New-Zealand-based OrbitRemit is one of the world’s leading online money transfer services, supporting over 500,000 customers globally. Since launching in 2009, OrbitRemit has handled transactions over NZ$3.5 billion in bank transfers and cash pickups to more than 39 destinations for both corporations and individual customers.
In this review, we shall look at the exchange rates and fees charged by OrbitRemit, the type of payment methods supported, transfer speeds, sending limits, and anything else you could need to know.
OrbitRemit adds a margin above the mid-market exchange rate and charges nominal fees on transfers processed through the platform. Here is a breakdown of the margins and fees to expect.
The exchange rate margins customers are charged on OrbitRemit vary slightly depending on the currency pair, but on average expect an exchange rate mark-up of around 1.5% above mid-market rates.
Here’s a quick breakdown of the fees charged by OrbitRemit for each of the the provider supports payments from:
Sending amounts above 10,000 New Zealand dollars, pounds, Australian dollars attracts zero fees with OrbitRemit.
Depending on your bank, you may be charged an extra fee to facilitate your bank transfer or POLi payment to OrbitRemit. Hence, it is important to check with your bank before you make the transfer.
OrbitRemit provides its customers with an inexpensive and fast way to send money to their families, friends, and business partners across the world. Here are some pros and cons worth looking at before making your transfer with OrbitRemit.
Through OrbitRemit’s platform, customers can pay for their transfers in a variety of ways. Here are the payments and withdrawal options available.
Customers can pay for their transfers using bank transfers from any accepted country. Those in Australia can also use POLi Payments to safely and quickly pay into the designated OrbitRemit bank account.
OrbitRemit transfers funds into beneficiaries’ bank accounts, and also offers the option of cash pickup in some countries. For instance, beneficiaries in the Philippines can access their money from over 5,000 cash pickup locations within an hour after the transfer.
Sending and receiving money using OrbitRemit is fast, secure and simple. Here is a quick summary of what each process involves.
1. Create an account: Register for an account using your email and create a password. You will receive an email with a verification link that you need to click in order to verify your account.
2. Start your transfer: Go straight to the calculator and key in the amount you want to send to check the fees, rates and the amount the recipient will get. When making your first transfer, you will first need to choose your account type (individual or business).
3. Enter recipient details: Key in the bank account details and name of your intended recipient. These details can then be saved so it’s easy for you to select the same payee again in the future.
4. Verify your information. You then need to complete the ‘About You’ section. This involves providing proof of ID and proof of address documents – and you also need to complete biometric verification if transacting in GBP. For this, you will need a working webcam or phone camera.
5. Review your transfer: Check that all your transfer details are correct and add some reference information for your recipient if you wish. Customers with free transfers can also redeem them at this point by simply checking the ‘You have free transfer(s) available’ box.
6. Pay for your transfer: You can use bank transfer or POLi Payment to fund your transfer. OrbitRemit will display the relevant details once you confirm your payment method.
7. Monitor your transfer: Check the status of your transfer as it progresses to completion right from your OrbitRemit dashboard.
OrbitRemit deposits the funds directly into your beneficiary’s bank account once you have arranged and funded the transfer.
In addition to bank transfers, recipients in the Philippines, Nepal, and Vietnam can also access their funds from cash pickup locations. They only need their government-issued ID cards and the reference number of the transfer to collect the money.
Yes, OrbitRemit has a mobile money transfer app available as a free download on both android and iOS platforms. Using the app, customers can:
On Play Store, the app has 3,421 reviews and an overall rating of 4.6/5. On the App Store, it has a 4.7/5 rating and a total of 10,797 reviews.
OrbitRemit delivers cash pickups the same day. Most bank transfers are delivered within 24 hours with a few taking 1-3 working days.
Transfers to destinations such as Europe, Australia, New Zealand, the UK, South Africa, Poland, the United States, and Norway have no limits. However, other destinations have limits on either bank transfers or cash pickups. Here is a summary for some of them:
When sending over 500,000 Philippine pesos to the Philippines, customers will also be required to provide the following additional documentation:
Customers sending more than 300 million Vietnamese dongs will similarly be required to fill in and sign a remittance information form.
When choosing a money transfer provider, trust is one of the top aspects to consider. Here are some of the factors that make OrbitRemit a reliable name in the money transfer industry.
The company was founded in New Zealand in 2008 by Robbie Sampson, Tommy Heptinstall, David Platt, and Paul Robinson. It is currently headquartered in Wellington, New Zealand.
Over the years, OrbitRemit has seen its operations grow. Currently, the provider supports 39 destinations and has offices in New Zealand, Australia and the United Kingdom. In January 2018, the provider processed over 75,000 transactions.
OrbitRemit Limited is registered in New Zealand (company number 2174112), Australia (company number 69601986038) and the UK (company number 06731488). Here is a summary of how the company is regulated in the three countries:
Encryption and customer data
OrbitRemit prioritises customer security and information safety. All its transactions are SSL-encrypted and covered by layers of bank-grade security. Transfers to bank accounts are processed through trusted channels.
Investors and awards
On January 9, 2009, each of the 4 founders or OrbitRemit put in a total of NZ$1 million as seed money. There are no other known investors in the company.
On April 21 2020, the company was featured among the Financial Times 500 high-growth companies in the Asia-Pacific (APAC) region. It came at position 294.
The provider has had lots of verified positive reviews. On Trustpilot, it has 20,560 reviews 95% of which are rated 4 and 5 stars. Customers had this to say about the service:
Yes, you can get in touch with customer support to have your transfer cancelled if it is ‘Awaiting Payment’ or ‘Awaiting Update’. Completed transfers cannot be cancelled.
Among the top countries in terms of transfer volume and frequency on the platform include:
You can reach OrbitRemit’s customer helpdesk using any of the following ways.
With a disbursing network of 39 destinations, a customer base of more than 500,000, and over NZ$3.5 billion worth of transfers processed to date, OrbitRemit is one of the biggest online money transfer services around.
Customers can conveniently fund their transfers using bank transfers and POLi Payments for those in Australia. The funds are sent into the beneficiaries’ bank accounts, with recipients in the Philippines, Nepal and Vietnam, also being able to receive money at various cash pickup locations.
The drawback with OrbitRemit is that their services can only be used to send money from the UK, Australia, and New Zealand. Customers outside these territories will have to use other providers. It is also worth noting that while the platform charges low fees and margins, it is very inflexible in terms of payment methods and doesn’t allow transfers to be funded with card or cash payments.
OrbitRemit is certainly a great option for making international transfers. However, it is a good practice to conduct a cross-comparison to see what other providers are offering. You can use our money transfer comparison tool to do a quick check to ensure that OrbitRemit is indeed the company that offers you the best deal on your transfer.