Remitly is a solid option if you need to send money to one of the 100 countries it operates in and you can choose express delivery if your transfer is urgent. Your recipient also doesn’t need to have a bank account as cash pickups, mobile wallets and home delivery are available in some countries alongside bank transfers. Another big plus to Remitly is its delivery promise – if your transfer doesn’t arrive on time, your fees will be returned.
But there are low maximum limits to how much you can send and there aren’t any forex tools to help your money go further. Remitly’s exchange rates are also inconsistent with the markup varying depending on the country and the delivery speed.
What is Remitly?
Remitly money transfer services focus on offering quick and easy ways of sending money abroad. It allows people in Canada, the US, Europe, Australia and the UK to send money to 100+ countries. If your country is supported, Remitly is worth checking out.
It has a 2-speed system which gives you the choice between speed and fees—depending on your transfer needs. But keep in mind, it only supports money transfers from 17 sending countries.
Pros and cons of Remitly
Pros
Large network. Remitly is an online international money transfer service that allows people in Canada, the US, Europe, Australia and the UK to send money to 100+ countries worldwide, with cash pickup possible at certain locations.
Delivery promise. Remitly guarantees that your money will be delivered by a specified time or your fees are refunded.
Speed. Express options make it possible to make your money arrive faster, typically within minutes if you pay by credit card.
Diverse delivery options. Send money to bank accounts, for cash pickup, directly to a mobile wallet or even for home delivery in selected markets.
Rewards. Remitly’s referral program makes it possible to earn rewards by referring friends and family members.
Cons
Low maximum limits. Limits of $999 per day and $2,999 per 7-day period are automatically placed on all new accounts. You’ll need to provide ID to increase daily, monthly and 180-day sending limits.
No hedging options. Remitly doesn’t have recurring transfers, limit orders or any other hedging tools to help you save money by planning your money transfer in advance.
Inconsistent exchange rate margins. Different countries are charged different exchange rate margins, and the speed of your transfer also factors into the exchange rate you’ll be offered.
Remitly international money transfer fees
When we checked, we found Remitly’s fees tended to start around $1.99-$7.99 for transfers under $1,000. Ultimately, the fee and exchange rate you’re offered will vary based on sending destination but can also depend on the following:
Amount. The amount you send may change the fee you are charged.
Destination. Sending money to popular destinations is often cheaper than sending it to more remote locations.
Payment. Paying with a bank account is usually cheapest.
Speed. Remitly offers 2 transfer speeds: Express and Economy.
Example: Sending a Remitly international money transfer to India
Remitly’s fees can vary based on the sending and receiving country. For example, here are the fees charged by Remitly while sending from Canada to India when we checked on March 15, 2022.
Economy: $1.99 when sending less that $500 (no transfer fee over $500)
Paid for with a bank account deposit
Arrives in 3-5 business days
Express: $1.99 when sending less than $500 (no transfer fee over $500)
Paid for with a debit card
Arrives almost immediately
Remitly exchange rates
Remitly updates its exchange rates daily to align with exchange rates on global markets, loving in the exchange rate you see at the beginning of your transactions.
For some countries, you’ll find weaker exchange rates than those of competitors. It’s best to compare the displayed rate on Remitly with the current interbank rate to calculate the size of the margin charged. You can then use this as a benchmark for comparing the rates of other money transfer providers.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Remitly offers a wide range of delivery options that are dependent on your sending destination. Delivery methods include:
Bank deposit. Funds will be sent directly to your recipient’s bank account.
Cash pickup. You can opt for the funds to be delivered to a cash pickup location. Just be sure that your recipient brings ID that matches the name on the transfer.
Mobile money. There is also the option to have funds delivered to a mobile wallet, such as GCash and PayMaya in the Philippines, Alipay in China, HellowCash in Ethiopia and other similar options.
What are Remitly’s payment options?
Remitly money transfers are on-offs, meaning you can’t set up recurring transfers. You can pay using the following methods:
Debit, credit or prepaid card. If you choose this option, funds can be available in minutes. However, you may find you are charged a 3% fee by your credit card provider if you choose to use your credit card to pay for your transfer. You can also use Interac if your card is co-branded with the Mastercard or Visa logo, has an expiration date and has a CVV or CVC number.
Bank account. Transfers funded by bank account typically take 3-5 business days, but there can be delay if you send on, or just before, bank holidays.
Remitly international money transfer: Step-by-step
You can send money quickly from your computer or the Remitly app by completing the following steps.
Register for an account with your email address. You will also need to provide your personal details and date of birth.
Choose your recipient’s country and enter how much you’re sending.
Provide your recipient’s name and contact information, including their mobile phone number. If you’re sending a bank deposit, also enter your recipient’s banking details.
Pay with your bank account, credit card or debit card.
Click “Send Money” to complete your transfer.
Remitly will send text updates on your transaction to your phone.
How long does it take to transfer money with Remitly?
Transfer speeds will depend on the amount of fees you are comfortable paying and how quickly you need it to arrive.
Express – as little as a few minutes. If you pay for your transfer with a credit or debit card and select the Express option, your transfer could arrive in as little as a few minutes. However, you will pay a higher fee and your credit card provider could also charge you a cash advance fee, further increasing the cost of your total transfer.
Economy – between 3 and 5 business days. Remitly’s Economy option is the cheaper of the two options. Transfers through Economy will be lower, but you’ll almost always get a better exchange rate and fewer fees than with Express.
Transfers typically take
Minutes up to 5 business days
How much money can I send with Remitly?
Remitly’s transfer limits are based on the tier you’re approved for, although additional limits may apply depending on your destination country. To progress through Remitly’s tiers to higher maximums, you will need to provide more personal information and ID:
Tier 1. Send up to $999 daily, $2,999 every 7 days, $10,000 every 30 days and $18,000 every 180 days.
Tier 2. Send up to $6,000 daily, $20,000 every 30 days and $36,000 every 180 days (no weekly limit stated on website).
Tier 3. Send up to $9,999 daily, $30,000 every 30 days and $60,000 every 180 days (no weekly limit stated on website).
Custom tier. You can speak with a representative to discuss custom sending limits, depending on your needs.
Please see the table below for what additional information is required to be approved for the higher tiers:
Information needed
Tier 1
Tier 2
Tier 3
Full name
X
X
X
Residential address
X
X
X
Date of birth
X
X
X
Reasons for sending money
X
X
X
Source of funds
X
X
Proof of how you’re funding the transfer (i.e. bank statement, paystub)
X
X
Additional information on source of funds
X
Additional information on your use of Remitly
X
How do I track a Remitly international money transfer?
To track your Remitly transfer, you’ll need to log into your account or contact customer service by phone.
Online: To track your Remitly transfer online, log in to your account and look for the Transfer history section on the page. From here, you can check the status of past and current transfers.
By phone, email or chat: To track by phone, email or chat you need to provide the customer service representative with details of your transfer, including the sending amount, the destination country and your personal information.
How does Remitly compare to other money transfer services?
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Signing up with Remitly was straightforward and took less than 5 minutes total. I had all of my information on hand and ready to go before signing up, including a photo of the front and back of my driver’s license. Here are some key takeaways:
Did I have to interact with customer service? No, everything was done through the website automatically.
How long did it take? The entire process took less than 5 minutes. It helped that I already had photos of the front and back of my driver’s license saved on my computer.
What was unexpected? The rates offered to new customers are different than the standard rates offered by Remitly, so chances are your first transfer will be cheaper than future transfers.
How do I contact Remitly?
You can get in touch with Remitly the following ways:
Phone (available 24/7 in English and Spanish)
Chat (available 24/7 in English, Spanish and French)
You can also find lots of helpful articles and answers to frequently asked questions on Remitly’s website.
Remitly first time offer
Every new customer gets a special offer on their first transfer with Remitly. This is typically a stronger exchange rate and lower fees for a portion of your first transfer. Even if you aren’t considering using Remitly consistently over time, you could potentially save yourself some money by taking advantage of its new customer promotion to make a one-off transfer.
With express and economy options and a convenient range of sending and receiving methods, Remitly money transfer services are worth considering the next time you want to send money abroad.
Great promo for new customers
Send money to bank accounts, for cash pickup, to mobile wallets or even for home delivery (in selected markets)
Express transfers usually arrive in minutes
Make sure you compare your options before sending money abroad to make sure you get the most competitive fees and exchange rates for the type of money transfer you want to send.
Frequently asked questions
Remitly may have cancelled your transaction for a variety of reasons, including:
You had insufficient funds in your bank account to pay for the transaction.
Your account or transaction was flagged for suspicious activity.
The name on your account didn't match your payment details.
The recipient's bank refused the transaction.
If your transaction has been cancelled, contact Remitly customer support to find out the next steps.
Remitly and Xoom excel for different reasons, but overall we found that Remitly offers stronger exchange rates. Read our Remitly vs Xoom comparison to learn more about how these 2 match up.
Remitly makes money in 2 ways:
Fees: Remitly charges a fee to use its money transfer service.
Mid-market markup: Remitly makes a small percentage on transfer by adding a margin to the mid-market rate.
Remitly become a publicly-traded company in September 2021. It's common stock is traded on the Nasdaq Global Select Market under the symbol "RELY." Find out how to buy Remitly stock here.
Remitly supports money transfers from 17 sending countries including: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Singapore, Spain, Sweden, the United Kingdom and the United States.
Remitly is not a bank, it is a specialized online money transfer provider. As a result, you will typically find that its fees are cheaper and its exchange rates are stronger than if you were to send money internationally using your bank.
Remitly waives the transfer fee for transfers to some destinations, usually with a maximum or minimum on the amount you can send without paying a fee. For example, when we checked, you could send fee-free transfers of up to $500 to the Philippines or $500+ to India.
New customers can also take advantage of a special promotional offer that usually consists of better exchange rates and lower fees on the first portion of their transfer.
To track your Remitly transfer, you'll need to log into your account or contact customer service by phone. If you login online, visit the Transfer history page to to view the status of past and current transfers.
Remitly typically offers lower fees and better exchange rates than Western Union. However, Western Union has a more extensive range of currencies. Read our Remitly vs Western Union comparison to learn more about how these 2 match up.
Zak Killermann is a technical publisher at Finder who’s specialized in cryptocurrencies and blockchain technology for six years — covering everything from ICO booms, crypto winters, memecoins and more. He’s mined and minted cryptocurrencies, and geeks out over Ethereum upgrades. Zak’s focus is in breaking down technical concepts into approachable nuggets of information. While diving into all things crypto, Zak also contributes to Finder’s money transfers and stocks verticals.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
