Ignorance is not bliss when it comes to remittance costs


remittance costs

All money transfers are processed for a fee – whether they are hidden or not. To be clear, the remittance costs have certainly dropped considerably since fintech companies such as OrbitRemit appeared on the scene

However, they have not yet managed to discover a way to facilitate remittance payments for free. Banks charge about 5% – 10% in transfer and FX costs and independent remittance companies usually perform them for about 1% of the total transfer value. Remittance costs have come down but now fees are often charged to the customer in non-apparent ways. Although it is not important to understand how your transfer is processed, it is important to understand the actual ‘conversion rate’ which is the amount received divided by the amount sent and its comparison to the interbank rate.


Commonly Used Money Transfer Terms

  • Posted by Joe Campbell on December 2, 2018 in Banking Global Money Transfer

commonly used money transfer terms

International money transfer, the process of transferring money overseas – has a language of its own. This article will help you decode the financial garble in order to make your global remittance easier

There are plenty of things to think about if you’re transferring money overseas. The most useful thing you can do is become familiar with the jargon you’re likely to hear, so here are the key international money transfer phrases and acronyms, decoded.


The Best Time to Send Money Overseas

  • Posted by Joe Campbell on November 20, 2018 in Global Money Transfer

the best time to send money overseas

When I was 19 and I was thinking about selling some shares to travel overseas, I called my father’s stockbroker and asked him, ‘So when’s the best time to sell my shares?’ He simply said: ‘When you need the money.’

I sold the shares and almost immediately afterwards the stock price almost doubled in price. I still regard this conversation to be some of the best personal financial advice I ever received. In 2000, the Dot.com bubble burst and those shares went to zero as the company went bust.


Australia Set to Launch New Payments Platform (NPP)

  • Posted by Sean on October 20, 2017 in Banking Global Money Transfer Technology

You might not have heard of Australia’s New Payments Platform (NPP), but it has been a big deal on our end. We’re going to take you through this new technology – and show you how it benefits you.


European Transfer Time – The Buyer’s Guide

  • Posted by Laurie I on August 9, 2016 in Banking Global Money Transfer

WorldMap With Timezones

If you’ve ever transferred money to, from or within Europe, you’ve probably noticed that the money doesn’t go through right away. This is pretty normal and happens with almost every transaction (with the exception of internal bank transfers). We’re going to take you through our ultimate guide to help you minimize the length of this bank transfer downtime. That way, your cross-border transactions will be as quick and easy as possible. Plus, this will help you plan big payments, to make sure they get to their destination on time.


Getting the best deal when transferring money to India

  • Posted by Sean on December 3, 2015 in Global Money Transfer

Diwali may be over, but there’s no reason why you shouldn’t send a little money home to help with the post holiday blues. When you’re transferring money to India, do you go through a bank, or an external provider? If you’re concerned about costs, speed and security, your choice makes a huge difference. We’re going to take you through the things you need to look for to get the most bang for your buck when you transfer money to India from Australia.


Sending Money to India – Exchange Rate Tips and Tricks

  • Posted by Sean on July 24, 2015 in Global Money Transfer

Remitting money back to India can be expensive. However, it doesn’t necessarily have to be that way. With simple tricks and tips, you can make sure that you get the most bang for your buck. Things such as knowing the jargon, using the most cost effective service, and timing your money transfer can make your money go a lot further. Keep reading for a simple explanation of why money transferred to India is subject to fluctuating exchange rates. Then be sure to read our list of easy tricks and tips that help maximise your money by taking advantage of India’s often-fluctuating exchange rate.


Top 10 India Budget Travel Tips

  • Posted by Paul on June 4, 2015 in Global Money Transfer Travel

India is renowned as one of the world’s best places to travel to. The culture, people, and history all combine to provide something unique to travellers. Fortunately, you don’t need vast sums of money to experience India and all that is has to offer. Travel to India is relatively inexpensive compared to many destinations, but read below for ten India budget travel tips to make your money go even further.


The Pound to Euro Exchange Rate – 2015 Projections

  • Posted by Paul on May 27, 2015 in Global Economies Global Money Transfer

If you’re looking at exchanging your Pounds (GPB) to Euros (EUR), you’ll probably want to know how the outlook for 2015 is looking. We’re going to take you through the day to day swings, as well as a few longer term projections for the pound to Euro exchange rate.


Top 10 Online Money Transfer Scams to Watch Out For

  • Posted by Paul on May 11, 2015 in Banking Global Money Transfer

Sending money online has always been seen as uncertain – after all, you have very little control over the transaction once it leaves your account. Fraudsters and scam artists are well aware of this and have a number of tricks to bleed victims of their hard earned cash. We’re going to take you through the most popular of these international online money transfer scams, so that you can spot and avoid them.