But when the New Zealand Labout Party lost the election, they went on a spending spree... leaving the small population of 4.3 million people with heavy debt & high taxes.
Needless to say, I was a bit apprehensive about traveling in Auckland during this tough economic time...
But I suppose any probable banking trouble won't affect me much if I choose to transfer my money to a bank with good ratings.
So, before I got here, I downloaded a long list of banks in New Zealand, and checked the ratings - a tedious process which got me scratching my head.
How on earth am I supposed to know what AAA mean? -AA?
The only AAA that I knew before this was the AAA size battery
Also,... how would I know whether or no the bank's rating is really AAA or if it's just good PR?
(While my sis & bro-in-law are Finance geniuses, I'm the exact oposite)
Anyway, I didn't get to consult them before I left KL, so when I got here... I just made a wild guess on which bank would be deemed too big to fail - and put all my eggs there.
Let me introduce you to the ANZ Giant
So, before I got here, I wondered why the owners of Central Hostel would open an account with an unheard of ASB Bank.
Now I know why...
& I think I kind of regretted using ANZ Bank
They leverage on the fact that they're too big to fail - and they charge a premium for their services
For example, ATM (Everyday Banking) card users are charged a $5 monthly fee
Other banks here do it for free.
You only pay charges if you exceed the max transactions per month
And... if you're an ANZ customer, you really have no choice but to open an "Everyday Banking" account
The Savings account don't come with any bank book or bank statements!
It's just an online bank account!