Remitr International Money Transfer

What do you like best?

Remitr is a strong product in the money transfer space. The interface is clean and straightforward, and navigating to key features is quick. We use them for international transfers, and it works perfectly. The price we pay for foreign currency is clearly laid out, the relevant options for transfer are presented clearly, and best of all, the exchange rate locks at time of payment. Some banks and the other leading Canadian payment gateway have floating exchange rates, so you don't have a lock on the price you are paying until the transaction 'clears' on their side. This is particularly unhelpful when the exchange rates are volatile, and you can suddenly find yourself 1 or 2% offside in the time it takes to clear the transaction. On large payments, that is significant.

What do you dislike?

Integration with Quickbooks is not particularly well done. Remitr can import your open invoices, but payments are captured. Other providers have another layer of integration that clears transactions through a specific account in QBO, and writes the transactions directly to that account. With Remitr, you are clearing those transactions manually, which is slow because the bank statement lines include the Remitr fees, so your bill amount and payment amount don't match (you have to split the transaction into bill payment and fees). This really needs some attention, and limits our use of Remitr.

Also, setting up a beneficiary is really cumbersome. The level of detail required is out of line with what other providers ask for, and you can't edit the beneficiary once you've set them up! So if the contact person at an organization changes, you have to delete that beneficiary and create them again from scratch, which is just a pain. This is one area that has been implemented very poorly.

What problems are you solving with the product? What benefits have you realized?

Sending supplier payments internationally was expensive. Canadian Schedule 1 financial institutions are a non-starter, so you need to look at alternatives. Remitr delivers significant value for money here.