Public Address | Cafe | Speaker: Banking on a relationship

Stephen R

Wed, 20 Apr 2016 12:03:01 +1200

And I try to use my card as soon as I get home, so they know I'm back in NZ. And therefore that luxury handbag purchase in Hong Kong (not on my itinerary) can't be mine.

That's an interesting wrinkle I hadn't considered. Nice idea.

Nick D'Angelo

Wed, 20 Apr 2016 10:54:46 +1200

Yeah, I do the same. And I try to use my card as soon as I get home, so they know I'm back in NZ. And therefore that luxury handbag purchase in Hong Kong (not on my itinerary) can't be mine.

tussock

Sun, 17 Apr 2016 16:43:16 +1200

The basic problem credit card providers have is that they cover the cost of any fraud. If someone in Nigeria gets your card numbers and spends up to the limit on it that all goes on your provider and you don't pay anything.

So they have dumb computer algorithms that…

Craig Ranapia

Sat, 16 Apr 2016 09:44:31 +1200

I don’t believe anyone’s saying “you should work longer hours because family” but, when you advertise your bank as equivalent to any other bank, you need to mean it.

This. And I don’t think I’m a corporate tool for believing that if you’re going to offer a service (and charge…

Myles Thomas

Fri, 15 Apr 2016 23:20:14 +1200

We had the same problem with our KB MasterCard while travelling round Europe last year. A day into our trip it stopped working. We assumed it was a rural France thing and continued with our KB eftpos/debit card but in London that stopped working too. We were out of cash…

Rich of Observationz

Fri, 15 Apr 2016 11:05:12 +1200

It’s because even if the client has done the FX conversion, it’s still an international transfer between AU and NZ.

The clearing networks in the two countries are entirely separate (and usually, it being the same bank brand makes no difference, although I know that Westpac, for instance, has its…

izogi

Thu, 14 Apr 2016 21:47:14 +1200

Thanks. I invoice an agreed rate in NZD and they pay me in NZD so I'm not too fussed about exchange rates, as they're talking any hit from that. I have suggested they could use something alternative but they prefer to pay direct from their account to mine. I've used…

Eoin Ryan

Thu, 14 Apr 2016 19:51:41 +1200

Same experience here. Kiwibank credit card, used overseas while on work trip a few times then blocked. I'm fairly easy going and was with others, so was lucky. My phone (which I think they have) was on VodafoneNZ roaming and there was no update, warning, query, etc.

Called KB and…

Anne M

Thu, 14 Apr 2016 16:39:52 +1200

I'd have been very happy if they had queried it. Even put a stop on it until I replied. They have my email, they have three phone numbers and my snail mail address. They used none of them.

Julian Melville

Thu, 14 Apr 2016 12:49:11 +1200

Hi izogi – From Australia, per $10k transferred, Kiwibank ends up costing several hundred bucks more than the big banks to receive the money. I switched to HiFX (hifx.co.nz) and they've been great. It costs $15 to transfer less than 10k at a time but you'll make that back on…

kiwicmc

Thu, 14 Apr 2016 11:52:48 +1200

If you are receiving regular income from overseas you should definitely check out a third party foreign exchange broker. When I signed up to mine we went back over six months transactions to discover the ANZ was charging a 1% worse exchange rate that the broker would give me, that's…

AlistairC

Thu, 14 Apr 2016 10:43:52 +1200

Ha. I use Kiwibank when I'm in NZ, which is a few weeks every few years, and I've always found them wonderful — not like a bank at all. It's possible they are not enough of a bank for us five- percenters who travel the world and all, but for…

Danielle

Thu, 14 Apr 2016 10:06:22 +1200

Who’s even disputing that? I’m just saying that a general grump about CSRs in non-essential industries getting to go home at 5pm is, I believe, misguided.

(ETA: everyone appears to think I'm still talking about Kiwibank. Only one of my posts in this thread was about Kiwibank. Topic? What topic?…

richard

Thu, 14 Apr 2016 09:35:11 +1200

If you are selling a vital product that is going to be used in multiple timezones (and a credit card is exactly that) you have to provide 24/7 support.

Just as the power company will show up at midnight if someone hits a power pole outside of your house, and…

izogi

Thu, 14 Apr 2016 07:25:21 +1200

is the ridiculously high margins they charge on foreign exchange deposits, much higher than other banks.

How much does Kiwibank charge?

Most of my present income comes from a company in Australia which I invoice. Every time they pay a monthly invoice, ASB takes NZ$15, which has always miffed me…

Russell Brown

Wed, 13 Apr 2016 22:10:23 +1200

I’ve had two credit card whoopsies while travelling.

One was when I went to New York for Macworld Expo and the hotel blocked out the cost of my stay (after saying they wouldn’t do that, because I wasn’t the payer) and I suddenly started getting declined. I called Westpac in…

Murray Hewitt

Wed, 13 Apr 2016 21:29:30 +1200

Having been the victim of credit card fraud before, I can tell you that it is quite common for the thieves to register a minor charge on your card to some type of charity – I guess to see if it works – and then blitz it up to the…

Anne M

Wed, 13 Apr 2016 21:13:23 +1200

It may be a general issue.
They put a hold on my card because they didn't like the look of a US$5 donation I made to the ALS – a perfectly legitimate organisation (the ice-bucket challenge chaps). They didn't bother to tell me. Or try to contact me. It was…

nzlemming

Wed, 13 Apr 2016 18:54:30 +1200

I don't believe anyone's saying "you should work longer hours because family" but, when you advertise your bank as equivalent to any other bank, you need to mean it. And when you operate globally, you need to manage those relationships, even if it means having an out of hours rent-a-callcentre…

Ian Dalziel

Wed, 13 Apr 2016 18:33:32 +1200

it looks like you have to have travel insurance for your Kiwi Credit card – and it has to be a MasterCard Gold or an Air New Zealand Airpoints Platinum Master :
To make a claim:
from within New Zealand, call us on 0800 521 521.
from overseas, call collect…

Danielle

Wed, 13 Apr 2016 17:55:35 +1200

I’ve just re-entered the “walk out at five” (or six in my case) workforce after some years working from home, and let me assure you that when I leave my workplace it is completely delightful not to give one solitary damn about work until I return the next morning. No…

Rich of Observationz

Wed, 13 Apr 2016 17:20:37 +1200

There are a range of people who might want a job outside regular working hours, especially if they get paid a premium for it, could work from home, etc.

What about hospo staff, electricity workers, medical staff, labour inspectors and all the other people who have to work odd hours…

BenWilson

Wed, 13 Apr 2016 17:20:00 +1200

Yes, best to steer clear of images of the bank staff having after work beersies while you can't pay for dinner for your own kids.

Don Reid

Wed, 13 Apr 2016 17:18:27 +1200

No, not really. Millions of us have kids (myself included) and most of us eat dinner. But few of us get the chance to walk out at 5 and not look back.

Danielle

Wed, 13 Apr 2016 17:02:16 +1200

Nothing gives me phone rage more than a ‘we’re closed’ message at 5.01pm.

Think about that person going home to eat dinner with their kids. It might help.

BenWilson

Wed, 13 Apr 2016 16:48:10 +1200

I kind of like the idea of a bank where the people who work there have predominantly 9-5 jobs.

I don't. The only thing I'd like about that is the price. It should cost a lot less. Which it seems like it does.

But to get around issues, presumably it's…

Stephen R

Wed, 13 Apr 2016 16:26:24 +1200

I carefully tell Kiwibank whenever I'm going overseas, with a list of countries I might be spending money in. They have yet to decline my card while I'm travelling.

I used to do that with Westpac too though (with no problems). I guess I'm just scared about being stuck a…

Don Reid

Wed, 13 Apr 2016 16:14:53 +1200

Cal me a union member, but I kind of like the idea of a bank where the people who work there have predominantly 9-5 jobs.

For years I agreed, but now (and I'm still embarrassed by it) I find it annoying when staff aren't available. I guess I've been working…

Julian Melville

Wed, 13 Apr 2016 15:23:53 +1200

The only negative experience I've had with Kiwibank in the last ten years – both business and personal accounts – is the ridiculously high margins they charge on foreign exchange deposits, much higher than other banks. They were unwilling to negotiate, so now I use a third party FX provider…

Carol Stewart

Wed, 13 Apr 2016 15:00:23 +1200

I'm also putting in a good word for Kiwibank here. Moving the majority of our finances over from BNZ to them has been a good move.

Rob Stowell

Wed, 13 Apr 2016 14:48:05 +1200

Sounds tough. But not my experience – and we've been with Kiwibank since soon after start-up. I'm sticking with them. They don't just employ Kiwis – they return profits to the govt, reducing our taxes. The Ozzie banks? They avoid paying any tax here however they can ...

Danielle

Wed, 13 Apr 2016 14:40:27 +1200

I've travelled overseas using a Kiwibank credit card with no problems. Maybe this is more a case of specific cockups than a general issue?

Stephen Day

Wed, 13 Apr 2016 13:52:27 +1200

Cal me a union member, but I kind of like the idea of a bank where the people who work there have predominantly 9-5 jobs. I'm happy to sacrifice a bit of convenience to protect that. I have, however, no idea if the lack of after hours service you experienced…

Public Address

Wed, 13 Apr 2016 13:52:27 +1200

Discussion from blog post.