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Thread: Paying US student loan from NZ bank - best options

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  1. #1
    Join Date
    Mar 2017
    Location
    United States
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    12

    Default Paying US student loan from NZ bank - best options

    I looked online for some answers but thought that some of you may have similar situations like mine and therefore, have good experience to share.
    I have a student loan in repayment in the USA which I will still be paying in the next year or two. Do you know of good international bank accounts that I can create from NZ, so I can link my student loan to it and have the money automatically withdrawn monthly without the hefty fees in wire transfers?

    Thank you for your help!

  2. #2
    Join Date
    Nov 2016
    Location
    New Zealand
    Posts
    23

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    I've talked to my NZ bank and loan company (Navient) about linking my loan to an account in NZ and they said that its not possible. I'm not too sure about international banks...

    I'm curious as to if anyone knows a cheaper way as well.

    What I did is do a telegraphic transfer equal to around 10 times my monthly loan payment to my US bank account. When the money starts to get low I plan on transferring another large amount. At least this way you only pay the fees maybe once or twice a year.

    Hope that helps.
    - Jess

  3. #3
    Join Date
    Mar 2017
    Location
    United States
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    Thank you Jess&Jack!

    I've seen some options online such as Transfer Wise which are not too costly but I have to call around and see if it will work for me. I've read other people using their NZ account linked to paypal, transferring from the account to Paypal, and then from Paypal to their US account, which technically is against the rules because you are not supposed to send money to yourself.

  4. #4
    Join Date
    Jan 2013
    Location
    New Zealand
    Posts
    99

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    I used my debit card without any issues. Less hassle than trying to get money into a bank account in the States from NZ.

  5. #5
    Join Date
    Jun 2008
    Location
    UK to USA to Waikato, NZ
    Posts
    1,380

    Default

    I have used my debit card for paying taxes etc and other stuff with no issue.

  6. #6
    Join Date
    Mar 2017
    Location
    United States
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    Debit card linked to your NZ account? I've never thought of this, it should work with my student loan, I have to call and ask them about it. Thank you!

  7. #7
    Join Date
    Jun 2008
    Location
    UK to USA to Waikato, NZ
    Posts
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    Default

    Quote Originally Posted by rumi79 View Post
    Debit card linked to your NZ account? I've never thought of this, it should work with my student loan, I have to call and ask them about it. Thank you!
    yes. linked to my NZ account.

  8. #8
    Join Date
    Sep 2017
    Location
    New Zealand
    Posts
    28

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    One word: Transferwise.
    AMAZING!!!

    I like Venmo, but not sure you can link to NZ account. I have been locked out of PayPal too many times for logging in from outside the U.S. -- so don't use them.

  9. #9
    Join Date
    Sep 2015
    Location
    United States
    Posts
    75

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    I do a lot of US to New Zealand transfers. I find it is cheaper to use a foreign exchange dealer... I use OFX = USForex but other exchanges are competitive. You have a NZ bank transfer NZD to them. They deposit USD in your US bank account. If you need to maintain a US bank account while abroad, State Department Federal Credit Union is good. Most banks won't deal with overseas addresses. SDFCU has done the hard yards to comply with all the annoying regulations on international money movement. Saves the bother of setting up a fake US address...eg, using the address of a friend or relative.

  10. #10
    Join Date
    Sep 2017
    Location
    New Zealand
    Posts
    28

    Default

    Quote Originally Posted by sandgrubber View Post
    I find it is cheaper to use a foreign exchange dealer... I use OFX = USForex but other exchanges are competitive. You have a NZ bank transfer NZD to them. They deposit USD in your US bank account. If you need to maintain a US bank account while abroad, State Department Federal Credit Union is good. Most banks won't deal with overseas addresses. SDFCU has done the hard yards to comply with all the annoying regulations on international money movement. Saves the bother of setting up a fake US address...eg, using the address of a friend or relative.
    What is cost for this? Cost to transfer $5000 visa Transferwise is usually about $20-$40. Exchange rate is exact - no money taken out. (unlike ANZ that takes $.02 from exchange rate for all USD-NZ dollar conversions)

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