- Posted by Paul on October 30, 2014 in Financial Tips
The United Kingdom and Malaysia have a long intertwined history and, even in modern, independent Malaysia there are still strong ties with the centre of the former British Empire. There is often the need for Malaysian expats in the United Kingdom to send money back to Malaysia or business deals to be transacted efficiently between the two countries. There are many ways to go about this process, but the fact remains that sending cash from the UK to Malaysia can come at quite significant expense. We have compiled a few do’s and don’ts here for you to consider before you make the final decision about how to go about your money transfer from the UK.
-Make sure that you have checked not only what fees are being charged at both the UK and Malaysian ends, but how good the exchange rates are too. It’s a good idea to compare the rates that you have been offered to an independent source so you know you’re not getting a raw deal, as many providers will load the rates in order to appear cheaper than their competitors.
-Talk to the company you are using to send funds to Malaysia about what is going to happen at the other end. Are the funds going to arrive right into a bank account or will the recipient have to go out to collect them from another outlet? Is the recipient going to be charged Continue Reading…
- Posted by Paul on October 29, 2014 in Financial Tips
Kiwis living in Australia and the UK trying to make the most of their qualifications represent a pretty big group of people and many of them have student loans to contend with. Just like any other debt, a student loan is not something you want to be shackled to for any length of time – especially when the interest starts accumulating. The sooner you can get rid of the burden, the better off you’ll be, so you can get on with your life without the stress of being in debt.
Four things to remember about New Zealand student loans, especially if you’re overseas:
1. Any student loan with a balance of over $20 will attract an administration fee from the IRD every single year. If you’ve got a loan with a small balance, get it paid down as fast as possible. It’s not worth accruing additional debt if you only owe a few hundred dollars.
2. If you’re overseas for more than half of the tax year, then you can expect your student loan to attract interest. As with any interest the rate fluctuates, but the fact is that if you’re in Australia and still holding a student debt in NZ, it won’t take long before it really starts to mount up. Make sure you budget for regular repayments out of your overseas salary.
3. Early repayments don’t attract any penalties at all from the IRD, so it is a Continue Reading…
- Posted by Lauren on October 28, 2014 in Financial Tips
As Diwali is upon us again it is hard not to think of friends and family back at home in India. Many expats in New Zealand will be considering transferring funds home during the festivities. Transferring money from New Zealand to India can be a time consuming (not to mention expensive) process. You need to carefully look at all of your options, whether they be online, in person or via a wire transfer.
The main problem with using a transfer service at your bank is that the amount of time it takes for the funds to arrive in India is unpredictable at best, and they can also be very expensive. Bank transfers can cost up to $25 at each end for even a small amount of cash and, in some cases, taking 10 or more days before the funds arrive safely in the hands of your family members in India.
One of the best choices to get money back to your family is to use an online transfer service. This can speed your transfers up significantly, while cutting out many of the unnecessary costs and fees attached to bank transfers. OrbitRemit is completely transparent with our exchange rates, which means that you know you are going to spend less of your money on hidden fees and charges and more will get where it is needed.
The other serious consideration about any transfer service is how the funds will be received. Is your Continue Reading…
- Posted by Paul on October 6, 2014 in Market
In the past few weeks the Australian Dollar has taken a pretty substantial hit against the US dollar, losing nearly three cents in one week alone. In this article we’ve put together a quick analysis of what has caused this correction and had a look at some factors that are likely to impact the value of the AUD in coming weeks.
The Australian Export Economy
One of the biggest things that exerts pressure on the value of the Australian dollar, is commodity prices. When it comes to international trade, the Australian economy is very reliant on high value mineral exports. Australia’s largest export commodity is iron ore and, as such, fluctuations in its value are a very good indicator of the value of the currency. A surge or decline in value of iron ore can have a dramatic effect on the value of the AUD, so it’s certainly something that currency speculators keep an eye on. One such surge occurred in the middle of this month, with the price of iron ore skyrocketing by nearly four full percentage points, and this resulted in a rise in the value of the Aussie Dollar.
Of course with any currency exchange, there are two currencies to take into account. If we’re looking at the value of the Australian dollar relative to the USD, then increases or decreases in value on both sides of the transaction need to be factored in. The USD has been steadily increasing Continue Reading…
- Posted by Tom on October 6, 2014 in Financial Tips
Sending money to friends, relatives or business associates in the United States is a reasonably common thing to do these days. As technology knocks down the barriers of geography, our personal and business lives are becoming more and more global in nature. The problem is that transferring currency abroad can often be an expensive and confusing proposition, with plenty of players in the market and all of them telling you how great, cost effective and secure their services are. This means that what may appear to be the cheapest way to send money to the USA, may not actually be all it appears.
Let’s cut the wheat from the chaff and take a real look at what the cheapest options are for sending money to relatives or business partners stateside. You’ve got a few options, some of them coming from more traditional businesses such as banks and remittance services and some of them from online service providers like us.
Using banks or ‘bricks and mortar’ remittance houses
Here’s a quick list of things that you need to be mindful of if you’re going to make the decision to go down to a high street bank branch or remittance counter and ask them to transfer some currency over to the States for you:
-Banks will often charge very high fees for international transfers and the receiving bank will also charge the recipient a fee in many cases.
-An international telegraphic transfer can take up to Continue Reading…
- Posted by Lauren on October 2, 2014 in Financial Tips
If there’s one thing we know here at OrbitRemit, it’s that people have been paying far too much to send money from the UK to the United States. The world is getting ever smaller and technology is making virtually everything much cheaper and faster – gone are the days when an international transfer was a complex and difficult thing to complete. These days sending money from the United Kingdom to America is as simple as transferring a few bytes of information to the receiving institution.
As the world continues to shrink, the need for people to transfer money overseas is increasing. That means that more and more people are throwing away their hard earned money on unnecessary fees and charges, just so they can get their cash to where it’s needed. The United Kingdom and the United States, cultural differences aside, remain very close cousins and with the two societies being so closely interlinked (especially in terms of business and trading relationships) the need for cost-effective and fast ways to transfer cash stateside is extremely pressing.
So what are the best options for people in Britain to transfer currency across the Atlantic? How can you make sure that the money you’re sending gets where it’s needed expediently and with minimal expense? As with any transaction you’ve got a plethora of options, however the uncomfortable truth is that not all remittance services are created equal. Here’s a breakdown of the big Continue Reading…
- Posted by Paul on October 1, 2014 in Financial Tips
Travel exchange rates are a moveable feast and something that every traveler would do well to have an understanding of before they set off on their journey. You’ve finally saved up for that dream holiday, you’ve got the time off work, your bags are packed and you’re looking forward to kicking back on a beach with a Mai Tai.
There’s just one thing you haven’t done yet: purchased your foreign money. How you go about doing this is a big decision. Tourists can find themselves taking hits of ten or fifteen percent if they choose to exchange their travel funds at the wrong place. That means your holiday budget could have its wings clipped rather significantly if you’re not wise to the ways of how to get the best possible exchange rate when you’re traveling.
Tip One: Make sure you arrive at your destination with some local currency.
The biggest enemy to getting the best possible exchange rate for your foreign currency is urgency. You don’t want to find yourself at an airport having to exchange a few hundred dollars because you need to pay for a taxi. In fact, if you can avoid it (and you can with a bit of planning) you don’t want to exchange funds at an airport at all. The difference between an exchange conducted at a city bank and at an airport exchange booth can easily be 3 or 4 percent. That means Continue Reading…
- Posted by Tom on September 30, 2014 in Financial Tips
Sending child support payments to the IRD back in New Zealand is one of those things that you’ve got no real choice about. Even when you’ve shifted across the ditch you are still legally liable and, should you end up with back child support to pay there is an arrangement in place that enables the NZ government to request help from the Australians to get it from you.
Reciprocal arrangements between NZ and Australia
There’s a reciprocal agreement between Australia and New Zealand, which allows the IRD to ask the Australian Government to garnish the wages of delinquent child support payers who are living in Australia. It can be confusing sending money internationally but, especially when it comes to the tax authorities and your commitments, it’s important to make sure you stay up to date with your obligations to avoid legal problems.
So what’s the most effective way to send child support payments internationally, without the cost of transferring cash making it significantly more expensive?
The expense of using traditional methods
Sending payments back to New Zealand can be an expensive proposition. If you plan to do an international transfer with your bank you can expect the fees to work out to about $50 all told (roughly half at each end). That can really add up when it’s a regular, fixed commitment.
The IRD recommends that payments be made by cheque, international money order, telegraphic transfer or credit card. None of these options Continue Reading…
- Posted by Lauren on September 29, 2014 in Financial Tips
To send money from Australia to the Philippines you’ve got a range of options to choose from. The process can be expensive and confusing and you’ve got to do your research before you make a final decision on what process and provider is going to suit your requirements.
Direct transfer from your Australian bank to a Philippines account
This does, on the surface, seem like a relatively straightforward option for your transaction. It’s secure and the money will generally take around 5 working days to reach its destination.
The downside is that this is not generally the cheapest way to send money from Australia back to the Philippines. As an example, Westpac Australia charges $25 to send a TT and, depending on which bank is receiving the funds in the Philippines, there will likely be another charge levied at the other end before the funds get where they need to go.
Using a specialised remittance house
There are a number of specialist remittance companies that are a popular choice for expats to send money back to family in the Philippines. They certainly have their advantages. Often you will find that operators of this nature will charge rather high fees though, occasionally at both ends of the transaction.
While these are fees often lower than a traditional bank, there may still be a more cost effective way for you to transfer money to the Philippines. You’ll need to check with the remittance provider how Continue Reading…
- Posted by Paul on September 28, 2014 in Financial Tips
Transferring money to the United States is far from being a simple and straightforward process for most people. There are all sorts of hooks in the international financial system that could see you wasting time and money in the process. Here at OrbitRemit we are all about making sure that our clients know exactly what they should be aware of before sending an international currency transfer.
While we pride ourselves on being fully transparent when it comes to fees, service charges, timeframes and exchange rates, unfortunately not all providers are as responsible. To help you out, we’ve put together this list of the five biggest things that you should know before attempting an international remittance to the United States.
1. You’ll seldom get something for nothing
Some providers that offer fee-free transfers will compensate for this by padding their exchange rates unreasonably. When you’re sending money to the States, no matter if you’re in New Zealand, The United Kingdom or Australia, you’ll need to make sure you take care to read all the fine print and know exactly what you’re likely to get charged. While we offer fee-free transfers to new customers, it’s not done by padding our exchange rates way above market rates – this is not the case with some other providers however. Make sure you get an idea of what a fair exchange rate should be before taking a fee-free offer at face value.
2. It can take time to Continue Reading…