Orbit Remit gives you another option to consider when you need to transfer money internationally.
Orbit Remit is a non-bank financial service company that you can use to send money from Australia to other parts of the world. Its services are entirely online, allowing you to send money overseas right from your computer.
OrbitRemit exchange rates
Once you place your transfer order, you will be shown the rate at which your transaction was conducted. At that time you can continue with the transfer by making a payment or cancel the order.
Orbit Remit claims to be able to offer low fees and competitive rates by operating with lower overhead costs than banks and other money transfer companies. Those savings are reflected in the amount that they charge its customers.
Here is the screenshot of their latest currency exchange rates
These rates are current at the time of writing (3rd November 10.00am).
How much does it cost to transfer money with OrbitRemit?
Consider the fees before choosing a money transfer service for your international needs. Orbit Remit will charge the same fee for transfers from $60 to $9,900 but they will vary depending on the destination.
The table below lists the fees that are applied when a transfer is completed in that currency:
|Sending money from Australia to:||Fee (AUD)|
Minimum transfer amount and available countries
The list above reflects the 12 of 15 different countries that Orbit Remit is able to transfer money to. Keep in mind that you are limited to online transfers only, so there will be no cash pick up with this service except in China, Vietnam and the Philippines.
There is a transfer minimum of $50 when you use Orbit Remit and a maximum of $9,900. How much you send will make no difference in the fees charged unless you are sending money to China.
Unfortunately there are a number of nations where you will not be allowed to send money using this service. They include:
What types of transfers can you carry out with OrbitRemit?
In addition to international transfers, Orbit Remit also can help you make recurring payments to another country. These include repayments of home loans, car payments and other bank loans. Once you have this set up, the funds will be sent to the payment account each month automatically.
Another perk with Orbit Remit is that there is no fee for the first time you use them, or for every tenth. If you are sending money overseas often, having fees waived can add up.
The registration and transfer process
In order to use Orbit Remit, you will have to first set up an account with them online. To become a member you will have to provide your contact information. Once a member you are able to login and begin transferring money.
Keep in mind that you will not be able to make payments using a credit or debit card. The only way Orbit Remit accepts payment is with an internet banking transfer. Once Orbit Remit receives your transfer through internet banking the transaction will begin and your recipient should receive the money in their account within two days.
What are the pros and cons of using OrbitRemit?
- Convenient. With your account set up online, you can easily send money worldwide.
- Fees. Not only are the fees set for each currency, the fee is waived on your first transaction and every tenth thereafter.
- Customer service. Orbit Remit offers 24 hour service seven days a week for helping you resolve any issues.
- Competitive rates. Due to having their entire operation online, Orbit Remit is able to offer exchange rates that are competitive with other companies.
- Payment method. Having to transfer funds to Orbit Remit as opposed to using a credit card or debit card can take longer.
- No cash pick up. With the exception of a few select countries, there is no cash pick up option available.
What other products and services does OrbitRemit offer?
In addition to international transfers, Orbit Remit has services in place that can help you make payments directly. These include:
- Inland Revenue Department (IRD) Payments. You can make your IRD payments to New Zealand in just a few minutes right from your account. There is no fee for this service and you only need to share your IRD information. Once you make the payment to Orbit Remit, the funds will be sent to your IRD account.
- Court payments. For New Zealanders in Australia who have outstanding court fines, Orbit Remit will help you pay those quickly. All they need is your Party Profile Number (PPN) and your payment and they will transfer the money to the Ministry of Justice.
Is this service available for non-residents?
Yes, so long as your bank account is able to transfer funds into your Orbit Remit account.
What’s their refund/dispute handling process?
You will need to contact customer service, which is available around the clock.
Is there a maximum/minimum amount you can transfer?
The amount you can transfer ranges between $50 and $9,900 Australian dollars.
Is this service available for small businesses?
Yes, so long as the business is able to transfer money into the account.
Is BPAY available?
No, BPAY is not available at this time.
How long do transfers take?
Generally 36 hours after Orbit Remit receives your payment.
Is there an app available to conduct transfers?
OrbitRemit does not have an app at this time.
How do you check your balance/progress of the transfer?
Your balance will be updated through your account regularly as to the status of your transfer.
OrbitRemit is a simple money transfer service that does not offer an exhaustive list of options, but does have competitive rates and fees. Check what other companies and banks allow you to send money to your preferred country first and compare the services before deciding this if is the right one for you.
Orbit Remit offers a unique alternative to sending money from Australia to other nations. With the convenience of complete online service, they have the ability to make your money transfers easy.