The Student s Guide to. International Student Payments Made Simple. Your Guide to Saving Hundreds of Dollars When Paying Your Tuition Fees.

Transcription

1 The Student s Guide to International Student Payments Made Simple Your Guide to Saving Hundreds of Dollars When Paying Your Tuition Fees.

2 Who is NexPay? NexPay is an international student payments solution for paying tuition fees to Australian Universities, Schools and Education/Migration Agents. We are based in Sydney, Australia. Why Should I Use Your Service? To save money. You see, the banks charge a much higher rate of foreign exchange when you send money overseas. Our rates are often half or a even a quarter of those of the bank, which can save you hundreds of dollars (leaving you more money upon arrival). Don t take our word for it, compare our rates. We also provide additional payment tracking so you know exactly how and where your payment is moving, and provide a 24/7 support service if you need help. 2

3 How Does NexPay Work? If you look at a foreign exchange board in any bank, you will see they have a Buy rate and a Sell rate. These rates are different from the bank rate you will see on sites like because the bank has added a fee of between 3% and 6%. So when you send your money, the bank uses that adjusted rate to calculate how much you need to send. In other words, the bank is adding between 3% and 6% on top of your school fee. If your school fee is $20,000, the bank is taking as much as $1,200, so you pay $21,200. We think that s too much especially for students. So when you pay via NexPay, you send your own currency, NOT Australian Dollars. Then WE do the exchange, not the bank. Your bank will still charge you a fee for sending the money, but they can t add their 3-6% because they are not doing the exchange. When you get your quote from NexPay, that amount is guaranteed as long as you pay on time. You can easily see how much cheaper we are by comparing our rate on our calculator with that of your bank. Be aware! Some banks and sites will quote you the bank rate, but then add their spread when you actually go to send the money, costing you more. 3

4 How Safe is NexPay? Very. For a start, we conduct our banking using the same foreign exchange channels your bank uses (except at a much lower rate). We are AUSTRAC-licensed and regulated ( In fact, we simply could not engage in international money transfers without that approval. Your money arrives into our Customer Trust Accounts held with the Commonwealth Bank of Australia. These Trust Accounts can only be used for the receiving and forwarding of international funds, and are kept entirely separate from our own business accounts. All funds received into a Trust Account must leave again before the close of business each day. Therefore, your payments are processed by us the day we receive them. Finally, every week hundreds of students trust NexPay to pay their tuition fees to some of Australia s biggest and most respected Universities and Schools. 4

5 What are the Benefits of NexPay? Simple We have done everything we can to make the process simple and easy to follow. No worries you can be sure that NexPay will deliver your fees on time usually within two working days and for the full payment amount. Big savings Our rates are much lower than a bank or money transfer service. You can save hundreds of dollars on a single payment with NexPay. No surprises we quote you in your home currency and your payment will be paid in Australian dollars. Guaranteed payment amount as long as you pay on time, your amount is locked-in and protected from exchange rate fluctuations. Track your payment with NexPay, you can see your transaction progressing through its journey to your University, School or Agent. No short payments often, bank fees by intermediary or Australian banks will leave your school or university with less than what they asked you to pay. With NexPay, we guarantee your school 100% of funds requested, so it s easier for them and no unexpected charges on arrival for you. Need Help? Call us. Should you have any questions regarding the service, we re here to help you every step of the way. NexPay provides a dedicated customer service team that can help you get started and walk you through the process. Our support desk is open 24/7 and you can reach us via or phone:- support@nexpay.com.au Telephone : (Toll-free) International :

6 Let s Get Started! Our process is simple. 6

7 Register and Log-in to NexPay Go to to register and sign in. Click Here When creating your account for the first time, you will need:- The total amount you need to pay (in Australian Dollars) Your residential or mailing address Photo Identification Document (passport or driver s license). A photo taken on your phone is ok as long as we can read it. A copy of your offer letter (showing payment details). Again, a phone copy is ok. 7

8 Enter Payment Details Complete all the fields as presented on the website, paying special attention to the fields below. Select Who to Pay Contact NexPay if your Agent/School is not shown Select Your Local Currency 8

9 Get Quote and Make Payment Confirm your details to receive your final quote and payment instructions. Do NOT Send Australian Dollars Pay Your Local Bank Fees Pay in Your Local Currency You will receive a confirmation containing your final payment instructions. Please note the following:- Make payment via your bank or online banking as soon as possible and no later than the date shown. DO NOT SEND Australian Dollars you MUST make payment in your own currency or USD/EUR if your local currency is not listed. You MUST pay your local bank fees. Your bank will need photo ID if you pay in person. Remember to confirm payment with NexPay by uploading a photo of your bank receipt. 9

10 FAQ Why am I paying NexPay and not my University or Agent directly? To save money. NexPay is a Foreign Exchange service set up for Universities, Schools and Agents that does the job at lower rates. In order to get those lower rates, you send your currency to us and we do the exchange. If you send your payment directly to the University, School or Agent, your bank does the exchange and you lose money. How much money will I save using NexPay? It depends on your local currency and how many intermediary banks can get involved, but typically (for the main currencies USD, EUR, GBP, JPY etc) our students save around AU$ per AU$5000 sent. See our calculator. Why must I NOT send Australian Dollars? NexPay performs the foreign exchange when your money arrives in Australia, which we do at a lower rate than your bank. If you send Australian Dollars, your bank will do the exchange (costing you more) and the amount that arrives will be less than what you owe due to Australian bank fees. This means your University will bill you the difference on arrival sometimes with an additional service fee. Why must I pay my own bank fees? When you send money, your bank will ask how you wish to pay their transfer fee. The choices are to pay the fee yourself, share, or have the fee deducted from the amount sent. If you do not pay the bank fee, the amount that arrives will be less than what you owe, and again, your University or School will bill you the difference on arrival. So what s the catch? There is no catch. We operate with lower overheads than the banks, so we can charge a smaller rate of exchange and still do good business. Students love us because we save them money. Universities and Schools love us because they pay no bank fees for receiving money and we ease their amount of administration. Using NexPay is a win-all-round for everyone. 10

11 Testimonials 11

12 NexPay Pty Ltd ABN: Telephone: (Australia Toll-free) (International) Address: 6/76 Reserve Road North Shore Business Park Artarmon NSW 2064 Australia