OrbitRemit is a New Zealand based online foreign exchange company specializing in spot transfers. Founded in 2009 by 3 former real estate agents, Tommy Heptinstall, David Platt and Robbie Sampson, OrbitRemit calls itself the world’s simplest transfer company. The start-up began to challenge high transfer rates in New Zealand which were relied on primarily by migrant workers sending remittance home and families transferring money abroad for university fees.
OrbitRemit now transfers approximately $25 million monthly with about 30,000 transfers. 80,000 customers send money ‘home’ in 25 currencies to total roughly $ 600 billion annually.
Inland Revenue Department and New Zealand Ministry of Justice and Social Development Payments:
OrbitRemit has a strong relationship with the New Zealand Government and was the first non-bank to provide payment services to the Inland Revenue Department (IRD). Through OrbitRemit, in a typical month, $100m is paid to IRD in 250,000 transactions which pay student loans, child support and other tax obligations.
About 56,000 support questions on government payments were answered by OrbitRemit Wellington staff the first month the IRD service became available.
OrbitRemit charges no fee for IRD transfer payments
Workers can also send free work and income payments to The New Zealand Ministry of Social Development.
Additionally, New Zealanders can use OrbitRemit to pay fines to The New Zealand Ministry of Justice
Very clean, with images of women’s backs turned to viewer ( intriguing?), OrbitRemit offers easy options for paying IRD and New Zealand Ministry payments. Home page calculator shows only 3 currencies transfers can be made in: AU$ NZ$ and GB£, clearly limiting the company’s global service possibilities.
A cheerful video instructs registered clients to use an ‘Invite Friends’ tab which they’ll use to promote OrbitRemit socially. The reward for this referral is a bank deposit of £50 or AU$/NZ$ deposit of $100.
Comparing transfer rates with banks, the cost of transferring $500 (in NZ$) OrbitRemit returned 491.61 while an averaged Bank rate returned 451.15 OrbitRemit saved an average $40.45
OrbitRemit can send remittance ( in GB£ or NZ$, or AU$) to any Eurozone country, to specific destinations in Asia including Bangladesh, Hong Kong, India. Indonesia, Malaysia, Nepal, The Philippines, Sri Lanka and Vietnam. Australia, New Zealand and Fiji and the US are also destinations OrbitRemit can transfer to, although the company clearly doesn’t have a global reach.
Fees vary from AU$ 4- AU$ 8 for transfers depending on the destination.
The 1st and the 10th transfers are free with OrbitRemit
OrbitRemit has a 9.4 rate on TRUSTPILOT with 7,841 reviews. Most praise the speed of service but when problems arose clients found little customer service support – and certainly not any 24/7 support as advertised. Delays in transfers weren’t able to be tracked, either.
OrbitRemit was set up to give a competitive exchange rate to migrant workers sending remittance home to The Philippines and it’s proved a great alternative to banks and Western Union ( which lowered its fees in New Zealand when OrbitRemit came onto the scene). Saving workers money is an excellent service to provide, even if sometimes the customers service stumbles. 4 out of 5 stars for transfers.
A great local transfer service for workers residing in New Zealand or Australia and a convenient way for Kiwis to pay fines and social service payments.
Not a global provider, since there aren’t (yet) any services available in currencies other than GB£, AU$ or NZ$.