Unlock the world with Remitly’s global reach, serving users in 21 countries and enabling transfers to over 160 destinations. Enjoy the freedom of choice with diverse payment and receiving options, all while benefiting from transparent fees and competitive exchange rates. With robust security measures and the convenience of a mobile app, Remitly makes international money transfers not just easy, but also secure.
Navigating the labyrinth of international money transfers? Look no further. Our comprehensive review on Remitly demystifies the complexities of sending money abroad.
From understanding the platform’s robust security measures to decoding its fee structure, this guide answers all your burning questions.
Whether you’re a first-time user or looking to optimize your Remitly experience, this review is your one-stop resource. It’s your world, simplified !
Read further to learn more about Remitly, in our review we will detail its features, pros and cons with our rating, and a conclusion about why you should use it.
Click on “open” if you want to see exactly what we will talk about in the rest of this article.
Remitly is an online money transfer platform that enables users to send funds internationally to over 170 countries in 100+ currencies.
The service promises on-time delivery and offers multiple delivery methods, including bank account deposits, mobile wallets, and cash pickups, depending on the recipient’s location.
Remitly emphasizes its secure transfer process, which is designed with multiple levels of security to protect transactions.
The platform provides a transparent fee structure and delivery time estimates before a transfer is initiated, allowing users to choose a payment method that suits them, such as debit or credit cards.
Remitly specifications
Features
Easy Payments / Global reach / International payments / Money Transfer / Multi-Currency / MultiCurrency Options / Neo-Banking System / Online Payments / Security / Transparency / Transparent Transaction Fees / Trust Factor
Best suited for
Individuals, Freelancers, Small businesses, Mid size businesses, Large enterprises
Website languages
Chinese / Deutsch / English / French / Italian / Korean / Nederlands / Polsky / Portuguese / Română / Spanish / Tagalog / Thai / Turkish / Vietnamese
Dive into Remitly’s flexible pricing options tailored to your international money transfer needs.
With variable fees influenced by your choices of sending and receiving countries, payment methods, and more, Remitly offers a range of costs to fit your budget.
Whether you’re a first-time user eyeing promotional rates or a seasoned customer, discover how Remitly’s pricing can work for you.
Variable Fees: Remitly’s fees depend on various factors such as the sending and receiving countries, the amount being sent, and the payment method used. The platform does not charge any fees for recipients.
Exchange Rates: Remitly offers competitive exchange rates that are updated daily. The rate you get will depend on the current market conditions and the amount you are sending.
New Customer Offers: If you’re a new Remitly customer, you might be eligible for a reduced fee or a promotional exchange rate for your first qualifying transfer.
Additional Bank or Card Fees: If you use a credit card to pay for your transfer, your bank or card issuer might charge you an additional fee.
Discounts and Rewards: Remitly regularly offers promotions and rewards, including referral bonuses and special offer codes.
Navigating the world of international money transfers can be complex, but Remitly aims to simplify this process through a range of user-friendly features.
From speed options and competitive exchange rates to diverse payment and receiving methods, Remitly offers a comprehensive suite of functionalities designed to meet various user needs.
Speed Options
Remitly offers two speed options for transfers: Economy and Express. The Economy option may take up to 3-5 business days for the transfer to reach the recipient but offers a higher exchange rate for a lower fee.
The Express option allows the money to reach the recipient within the first few hours after the transfer is made, albeit with a lower exchange rate and potentially higher fees.
Transfer Limits
The platform has tier-based transfer limits, which can be increased by providing additional personal information like Social Security Number or Individual Taxpayer Identification Number for larger amounts.
Exchange Rates
Remitly’s Exchange Rates feature is designed to offer competitive rates that are updated daily to reflect current market conditions. Before initiating a transfer, users can view the exchange rate that will be applied to their transaction, allowing them to make informed decisions.
The platform aims to provide transparency by showing the total cost, including the exchange rate and any fees, before the transfer is confirmed. This feature is particularly beneficial for users who want to maximize the value of their transfers.
The daily update ensures that users are getting rates that are as current as possible, adding an extra layer of financial efficiency to the transfer process.
Payment and Receiving Methods
Remitly supports multiple payment methods, including bank accounts, debit cards, and credit cards. Recipients have various options for receiving money, such as bank account deposits, cash pickups at one of their 140,000 agent locations worldwide, or even home delivery in select countries.
Customer Service
Remitly’s customer service is available in five different languages, including English, French, Spanish, Filipino, and Vietnamese. For English speakers, customer support is available 24/7 through phone calls, chats, or emails.
Security
Remitly places a strong emphasis on security, requiring documentation for certain transactions and adhering to anti-money laundering regulations. This ensures that your transfers are secure and compliant with legal requirements.
Global Reach
Remitly currently provides its services to over 40 countries around the world, including countries in Asia, Europe, Latin America, the Caribbean, and Africa. This makes it a versatile option for international money transfers.
Passbook : Remitly’s Neo-Banking System
Remitly has also ventured into neo-banking with the launch of Passbook, an online-only bank designed to serve the underbanked population in the U.S. Passbook allows users to open and use bank accounts without requiring Social Security numbers or other forms of U.S.-originated identification.
Remitly stands out for its global reach, allowing users in 21 countries to send money to over 160 countries. The platform is particularly beneficial for those who regularly send money to friends and relatives abroad.
With multiple payment and receiving options, Remitly offers a versatile and secure way to handle international money transfers.
The service is designed to be transparent, providing the total cost and delivery time before you initiate a transfer. Remitly also offers a mobile app, making it convenient for users who prefer to manage transactions on the go.
Pros and Cons
Pros
Global Reach: Remitly serves users in 21 countries and allows transfers to over 160 countries.
Multiple Payment and Receiving Options: From bank accounts to mobile wallets, Remitly offers a variety of ways to send and receive money.
Transparency: The platform shows the total cost, including fees and exchange rates, before you make a transfer.
Security: Remitly places a strong emphasis on security, adhering to anti-money laundering regulations and requiring documentation for certain transactions.
Cons
Variable Fees and Rates: The fees and exchange rates can vary widely depending on the recipient’s country and the chosen delivery speed.
Limited for Multi-country Transfers: If you need to send money to multiple countries, Remitly might not be the most cost-effective option due to varying fees and rates.
Customer Service Issues: While customer service is available 24/7, there have been reports of technical issues and dropped calls.
