What's in this guide?
- OrbitRemit exchange rates and fees
- Available currencies
- What types of transfers can you make with OrbitRemit?
- How long does a transfer with OrbitRemit take?
- What payment methods does OrbitRemit accept?
- Is OrbitRemit safe to use?
- How to register an account
- How do I make an international money transfer with OrbitRemit?
- What is OrbitRemit?
- In a nutshell
- How does OrbitRemit compare to other providers?
OrbitRemit exchange rates and fees
When you send money overseas from New Zealand with OrbitRemit, a $4 fee applies to all transactions except for transfers of $10,000 or more, which are fee-free.
The other cost you’ll need to consider when sending a transfer is the exchange rate OrbitRemit offers. OrbitRemit adds a margin on top of the mid-market exchange rate before completing your transaction.
OrbitRemit lets you send money overseas in more than 20 currencies, including the following:
- BDT Bangladeshi taka
- EUR euro
- GBP British pound
- INR Indian rupee
- IDR Indonesian rupiah
- AUD Australian dollar
- PHP Philippine peso
- USD US dollar
What types of transfers can you make with OrbitRemit?
OrbitRemit is an online transfer service that supports one-off and recurring transfers. There are two types of transfers available:
- Bank account transfers
- Cash pick-up transfers (only available when sending funds to the Philippines or Vietnam)
How long does a transfer with OrbitRemit take?
OrbitRemit transfer times vary depending on where you are sending your money.
While transfers to some destinations, such as Australia and India, are completed within one working day, most transactions will take one to three working days.
What payment methods does OrbitRemit accept?
There are two options to choose from when paying for your transaction:
- Bank transfer
- POLi payments
Transfers typically take
3 - 5 days
Is OrbitRemit safe to use?
- Regulation: Regulated in several countries.
- Established: 2008.
- Reviews: Rating of 9.3/10* from 19,000+ reviews on Trustpilot.
In New Zealand, OrbitRemit is registered on the Financial Service Providers Register and is regulated by the Department of Internal Affairs. It is regulated by the Australian Securities & Investments Commission (ASIC), is registered as a remittance provider with the Australian Transaction Reports and Analysis Centre (AUSTRAC), and is also registered as an authorised payment institution (API) with the Financial Conduct Authority (FCA) in the United Kingdom.
All client funds deposited with OrbitRemit are kept in a segregated account that is kept separate from OrbitRemit’s own operating funds.
How does OrbitRemit make money?
OrbitRemit makes money in two ways:
- It charges a flat fee on all transfers except those of $10,000 or more.
- It adds a margin on top of the mid-market exchange rate. The mid-market rate is the “real” exchange rate you see listed on currency conversion sites and is the rate at which banks buy and sell currency from one another.
How to register an account
It’s free to sign up for an account with OrbitRemit by completing the following steps.
How do I make an international money transfer with OrbitRemit?
You can send an international transfer with OrbitRemit by completing the following steps:
- Visit the OrbitRemit website and log in to your account.
- Once the deposit has cleared, log in to your CurrencyFair account and click the “Exchange” menu.
- Enter the amount of money you wish to send and the currency your beneficiary will receive.
- Either select an existing recipient or create a new recipient by providing their name and bank account details.
- Review the details of your transfer, including the amount being sent, the exchange rate, the transfer fee and your recipient’s details.
- Choose your payment method and finalise the transfer.
What is OrbitRemit?
Founded in 2008, OrbitRemit is a global foreign exchange service that offers international money transfers to 39 countries. Headquartered in New Zealand, the company provides transfer services to customers in New Zealand, Australia and the UK. Its mission is to provide fast and secure payments to friends and family overseas, but it also offers business transfers.
In a nutshell
- Bank-beating rates and transparent, fixed fees. OrbitRemit’s exchange rates are significantly better than those on offer from major banks. It also offers a simple and straightforward fee structure, plus fee-free transfers when you send $10,000 or more.
- 24-hour customer service. If you need help with a transaction, OrbitRemit offers 24-hour phone and live chat customer support.
- Easy to use. The online transfer service is quick and easy to use with an intuitive user interface.
- Transfer app available. If you want to send money overseas from your smartphone, OrbitRemit offers an app for Android and Apple devices.
- Limited payment methods. You can’t pay for your transaction using a credit card, debit card or cash.
- Cash pick-ups only available in Vietnam and the Philippines. If you’re sending funds anywhere other than these two destinations, cash pick-ups are not available.
How does OrbitRemit compare to other providers?
To get a better idea of how OrbitRemit stacks up against other international money transfer services, check out the table below.