Foreign Currency Account for Tier 1 General

[mahajanvivek]

Hi all,

First of thanks for all the great info provided on this forum. I am a new member and have a small query. It has been discussed but in different form which doesnt actually give me a clear answer.

I am currently in New zealand and i wanted to apply for Tier 1 and read the requirments which says you need to prove £2800 for three months and the balance should not drop.

As the exchange rate was favourable for the kiwi Dollar so i opened up a Foreign Currency account and deposited £3000 in that account and maintained that balance till today from September. I submitted my application today and i just looked at that bank account statment and on top it says FOREIGN CURRENYCY INVESTMENT ACCOUNT ( even though it is a regular account and i have access to the money whenever i want).

Do you think it will be a cause of concern ? Kindly advise.

[tvn_ramesh]

Hi all,

First of thanks for all the great info provided on this forum. I am a new member and have a small query. It has been discussed but in different form which doesnt actually give me a clear answer.

I am currently in New zealand and i wanted to apply for Tier 1 and read the requirments which says you need to prove £2800 for three months and the balance should not drop.

As the exchange rate was favourable for the kiwi Dollar so i opened up a Foreign Currency account and deposited £3000 in that account and maintained that balance till today from September. I submitted my application today and i just looked at that bank account statment and on top it says FOREIGN CURRENYCY INVESTMENT ACCOUNT ( even though it is a regular account and i have access to the money whenever i want).

Do you think it will be a cause of concern ? Kindly advise.

No it shd not be any problem as long as the funds are readily avialable to use.. and as u say it is a regular account and ready to access whenever u want is enough..

[mahajanvivek]

I went online and looked up for finer details on the account and this is what the bank has to say

********ANZ Personal Foreign Currency Investment Account

Do you have simple foreign currency banking needs and can you tightly manage the number of transactions you make? Perhaps you have a savings goal and want to put away a chosen foreign currency for a holiday or a special occasion? Our ANZ Personal Foreign Currency Investment Account may be the perfect option for you, allowing ease of access with an incentive to save.Product information
Interest rates

* Interest, where payable, is paid on your entire balance, at the equivalent of NZ$5000 and above
* Interest, where payable, is calculated daily and paid on the first business day of the next month
* Please contact us to obtain the latest foreign currency interest rates.

Features

* No minimum balance
* No penalty in interest earned if you withdraw funds
* Interest statements available
* Account statements available.

Spending
safeguard
One free withdrawal a month, then NZ$5 equivalent fee for each subsequent withdrawal.
Reward

* ANZ Personal Foreign Currency Investment Account interest rates, where payable, are higher than ANZ Personal Foreign Currency Call Account interest rates on any given day.
* Tiered interest rates - higher balances may earn a higher rate of interest, where payable.

Access

You can access your account via the following channels:

* Visit your nearest ANZ branch or Bureau de Change
* Call ANZ Phone Direct*
************************************************


Do you guys think it will be okay.[/quote]

[push]

Hi all,

First of thanks for all the great info provided on this forum. I am a new member and have a small query. It has been discussed but in different form which doesnt actually give me a clear answer.

I am currently in New zealand and i wanted to apply for Tier 1 and read the requirments which says you need to prove £2800 for three months and the balance should not drop.

As the exchange rate was favourable for the kiwi Dollar so i opened up a Foreign Currency account and deposited £3000 in that account and maintained that balance till today from September. I submitted my application today and i just looked at that bank account statment and on top it says FOREIGN CURRENYCY INVESTMENT ACCOUNT ( even though it is a regular account and i have access to the money whenever i want).

Do you think it will be a cause of concern ? Kindly advise.

When you open an account you get bank's terms and conditions in the welcome pack. If you are overly concerned about the above issue just provide the document highlighting clauses/pages which address the issues