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I will not send money via iRemit Direct Online (iDOL) anymore

Starting today, I will not be relying on the advertised exchange rate/s of iRemit Direct Online (iDOL) on their website or better yet, I will not be using their remittance services anymore.

Before, when sending money from Australia to Philippines I have tried iRemit Direct Online (iDOL) System  several times and I can say that their services are reasonably okay:

  1.  It is convenient. Sending money to relatives in the Philippines can be done online via their online system.
  2. It is fast. My money transfer can take as fast as 24hours. Sometimes, it can take up to 48 hours depending on the time I first initiated or deposited money to their Australian bank account.
  3. You can expect that their exchange rate that is posted online is the prevailing rate for that day.

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As a loyal customer, I sent money again yesterday thru iDOL and as expected, my money was received in the Philippines today BUT the amount is what I have expected. I was disappointed to see that they are not honoring anymore their advertised/published/posted exchange rate on their website.

I am expecting that the amount of Php 49,907 to be transmitted to my recipient in the Philippines but only Php 49,236  was reflected in my recipient's bank account.  A total of Php 671 in difference or around $20 (AUD).

Here are the screenshots:

1) iDOL Transaction Summary

2) Entry to my recipient's bank account
I tried to write an email to the iRemit Australia Team and here was
their reply:

Please do note that there's a clearing period for all interbank transfers and we are just relying on the deposit and the rate that was reflected to our account on that particular date. 

We apologize if this causes you for in satisfaction but this is our policy that we are informing clients, we are doing our very best to improved and provide the best service that we offer.  

Please be advised that changes in our exchange rates may be applied immediately and without notice.

Please be informed that your currency is converted into the local currency based on the current exchange rate at the time you complete your money transfer.



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