Methods of payment

When a client gets New Zealand Superannuation or Veteran's Pension in Korea they can choose to have payments made to a New Zealand or overseas bank account.

Note all payments will be made directly to the client's bank account and not to the Korean authority. The agreement with Korea does not include recovery of debt from the initial arrears, or any other debt recovery.

Payments are made fortnightly to New Zealand bank accounts.

If a client chooses to have payments made to a New Zealand bank account before transferring the funds to an overseas bank account, the client must pay the cost of transferring funds.

Payments to an overseas bank account are made every 4 weeks.

If a client chooses to have money paid directly to an overseas bank account, the Ministry of Social Development meets the cost of the initial transfer of funds.

There are 3 options for the first payment being made into an overseas bank account:

• payment can be made to an overseas bank account if the client has already provided verification of their bank account that meets core processing standards or
• payment(s) may be made to a New Zealand account until the overseas bank account details are supplied or
• payment is suspended until details of the overseas bank account are given to - International Services. Once account details are provided, any accumulated arrears will be paid to the overseas account with the first payment.

For more information contact International Services