Frequently Asked Questions
Q: What is RemitRate?
RemitRate is a reliable remittance rate aggregator and comparison website that helps immigrants compare and find the best rates for sending money to their home countries. Our aim is to provide an unbiased, clutter-free comparison of remittance rates from various money transfer services, making it easier for you to choose the most affordable option.
Q: What problem does RemitRate solve?
RemitRate helps solve the common problem of tracking and comparing remittance rates from different providers, which can be a tedious and time-consuming task. By using RemitRate, you can easily compare remittance rates offered by various providers and choose the best rate for your hard-earned money, saving you both time and money.
Q: How do I choose the best remittance rate?
Choosing the best remittance rate is simple with RemitRate. Just select your preferred currency and destination country, and we'll display a comparison of all available options from various providers. Our comparison page displays important details, including the provider's name and link, the current offered rate, rate type (Locked In or Indicative), the amount you receive after sending 1000 of your chosen currency after applicable fees, and the margin - the % of current base market exchange rate. The provider with the least margin, indicated by a green border, offers the best rate.
Q: How is the best rate determined?
To determine the best rate, RemitRate compares the rates offered by remittance providers against the mid-market exchange rate offered by banks. We calculate the current margin by considering both the exchange rate and additional fees charged by the providers. The lower the margin, the better the rate.
Q: Are the rates displayed live?
Yes, the remittance rates displayed on RemitRate are real and almost live. We strive to keep the rates updated as frequently as possible, but there could be a slight delay in updating them on RemitRate as compared to the provider's website, as rates are variable and can change multiple times during the day.
Q: What are notifications?
Notifications are automated email alerts about remittance rates available on a particular day. These alerts can be configured to be sent out every morning at a pre-defined time, and can be customized according to your preferences. By subscribing to our notification feature, you'll never miss out on a great rate. We're also cautious about sending emails and offer an easy one-click unsubscription process.
Q: Can't find your preferred remittance provider or your country?
If you can't find your preferred remittance provider or your country listed on our website, please drop us a note at contact@remitrate.com., and we'll do our best to add it as soon as possible.
Q: Are you representing a remittance provider?
If you're representing a remittance provider and would like to add or update information on our website, please reach out to us at contact@remitrate.com. and we'll provide you with the information we need to proceed.
Q: How do I know if my money is safe with the money transfer service recommended by RemitRate?
We understand that safety and security are a top priority when it comes to sending money overseas. That's why we only feature reputable money transfer services that are licensed and regulated in their respective countries. In addition, we provide a brief overview of each money transfer service's security measures and compliance with anti-money laundering laws on our comparison page to help you make an informed decision.
Q: How do I know if I am getting the best deal with the money transfer service recommended by RemitRate?
Our comparison page provides a clear and unbiased view of all available options for your chosen currency pair, including the current offered rate, rate type, calculation of the amount you receive after sending 1000 of your chosen currency after applicable fees, and the effective rate you will receive after paying fees. We also calculate the margin of each provider against the bank exchange rate, with the remittance provider with the least margin highlighted with a green border. This information empowers you to make an informed decision about which provider offers the best deal for your specific needs.
Q: What types of fees can I expect when sending money overseas through a money transfer service?
Fees can vary depending on the money transfer service and the destination country. Common fees include transaction fees, which are typically a fixed amount or a percentage of the transfer amount, and currency exchange fees, which are applied when converting your currency into the destination currency. Some money transfer services may also charge additional fees for expedited delivery or for using a credit card to fund your transfer. We provide an overview of the fees charged by each money transfer service on our comparison page to help you understand the total cost of your transfer.
Q: How long does it take for the money to reach the recipient's account?
Transfer times can vary depending on the money transfer service and the destination country. Some money transfer services offer instant transfers, while others may take several days to process the transaction. We provide an estimated transfer time for each money transfer service on our comparison page to help you understand when the recipient can expect to receive the funds.
Q: What types of fees do remittance providers charge?
Remittance providers may charge various types of fees such as transaction fees, currency conversion fees, receiving fees, and delivery fees. These fees can add up and significantly impact the final amount that the recipient receives.
Q: Can I send money to any country using RemitRate?
RemitRate supports the comparison of remittance rates for most popular remittance destinations, including India, Philippines, Mexico, Brazil, Nepal, and Pakistan. However, it is not a money transfer company. If you don't see your desired country listed on our site, please contact us at contact@remitrate.com., and we will do our best to assist you.
Q: How secure is the RemitRate website?
At RemitRate, we take security very seriously. We use industry-standard encryption to protect your personal and financial information. Our website is regularly monitored for potential security vulnerabilities and is updated to the latest security standards.
Q: Can I trust the rates listed on RemitRate?
Yes, the rates displayed on RemitRate are updated frequently and are sourced directly from the remittance providers. However, please note that rates are subject to change, and the actual rate that you receive may differ from the one listed on our website.
Q: How long does it take for the money to reach the recipient?
The transfer time varies depending on the remittance provider, the recipient country, and the payment method used. Some providers offer instant transfers, while others may take a few days. You can find the estimated transfer time on the provider's website or by contacting their customer support.
Q: How do I track my transfer?
Most remittance providers offer tracking services that allow you to monitor the status of your transfer. You can typically track your transfer using a reference number or a tracking code provided by the provider. The tracking information is usually available on the provider's website or through their customer support.