Money: Difference between revisions
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If you've come for financial advice, well, you came to the wrong place. This is a big priority item, and you'll want to do your own independent research. That being said, here is some non-professional financial advice for you to consider. Seriously, don't take any of this as truth, this is your money, get facts from legit sources. | |||
[[Purchasing Currency]] | [[Purchasing Currency]] | ||
=== Where to Keep Your Money === | === Where to Keep Your Money === | ||
* You can setup a bank account like with BNZ before you arrive. | * You can setup a bank account like with BNZ before you arrive. | ||
* Wise is not a bank<ref>[https://wise.com/us/blog/wise-as-bank-account#:~:text=No%2C%20you%20cannot%20use%20Wise,it's%20a%20financial%20technology%20company. Wise Is Not a Bank Page]</ref>, but has a lot of features like a bank. Like being able to order a Wise Card that lets you withdraw from ATMs internationally. The card will pull from the Wise fund that has the lowest conversion rate. So if you already have NZD currency in your Wise account, there shouldn't be a conversion fee. | * Wise is not a bank<ref>[https://wise.com/us/blog/wise-as-bank-account#:~:text=No%2C%20you%20cannot%20use%20Wise,it's%20a%20financial%20technology%20company. Wise Is Not a Bank Page]</ref>, but has a lot of features like a bank. Like being able to order a Wise Card that lets you withdraw from ATMs internationally. The card will pull from the Wise fund that has the lowest conversion rate. So if you already have NZD currency in your Wise account, there shouldn't be a conversion fee. | ||
== Reporting to the US == | |||
You should check if you need to file an [https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar#:~:text=When%20to%20File,extension%20to%20file%20the%20FBAR FBAR] if you hold funds in international accounts that are all together more than $10,000 USD. | |||
== References == | |||
Latest revision as of 13:56, 16 March 2023
If you've come for financial advice, well, you came to the wrong place. This is a big priority item, and you'll want to do your own independent research. That being said, here is some non-professional financial advice for you to consider. Seriously, don't take any of this as truth, this is your money, get facts from legit sources.
Where to Keep Your Money
- You can setup a bank account like with BNZ before you arrive.
- Wise is not a bank[1], but has a lot of features like a bank. Like being able to order a Wise Card that lets you withdraw from ATMs internationally. The card will pull from the Wise fund that has the lowest conversion rate. So if you already have NZD currency in your Wise account, there shouldn't be a conversion fee.
Reporting to the US
You should check if you need to file an FBAR if you hold funds in international accounts that are all together more than $10,000 USD.