Personal Features

TransferWise

50

TransferWise provides a simple easy to use international money transfer service with digital wallet capabilities. Their digital wallet, or Borderless account also gives the individual local banking details in 6+ currencies including, EUR, SGD, NZD, USD, GBP and AUD. Their TransferWise Borderless debit card backs on to their Borderless digital wallet allowing you to spend directly out of your multi-currency account balances.

What TransferWise offers individuals

  • International money transfers
  • Borderless multi-currency receiving accounts
  • Borderless Debit Card - FX optimised debit card
  • Android and Apple apps
  • Send money to email address

What TransferWise does not offer individuals

  • Personal account management
  • Regular transfers
  • Cash pick up or international bill payments

OrbitRemit

42

Send money to friends or family

Pay international tuition fees

Make payments towards mortgages

Make credit card payments

Pay utility bills from different countries

Pay for a new property

Schedule transfers easily


TransferWise wins!

TransferWise scores better in the Personal Features category.

TransferWise
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Winner

Business Benefits

TransferWise

56

In addition to the services TransferWise offers the individual, there are some features only available for a business. Unfortunately, as TransferWise is online only, a business customer does not have support with currency fluctuations and trends. TransferWise does however offer easy to use transactional foreign currency receipts and payments.

What TransferWise offers businesses

  • Batch payments
  • Xero and Quickbook integration
  • FX optimised business debit card
  • Multi-user account access

What TransferWise for business doesn’t offer

  • Business account management
  • Risk management tools
  • Regular transfers

OrbitRemit

22

Pay suppliers and employees

Business customers from Australia and New Zealand may transfer any amount up to $100,000, or £50,000 for business customers from the UK.  For transfers that exceed these limits, you will need to contact your local OrbitRemit office.


TransferWise wins!

TransferWise scores better in the Business Benefits category.

TransferWise
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Winner

Fees & Exchange Rates

TransferWise

54

TransferWise offers the real time exchange rate at the time of your transfer. Therefore fees are visible in addition to the transfer amount. The fee structure is complex as it differs depending on the currencies you are sending from and to. Fees also apply to the type of Borderless account transaction. Fees can also apply on the use of the TransferWise Borderless debit card. Fees are briefly summarised below. Read the detailed TransferWise review for more details on TransferWise fees.

TransferWise ServiceTransferWise fee
Simple International Money Transfer

0.4% - 2% 

Varies on currency and payment type

Adding to TransferWise Borderless account0.4% - 0.5%
Converting between Borderless account0.3% - 0.6%
Sending money out of Borderless accountLess than 0.1% in most cases
Borderless Account Debit Card

No fee for card issuance

Fee free cash withdrawal limit of US$250, 2% thereafter

Zero cost on spend from existing currency balance, 0.24 - 3.69% fee if there is no existing balance


OrbitRemit

30

Exchange rates

You can view a guaranteed exchange rate when you initiate a transfer through the online dashboard.

You can view existing rates by using the OrbitRemit online currency calculator.

Transfers booked online remain open for two business days.
 

Additional Fees

Sending money from Australia to India attracts AU$2 as fees, and you pay AU$4 for all other destinations.

You pay a NZ$6 fee for sending money from New Zealand to the Philippines, and it changes to NZ$4 for all other destinations.

Transfers initiated from the UK attract £2 as fees.

Transfers of over AU$1,000, NZ$1,000, and £1,000 are fee-free.


TransferWise wins!

TransferWise scores better in the Fees and Exchange Rates category.

TransferWise
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Winner

Ease of Use

TransferWise

83

The TransferWise app design and user experience of their technology is great with simple, intuitive processes.

Registration - Fast and easy account creation

ID verification - Instant in some countries

Transfer speed - It can be instantaneous in some countries. Fast payments to TransferWise comes at an additional cost.

Minimum transfer amount - $1

Mobile app - Simple and easy to use. Probably the best designed app of the international money transfer companies.

Payment options - TransferWise has the broadest range of payment options. Local bank transfer, debit / credit card and country specific solutions such as POLi.


OrbitRemit

61

Depending on where you live, you may pay using a bank account transfer or POLi.

The Pay a Person feature lets you send money to a cash pickup location or the recipient’s address in Vietnam and the Philippines.

You may use the company’s services to make payments toward credit cards issued in Australia, New Zealand, the UK, Vietnam or the Philippines.


TransferWise wins!

TransferWise scores better in the Ease of Use category.

TransferWise
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Winner

Support & Countries

TransferWise

88

TransferWise’s supported countries vary with different services having different supported customer countries and destination countries. These are detailed in the TransferWise Countries and Currencies article and is summarized below.

Send from - 23 countries plus the Europe SEPA countries

Send to - Over 60 currencies

Borderless account and debit card - Over 6 countries can sign up to their Borderless services.


OrbitRemit

56

Supported Countries 

You can register with OrbitRemit from the UK, Australia or New Zealand.

There are approximately 20 countries you can send money to online.
 

Customer Service

OrbitRemit gets an average score of 9.3 out of 10 on Trustpilot.


TransferWise wins!

TransferWise scores better in the Support and Countries category.

TransferWise
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Winner

Trust & Transparency

TransferWise

63

TransferWise is fully regulated by the FCA and their customer funds are segregated from their business banking activities.

TransferWise is rated on TrustPilot as Excellent. Unfortunately there have been some poor reviews on TrustPilot indicating sudden account closures with funds being returned with no explanation.

TransferWise continues to raise capital through private funding. This could be a concern for the future when the shareholders are looking for aggressive growth and / or a return on their investment.


OrbitRemit

63

OrbitRemit is headquartered in New Zealand and is registered with the country’s Financial Markets Authority (FMA).

In the UK, it is registered with the FCA.

In Australia, it is registered with the Financial Intelligence Unit (AUSTRAC) and regulated by the Australian Securities and Investments Commission (ASIC).


It’s a draw!

Both equally compare in the Trust and Transparency category.

 

It's a draw!
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Draw

The Result

Winner ribbon iconWinner

 TransferWise

TransferWise is a clear winner against OrbitRemit across all categories except for a tie in the Trust and Transparency section.  Although both were similar for individual services, TransferWise scored much higher across its business offerings.  The rest of the scoring reflects TransferWise's cheaper fees and exchange rates and superior support and services.