One interesting observation made at today's International Market Forum related to the reach of New Zealand banks offshore. I did not attend the specific workshop where this issue was raised, but on reflection, the observation mapped my own experience.
When I have enquired before about overseas NZ bank representation, even through correspondent banks, in key global territories, I have drawn a blank. I had no luck in the UAE and Bangalore? - forget about it. I can't even SWIFT NZ dollars into India. I have to convert them first to US dollar's or GBP and then this is converted into INR. Two lots of currency conversion payments on one basic transaction. That really sucks.
It is not a problem I ever had in the UK. But then in NZ, the banks are not locally owned. 90% are owned by Australian banks. Which makes me think. If Aussie really wanted to slow down NZ exports all they would really need to do, would be to.......hmmmmmmm
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