We recently spoke with a customer who was wishing to make a significant payment towards their New Zealand student loan from Australia. The individual in question was shocked at the amount they had previously been charged by their bank and could not believe the sort of savings we could offer towards their payment. To give you an idea of the charges levied by the bank and the savings offered by OrbitRemit see the example below;
Fees;
With bank: Customer sent NZD$7,000 through a credit card payment. Customer was charged AUD$161.87 by Commonwealth Bank as a currency conversion fee.
With OrbitRemit: OrbitRemit will provide your student loan payment for zero fees. The amount you see on our site to pay in AUD$ is the amount you pay and the amount received by IRD in NZD$ is the amount you see. The process is completely transparent and without fees.
Exchange Rates;
With bank: Based on the day the customer transferred the money she would have needed to pay AUD $5,701.72 to receive NZD$7,000 with Commonwealth Bank.
With OrbitRemit: To receive the same NZD$7,000 with OrbitRemit the customer only needed to send AUD $5,588.82
If you consider the saving from the fees of AUD $161.87 plus the savings on the exchange rate offered of AUD $112.90 then the total that this customer was able to save using OrbitRemit to make this payment was AUD$274.77. If you consider this as a percentage it is just under four percent of the total sent.
Here at OrbitRemit we dont think it is fair that hardworking people trying to make payments towards there loans should be charged such high fees and given such low exchange rates. We are committed to working with the Inland Revenue Department in providing the most cost effective way to make payments towards New Zealand student loans.
For more information please visit our site at www.orbitremit.com and select the country you are in.
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