Forgot your password?

Money Management for Working Holiday: New Zealand

By Edited Dec 20, 2013 0 0

Managing Money on your Working Holiday Visa in New Zealand

Managing Money on your Working Holiday Visa in New Zealand

Most people will give you outdated information about travel funding.  Travelers checks are spectacular wastes of money and time.  Changing your cash (USD/Euro/GBP/whatever) for New Zealand Dollars in your home country will carry un-necessary costs and waste a lot of pre-departure hours.  Besides, it's not good to travel around with lots of cash.
It's better to pay no fees, spend no time at banks and always get the international currency spot rate.
 Here is how to do it:
Setup internet banking with one of your home banks that has ATM use agreements with banks in your country.  Look through your banks website to find if they have any international banking agreements with their ATMs. An American example: Bank of America is partners with WestPac New Zealand (Click Here to find your country's WestPac partner.)  This means you can pull money out of Bank of America accounts without having to pay a fee for using the ATM or for the access to bank account.
If you pull money out of a foreign ATM/Bank that doesn't have an agreement with your home bank, you will incur two fees; one from the ATM and the other from your home bank.
While in New Zealand you can withdraw money from a Westpac ATM with your foreign debit card and be charged nothing extra.  You take advantage at the international spot currency exchange rate. For example: If I withdraw $100 NZD from a WestPac ATM in Auckland and the international spot price for a NZD is $0.8437 USD; when I check my US bank account I will see a debit of $84.37 USD in my home bank account.
I buy NZD at the international spot currency market rate, I pay no extra fees for using an ATM or accessing my bank account from afar and I get the peace of mind of being able to pull money out as I need it, rather than pulling money out to avoid costs.  Also, I'm smarter with my money because I know exactly how much a NZD costs in my home currency.
As a Working Holiday Visitor, you will want to set up a bank account in New Zealand.  Once again I recommend WestPac, New Zealand.  It's smart to take advantage of doing all your banking at one place.
Set up a free internet banking account in New Zealand.  They will charge you if you use the tellers or any other physical services.  You don't have to worry about this because you want to do everything over the internet.  The only time you will do physical money movement is when you take money from the ATM to go spend it.
The key to keeping yourself financially free is to have a few credit cards.  Credit cards take advantage of the international market spot rate and they allow you to spend money you don't have if you're in a pinch.  Also, you can spend freely and pay all your spending once a month.  This freedom allows for you to put time into making money and enjoying yourself.  Plus you manage your dimes better when not using cash and coins.
It's best to have a few credit cards (ideally 3).  While traveling you should store various cards in different bags and in your wallet.  If your bag gets stolen or you get silly and lose your wallet, you can still use that alternative credit card while you sort the mailing of a replacement.  

Don't get caught up in spending.  Never spend money you don't have unless it is directly needed to make more money (i.e. buying a uniform or fuel to get to your next job.)  Working Holiday success requires that you act smart with you money. 
This is a quick overview of how to organize your finances to avoid any fees or time at the banks.  If you set up your finances like this, you won't pay a single fee for banking internationally.  Also, you will spend no time in banks (except the initial 10-20 min. required to set up your New Zealand bank account.)





Add a new comment - No HTML
You must be logged in and verified to post a comment. Please log in or sign up to comment.

Explore InfoBarrel

Auto Business & Money Entertainment Environment Health History Home & Garden InfoBarrel University Lifestyle Sports Technology Travel & Places
© Copyright 2008 - 2016 by Hinzie Media Inc. Terms of Service Privacy Policy XML Sitemap

Follow IB Travel & Places