Arrive with around $10,000 for 3 month stay. How to manage?
Arrive in NZ with around $10,000 for a 3 month stay. This will cover all expenses for the two of us. Since travelers checks are no longer a viable option what is the best way to handle the money.
1. Open a NZ bank account and convert it all at once.
2. Open a NZ bank account and convert a portion of it (how much)?
3. Keep the cash and convert when needed
NZ$ versus US$ is favorable to us now but this may change so I would hate to convert all then see a major change in our favor some time down the road.
Thanks for any suggestions.
P.S. Due to the fact that we have to pay for each transaction + a conversion fee we will not be using our VISA card for transactions.
Reply to this Hi Bruce,
given the weak NZ dollar I would lean toward opening a bank account and depositing most of it.
When do you go? Is it worth/are you able to do it from the US, that way you could have it earning interest before you even get there.
You'll also have the option of debit cards, but the different banks have a range of accounts/fees.
I can post links to the major banks if you are interested.
Reply to this Carrying large amounts of cash is probably false economy -- you'll get the worst exchange rates here (probably worse than those visa conversion fees). Also - we may not be the most dangerous country you'll ever visit, but things do occasionally get lost/stolen etc.
A bank account and wire transfer is ideal, but banks here may be reluctant to open an account unless you have a work permit or similar.
Travelers cheques can still be used here - better exchange rates than cash, so if you can get them fee-free (AAA? Amex directly?) don't discount them.
My own opinion is to use ATM/debit/credit cards, at least for major expenses. The fee-scams may suck, but other options usually work out more expensive, and/or have less security.
As for exchange rate movements, impossible to predict, accept that as a traveler you win some, lose some. Just be grateful you weren't here a year ago, when the NZ$ was over 80 cents US!
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