A Seattle-based company that allows users to send money to friends and family in other countries, Remitly is available in over 90 countries. Users send money via bank transfer, credit or debit card, or mobile wallet.
Remitly has been praised for its low fees and fast transfers. In addition, the company offers a mobile app that makes it easy to send money on the go.
Remitly is one of the leading providers of remittance services in the world. The company has grown rapidly since its inception in 2011 and now has over 1 million customers.
Read on if you're curious about how Remitly works, its security functions, main features, what fees you can expect to pay, and more.
What is Remitly?
Remitly is a company that specializes in simple and quick international money transfers for individuals in the US, Canada, UK, and other countries for people who want to send funds back home. The fees are reasonable, especially when compared to the convenience, speed, and ease with which recipients may receive cash. As a result, many happy consumers have left reviews on their website.
Western Union and WorldRemit are its closest competitors.
Here is a quick overview of the pros and cons of using Remitly:
- Fast Delivery: In Remitly, transactions take about as long as it takes to receive a phone call. Most customers report that their money is delivered within minutes when using debit cards.
- Low Fees: Remitly has low fees compared to other money transfer options. The fee for sending $1000 can be as low as zero to $3.99, which is about as cheap as it gets.
- First Time User Promo: New customers will be charged a much lower fee when making their first Remitly transaction; not a bad deal.
- Reliable Customer Service: Remitly has very reliable customer service. If you have any questions or concerns, their team is available 24/7 to help you out. In addition, they have English, Spanish, and French support teams, making it easy for people from all over the world to use their service.
- Outstanding Mobile App: Remitly has one of the best mobile apps in the business. It's easy to use, fast, and reliable.
- Low Limit: The first downside of Remitly is that it has a low limit for how much money you can send at once. This could be a problem if you need to send a large sum of money. However, unlike other money transfer services, like Western Union, Remitly's limit is significantly lower.
- Exchange Rates: The company's exchange rates are not always the most competitive. When compared to other providers, Remitly sometimes comes up short.
- Only Available In Certain Countries: At this time, Remitly is only available to customers in certain countries. If you don't live in one of the supported countries, you'll have to look elsewhere for a provider to send money back home.
- Credit Card Fees: When you use a credit or debit card to send money through Remitly, you'll be charged a 3% fee plus $0.30 per transaction.
Is Remitly Safe?
Yes, Remitly is safe. It is a regulated company with a robust security protocol. However, before you can use Remitly, you must provide identification info that shows your full name, date of birth, and address.
Remitly encrypts all your information with the latest technology before storing it on their secure servers. They also use two-factor authentication and firewalls to protect your data.
They are registered under the MSB or Money Services Business with the Financial Crimes Enforcement Network (FinCEN) of the United States Department of Treasury.
Overall, the company has a solid security track record and takes its compliance responsibilities very seriously.
All of your sensitive data is safe with them. They also have a money-back guarantee for any loss of funds through their error or negligence.
Platform & Features
The app is available for Android and iOS devices and on the web. The app also showcases a variety of features, including the ability to track transfers, make payments, and see estimated delivery times.
One of the standout features of Remitly is its transparency. The app clearly displays the exchange rate, fees, and delivery time for each transaction. This makes it easy for users to understand what they are paying for and how long their money will arrive.
Fortunately, Remitly is very user-friendly, easy to navigate, and provides clear instructions for each step of the process. In addition, customer service is available 24/7 via phone, email, or chat.
See if Remitly Is a Good Fit for You
Fees & Commissions
Fees and commissions vary depending on several factors like:
- the country of origin and destination
- the type of transfer
- the currency you are converting the money into
- the amount being sent.
Also, there are 2 transfer options you can choose from:
1. Economy transfers: You can fund the transfer via a bank account. You can choose to have your money delivered within three to five business days, for which the pricing depends on the country of origin and destination, but it can be different for every transfer you make.
For an economy transfer sent from the US to the Philippines worth $500, Remitly charges a minimum of $7.99 if your recipient chooses to receive the money in USD. However, if your recipient opts to receive Philippine Pesos, there will be zero charges.
Rates differ for transfers sent to other countries. For example, transferring from the US to India costs nothing when sending $1,000 or more ($3.99 when you send less).
2. Express Transfers: Delivery usually arrives within minutes when using a debit card, for which Remitly charges a flat fee of $3.99 (when you send less than $500) and an additional 3% if you use your credit card.
For an Express transfer worth $500 and below sent from the US to Mexico, Remitly charges a flat fee of $3.99, plus 3% of the value you are sending. In this case, the total cost would be $5.70.
However, if you send more than $500, you will only be charged a credit card fee of 3% and no transfer fee.
The rate depends on which type of transfer you choose. Remitly's exchange rates are comparable to those of other online money transfer businesses, typically by around 0.5% to 2%.
If you want to send money from Canada to the Philippines, for example, you'll pay a premium of $2.50 to $10 over average exchange rates with Remitly rather than using base rates.
How to Open an Account
To open an account, simply click on the "Learn More" button, and you will b redirected straight to the sign-up page.
Once there, you will have to enter your email address, phone number, date of birth, occupation, and residential address for verification. Identification documents may be needed if you will be transferring large amounts.
How to Send Money with Remitly
After creating an account, it is possible to send money by choosing the mode of transfer (Economy or Express) and entering the amount you wish to send.
Next, you need to enter your receiver's information, such as name, address, and phone number.
For example, when sending USD from the US to France, if you want to send $500 via Express transfer, the fee is $1.99.
Review your transaction before paying. You may choose to provide optional details regarding the transfer, such as a purchase message or identification number.
Once everything is confirmed and completed, you can track the status of your transfer. You will receive a notification when the money arrives at its destination.
An Express transfer should take less than an hour to complete, while an Economy transfer takes 3-5 working days. Cash can be collected through your preferred method, for example, cash pick up at an agent location, or it could be deposited directly into a bank account.
Remitly Customer Support
Remitly has amazing customer service. Phone customer support is available 24/7, and it’s available in both Spanish and English. In addition, the live chat feature is also available 24/7 in Spanish, English, and French. Moreover, Remitly has a huge FAQ section on its website.
Overall, Remitly is an excellent service for sending money if you need to transfer funds fast, don't want to pay high fees, or deal with the process of receiving cash.
Although there may be cheaper services that are equally dependable, Remitly has one thing going for it - convenience. They also have numerous partner locations worldwide, which means you can get your money more efficiently than many other providers.
Their website provides an easy way to see how much your transfer will cost according to different rates and preferences to know what you are getting into before taking any action.
With Remitly, you can send money from your home to a loved one almost anywhere in the world. There are no hidden fees, and the rates are very competitive. As long as you follow the steps, your money should arrive in minutes.
If you're not sure Remitly is the best money transfer app for you, try our comparison tool. Just answer a few simple questions, and it will show you the best money transfer app that you can use. So go ahead and use our tool right now. Or, you could read our review of Ria, another great money transfer service.