Our office in London has been meeting the needs of United Kingdom and continental Europeans since 1949.
We can offer you a balanced, professional and flexible range of banking facilities. This includes superior foreign exchange services and highly competitive foreign exchange rates, to ensure your hard earned savings go further in New Zealand.
Opening an account with us
Simply complete in full this application form and return it to us, along with the necessary documentation.
We will also open a London transfer facility for you.
- This will enable you to take advantage of the highly competitive foreign exchange rates we offer from London.
- Once your completed application has been processed, which usually takes five working days, we will send you a letter confirming your London transfer facility number.
- This transfer facility is our primary means of reference and should be quoted on all correspondence with us and on any payments you, or a third party, send to us for transfer on your behalf.
Setting things up in New Zealand.
- We are able to set up bank accounts and transfer funds for you to the specialist Migrant Banking Division in Auckland, or any of more than 120 ASB branches throughout New Zealand.
Transacting on your New Zealand ASB account.
- You will not be able to transact on your ASB account held in New Zealand until an ASB representative in New Zealand has identified you in person. In the case of joint account holders both parties will need to be present to activate the account.
Transferring funds
Once your account has been established there are three steps:
- Depositing money into your London transfer account.
- Conversion to New Zealand dollars.
- Transferring New Zealand dollars to your New Zealand account.
The money in your New Zealand account will not be accessible until all parties have been formally identified in person at the appropriate branch in New Zealand. In the case of joint account holders both parties will need to be present to activate the account.
Step 1 - Depositing money into your London transfer account
Cash is not accepted. You will need to quote our sort code (60-95-38) and your London transfer account number. A charge of £15 applies if the amount is less than £30,000. All account holders should appear as beneficiary on all payments.
- Option 1: Via the electronic CHAPs payment system, your money will usually arrive as cleared funds on the same day.
- Option 2: Via the standard bankers automated clearing system (BACS), your money will usually take three to four days to arrive.
- Option 3: Via a bankers cheque or a personal cheque that is made out to the London transfer account holders. It usually takes five working days for Stirling cheques drawn by companies, solicitors and private individuals to clear. Cheques in other currencies can take up to six weeks to clear.
Step 2: Conversion to New Zealand dollars
Once cleared funds reach the London transfer account, they will be immediately converted into New Zealand dollars at the prevailing rate “ unless you provide prior alternate instructions. Migrant Banking Services offers highly competitive exchange rates and foreign exchange services such as:
- Sterling short-term call account: Sums in excess of £30,000 earn interest while you monitor exchange rates. When you are ready to convert your funds, a rate can be agreed over the telephone.
- e-Rate: To help you monitor exchange rates, you receive a daily email containing indicative rates of exchange.
- Forward exchange contract: This enables you to secure todays exchange rate for settlement on a future date.
You should read the product disclosure statement (PDS) for foreign exchange (Commonwealth Bank London) before making a decision about foreign exchange services. This statement is available from our UK Representative Office.
Step 3: Transferring New Zealand dollars to your New Zealand account
- Your New Zealand dollar funds will normally take two working days to be transferred and credited into your New Zealand ASB account, ready for your arrival in New Zealand.
Your London transfer account is open for two years from the date of your departure to New Zealand.
London office contact details and location
Commonwealth Bank of AustraliaFinancial and Migrant Information Service
Senator House
85 Queen Victoria Street
London EC4V 4HA
England
Phone: 44 (0)207 710 3592
Fax: 44 (0)207 710 3939
Email: londonmbs@cba.com.au
Where to find us
