iRemit Review: Is it legit, safe and trustworthy for UAE citizens and residents?
iRemit caters solely to customers in the Philippines, as is made clear on the
company's site. You are able to send money to the Philippines in any one of a
number of different currencies. On the other hand, they will only deal in PHP
when exchanging currencies. Visit iRemit Website.
Let's take a closer look at the specifics of what iRemit has to offer customers who are looking for money transfer services to the Philippines.
iRemit, much like the majority of other organizations that facilitate money transfers, applies straightforward costs to their services. When it comes to the margins on exchange rates, the situation is a little bit more peculiar.
Due to the absence of an explanation, we are need to utilize their calculator in order to compare the various rates. Before you go ahead and approve the transaction, pay careful attention to the cost breakdown that has been supplied to you.
At the time this article was written, the mid-market exchange rate for Australian dollars to Philippine pesos was 100 AUD to 3,681 PHP. The quotation that iRemit provided, which was for 3,387 PHP to be converted from 100 AUD, did not provide much of an explanation for the disparities between their exchange rate markup and their transfer costs.
It is evident that practically the entire difference is attributable to transfer costs when one examines their price structure in further detail as they have done. The exchange rate that is displayed on iRemit is identical to the rate that is found in the middle of the market.
iRemit applies a transfer fee to each and every transaction that is completed. The price varies considerably based on the kind of payment that you select.
A'remittance fee' in the amount of $8 will be assessed to your account if you use a credit card to pay for a bank transfer.
You will be charged a fee of $9 if you arrange for the receiver to have cash picked up. In contrast to transfers made via card or online, the exchange rate is determined by the foreign exchange rate that was locked in at 23:59:59 on the day of the transfer.
There are no additional charges to worry about. While you are finalizing the transaction, the aggregate amount of their margin and transfer fees will be shown to you in a clear and concise manner.
How do the fees associated with using iRemit compare to those associated with using other money transfer providers?
iRemit's fees are competitive when compared to those of other providers of money transfers. Their lack of substantial exchange rate margins also lends to the impression that their fees are more open and easy to understand. However, if you are only transferring a modest amount of money, the transfer charge might be rather expensive. On the other hand, iRemit's rates become more competitive when you transmit greater sums.
Pros and downsides of using iRemit:
Customers who are transferring money to the Philippines can take advantage of a special dedicated service that is available to them. Customers are provided with a number of highly handy ways for transferring money.
Because it charges such low transaction costs, iRemit is a great choice for making medium-to-large-sized money transfers.
When you need your money to come soon, having access to fast service, particularly with the iRemit Visa Card and cash pickups, is a significant advantage. Because you have the card, you won't have to stress as much about being delayed or going through security. Having said that, their cash pickup service is also far quicker than the majority of other suppliers' cash pickup services.
Mobile-friendly choices complement iRemit's speedier service options. Because their mobile platforms are so user-friendly, it is simple and fast to transfer money while you are on the move.
Conveniences such as their card and speedy cash pickup delivery are diminished by the inadequate customer care that they provide. There are not many many branches in some regions, and the sole one in Australia is located in Perth. Australia as a whole only has one branch. If you wish to rely on iRemit's online resources, this is great, but finding a location that offers in-person help may be more difficult.
iRemit is not available in very many countries, and it works with a restricted number of different currencies. That is not a problem if you are a resident of one of the countries that iRemit now supports and you wish to send money to the Philippines. However, if you need to send money from a country other than the Philippines, or to any country other than the Philippines, you cannot use this extremely specialized service.
The already unfavorable results of the restricted service that iRemit provides are made much worse by consumer complaints about the company's customer care.
Wherever I am in the world, can I set up an iRemit account? Yes, however you won't be able to use it in a lot of other nations. You can give the sign-up procedure a shot, but iRemit won't be of any use to you unless you're trying to transmit one of the following:
Dollars of the Australia
CAD = Dollars Canadiens
Sterling Units of Account
Hong Kong Dollars
Dollars New of Taiwanese origin
The iRemit app is incredibly user-friendly and works really well. You may obtain it by searching for it on either Google Play or the App Store.
There is no maximum amount that may be transferred when you set up the transaction at an iRemit office or with an agent.
Otherwise, the amount of money you may transfer via one of the applications or online is constrained by the laws of the nation from which you are sending the money. These limitations are fairly high and rarely provide an issue even when they are exceeded. For instance, the maximum amount that may be sent from Australia is capped at 9,999 AUD.
The transfer technique has a significant impact on the duration of the transfer. Using their iRemit Visa Card is the quickest method available for sending money with iRemit. It just takes a few minutes to complete a transfer when using the card that bears the company's moniker.
Cash on pick up is the option that is the second fastest. In most cases, cash pickup transactions are finished within twenty-four hours or less. The completion of an online bank transfer made through iRemit typically takes around four business days in the Philippines. This is a little bit slower than the industry standard when it comes to money transfers.
Last but not least, the one-of-a-kind door delivery service that iRemit offers might take up to 14 days to finish.
When compared to other organizations, iRemit provides a significantly faster service overall. Their online transfer speeds can sometimes be slow, but the alternatives to pick up cash or use a Visa card are often completed in a reasonable amount of time.
What kinds of customer assistance are there to choose from?
Support ticket can be reached via phone, mail, or email.
You are strongly encouraged to utilize the iRemit Visa Card offered by iRemit. In addition to that, it gives users access to a remittance service that is far quicker. Transferring funds internationally using the card will just take a few minutes of your time.
iRemit's step-by-step guide to creating an account and sending money abroad:
Establishing a new account
iRemit makes it simple to sign up for an account. Simply navigate to their website and locate the blue box labeled "sign up" to get started. After that, you will be prompted to provide the information regarding your first transfer. After that, all that remains is for you to provide some standard information.
Using iRemit to send money to someone is likewise a fairly simple process. You only need to:
Log into the account you have.
You must first choose the currencies and the amount that you wish to send.
Choose the recipient, or make a new recipient if necessary.
Take a look at the transaction.
Give your approval, then keep waiting for the cash to reach their destination.
iRemit provides extremely in-depth video instructions on their website for all of their many transfer choices, including their mobile apps.
iRemit users can get in touch with customer care at the following number: 706-9999, locals 123 to 125
Mobile: 0917-8222205 or 0920-9102407
Additionally, you may use this page to file an online support ticket.
Your debit or credit card can be used to make an overseas bank transfer at no additional cost. Your monies should be deposited into the recipient's bank account within a week of iRemit's receipt of the transaction fees and your approval of the transaction (4 business days).
iRemit provides a large number of resources for a fee that is not excessively expensive. They provide video guides in addition to a number of other ways to transfer money. To put the icing on the cake, their prices are on the more affordable side. If you submit a transfer that is medium to large in size, their rates appear to be more favorable.
Many customers who have provided negative feedback may find it upsetting that the company does not provide satisfactory customer service. However, a significant number of users continue to make use of the service. It is an alternative that is straightforward to pick, economical, and handy in relation to its objective. iRemit is a reliable option to consider if you need to transfer funds to the Philippines.
The fact that iRemit is only available in a select few countries is the platform's most significant limitation. It is not even close to being as common as some of the more well-known providers of money transfers.
There is a lack of transparency regarding the maximum amount that may be sent in a single transaction when using iRemitX. However, previous users of iRemitX have mentioned in the company's evaluations that the maximum amount that may be sent in a single transfer is PHP 50,000.
Sending money with iRemitX will cost you different amounts of money depending on the payout option you choose. Since the organization does not provide clear information regarding their rates, the best approach to determine what they will be for your particular transaction is to utilize the cost calculator that is provided on the iRemitX website. Depending on whether you submit the payment online or in person, the costs might range anywhere from $6.99 to $10.00.
The app developed by the firm is called IREMITX, and it can be downloaded from both the App Store and Google Play. You may do the following with the app:
Send the funds. When transferring money, you can send it via any one of several different payment methods.
Make payments. Handle payments for many things, including donations to the Philippine government, insurance premiums, and real estate authorizations, among other things.
Shop. Make purchases from certain partners, such as grocery stores and specialty gift shops, among others.
Take a look at your past. You should compile a list of all of your previous transactions for your records.
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iRemit provides money transfer services to the Philippines that are of a fundamental nature. After you have registered, using the app to effortlessly manage your transfers while you are on the move will become possible for you. But if you want more freedom and openness when transferring bigger quantities of money, you should investigate what other services are available to fulfill your requirements on financial matters.
How can I get in touch with the customer care team? You may get in touch with the customer care team at iRemit by using the chat tool on the website, as well as through phone or email. To obtain further details, please go to the iRemit website.
What steps do I need to take to cancel my iRemit transaction? You have to make a request to cancel the transaction within either the first 48 hours after it was initiated or before iRemit sends the transaction instructions to the payment institution or the intermediate bank, whichever comes first. You may check the progress of your transaction either online or by calling the customer support number.
What are the several methods that iRemit may be used to transmit money?
Customers have access to four different payment options while using iRemit.
Credit bank transfer. The recipient's bank account may be credited with the funds that have been sent.
Payable in cash. After 24 hours have passed since the first deposit, the recipient may get the cash from any iRemit branch.
iRemit Visa Card. Using the iRemit Visa Card, recipients may access the funds in their Sterling Bank of Asia account and withdraw the money. Using a Chinatrust Visa Card is another option for accomplishing the same thing.
What are the requirements for using iRemit to transmit money over the internet?
Before you may transfer money with iRemit, you will need a few important pieces of identification, including the following:
account with iRemit:
ID with a photo. To make a transfer via iRemit, a valid form of identification is necessary. Your driver's license or passport are the only forms that will be accepted.
the name of the beneficiary and their contact details. In order to complete the transaction, you will be required to submit the beneficiary's name, along with their contact and payment information.
Here's how to get started with iRemit's money transfers for the first time:
After logging into your account, navigate to the "Send Money" section.
Simply enter the amount you wish to send in the box provided.
Make your choice on the mode of transfer.
Pick the mode of transfer you want to use.
Fill in the details about the receiver.
Fill out the necessary payment details.
Send the funds.
Inputting personal information at the initial stage of the signup process was a simple and straightforward process. However, it took longer than planned to authenticate my identification. It is not possible to add picture evidence at this time. It is only possible to submit it by taking a photo with your device at the time of verification, which took a significant amount of time.
Contacting iRemit's customer support staff and mentioning the transfer's reference number will allow you to check on the current status of your money transfer. This may also be done online; after logging into your account, navigate to the "My History" tab to view the relevant information.
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.