OrbitRemit Blog - International Money Transfers » IRD

Interested in saving money on your student loan repayments?

uk@orbitremit — Wed, 08 Dec 2010 10:13:23 +0000

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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Make International child support payments for free with OrbitRemit

uk@orbitremit — Wed, 03 Nov 2010 14:58:27 +0000

OrbitRemit is now able to assist anyone living in the UK or Australia to make child support payments back to IRD New Zealand.

You are now able to link straight to OrbitRemit through the IRD website.

http://www.ird.govt.nz/makepayment/internet-banking/internet-banking-index.html

As a sign of our commitment to work with the IRD to make these payments as easy and cost effective as possible we will be making all child support payments from these countries for free. This means as a sender the amount you send is the amount that will be received by the IRD, there are no hidden costs.

Compare this with large fees levied by the banks in both the UK and Australia and also the difficulty in confirming rates and it all points to a a very user friendy, cost effective option.

Should you have any questions about how to make child suppport payments through OrbitRemit please visit our sits at https://www.orbitremit.com/global and choose the country where you are sending from.

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OrbitRemit Sponsor Annual North vs. South Island Rugby Match in London

OrbitRemit — Mon, 19 Oct 2009 02:25:48 +0000

OrbitRemit were happy to be involved as the major sponsor of the third annual North vs South Island rugby match held at Richmond Rugby club. The event was extremely lucky and managed to luck out with one of the most beautiful days of the year.

There was a great turnout to watch the North triumph over the incumbent South for the first time in the brief three year history.

All takings from the day were donated to charity and OrbitRemit were the principal sponsor, providing the team jerseys.

The DHM memorial Shield is growing year on year and we look forward to next years event as it really is a great way for ex-pat Kiwi’s to catch up, watch some rugby and share a beer.

No doubt the Southern team will be eager to exact revenge next year as we hear their coach Aaron mauger was bitterly disappointed to be defeated 21-17 in a close fought match.

OrbitRemit are proud to be involved in supporting Kiwi’s in the UK and any events that bring our ex-pat community closer.

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Chip away at your New Zealand student loan with OrbitRemit!

James — Sun, 06 Sep 2009 02:38:48 +0000

Unlike swine flu or a European suntan, a student loan is something that won’t go away after a week or so. We know that for many of you out there the thought of commencing repayments on your loan seems like a mountain too high to climb. The harsh reality is that the longer you leave it to start making payments the higher that mountain gets.

It is hard to believe, but the highest rate of interest that can accrue against your loan, if your obligatory payments are not met, is 19.65% per annum, that’s even worse than the rates offered on most credit cards. In consideration of this it really is worth biting the bullet and starting to chip away at that loan.

If you’re a Kiwi living in the UK and you studied in New Zealand, OrbitRemit offers a low cost, convenient and secure way to make payments towards your student loan.

As an overseas based borrower you need to make two payments a year to Inland Revenue, on 30 September and 31 March (unless you’re on a repayment holiday). The amount that you need to pay is based on the balance of your loan.

As an OrbitRemit customer, you can:

Reduce your loan balance by making additional payments, these can be made at any time.
Avoid late payment penalties by making your required payments on time.
Keep track of your payments with online transaction history.
Enjoy the convenience of our fully online service – no paperwork!

Make significant savings with OrbitRemit:

We charge a low per payment fee of just £5.00, compared with £25.00 through Western Union and are also much cheaper than using the banks.
We set an exchange rate that is on average 5% lower than Western Union and again, more competitive even than the banks!
We charge no fee at the receiving end like other providers and the banks!
We’ll also chip in an extra £25.00 for you, to help you chip away at that balance.
Any new customers receive their first two payments free (including any Student Loan payments they make), so in many cases, you (or others you refer to our service) pay nothing!

Consider an average mandatory repayment of $2000.00…

Based on the above, the total savings are in the vicinity of £102 (that’s around 241 more New Zealand Dollars towards your loan!)

As most of us here at OrbitRemit have been tertiary students in New Zealand, we can fully empathise with the frustration at having to pay such high rates of interest, unfortunately none of us can change the rules all we can do is make it as simple as possible to make payments and try and give you some incentive to start tackling that mountain!

If you have any questions about our Student Loan payment service, or any of our services, please do not hesitate to call our United Kingdom support team, on 0845 0042 432.

There is also plenty more on the website…

Read more about your obligatory payments and key dates
View a step-by-step walkthrough on how to make a payment
Read some FAQs about our Student Loan payment service
Register or Login now to make your first payment!

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Chip away at your New Zealand student loan with OrbitRemit

James — Sun, 06 Sep 2009 02:34:20 +0000

Unlike swine flu or an Australian suntan, a student loan is something that won’t go away after a week or so. We know that for many of you out there the thought of commencing repayments on your loan seems like a mountain too high to climb. The harsh reality is that the longer you leave it to start making payments the higher that mountain gets.

If you’re a Kiwi living in Australia and you studied in New Zealand, OrbitRemit offers a low cost, convenient and secure way to make payments towards your student loan.

As an OrbitRemit customer, you can:

Reduce your loan balance by making additional payments, these can be made at any time.
Avoid late payment penalties by making your required payments on time.
Keep track of your payments with online transaction history.
Enjoy the convenience of our fully online service – no paperwork!

Make significant savings with OrbitRemit:

We charge a low per payment fee of just $8.00, compared with around $20.00 through money transfer outlets and we are also much cheaper than using the banks.
We set an exchange rate that is on average 5% lower than money transfer outlets and again, more competitive even than the banks!
We charge no fee at the receiving end like other providers and the banks!
Any new customers receive their first two payments free (including any Student Loan payments they make), so in many cases, you (or others you refer to our service) pay nothing!

Consider an average mandatory repayment of $2000.00…

Based on the above, the total savings are in the vicinity of $50.00 per payment!

If you have any questions about our Student Loan payment service, or any of our services, please do not hesitate to call our Australian support team, on +61 3 5294 0380

There is also plenty more on the website…

Read more about your obligatory payments and key dates
View a step-by-step walkthrough on how to make a payment
Read some FAQs about our Student Loan payment service
Register or Login now to make your first payment!

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OrbitRemit Blog - International Money Transfers » IRD

Interested in saving money on your student loan repayments?

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