Okay, the time for my trip is drawing nigh which means I have to start getting all my paperwork rounded up and I have a few questions about the IRA tax form that I need to fill out and turn in. I did a search and couldn't find anything so I thought I'd just post a thread about it.
1) Do you definitely have to have some kind of address for them to give you a tax number??? Cuz I'm gonna have to start looking for work as soon as I get there and I have no idea where I'm gonna be staying. Any advice???
2) Do I need to have a bank account to get one???
Now as far as money goes, I have no idea what to do. I've read a few other threads about it but everyone says something different and is in such a different situation that I'm still stuck.
1) What's the best way to transfer my money???
2) How much money should I have in cash???
3) I have a loan that I am paying off and the payments come out automatically from my bank account here in the U.S. Will my bank in NZ transfer some of my money to my U.S. bank account for me??? I would imagine there would be some kind of fee for this.
I think that's about it. I know you guys probably see these kinds of posts all the time but I wouldn't have posted it if I really wasn't sure still!!! Thanks everyone!!!
You don’t need an address to get a tax number – if you go to Travellers Contact Point at the bottom of Queen st in Auckland (I’m assuming you will be at least starting off in Auckland) they can sort your tax number out for you and can get any documentation delivered to them on your behalf. You can also get other mail delivered to them for which there is a small fee.
You could take some NZ $$ with you and some traveller’s cheques, but the best way to access your money is probably just using your US cash card to withdraw form NZ atms. This can be costly though so best to open an NZ bank acc as soon as you can.
Re transferring money – its expensive to get your bank to do it –I did it once here through my bank and they charged $25. However since then I have used a company called Tranzfers to move money between the Uk and NZ but I don’t know if they can be used with US banks. If not I am sure there will be plenty of other companies you can use and it will be cheaper than going through the bank.
If you are wondering which bank to go with, Westpac Electronic accounts have minimal fees.
Also keep in mind that some countries NZ included have a postal service called Poste Restante. You can use the post office of your choice on the NZ postal website as your address, and pick up your mail there. This is free, they will even forward your mail to you when you get a fixed address or move to a different location in NZ.
As far as money and how much you will need in cash..umm that depends on how much you intend to spend doesnt it! Figure out your daily budget and mulitply that by the number of days until you expect to get your bank account opened and funds in place. I opened an account and then transfered a bunch of money into it from my US account, but still left enough in the US account to pay bills back there and also to pay my credit card bills online through my US account. As Bex said you dont want to have to keep transfering money from account to account as they charge about $25 each time and using your US credit card you get nickeled and dimed to death with bank fees for each transaction.
Ok I have to stop playing in the forum and finally try and update my damn blog!