HiFX vs ASB on Exchange rates.
Filed under: Avalon's Money Thread, Banks, Exchannge Rate & Currency Transfers
So, having opened up our US$ account, we needed to put US$10,000 into it.
For the past week, I have been watching the exchange rate, and using HiFX’s online system to check how much in NZ$ it would cost me to buy US$10,000.
I decided this morning after an overnight rise to make the move.
HiFX were quoting
NZ$ 12,632.00
I phoned ASB Global Markets (this is the branch that operates the Foreign Currency Accounts) and got a rate of…
NZ$ 12,618.00
That’s a saving of $14.00. Small but I will take it. Also, over the past few days – its come down from a more expensive NZ$ 12,744. So by waiting I have actually saved $126.
What bugs me though is that HiFX should not be able to be beaten by the banks. Because of the amounts I was looking at there were no fees with HiFX, and yet they still have a rate significantly worse than the bank was offering.
There is something seriously screwed up at HiFX these days. I wish they would sort it out, but given the snotty attitude last time I tried to talk to them about it – I get the feeling the can’t be arsed.
Opening a US$ account at ASB
Filed under: Avalon's Money Thread, Banks, Exchannge Rate & Currency Transfers
We have decided to open up a US$ account here in New Zealand. While our original UK accounts are still active, and based in the UK, we really don’t need a UK£ account here. But the issue we have at the moment is that the shares we hold in IBM are in US$. And while the share price and the dividends we get are quite nice in US$ amounts, once we pay them into our NZ$ account, we really aren’t getting our moneys worth.
So by letting the money sit in a US$ account, we can wait till the rate improves and get a better deal.
For ease we have opened up the US$ account at ASB. Applying is fairly straightforward – the major hitch is that you need to put a certain amount into the account to open it (amount depends on the currency). In the case of US$ – you need $10,000. Not exactly pocket change.
Now we have managed to get that, basically because I have that money in out Tax Savings account. It’s money that really doesn’t belong to us – we will need to pay it to the tax man – but because we are self employed – we don’t have to pay it for ages. So we borrow the funds to get the account set up.
The nice thing is that you don’t have to KEEP US$10,000 in the account.
You just need to put it in there to activate the account. Then you can move it back out when you want to.
There are NO FEES to operate the account. There are some fairly hefty fees if you want to do certain things – like get a NZ$ bank draft from the account – but that is basically the same with any ASB account. And if you wanted to pay cash into the account – that would cost. But electronic transfers into the account, or paying US$ cheques in costs nothing.
Which is good.
What is not so good is that if you do pay a foreign currency cheque into ANY ASB account (whether your normal current account or a foreign currency account) ASB sit on it for 21 working days. That’s basically a month. (Usual guff about money laundering blah blah blah).
In your normal account, it just sits there, gets noted on your statement and is in the Account Balance, but doesn’t get added to the Available Balance until the 21 (working) days are up.
In a foreign Currency Account, it sits in a separate Term Deposit before being cleared and transferred to your Foreign Currency Cash account. If you transfer money from your normal NZ account into the US$ account – that is not held for 21 days and shows up as usual.
Also, its worth noting that from my parents experience, paying cheques into these accounts generates a forest worth of paperwork. So make sure you have a good filing system for it.
The 47 Rules of money
Filed under: Avalon's Money Thread, Banks, Cost of living, General Budgeting, Interest Rates, Credit Cards & Mortgages in NZ
This appeared in the Herald on New Years Eve, written by Diana Clement. I really like her articles about personal finance, and shes well worth a read. Unlike Mary Holm, she writes about general finance and makes an awful lot of sense, rather than just bleating on about how wonderful Kiwisaver is and how bad eveything that isn’t Kiwisaver is.
She has written her 47 rules of money, apparently in line with 47 years of life. I have to agree with just about all of them – and actually practice many of them. So here they are – with an occasional comment!
General:
1 Track your spending. You can’t budget if you don’t know what you’re spending.
- Probably the single most important thing you can do with your money.
2 Needs and wants are often confused. This is perhaps the biggest financial mistake that people make.
3 Talk money with those linked to you financially. Whether it’s parents, partners, children, employers, or business associates, get financial discussions out in the open.
4 People are too quick to judge others’ financial decisions, me included. But that needs to be balanced against my next rule, number 5.
5 People will justify their bad financial decisions to the end of the earth. “I did all the right research,” one finance company investor told me as my eyebrows went through my hairline.
6 Monkey see monkey do. Children learn about finances by watching their parents, not listening to hypocritical lectures.
7 You can earn a good salary and still be poor. Budget advice services sometimes see people with six-figure salaries who still can’t make ends meet.
- This is one of the biggest fallacies many people believe about money – people who earn more cannot be poor. It just doesn work like that.
8 People can and do lose all their money. A couple of times a generation a collapse such as Black Monday arrives with disastrous effects for thousands of people. Others fall for tricksters such as the off-the-plan apartment salespeople or Ponzi scheme promoters.
9 Entrepreneurship is good. Grounded but entrepreneurial people do well financially. They may not succeed in making their fortune first time around, but often do if they persevere.
10 You can be a capitalist and still have a social conscience. I admire philanthropists.
11 You don’t have to have a high-paying job to get wealthy. I once interviewed a successful property investor who worked by day on the shop floor at Noel Leeming and made his real money after 5pm.
12 Don’t blame your parents, your children, your partner or your education. Responsibility is good when it comes to finances.
13 Even beneficiaries can save. Some people live within their means no matter how little they earn. Saving money is a choice.
14 Some people want to be poor. They think they’re poor and that they’ll always be poor and sabotage their financial future.
15 Pay your taxes on time. The IRD has a big stick.
- And endless funds (paid for by you) to chase you with!
Spending:
16 I regret frittering money on coffees and unnecessary eating out. It would be better to direct that money towards savings.
- Um, Ok – can’t agree with that one clearly!
17 Spending money on experiences is good spending. I am eternally grateful that I sold all but one of my shares at age 22 (by coincidence in August 1987) and went backpacking through Latin America. It’s good spending if the experience enriches life.
18 Braking wastes fuel. This was one of those wonderful chestnuts that it takes a few seconds to get your head around. If you drive too fast and brake regularly, you’re using petrol on wasted momentum. Driving well can save 10 per cent of your fuel bill.
19 It’s moronic to incur fines. Like the maniac driver in a big red American-style pickup truck who overtook me on State Highway 2 on December 17, just to be pulled over and fined.
20 You can get rich one dollar at a time. Every dollar is precious. Think before you spend it.
Debt:
21 Save before you buy. A bit of a radical concept in 2011, but it can change people’s financial future.
22 Interest-free hire purchase deals are for suckers. You still pay an establishment fee and the majority of people fail to clear the debt on time and pay interest anyway.
23 Credit cards make you look rich. Anyone can live well for a few years, but the debt catches up.
- I would add to this that often when you see people splashing the cash around, and you feel sorry for yourself because you can’t do the same – you might want to spend some time wondering if that’s really their money – or a credit card they can’t afford to pay off. They may not be as rich as they look.
24 The only “good debt” is mortgage debt. Provided you don’t over-leverage yourself.
25 Interest payments on personal loans, credit cards and HP are “idiot tax”. Why throw money away unnecessarily?
26 Having a credit card debt need not be the norm. A credit card limit is a safety net, not personal money to spend.
Investments and financial products:
27 Beware of investments discussed at barbecues. When the whole world is piling into an investment such as property, gold, tech shares and so on, you’ve almost certainly missed the boat.
28 Buy property young, preferably in your 20s. Move heaven and earth to get the deposit. Rent is wasted money.
29 Any offer that comes over the telephone isn’t worth having. Just ask the people who were cold called by Blue Chip, timeshare schemes, or horse betting scams.
30 Having life insurance is a good idea. Paying that monthly premium feels like dead money (excuse the pun). The payout when you die can give your beneficiaries choices at a difficult time in life.
31 An entire class of investment can crash and burn. Who remembers: Equiticorp, Chase Corporation, Renouf Corp, Judge Corp and more that collapsed like a pack of cards after the 1987 crash? Then there were tech stocks, mortgage-backed securities and finance company debentures.
32 Shares can be “safer” in the long term than bank deposits. The argument, which I first read on the Motley Fool website, is that over 10 or 20 years good share investments will keep pace with inflation, while bank deposits will be eroded.
33 KiwiSaver is good. This is a red rag to many readers. Government-led retirement programmes get people saving for their future.
- Ok – one point out of 47 – at least it’s in balance!
34 Insurance policies are full of gotchas. For goodness sake READ EVERY WORD of your policy.
35 Property investment isn’t always as safe as bricks and mortar. It can turn to custard. Mortgagee sales happen all the time – especially with investment properties.
- A lesson many people are learning the hard way – you still need to watch your money, be sensible, and understand the basics. It is NOT easy money, it is NOT guaranteed, and it is NOT always a fast road to riches. (You will also meet a lot of arseholes willing to screw you over (Mr Agile Property management AKA Eric Voice) among some of the friends you will make.
36 Markets overshoot and undershoot. If a market’s fundamentals (such as the yield on investment property) are out of historic kilter the market is probably brewing a bubble.
37 The best time to buy is just after a crash. Buy fundamentally good investments when everyone else is bailing out of the market.
- I so wish I was flush with cash right now. One of the painful side effects of buying property at the hight of the market is not having cash to buy in the crash!
38 Beware of investing just to save tax. Is the investment actually any good or is someone desperate to sell it to you?
Financial advice and salespeople:
39 Take your advice from people who have been through several cycles. Johnny-come-latelies going through their first financial cycle underestimate the risks.
40 Your money is your responsibility. Yes, employ a financial adviser, mortgage broker, accountant and other professionals, but make sure you understand what they tell you and double-check that your money is adequately spread.
- Abso-fragging-loutely. NO ONE will care as much about your money as you do. Unless they are looking to take it off you.
41 Seminar presenters aren’t always financial experts. They probably make their money from seminars, not from the actual investment they’re preaching about.
42 Credit rating agencies don’t always get it right. Some companies deceive the agencies, others are part of an industry that may not be well understood by the ratings agencies.
43 Don’t believe the get-rich-quick conmen. You should aim to get richer slowly, but steadily.
44 Government subsidies are a magnet for spruikers. Sharks swarm around government money. Just look at the people selling insulation, heating, and ventilation or those who have been caught selling KiwiSaver door-to-door.
Others:
45 Passive cash-flow rules. Finding ways to make money that don’t need your hourly input makes sense.
46 Telling the truth infuriates some readers. Suggesting that people can change their financial ways brings in a flurry of outraged emails.
47 You can learn more about money. The easiest and cheapest way to improve your knowledge is to get a book out of the library.
- Or – ahem – buy mine!
And I’m adding one of my own:
48. Have a Sanity Allowance. Pocket money is not just for kids, and it will save you a whole heap of money and arguments. Along with tracking our money and actively managing the money – this would be the most useful thing I ever learned about dealing with finances.
Today’s good news – interest rates aren’t going up!
Filed under: Banks, Cost of living, Interest Rates, Credit Cards & Mortgages in NZ
The reserve bank have done what all the economists said they would do and held the base rate. Well at least they said that this month – last year they swore blind it would be different and rates would be climbing by now. Wouldn’t it be lovely to have a job where you could be wrong so often?
By the evening, Kiwibank had dropped its rates – which means there’s a fair chance that the other banks will follow and our mortgages will drop a little.
Kiwibank have actually brought their 6 month and 1 year rates in line with the floating rates.
I await ASB’s rate drops eagerly.
Are you the 99%, 53%, 1% or who cares what %?
Filed under: Banks, Cost of living, Economics, General Budgeting, Interest Rates, Credit Cards & Mortgages in NZ
The “Occupy Wall St” protest has hit New Zealand this weekend – “occupying” Auckland, Wellington, Christchurch and Dunedin. I have tried to get my head around this – and I have to say I am failing miserably. When I started seeing “We are the 99%” posts coming up on my Facebook feed – I took a look at that and understood what they were saying.
We are the 99 percent. We are getting kicked out of our homes. We are forced to choose between groceries and rent. We are denied quality medical care. We are suffering from environmental pollution. We are working long hours for little pay and no rights, if we’re working at all. We are getting nothing while the other 1 percent is getting everything. We are the 99 percent.
I get anger that banks and financial institutions had screwed up, lost an awful lot of money, got bail outs, and yet still managed to find many millions of dollars to pay huge bonuses to the people who screwed it all up, while people lost homes and jobs.
Well who wouldn’t be pissed at that? I find it astonishing that governments are bailing private companies out, but there’s not a penny for us if we hit the skids. No one bailed us out when IBM got rid of hubby. We had to manage that ourselves – as does everyone. We have friends who have lost everything – no one bailed them out.
But I am also somewhat confused about why the blame is only being shoved on the corporates – and not those of us (ie just about all of us) who have spent the past decade or 2 spending vast sums of money we don’t have (ie debt) on cars, various iGadgets,clothes, shoes, posh food, holidays and houses. We have to take some responsibility here. Blaming the big bad corporation doesn’t change the fact that as a whole the western world gorged itself on debt and consumerism. No one forced us to buy iPhones. (I wonder how many people occupying Wall St still have smartphones, and are updating Facebook with their adventures via the very items the corporations sold us, and we willingly bought with money that the banks invented for us to spend, increasing the debt balloon that they now say is the source of all ill in the world).
But what has got me really confused was this has morphed into a strange anti-government, anti-money,anti-whatever-we-can-think-of-to-be-peeved-about-as-long-as-we-can-blame-the-anyone-who-is-richer-than-us sort of movement. Everyone is supposed to have a voice – no one is considered to be worth more than anyone else. This to me is an alien concept – in $ terms of course people are worth different amount – please never let a brain surgeon work on me if you only pay them the same as the cleaner. In human terms – I will always value kindness and decency in someone more than I will value someone being an arse.
I saw this video of the “assembly” in Atlanta – I gotta say – if that’s the alternative to the current political system we have – no thanks.
I am way too independent to sit there and parrot back what I am told to say – what are we? 5? Repeat after me “You are all individuals”…
So – are you the 99%? Probably not.
Global Rich List puts your income into world wide terms. And you may be surprised at how little income it actually takes to get you into the top 1% of earners in the world. Global Rich List doesn’t work for NZ$, but just £25,000 a year or $49,000 USD gets you there. At current exchange rates that works out at $49,500 or $61,500 NZD.
The New Zealand minimum wage is $27,040 a year which (using the UK£ to work it out – £13,600) puts you in the top 10.5% richest people in the world. And yet on that how many people still have mobile phones and internet access?
The median wage in New Zealand is $49,000. That means that 50% of wage earners in New Zealand are actually among the top 1% of earners in the world.
Those of us who pay for those of you who whine about all of that… or that… or whatever.
Ok – so this made me laugh. Can’t see this lot repeating back what they are told 3 words at a time and looking gormless.
So I won’t be occupying Wellington. To be honest I am too damn busy dealing with our current financial situation, budgeting our money, saving where and I can and spending what I have spare on stuff produced by people who also earn money. Some of them earn less than me, some of them earn more than me. Some of them are worth that much, some of them aren’t. I make that decision myself, and decide for myself where I will spend money, how much to spend, and whether to take on debt. If I take on debt – I take full responsibility for that decision, and for any mistakes I may make.
And I have absolutely no idea which % I am.
I am not a number – I am a free man .
Unimpressed with HiFX
Back at the end of July I started looking at making the absolute most of the dire exchange rate, and the possibility of moving some money back to the UK. This was made possible for me by the fact that HiFX – my number one money moving company, were allowing transfers on just $1000 without a fee – whereas before when I used them, I needed to move $10,000.
So I duly moved my $1000, and ended up with £526 in my UK account. No extra fees to take into account and it was all hunky dory.
Then I got a heads up from my mum, who was bringing some UK£ over to set up a Sterling account with ASB, and she was going to be charged a £9 fee by Hifx . She actually ended up using Currency Online – which is a subsidiary of Hifx, and not only got charged a fee – but a hidden cost of £25 in a third-party bank fee sting – that currency Online are fully aware you will be charged for, but hide behind the really shitty excuse that you may not actually be charged so they don’t have to tell you about it anywhere but in the really small print of their T&C’s.
I started looking at Hifx – and yes, if I wanted to re-transfer the £526 back – I was going to be charged a fee.
WHY? I was really confused. Had I somehow managed to get a free transfer? There was no information I had seen, no special code I had entered. So why, the week before had it been free and the next week not?
I emailed Hifx. This was the response:
We have recently changed the way we calculate the cost. We now have decreased the margin on the exchange rate.(i.e. you now get a better rate) and change the fee on smaller trades. It works out to be roughly the same as before.
Now this fundamentally changes the way HIfx works. It has always been a place you could go to transfer currency with no added fees – the exchange rate quoted is the exchange rate you actually get – you don’t have to sit there with a calculator working out the real rate takin into account all fees. Easy. Adding a fee means you now have to take that fee into account when they quote you a rate.
However – this also begged another question – how long had clients been able to transfer just $1000 or £500 instead of there being minimums of $10,000 or £5000.
Now – I want to make something absolutely clear here – when I wrote my book – I double checked facts with Hifx – and there WAS a minimum spot trade allowed of $10,000 or £5000. That was back at the end of 2007.
I emailed Hifx back, asking about this and was told:
The changes came into effect on August 1st. Our previous minimums were NZD 1,000 as you made a trade for this amount to GBP in July. Our minimum is now $50 NZD but the fee charge will make these low amounts not very worthwhile.
Ok, but that still doesn’t answer when they removed the $10,000 / £5000 minimum. So I tried again. And again after 6 weeks of no response. This was the reply:
A response was sent to your previous email, possibly it went into your junk folder? The changes came in to effect August 1. All registered customers were sent emails advising them of these changes, possibly it also went into your junk folder? There was also clear instruction advising of the change on the website as well as in the terms and conditions that you would have ticked the box and confirmed that you had read and accepted. The fee was previously included in the rate but with a number of customers wanting more disclosure. So you receive a better rate but pay the fee. It works out to costing you roughly the same.
You will notice perhaps that it still answers the same question – not the question I actually asked? Are Hifx now staffed with politicians I wonder? Now there’s a couple of points worth noting here:
- All register clients were clearly not sent emails about this – both myself and my mum are clients – and we were not sent an email.
- There is no clear instruction on the website. I tried to find some reference to it when I first noticed. Eventually I found the new fee structure – but no indication of why there was a fee one week, and none the week before.
- T&C’s – I have a certain level of contempt when the best answer a company can come up with is “well you ticked the T&C’s – it’s not our fault you didn’t read them”. While technically true – it shows a lack of understanding – I am certain it always shows a level of hypocrisy, and it means you can’t come up with better excuse.
I was now actually peeved – so I asked again
You started charging $12 transfer fees on transfers under $10,000 NZD on the 1st August.
You have answered that question before – this is correct.
I am asking at what date you started allowing transfers under $10,000 NZD without the fee in the first place. As a client for many years, it was always the case that we had to transfer minimum amounts (unless I have been misinformed by Hifx for years). I managed to make one transfer of $1000 without the fee, and then you changed the system.
I want to know how long clients were able to make small transfers without the fee. 1st August is the end date – I would like you to tell me what the start date was. It’s a different question
(I also pointed out that I was not impressed by the attitude). Now this got passed onto someone else, who rang our home number. My parents gave them my mobile number (which they did not bother to ring), and then for some reason, an email was sent to my parents – not to me.
The back office has passed on your email to me so that I can answer your questions. I did try calling you just now but you were not in.
In relation to when we allowed transfers under 10k NZD, we have for years allowed smaller transfers but the smaller the trade the wider the spread.
As for the change in fee structure, we did send out an email to all our clients prior to the change. I am sorry this appears not to have been received by yourself but we did send a bulk email to every private client with an active account. The contract note clearly lists any fee applied to a transaction.
I would be happy to discuss this with you in detail so please call me on 09
So – at some point (but they won’t tell me when) between the end of 2007 and now – you have been able make transfers of less than $10,000NZD as a spot trade with no fee. They did not in fact fail to send out emails to their entire database of clients – the emails to me and my mum somehow got lost in cyberspace, but they are sorry that we failed to get it – not sorry that they may have missed us off their email list. And who cares – they tell you there’s a fee in the contract note – what more do I expect?
What I expect is for Hifx to retain its reputation for simple, upfront, clear and easy to use currency transfer services, and a helpful attitude when their clients want information and help. I do not expect to get the run around, to have hunt through their website trying to find out what fees they charge, and get attitude when I ask a simple question.
Interestingly, when mum moved a second lot of money – ASB gave her a better rate (no fees) than Hifx. When a mainstream bank beats the currency traders on rates – you know there is a problem. For us – Hifx are toast and we wont be using them or recommending them anymore. Currency online has always been expensive – but it looks like Hifx have dropped to their level, rather than bringing currency online up to Hifx’s level. Interestingly – at the moment anyway – Currency Online have lower minimums before they start charging fees – but ASB is still beating thier rates (once you add in the fees).
All I wanted was to check the dates of the changes, so I could update my blog and add the information to the updates that go out with the E-Book. I really wasnt expecting to have to work so hard to find out the facts. Really disappointed.
Why are Visa and Mastercard forcing you to have contactless credit cards?
Filed under: Banks, Interest Rates, Credit Cards & Mortgages in NZ
ASB contactless credit cards are a faster and simpler way to pay for your purchases. Now you can fly through checkouts at participating stores, paying by just tapping your card on the terminal.
This new technology sends payment data to the terminal at the checkout with just one quick tap to the terminal. Once your payment has been confirmed you’re ready to go.
Problem is – it seems that these cards are being sent out automatically to people. And many of those people are phoning the banks and trying to get an old style card back because they don’t want a contact-less credit card. We don’t want one either – the security holes in this system are big enough to drive fly an Star Destroyer through)
The problem is they are being refused. That’s right – you have NO CHOICE except to have a credit card that allows funds to be taken out of your account without you ever having to swipe it, push the chip into a machine or type in a pin or sign for it.
Given that banks and Credit Card companies has thus far failed to find a way to stop your average common or garden credit card fraud – you would think they would be loathe to invent a system that is wide open to mistakes, abuse and the emptying of your account.
And the worse thing is that if this does turn out to be watertight as a sieve – most people wont even notice because most people never look at their credit card statements. It should be noted that although I have posted up a picture from ASB and quoted their website – this is not something ASB are forcing on us (or any other bank for that matter). This is being driven by the Credit Card Companies – though I have to say that the banks probably have the power to tell the to get stuffed if they wanted to.
Time for an RFID Blocking Wallet???
New Zealand Interest Rate changes
Filed under: Banks, Economics, Interest Rates, Credit Cards & Mortgages in NZ
The reserve bank has held our base interest rate – and now it seems most of the “experts” how claimed the rate would be rising by the end of this year have changed their minds and now claim it will be march next year.
Apparently they will have to go but then some say they shouldn’t. Some say they should stay the same.
Helpful.
Interesting, I checked the ASB home loan interest rates – and they have gone down recently:
As at 01:33:46 a.m., Thursday 4 August 2011
- Housing Variable 5.75 % p.a.
- Housing Fixed (6 Month) 5.85 % p.a.
- Housing Fixed (12 Month) 6.15 % p.a.
- Housing Fixed (18 Month) 6.40 % p.a.
- Housing Fixed (24 Month) 6.65 % p.a.
- Housing Fixed (36 Month) 6.95 % p.a.
- Housing Fixed (48 Month) 7.35 % p.a.
- Housing Fixed (60 Month) 7.75 % p.a.
- ORBIT Home Loan 5.75 % p.a.
As at 12:25:54 p.m., Thursday 15 September 2011
- Housing Variable 5.75 % p.a.
- Housing Fixed (6 Month) 5.85 % p.a.
- Housing Fixed (12 Month) 5.90 % p.a.
- Housing Fixed (18 Month) 6.10 % p.a.
- Housing Fixed (24 Month) 6.30 % p.a.
- Housing Fixed (36 Month) 6.70 % p.a.
- Housing Fixed (48 Month) 7.05 % p.a.
- Housing Fixed (60 Month) 7.40 % p.a.
- ORBIT Home Loan 5.75 % p.a.
I’m still not fixing from my flexible rates.
A humourous interlude at the bank :)
Much needed after the past few blogs. ASB advertise that they will change foreign currency notes commission free. Having just recently returned from Fiji with a small bit of cash left, I thought I would try it.
So I toddled off to ASB on Lambton Quay clutching $6 FJD (three $2 notes) in my mitts and asked if they could change them an account of it may just get me enough money to buy a cup of coffee.
Bless the girl behind the counter – we had a laugh about it – and lo – my $6 FJD turned into a whole $3.80 NZD.
Which we agreed, that with some shopping around – I may actually be able to buy a cup of coffee.
The New Zealand Art Show Wellington
Last night we popped along to the opening of the NZ Art Show in Wellington.
Now this isn’t usually “our thing”. Neither of us are particularly “arty”, and I have a tendency to think of things like this as a little pretentious. Though I do quite love painting an drawing myself. But in this case we were actually invited by the Bank.
Yep. We owe the bank enough money that they invited us to something!
Actually that’s not strictly true – we owe them more than we did when we bought our home, but it’s still not exactly a huge amount. But ASB are the main sponsors of the event, and our personal manager at the Manners Street branch asked if we would like to go.
Far be it from me to turn down wine and nibbles supplied by the bank!
But you know, the event really is rather impressive – even if Art is not really your thing. The main impression I left with was there that would be something in there for everyone. Some of it I found hideous, and some I swear I would have whipped out the credit card for if I had had the money to burn on it. But I guess that is the point of art – it’s all very individual. One person’s loves are another person’s loathes. And as long as you can afford it – well, then it’s your taste that matters, not anyone elses.
Just don’t take out a loan from the very friendly bank to do it!
As someone buys a piece, new work is added, so over the three days of the exhibition, it will be changing.
Tickets are $10 each for Friday during the day, Saturday and Sunday.
Edited to add. As we were leaving we saw Alan Bollard, govener of the Reserve Bank heading into the show. I sure hope he wasnt buying anything and thus adding to the rate of inflation meaning he just has to put our interest rates up!
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