Is the US Credit History Valid in New Zealand?
This article explores the validity of US credit history in New Zealand, particularly in the context of opening bank accounts or proving sufficient funds. While you can use your credit history from the US, it's important to understand the specific requirements and limitations. Whether you're planning to study or work in New Zealand, this information will guide you on how your credit history might be evaluated.
Opening a Bank Account or Proving Sufficient Funds
When you're looking to open a bank account or prove you have sufficient funds to support yourself while studying in New Zealand, your credit history from the US can be a relevant factor. However, it's crucial to ensure that the account details are current and accurate. If the account is outdated or inactive, it may not be considered valid. Banks and financial institutions in New Zealand typically require recent, up-to-date information to assess your financial standing.
Current Savings and Balances
One of the key considerations is whether your credit history accurately reflects your current financial situation. If you want to show your current savings and balances, you should avoid using old, out-of-date accounts. Instead, focus on accounts that have been active and up-to-date during the recent past. This helps ensure that your financial status is accurately represented, which is crucial for both opening a bank account and demonstrating your financial stability.
Impact of the Pandemic
Due to the ongoing effects of the Covid-19 pandemic, New Zealand's visa policies and travel restrictions have been significantly affected. Currently, the country is not accepting non-citizen travelers or granting visas. This situation remains fluid, and as of the date of this writing (07-03-2021), it's uncertain when these conditions will change. It's advisable to stay informed about any updates to the visa and travel requirements before planning a move to New Zealand.
Personal Experiences and Insights
I have a unique perspective on this topic as an American who moved to New Zealand over two decades ago. I arrived on a sailboat and eventually decided to settle down. Initially, I was a CEO of a children's hospital, which required a recognized business background. However, I needed a job in a recognized business, so I found one as an overqualified teacher's aide at a small rural school. Interestingly, my credit history was not a significant factor in securing employment or obtaining financial services.
After securing a job, I was offered a position earning significantly less than my previous salary. Despite the seemingly impractical situation, I was quickly able to open bank accounts, obtain loans, and secure credit without any hurdles. This experience led me to believe that similar situations may persist in New Zealand.
As a general recommendation, I suggest obtaining a signed job offer before making any moves. This ensures that you are on the right path and that there won’t be any background checks or other complications. Getting a job that aligns with your qualifications can help streamline the financial and immigration processes.
It's also noteworthy that criminal history is often checked, so maintaining a clean record is always advisable.
In closing, my only regret in moving to New Zealand was not doing it many years earlier. The country offers a unique and enriching experience. If you have the opportunity to move here, take it!