By Blair Pedersen
7 reasons why you need to send money to New Zealand
Kiwis are famous for their wanderlust. You can find New Zealanders all around the world in the strangest of places exercising their exceptional creativity and kiwi DIY spirit. Working overseas will almost always mean that you’ll be earning local currencies, so when you’re ready to move back to New Zealand, you’ll need to transfer your money back home. If you are a kiwi and are reading this, here are several reasons why you may need to send money to New Zealand.
Saving money for a rainy day is hard. It’s even harder to save money in a foreign country where there are so many great reasons to spend it. If you are lucky enough to have saved a few pennies while on your OE, you might want to square up and send it back to New Zealand to be sure that you’ll have a few bob available when you get home.
Shopping online is one of life’s guilty pleasures. There’s nothing quite like swiping through a multitude of options from the comfort of your own home. Once you’ve found that dream product, you’re going to have to figure out how to pay for it. Not all overseas retailers have an online payment option so if you find something that you really want, you can use OrbitRemit to transfer your money to a retailer in another country.
Child support payments
You may have children back home. Sometimes, situations arise when you’ll need to be away from your kids, in another country. Child support can be costly enough without extra fees that are attached to other online money transfer service. OrbitRemit allows you to transfer your money back to the IRD for free, making the foreign exchange rate the only thing that you need to worry about.
Student loan payments
March the 31st is the deadline for student loan payments every year. With the recent addition of interest to student loans if you’re working overseas, it’s in your best interest to send as much money as you can to pay it off as quickly as possible. OrbitRemit has teamed up with the IRD to allow New Zealand citizens to make student loan payments for free! Click this link to visit our IRD payment page.
Ministry of Justice payments
Sometimes you have an outstanding speeding ticket that just needs to be paid. OrbitRemit offers free payments to the New Zealand Ministry of Justice. You won’t have to pay any unnecessarily high bank fees here, in fact, you won’t have to pay any fees at all!
A house deposit
Real estate is almost like a form of sport in New Zealand. For a typical house deposit, you’ll need to save 20% and if you want to live in one of the major centres, 20% could be upwards of $200,000. When you’re saving this amount of money, you’ll want to pay as few bank fees as possible.
Funding a wedding
Congratulations, you’re getting married! Now you must save up for the big day. According to mykiwiwedding.co.nz, a modern wedding can sometimes cost up to $250 a head, meaning that the costs are really going to add up if you want all your friends and family to attend.
Why you’re best to use an online money transfer company
There is no point giving your hard-earned dollars to a bank when you’re transferring money to New Zealand. This is because bank fees for international money transfers can be very expensive. Rates and fees are subject to change, but as of the 29th of August, 2019 two examples are:
- NAB in Australia will charge a fee of $10 and then add a hefty exchange rate.
- Lloyds have a correspondent bank fee of £20 per transfer and then limit the transfer amount to £100,000 per day.
It all adds up, so you could save a lot sending money overseas by taking the time to research and then transferring with a reputable online money transfer company.
Many other reasons
With the world the most interconnected it’s ever been, there are many reasons why you could need financial services like international money transfers. When you transfer money back home, an online money transfer company like OrbitRemit will get your money back faster, for less. Fixed fees and competitive exchange rates make sending money back to New Zealand much more affordable than using a bank.