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Seeking advice on how to keep fund in US$ in New Zealand

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  • Seeking advice on how to keep fund in US$ in New Zealand

    I have got some fund in US in US$. Would like to get that fund here in NZ now and still keep it in US$ to take advantage of falling NZ$. Will convert when NZ$ hits 60cent US. Any advice is appreciated.

  • #2
    Take a look at these sites

    Elldridge Lynch may be a good option as they have an a/c in the US to pay into, and you can disburse the funds to a NZ account online. You should probably hold onto your US bucks in your US account until the rate drops. At least you'll earn some interest off it until it does - do they pay interest over there?
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    • #3
      Would like to get that fund here in NZ now and still keep it in US$ ...
      I'm not too sure this can be done. In my experience with transferring $ in one currency to another country, it is automatically converted to the new currency when deposited into the account ie. A$ banked into NZ bank account are converted to NZ$, but then maybe that is because we have bank accounts in both countries and move $ back to NZ on a regular basis to be useful. I haven't explored the possibility of keeping it in A$, but then why would we?

      My suggestion would be to leave it in the US until the $ drops to 60c and then transfer it - it could take a while though, even though the trend is downward. Good for us in OZ at the moment too - it's good to be back to the $1.10 days with another transfer looming soon.

      Another suggestion could be to use an "online account" such as ING, etc, where the $ may be able to remain in the original currency and get better than usual bank interest at the same time.


      • #4
        hey..thanks for all the response. Suppose I need to describe a bit more. I have some share of US based companies and my share broking account is in US too. I am trying to capitalise the share value of my share at the moment. However NZ$ being quite high as well does not help me to bring in my money in NZ$ after selling my shares in US. Hence the question I asked. I would like to sell my shares now and receive US$ and then bring it back here in US$. Wait for NZ$ to drop and then convert. I hope it explains my situation.


        • #5
          You can open foreign currency accounts with any bank.They dont care what colour the money is , as long as theyve got it! I have a USD account with Westpac.


          • #6
            Understand that. Was talking to ANZ. They have somehting like a foreign exchnage call account. The problem is that it has got $20 fee each month. What's the deal with Westpac?


            • #7
              This is Westpacs terms and conditions.

              If anyone knows of a cheap way of moving money between NZ, US and UK into the local currencies I have a great little sports arbitraging project but the currency fees kill it at the moment as they are horrendous.


              • #8
                Not sure if this would work for you but try www.e-gold.com


                • #9
                  If you have a US bank a/c?

                  Sell your shares & have the money put it into your high interest bearing US bank a/c or term deposit.

                  Open a paypal a/c. By going here:

                  No matter where you shop, PayPal empowers your small business to accept payments online and in person. You can even offer multiple ways to pay.

                  When you're ready to? Transfer the moneys from your US bank a/c. or term deposit into your paypal a/c free of charge!

                  (If the monies are over a certain amount, you'll need a credit card to verify your paypal a/c)

                  If you have a NZ bank a/c? Upload the details to your paypal a/c then transfer the money into your NZ bank a/c, for a total transaction charge of $NZ1. (This takes to 2 - 7 days approx).

                  Very simple & cost effective!

                  & best thing about it, it can be ALL done online!

                  Hope that helps!


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                  • #10
                    it may be wise for you to shop around as there are many banks like Citibank and HSBC who are capable of doing it.
                    HSBC has a division called HSBC International or HSBC offshore

                    also best options may be with offshore banks as they can move funds very fast and efficiently and also offer better interest rates and conversion rates.

                    also you can try from this site

                    as they have offices in NZ

                    pls shop around until you find the bank offering what you require as there are many banks out there who do offer to what you have informed briefly

                    hope you will find the bank suitable to your needs.
                    Info is very valuable, you never know when it may come to use.
                    So value it , appreciate it and thank the contributor.
                    Wish everyone the best of luck in whatever good deeds they are doing.


                    • #11
                      Problem with keeping cash in USD (even in an NZ bank) is the pitiful rate of interest that you receive. Because the base interest rates in the states are so low, if you hold cash in USD in NZ its likely you will still only receive US interest rates.

                      As a result you will need to weigh up the interest differential and fees, versus the amount of time it takes for the exchange rate to get to a level you are willing to make the swap. It may take anywhere from 1-5 years for the NZD to reach that kind of level.


                      • #12
                        yes the interest rates vary from currency to currency

                        at the moment the NZD interest rates are higher than the USD and even the Aussie dollar. hence the interest rates will definitely be lower.

                        also for the NZD to go to 0.60 level, if it will go,will definitely take a long time as roseneath_rat said.

                        it will be better for you to calculate the curreny gain in % and also weigh it against the interest earned in NZD for the peiods of 1/2/3/4/5 years and see when it will give you a break at the rate of conversion as desired by you.

                        however if you still wish ti retain in USD then it may be wise for you to look for offshore banks fron NZ as definitely they will have USD deposits and if you try to look from the states maybe many of the offshore banks might not have NZD deposits due to the low demand

                        wish you luck in finding the bank for your situation
                        Info is very valuable, you never know when it may come to use.
                        So value it , appreciate it and thank the contributor.
                        Wish everyone the best of luck in whatever good deeds they are doing.


                        • #13
                          Hannah I have an NZ based HSBC account in US funds. I just transfer funds in and out of it like a normal bank account but it's in US funds. Easy way to make money out of Forex without leverage though. Talk to HSBC. Dead simple


                          • #14
                            Equally easy to lose funds, depending on which way the currencies move against each other.
                            Gimme $20k. You will receive some well packaged generic advice that will put you on the road to riches beyond your wildest dreams ...yeah right!


                            • #15
                              Trends are pretty easy to follow in US NZ rates as long as you're not speculating daily. I've got some funds in US dollars at the moment because the dollar is trending down. Pretty low risk