Cross border payments

At Orbit Money, we’re aware that your money needs to be sent safely and urgently, often to another country. That’s especially if you need to purchase a holiday home in another country, send money to a relative abroad, or make a business payment.

Usually, if you need to send money abroad, you can do it in three ways: cash, bank transfer, or transfer using an online platform. While there are many advantages and disadvantages to these methods, sending money using online platforms is growing and evolving out of Canada, which is why Orbit Money has come into birth.

What are cross-border payments?

Suppose you’re looking to send money to someone in another country for personal or business reasons. Similarly, if you’re looking to receive money from an individual or company in another country.

Online platforms have made cross-border payments fast, inexpensive, and more efficient.

How do cross-border payments work?

Typically, a cross-border transaction works through a correspondent bank. Most of the time, there are multiple banks involved for a transaction to be made. The main two banks involved must hold a reciprocal account, often referred to as Nostro and Vostro. The two banks involved have a direct bilateral correspondent relationship. If you want to send money in and out of Canada via the other options, just think about it. If you were to bring money into or out of Canada. If you wanted to send or bring money into Canada, you could declare responsibilities according to FINTRAC regulations.

How do online platforms help?

When you send large sums of money via a cross-border payment using an online payment service provider, i.e. your bank, or us, Orbit Money, it’s our responsibility to report it and meet all the legal regulations.

Using online platforms to send or receive cross border payments saves you time, effort, and stress in most instances.

Why are they becoming so popular in Canada?

Ontario is a thriving Fintech hub and has some of the world’s best banks. This means it’s easy to report payments according to national and international regulations and benefit from the latest technology at the same time.

How to send a cross border payment with Orbit Money?

It’s effortless to send a cross border payment with Orbit Money; all you need to do is sign up, fund your account, and get your money on its way. Once you’ve registered, you can add your business and open a new world with Orbit’s multi-currency business account.

Conclusion

With the increasing globalization of the world, cross-border payments are becoming more essential than ever. While traditional methods exist, online platforms like Orbit Money offer a faster, cheaper, and more efficient solution for sending and receiving money internationally. Orbit Money simplifies the process by handling regulations and ensuring your transactions are completed securely and seamlessly. Additionally, our multi-currency business accounts cater to the needs of businesses operating internationally. So, if you're looking for a convenient and reliable way to manage your cross-border payments, consider exploring what Orbit Money can offer.