Digital Money Transfers Demystified: Internet Transfers Explained

  • Posted by Jason on January 7, 2015 in Technology

Internet transfers

Digital money transfers are a fast and easy way to send money overseas. They offer the cheapest money transfer rates and are often much faster than traditional bank transfers. In this article we are going to explain the whole process from start to finish so that you can be comfortable and confident that your money is safe and secure at every stage of the online funds transfer process.

Step One: Define the amount of the transfer and the destination

On our website you can find all the details of exactly what the fees are for a particular transfer and see how much money will arrive at your destination. You can also view our exchange rates and other applicable information so that you’ve got the opportunity to compare us to other online money transfer services. When you are ready to make your transfer you will set up a payment instruction on your OrbitRemit account, telling us how much you want to send and where you want to send it to.

Step Two: Transfer the funds to us so we can get them where they’re going

Using your internet banking you’ll need to now transfer us the funds in your own currency. We’ll provide you with the reference numbers and other relevant information to make sure it doesn’t go astray. Your reference number will always be your OrbitRemit customer number to allow us to automatically match the payment to your account. Once you’ve finalised the transfer at your end, we will wait for the funds to be cleared into our local account. As this is a local bank transfer for you, the fees on this are the same as your bank would charge you for any other domestic money transfer.

Step Three: We pay the funds into the recipient’s bank account

Once we’ve got your local funds transfer and it has cleared into our account, we will then transfer the funds into the local account in the destination country. Once again as this is a local transfer at the other end there will be no international transfer charges levied on the recipient by their bank. Once the funds hit their account, the recipient can then go ahead and withdraw the funds over the counter or using their electronic banking service.

How long does the whole process take, from start to finish?

We generally have funds delivered to their final destination within one or two business days of receiving your money. As the international banking system doesn’t function on weekends or public holidays these can delay a transfer slightly.

How much does it cost?

OrbitRemit charges a flat fee which varies slightly depending on the destination country. You can get a firm quote for your online money transfer using the calculator on our website. We’ll also be able to give you current, up to the minute exchange rates once we know how much you’re sending and where to.

Hopefully this article has helped to demystify the international online money transfer process for you – if you’d like to see how much you’d receive at the other end of your next transfer by sending with us, just go ahead and use the calculator on the top right hand side of this page.



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