Special Banking Option

When a client is receiving a Services Australia - International Services pension they can choose to have it paid into a Special Banking Option account by the Australian authorities. The client will then receive the full rate of their New Zealand benefit or pension.

The advantages of this option are:

• that payment is made every week or 2 weeks (depending on the pay cycle for their New Zealand Benefit)
• tax is already deducted
• the client is not affected by fluctuations in the exchange rate

• clients may elect to join the Special Banking Option at any time but cannot re-join once they have chosen to cancel the Special Banking Option (there are exceptions, contact International Services)
• when a client has a partner they must both choose the same payment option
• the Special Banking Option is not suitable for clients whose Australian pension is higher than (or likely to be higher than) the rate of New Zealand benefit or pension

For more information contact International Services or see:

• Special Banking Option applications
• Initial grant of Australian pension
• Exchange of Information