- Posted by Hieu on January 29, 2015 in Financial Tips
Sending online remittance to Philippines has never been easier – after all, it just takes a few clicks.
We’re going to show you how to send money abroad using OrbitRemit, so that it reaches its destination quickly and hassle-free.
How to Send Online Remittance to the Philippines
The first thing you’ll need to do, if you haven’t already, is sign up to OrbitRemit. Click on the button on the top right hand side of the screen that says “get started” to do this. This will cause a form to appear – this just requires some simple details, like your name, email, postal address, and password. Just follow the instructions to get signed up.
Use our calculator in the top right hand corner of the page to work out exactly how much will arrive at its destination. Put in the type and amount of currency you have, then select “Philippines Peso” (PHP).
Once you know what you’re getting, you’ll have to set up the transfer with our online system. Just tell us the recipient’s name, bank account number, and any other indentifying details we ask for. Then we’ll tell you what information you’ll need to give to your bank. We’ll also tell you exactly what fees you have to pay, and exactly how much will end up at the receiving end.
Now you’ll have to transfer the money into OrbitRemit’s domestic account. Ask your bank for help if you’re having trouble, as Continue Reading…
- Posted by Tom on January 28, 2015 in Financial Tips
You’ve probably heard a lot about sending remittance to another person, but how do you pick it up at the other end? What exactly do you need to know in order to receive remittance payments?
How to Receive International Payments
It’s important to know that the process for receiving remittance differs between transfer providers.
Often, providers will transfer money directly into a bank account, so you don’t actually have to do anything! On the other hand, some providers (such as Western Union, in certain countries) require you to collect money in the form of cash at one of their outlets. Not only does manual pickup take time, but it also isn’t as secure – however it can be useful if you are travelling and can’t receive direct to a bank account.
Some providers, such as PayPal, require the money to be transferred to an online account, rather than directly a bank account. It must then be transferred from that account (ie. your PayPal account) to your bank account. This takes extra time and hassle, and the exchange rates are relatively poor.
When the provider transfers directly to a bank account, like OrbitRemit does, you cut out a lot of the cost and hassle and can receive payments online through Internet banking.
Wait for the Delay – Patience is a Virtue
One of the most important things to remember when receiving international payments is that it takes time for things to process. With most providers, the money won’t Continue Reading…
- Posted by Paul on January 27, 2015 in Technology
Electronic remittance is the way of the future. It’s a form of Electronic Funds Transfer (otherwise known as EFT). Doesn’t ring a bell? You’ve probably used it before already. But what exactly is ETF?
What is an Electronic Funds Transfer?
To give a technical definition, it is the electronic exchange of money from one bank account to another. This removes the need to carry exact change or cash a cheque at a later date.
So when you swipe your EFTPOS card to buy fuel, pay your power bill online via direct deposit, or remittance transfer money overseas via a service like OrbitRemit, you’re performing an EFT. It’s a bit safer because you’re not sending physical money, just secure data. It’s also very quick and easy, saving you money and headaches on administration costs.
How is Digital Technology and Remittance Software Changing This?
Technology is certainly making things easier for us to utilize electronic transfers. Take online banking smart phone apps, which allow us to transfer money to another bank account via Wifi. Many banks even allow customers to use cell phone numbers as a recipient for transfers.
Online shopping is completely reliant on an electronic transfer of funds, as it allows customers to pay instantly via credit-card or bank deposit, rather than having to post physical money or a cheque to the seller. Imagine if Amazon.com required you to pay for your goods without electronic transfer. You’d have to post or deliver the physical money Continue Reading…
- Posted by Jason on January 26, 2015 in Financial Tips
There are plenty of companies that process international remittances. But what makes them different? How do you know which is the best one? Let’s compare a number of the most well known remittance services and see which ones stand out in terms of fees, rates, security, transfer times, and satisfaction. That way, you can make sure you’re getting the best deal when you send money abroad.
Fees: 0.5% of transaction
Exchange Rates: Good
Security: Reasonably good (HTTPS encryption)
Transfer times: Up to five working days – sent from bank to bank
TransferWise offers reasonable rates for international currency exchange, but is not always the quickest when it comes to transfer time. Transfers can take up to a week complete, which is a real hassle in an emergency or time of need. TransferWise also doesn’t offer much in the way of a loyalty bonus for regular customers. However, the system is otherwise reasonably convenient, transfers directly to a bank account, and has high satisfaction (provided users are in no hurry).
Fees: 3.4% + $0.45 NZD
Exchange Rates: Poor
Security: Very good (due to its size – SSL connections)
Transfer times: Almost immediate for transfers from one PayPal account to another, but up to a week for bank transfers.
A quick, secure option for sending international remittance if transferred between PayPal accounts. However this is offset by reasonably high percentage fees, which are particularly hefty if a large amount of money is being sent (on $10,000, 3.4% is $340). PayPal Continue Reading…
- Posted by Tom on January 25, 2015 in Financial Tips
So you’ve been told your phone is smart. A smart phone. Devices, such as smart phones and tablets, are so smart that they can quickly send a mobile remittance from one side of the world to another with just a few taps. But what are the risks involved? This article is here to help keep you safe from cybercriminals.
About Mobile Payment Systems – Choosing a Password
Most mobile payment solutions, like OrbitRemit, require setting up an account to make payments with.
This account is set up using an email address and is protected by a password. Passwords are like a key to your account, so you want to keep it private and difficult to guess to stop anyone else getting in. Many people use the word “password” as a password or their name/email address.
This is not a good idea because it is common and easily guessed by anyone that knows you (and often by people who don’t!).
Generally it is good to have a password with a mix of upper case and lower case letters in it, as well as numbers. Eight or more letters or numbers creates a more complicated password and is a good idea.
Pretend your name is Susan:
“susan” is a weak password. It is too easy to guess, too few characters.
“SuSan” is a better password. The random capitalisation makes it much harder for someone to guess or break using a software program. But it still has too few characters and Continue Reading…
- Posted by Lauren on January 22, 2015 in Financial Tips
You may think that only your loved ones benefit when you send money overseas. In reality, there are some huge added bonuses for the wider community in your home country when you send money back. Foreign remittance has a wider effect and provides economic fuel to the whole receiving country. Let’s take a look at how simply sending money to a country can drive its future development.
Why Spending and Sending is Good
Every dollar you spend, someone else earns.
Every dollar you earn, someone else has spent on your services.
Think about it:
If a hairdresser buys food from a supermarket, the supermarket owner, employees, and suppliers earn money. They may spend this income on clothes, allowing a tailor to earn money to spend at the hairdresser. The hairdresser can then afford to buy more from the supermarket, and everyone earns a higher income as a result. In an economy, everyone is connected in a cycle; like a money-go-round.
Spending drives earning, which allows more spending.
When you send foreign remittance overseas, your loved ones spend it in your home country. This injects money into their local economy, so people are able to earn and spend more. Injecting money from outside stimulates and grows the whole economy, and this plays a central role in encouraging economic development in india, the Philippines and elsewhere. This increase in spending drives growth and expansion of businesses and markets – resulting in future economic development in recipient countries.
Further Benefits of Continue Reading…
- Posted by Tom on January 21, 2015 in Financial Tips
Almost every week there is something in the news about the tightening of online remittance regulations. Countries all over the world are making changes to their laws to limit people using money transfer services for nefarious purposes, such as laundering money and funding terrorism.
Whether you’re sending online remittances to the Philippines, India or elsewhere in the world, these changes impact you. In this article we’re going to take a look at a few major remittance markets and see what the law says about international remittances going to and from them.
2013 and 2014 were big years for legislative shake ups in international money transfers, with many countries around the world either introducing new legislation or tightening up existing laws. Let’s take a look at some of the big shifts that have occurred across the US, UK and Australasia.
The United States
In 2014 the US passed a bill called the Money Remittances Improvement Act. This act was aimed at streamlining the overall process of non-bank remittance services keeping in line with regulations. This act enables smaller remittance providers and those sending remittances to keep in line with the law without the overheads of some of the heavier acts, that were targeted at larger institutions such as banks.
The United Kingdom
Her Majesty’s Revenue & Customs has tightened laws on what money can be brought into the United Kingdom and how it can be taxed. This has a significant impact on migrants who need to Continue Reading…
- Posted by Tom on January 20, 2015 in Financial Tips
International money remittance is an essential part of life for some people, especially for young people from countries like the Philippines and India who are working abroad and need to send money to family back home. We’re sure you’re familiar with wire transfers, direct bank transfers and some of the other more traditional ways to send a money remittance – but are you getting the best deal possible? In this article we’re going to take a look at how you can get smarter, save money and stop having money remittance abroad cost you an arm and a leg in fees and exchange rates.
There are a wide range of different forex remittance services that are available online, all using different remittance software and methods. What we’re going to look at here is how you can get money home to your family, quickly, cheaply and easily.
Money Remittance to India from the UK, Australia and New Zealand
If you’re a migrant living and working in a Western country to take advantage of the higher wages, chances are high that you’re going to want to send a good chunk of your money home to family to help out with expenses. Getting money to India from countries like the United Kingdom and Australia can be a very expensive proposition. Non Resident Indians (or NRIs) contribute a huge amount of cash to the Indian economy each and every year. That doesn’t mean that you need to Continue Reading…
- Posted by Jason on January 19, 2015 in Financial Tips
Transferring money abroad online can be a scary process, especially if it’s not something you do regularly. In this article we’re going to take a look at some of the security features that online money transfer companies have in place and try to set your mind at ease with regard to the process. Safety and security is obviously a huge part of transferring money overseas and you want to make sure that it gets to its destination quickly and easily, so here is a step by step guide with everything you need to know about the process.
Online Money Transfer Security: The Basics
There are a number of things that online money transfer companies have in place to ensure that your funds transfer takes place quickly and securely. These range from encryption on their websites to collecting a range of personally identifying information about both parties, before the transfer is made. Here is how you complete an online money transfer:
1. Log on to your preferred transfer provider’s website
Even from the moment that you access a website you can quickly and easily identify if the website has encryption in place to protect the information that you’re sending to it.
When you connect to a properly secured website you’ll see green text in the browser bar and the website domain name will be preceded by https:// just like in the above snap of Continue Reading…
- Posted by Lauren on January 14, 2015 in Financial Tips
How is it that banks around the world are able to communicate instructions to each other? In this article we’re going to take you on a tour of the SWIFT money transfer network and show you how a SWIFT code not only works, but makes sure your money gets where it’s going.
Before SWIFT codes were instituted, most banks used a system called TELEX. TELEX is something that will be familiar to most people who were in an office environment before the Internet was a regular part of daily life.
Organisations had a specific TELEX address which was used to transmit text based messages. Prior to the advent of SWIFT codes, a bank would send a direct TELEX instruction to another institution. The TELEX network was often referred to as “The Wire”, hence the term Wire Transfer. This system was clunky, slow, unreliable and also insecure, so in 1973 the Society for Worldwide Interbank Financial Transfers (SWIFT) was formed to help tidy up the process.
The SWIFT Network: What Does It Do?
The SWIFT network, and SWIFT codes are not a means of transferring money per se – they work not dissimilarly to the old TELEX system. SWIFT codes are used by member banks to send instructions to each other that relate to funds transfers.
Each bank has a unique code made up of letters and numbers. Once the instruction is loaded into the SWIFT system, it is conveyed to the other institution. Once Continue Reading…