Jun 182014

By Mohammed Waseem

New Zealand based money transfer operator Orbit Remit allows the residents of New Zealand, Australia and the United Kingdom to send money to over 33 countries in Europe, Asia and Oceania. They boast of excellent customer service and swift transfers. They also boast of excellent customer reviews.

Orbit Remit allows users to send money to a bank account to all supported countries and to a credit card issued in Australia, New Zealand, the Philippines, the United Kingdom and Vietnam. The minimum amount for transfer is 50 in the local currency of the sender, which is either AUD or NZD or GBP.

Orbit RemitAll customers are required to verify their identity, before which, they can send a maximum of GBP 800 (from the UK) or ZUD/NZD 2000 (from Australia or New Zealand). After verification, residents of the UK can send a maximum of GBP 9900 and the residents of Australia and New Zealand can send a maximum of AUD/NZD 60000. Verified businesses are allowed to send a maximum of AUD/NZD 100000 from Australia or New Zealand and GBP 50000 from the UK.

Senders are required to transfer money to Orbit Remit via internet banking and they release the payment once funds have been cleared and deposited into their account. This may happen overnight or may take up to 3 days in the UK, depending on the bank. This is a disadvantage, as most money transfer companies accept credits cards and debit cards, which is not true for Orbit Remit. A customer who does not want to use the bank account would switch over to another provider for this reason.

Money is available within 36 hours of receiving it in Orbit Remit’s account. Payment delivered is in the local currency and not in USD or any other foreign currency. Senders can also setup recurring payments via Direct Debit for selected payment types. They are also allowed to send payments to their own credit cards in the countries mentioned above.

The fee charged for transfers from the UK to India is GBP 1.99 and GBP 5.00 for all other countries. From Australia, the fee is AUD 4.00 for transfers to India and AUD 8.00 for transfers to all other countries. From New Zealand, the fee charged is NZD 5.00 for transfers to Australia and NZD 8.00 for transfers to all other countries.

Residents of New Zealand can also make court payments free of cost and same day settlement guarantee and recurring payments option.

Interested users in the UK, Australia and New Zealand can start using their service by registering here.

Feb 252014

By Mohammed Waseem

American money transfer company Sigue Money Transfer was formed in 1996 to facilitate money transfers from the United States to Mexico. The service was meant for Mexicans and Mexican-Americans across the US, who needed to transfer money home.

Sigue Money Transfer today has operations in 145 countries across the globe. They have operations in 15 countries and operation centers in Mexico and India. They also have data centers in Eastern and Western United States, and operations in 50 US states and jurisdictions. Internationally, their global headquarters is in London, UK. They expanded their global reach with the acquisition of the money transfer company Coinstar Money Transfer, which had operations across 6 continents.

Sigue Money TransferMoney can be sent to domestic as well as international recipients. Other than electronic fund transfer, they also support debit card and prepaid card transfers. After the acquisition, Sigue now has presence in over 56000 locations across 145 countries, including many regional offices.

In order to send money, customers are supposed to visit a Sigue office or agent and follow the procedure. They offer three ways of sending money including cash transfer, transfer to bank account and home delivery. Cash transfers happen within minutes, while account transfers usually take 2-3 working days. Home delivery happens on the same day, except to remote destinations. Sending limits apply when sending larger amounts. For UK, the limit is 3000 GBP and 4500 EUR across Europe. For the US, the limit is $5000.

They do not have online transfer service yet, they shall be launching it soon. Along with this, they will also introduce online fee calculator and agent locator which they presently don’t have. They are also in the process of launching a mobile app for ease of access and for sending money right from a mobile device. All of these are steps for keeping up with increasing market demands. Without these technological offerings, it is difficult for money transfer companies to grow.