From supporting family members to moving overseas, the need to transfer money internationally is ever increasing. So what’s the best way to do it? With numerous options available, it’s important to understand the key differences between providers. 

While many people default to their existing bank for international transfers, online remittance platforms like OrbitRemit are growing in popularity due to their competitive advantages on cost, speed and convenience. So how do they compare? Here we’ll highlight some of the main differences.

OrbitRemit vs traditional banks

How do they work?

Banks move money internationally through a method known as a wire transfer or SWIFT payment, where a network of other banks will help push a payment through to its destination. So unlike the name suggests, this process can take time to complete.

For a long time, banks were the only option available for sending money overseas, meaning they’ve traditionally been the go-to choice for international money transfers. Because they’ve been used for so long, they can offer a sense of security and familiarity that customers appreciate. However, this convenience often comes at a cost. Banks are renowned for charging high fees on overseas transfers, and the process can be very time consuming.

OrbitRemit uses online technology and partners with local financial institutions so you can send money directly from your bank account to your desired recipient. It’s a modern way to transfer funds, completely online and with rigorous security measures.

As an alternative to traditional banks, online money transfer platforms like OrbitRemit have rapidly gained popularity for their convenience, cost-effectiveness and speed. OrbitRemit utilises its online-only presence to simplify the transfer process and allow customers to move money quickly and easily.

Speed and convenience

One of the standout features of online money transfer platforms is the speed that transactions can be processed. With OrbitRemit, transfers are often completed within a matter of hours, making it an ideal choice for urgent financial needs. This is in contrast to most banks, where transfers can take several days to reach their destination and need to be made before a certain time to be sent on the same day. 

OrbitRemit enables you to make transfers from the comfort of your own home with just a few clicks, and setting up a new account is a simple process to follow. It’s easy enough that you can be making your first transfer on the very same day you create an account. In contrast, banks often involve a lengthy process of visiting a physical branch, filling out paperwork and waiting for approvals, especially if it’s your first overseas transfer.

Rates and fees

How much your transfer will cost is a critical consideration when comparing options. Banks are renowned for charging high fees and offering unfavourable exchange rates for international transfers, often resulting in recipients receiving less than expected, or receiving surprise hidden charges. 

With OrbitRemit, a flat transfer fee and highly competitive exchange rates means you’ll always know what your transfer will cost before it’s been made, and you can be sure on the amount that reaches your recipient. This is especially important when transferring to loved ones overseas who are relying on these funds. By understanding the rates and fees upfront, you can avoid surprises and ensure more of your money reaches its destination. You can even use the currency converter to find out live exchange rates. These measures are all part of the reason we were able to save our customers more than 50 million dollars vs using the banks in 2021. 

Security measures

Banks have been safely transferring money overseas for years, so we already know they can be trusted with your money. For many, security concerns are the only hesitation in switching to an online money platform.

OrbitRemit prioritises customer security, using data encryption and security protocols to keep your personal and financial information safe and provide you with peace of mind throughout the transfer process.  

For more information on why you can trust OrbitRemit, see how we keep your money safe, visit the Help Centre or check out what our happy customers have to say on Trustpilot.