to the same bank each time and just give them the paper work from the last transaction. |
Ah, OK. That's the same as me. I'm not missing out on some nifty touch-tone-transfer-via-telephone-from-the-comfort-of-your-home-thing, then. |
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Cheonmunka
Joined: 04 Jun 2004
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| Posted: Mon Apr 03, 2006 1:57 pm Post subject: |
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A 'nifty touch-tone-transfer-via-telephone-from-the-comfort-of-your-home-thing' could be online transfer. I wonder if you can do it with an arrangement from your bank. My wife arranged ours through ChoHung bank and we can send up to 1 million by online TT.
I wonder if it's just a service for strictly Korean citizens rather than residents.
You could find out ...
Look at that eh, 593 won buys the TT dollar as at 9:30 am. |
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