Fast online transfers in more than 20 currencies, with no fees when you send $10,000 or more.
- Good for sending money fee-free when it’s $10,000 or more.
- Not so great if you want to pay with card.
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
Is OrbitRemit safe to use?
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 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.