Results 1 to 7 of 7

Thread: SGD to NZD - SMC - fee payment

  1. #1
    Join Date
    Nov 2016
    Location
    India
    Posts
    73

    Default SGD to NZD - SMC - fee payment

    Is there any way can I get rid of this bank conversion fees?

    Is it possible to open NZD currency bank account in Singapore and get the debit card.

    Without compromising the exchange rate what is the best way to pay the immigration fee from Singapore in NZD currency.
    Last edited by lakshmana1980; 31st August 2017 at 12:05 AM.

  2. #2
    Join Date
    Nov 2016
    Location
    India
    Posts
    73

    Default

    Recently I have submitted EOI. I have paid 530 NZD by using Singapore debit card.
    As per the forex currency conversion rate 1 SGD = 1.02 NZD.
    But my DBS bank deducted 537 SGD from my account. It seems I almost paid 16 NZD as extra. I got the very low conversion rate from the bank.

  3. #3
    Join Date
    Jun 2008
    Location
    S'pore-2-AKL again
    Posts
    877

    Default

    Quote Originally Posted by lakshmana1980 View Post
    Recently I have submitted EOI. I have paid 530 NZD by using Singapore debit card.
    As per the forex currency conversion rate 1 SGD = 1.02 NZD.
    But my DBS bank deducted 537 SGD from my account. It seems I almost paid 16 NZD as extra. I got the very low conversion rate from the bank.
    Conversion rates for credit/debit cards are always much higher than the normal forex rates you see on the market. It's one way that banks earn their money. One way to avoid it is to carry cash in hand, the other is to carry a prepaid travel card which is loaded with the currency you want.

  4. #4
    Join Date
    Nov 2016
    Location
    India
    Posts
    73

    Default

    What is the best way to pay ITA - fee 3085 NZD currency from Singapore. To pay online i think I have to use only card payment?

  5. #5
    Join Date
    Jun 2008
    Location
    S'pore-2-AKL again
    Posts
    877

    Default

    For your ITA, pay with your credit card. It is much faster despite the unfair exchange rate. The other option - bank draft would be cheaper but considerably longer as it requires them to bank it in and clear before accepting your application.

  6. #6
    Join Date
    Nov 2016
    Location
    India
    Posts
    73

    Default

    Hi batgirl1001,
    Thanks for the reply. Even I am thinking only credit card payment is easiest option for ITA payment.

  7. #7
    Join Date
    Nov 2015
    Location
    New Zealand
    Posts
    200

    Default

    You can open an bank account from Singapore but they won't activate for you until you are here.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •