Pension transfer to New Zealand
Expats Graham and Karen Collyns explain the benefits of using HiFX for pension transfers.
Where in New Zealand do you live?
We live on the North Island in a town called Coromandel. I was a dentist and my wife a nurse. We moved out here 9 years ago when New Zealand were desperate for medical practioners.
What advice would you give anyone who is thinking of emigrating?
Think about getting quotes for moving your worldly goods at least 3 months in advance of your departure. Be mindful that the shipping process can take 2 to 3 months. Check that the relocation company you use have a good track record and plenty of positive testimonials. Consider what is cost effective- for example you may be better off selling an old sofa and buying a new one once you have migrated rather than paying to ship it. Also bear in mind whether your electrical goods will be compatible on overseas power systems. Fridges and freezers will have to work harder in warm climates so they'll wear out more quickly. US TV's can't pick up a signal in Australia and New Zealand. They can be converted at a cost, but it may be cheaper to buy a new one. Also when booking your one way ticket, tell the airline that you are migrating – many of them will increase your free baggage allowance.
When transferring your pension what options did you consider?
I saw an advertisement for your Regular Payments Service in an inflight magazine during one of my trips. Previously all my money transfers were through my bank in the US.
Why did you choose HiFX?
The fact that all payments are handled via direct debit was a major plus for us. Calling my bank in the US from New Zealand every month when the time zones are so different was a real pain. We have three pensions (two private and one state) so the fact that we could roll the three into one monthly payment was also attractive.