Is OrbitRemit safe in Australia? What you need to know

Have you ever wondered about the safety behind sending money abroad? Well depending on which provider you choose can vary how safe your money and account will be.

This article will introduce you to OrbitRemit and the kinds of security features and safety information for your transfer when using their services.

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Who is OrbitRemit in Australia

OrbitRemit began operations in 2008 in New Zealand out of the desire to help people move money overseas safely. Since then, there have been over 9 million transfers globally.¹

Is OrbitRemit safe in Australia?

OrbitRemit is a reputable and trusted company that makes international money transfers. They have more than 24 thousand 5 star reviews on TrustPilot which outranks other providers rated on the same platform.² OrbitRemit also provides details on how they protect all transfers and personal information throughout their site.

How is OrbitRemit regulated in Australia?

OrbitRemit is subject to regulatory oversight by the Australian Securities and Investments Commission (ASIC) under the Australian Financial Services Licence (AFSL) number of 470646. They also have a regulatory obligation to the Australian Transaction Reports and Analysis Centre(AUSTRAC) under the AUSTRAC registration number of 100439420.³

How is your money kept safe at OrbitRemit?

OrbitRemit prioritises the safety of your money through these measures⁴:

• Compliance with local licensing rules and regulation
• Keeping the funds in trusted bank accounts
• Fraud monitoring
• Security features integrated within the mobile app and website portal
• Biometric verification on sign up⁵

Although these security measures are at work, it is important to note that no system is 100% foolproof and you should implement your own safety strategies to support these measures.

Holding large amounts with OrbitRemit

OrbitRemit predominantly specialises in international money transfers meaning you won’t necessarily be using your OrbitRemit account to hold money. However, you can use their services to make large transfers. The maximum limit that you can send depends on the country you are sending or receiving money from.

Here is a quick breakdown of how much you can send to some popular destinations from Australia.⁶

Country	Maximum Transfer limits
United Kingdom	No Maximum limit for transfers to personal or business accounts
United States of America	No maximum limit for personal transfers, but an $800,000 USD for transfers to business accounts
New Zealand	No Maximum limit for transfers to personal or business accounts
Canada	$100,000 CAD maximum for both personal and business transfers
Europe	No Maximum limit for transfers to personal or business accounts

OrbitRemit have no control over what limits each country imposes on international money transfers.

What about scam protection at OrbitRemit?

Behind the scenes, the team at OrbitRemit are monitoring for any suspicious fraudulent activity happening through the use of their services. On top of this, there are built in security features into customer accounts to access guidance or help if they think there has been suspicious activity on their accounts.

Here are some tips to avoid falling victim to scams and protecting your account⁷:

1. Stop and review what you’ve been sent
2. Don’t share personal information
3. Verify Links and refrain from clicking on suspicious downloads
4. Report Suspicious Activity

Knowing what to look out for can stop scammers from accessing your account and money.

Data protection at OrbitRemit

To protect your personal and sensitive data, OrbitRemit encrypts all data using secure coding languages. They also ensure their website maintains a valid and trusted web certificate that helps reinforce the security of your data.⁸

How long is your data kept at OrbitRemit

As a reporting financial institution to AUSTRAC, OrbitRemit must retain all personal and transaction data for a minimum of 7 years after the end of the respective income year that the account is active.⁸

Requesting deletion of your data at OrbitRemit

It is not possible to request OrbitRemit to delete your data until they meet the 7 year data retention obligations. They do provide options to customers to access, modify and update any personal information through their website. If you cannot modify any of your information through your account, you will need to contact OrbitRemit.⁸

What are the protection systems in place for your OrbitRemit account in Australia

There are several protective systems working in the background to keep your account secure. These include the following.

Secure Socket Layer (SSL) Encryption and SHA 256 SSL⁸

SSL protects any sensitive information that is transmitted from their website. This extends to the web application and marketing sites.

Username and Password⁹

To access your OrbitRemit account, you need to input a username and password to see any information stored within the account. This includes any personal information and relevant verification documents. OrbitRemit also destroys any physical documents securely after being uploaded if received by mail.

Two Factor Authentication⁹

You can enable two factor authentication for your account through the web application which gives you an extra layer of security against unauthorised log-ins.

Biometric Verification Software¹⁰

To be able to send a transfer, the biometric verification software is used in the verification process to match facial features against identity document photos.

Transferring money with OrbitRemit and security measures

The process to transfer money with OrbitRemit is designed to make sure every transfer can only be sent from a verified individual. This is done by OrbitRemit during the transfer process and through biometric verifications.

To verify your account and transfer you’ll need either⁵:

1. A mobile phone and the OrbitRemit App
2. A working web can a standalone computer

From here you’ll need your identity documents. When you are setting up your first transfer, you'll be requested to upload your documents and then asked to take a selfie to match your identity document photos. The best way to make sure the underlying technology can match your photos is by¹¹:

1. Laying the document flat for the photo and taking from above
2. Checking for holograms or blurriness
3. Making sure all document numbers are visible
4. Being the only person in the selfie

This verification process is an important element for how OrbitRemit can meet their legal obligations to know their customers.

Tips to help you keep your account safe at OrbitRemit

As mentioned, you should try and keep your account safe by implementing your own tips to secure your account. Some key tips to keep your OrbitRemit account safe include¹²:

1. Change your password regularly and make it complex in nature
2. Don't use the same password for other accounts
3. Set up and use 2-step authentication if available
4. Keep your email account secure by deleting spam
5. Contact the OrbitRemit Help Centre immediately if you think your account has been compromised
6. Do not tell anyone your password or customer reference number

Contacting OrbitRemit

If you need to contact OrbitRemit in Australia, you should call +61 2 8188 3735

The Wise Account

The Wise Account enables you to store 40+ international currencies and get local account details for a number of different countries, including AUD, NZD, EUR, USD and GBP. You can use these to easily transfer your money to Wise or get paid by others.

You get transparent transaction fees shown upfront and get will always get access to the mid-market rate on all conversions and money transfers. The best part — you can open and manage your Wise account completely online.

In Australia, Wise is regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services Licence (AFSL number 513764). On top of this, Wise has dedicated compliance teams and systems working around the clock to keep our customers’ money safe.

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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

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Sources:

1. OrbitRemit about us
2. OrbitRemit reviews
3. OrbitRemit regulation
4. OrbitRemit safety
5. OrbitRemit Biometrics
6. OrbitRemit maximum limits
7. OrbitRemit safe
8. OrbitRemit Privacy
9. OrbitRemit Two Factor auth
10. OrbitRemit biometrics verification
11. OrbitRemit biometric problem
12. OrbitRemit terms

Sources checked on: 16 February 2024