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Review: Remitly money transfers October 2020

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Enjoy quick, easy money transfers with competitive exchange rates and straightforward fees.

  • Good for inexperienced users with a helpful customer service team.
  • Not always the lowest prices, so always compare.

Why should I consider Remitly?

  • Large network. Remitly is an online international money transfer service that allows people in the Europe, the UK, Canada, Australia and the US to send money to over 50 countries around the world, with cash pickup possible at more than 140,000 locations worldwide.
  • Delivery promise. Remitly guarantees that your money will be delivered by a specified time or the fees are refunded.
  • Speed. Express options make it possible to have your money there faster, typically within a few 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 select markets.
  • Rewards. Remitly’s referral program makes it possible to earn rewards by referring friends and family members.

What to be aware of

  • Low maximum limits. A limit of €5,000 per day is placed on all new accounts, and you’ll need more ID to increase daily, monthly and 180-day sending limits.
  • No hedging options. Remitly doesn’t have recurring transfers, limit orders and 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’s exchange rates and fees

Remitly’s fees and exchange rates vary based on sending destination but typically 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 two transfer speeds: Express and Economy.

Remitly fees

Remitly’s fees can vary based on the country you send from and to. For example, here are the fees charged by Remitly while sending from Ireland to the Philippines when we checked on 20 July 2020.

  • Economy: €1.99 when sending less than €1,000
    • Paid for with a bank account deposit
    • Arrives in three business days
  • Express: €2.99 when sending less than €1,000
    • 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, locking in the exchange rate you see at the beginning of your transaction.

For some countries, you’ll find weaker exchange rates than those of competitors. When we checked on 20 July 2020, the following were the exchange rates for popular currencies offered by Remitly:

Mid-marketRemitlyDifference
PHP56.5155.611.4%
INR85.8485.160.7%
CNY8.007.871.6%

New customers at Remitly

Every new customer gets a special offer on their first transfer with Remitly, which typically offers you stronger exchange rates and lower fees for a portion of your first transfer. Even if you aren’t considering using Remitly consistently over time, taking advantage of its new customer promotions can be an easy way to potentially save money on a one-off transfer in its network.

How long does a Remitly money transfer take?

Transfer speed will depend on the amount of fees you are comfortable paying and how quickly you need it to arrive.

  • Fastest option – Express: As little as 10 minutes
    Pay for your transfer with a credit or debit card. When using Express, you’ll pay a higher fee but your money will arrive in as little as 10 minutes. However, your credit card may charge a cash advance fee, further increasing the cost of your total transfer.
  • Cheapest option – Economy: Up to five business days
    Remitly’s Economy option is the cheaper of the two options. Transfers through Economy will be slower, but you’ll almost always get a better exchange rate and fewer fees than with Express.

What currencies can I send with Remitly?

Remitly transfers can be received in more than 50 countries, while users in over 15 countries can send transfers. You can check out the full list here, but the following are some of the most popular:

  • EUR Euro
  • DOP Dominican peso
  • COP Colombian peso
  • INR Indian rupee
  • KES Kenyan shilling
  • MXN Mexican peso
  • PHP Philippine peso
  • PKR Pakistani rupee

Is Remitly safe to use?

Remitly safeguards your money in a variety of ways:

  • Registering with regulatory agencies in Ireland, the UK, Canada and the US.
  • Protecting all transactions with 256-bit SSL encryption.
  • Monitoring accounts for suspicious activity manually and automatically.
  • Verifying new accounts to protect users from fraud.
  • Offering a 100% satisfaction money-back guarantee if your transfer arrives late.

What Remitly’s reviews say

Ratings accurate as of 20 July 2020

Trustpilot score4.5 out of 5, based on 27,659 customer reviews
CompareRemit3.5 out of 5, based on 474 customer reviews
BBB ratingB
Monito7.7 out of 10, staff reviewed
NerdWallet4 out of 5, staff reviewed

What payment methods does Remitly accept?

You can only make one-off transfers with Remitly. This provider supports international money transfers made from your laptop or mobile device. Money can be deposited to a bank account, delivered to a mobile wallet – like Google wallet – or made available for cash pickup.

You can pay for your Remitly transfer using the following methods:

  • Debit or credit card. Funds are sometimes available in minutes but can be subject to a 3% fee charged by your credit card company if using a credit card.
  • Bank account. Typical transfer speeds are three to five days, but these can also be subject to delays from bank holidays.

How much can I send with Remitly?

Remitly’s transfer limits are based on the tier you’re approved for. To progress through Remitly’s tiers to higher maximums, you need to provide more personal information and an ID:

  • Tier 1. Send up to €5,000 daily, €15,000 monthly and €50,000 every six months.
  • Tier 2. Send up to €25,000 daily, €25,000 monthly and €75,000 every six months.
  • Tier 3. Send up to €25,000 daily, €25,000 monthly and €150,000 every six months.
  • Custom tier. You can speak with a representative to discuss custom sending limits, depending on your needs.

What do I need to send money online through Remitly?

Sending money with Remitly will require the following documentation and information:

  • Contact information. Your full name and contact information are needed. If you’re transferring money from your bank account, you’ll also need your banking information.
  • Proof of ID. A government-issued ID, such as a driver’s licence or passport.
  • Recipient information. Be prepared with your recipient’s name and contact information. If you’re transferring to a bank account, you’ll also need their bank name, SWIFT code and account number.
  • Payment method. A valid method of payment is necessary for all transfers. Online transfers can be paid for through a bank account, credit card or debit card. For in-person transfers, you can also pay with cash.
Information neededTier 1Tier 2Tier 3
Full nameXXX
Residential addressXXX
Date of birthXXX
Government-issued photo IDXX
Additional information on source of fundsX
Additional information at requestX

What are the ways I can send money with Remitly?

Remitly offers a wide range of delivery options that are dependent on your sending destination. Remitly’s delivery methods include:

  • Bank deposit: Delivery funds directly to your recipient’s bank account.
  • Cash pickup: Delivery funds to a cash pickup location, just be sure that your recipient brings ID that matches the name on the transfer.
  • Mobile money: Delivery funds to a mobile wallet, such as GCash and PayMaya in the Philippines, HelloCash in Ethiopia and similar options.

How to make my first transfer with Remitly

Send money quickly from your computer or mobile device with these steps:

  1. Log in or create a free account. Register with an email address, your personal information and your date of birth.
  2. Send money. Choose your recipient’s country and enter how much you’re sending.
  3. Enter recipient’s information. 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.
  4. Choose your payment method. Pay with your bank account, credit card or debit card.
  5. Confirm your transaction. Click “Send Money” to complete your transfer.
  6. Check your mobile phone. Remitly will send text updates on your transaction to your phone.

Blue icon of forms

Our experience with signing up

Signing up with Remitly was straightforward and took me less than five 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 five 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 to track a Remitly 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. This section will display the status of past and current transfers.
  • By phone, email or chat: To track by phone, email or chat you’ll provide the customer service representative with details of your transfer, including the amount sent, the destination and personal information about your account.

Is there a Remitly app?

Screenshot of Remitly's app

Yes, Remitly has an app on both Google Play and the App Store. The app makes it possible to do the following:

  • Log in using biometrics. Both face and fingerprint recognition can be used to log in.
  • Check Remitly exchange rates on the go. Current currency exchange rates and fees can be found in the app.
  • Share order details with your contacts. Sending key order information to your recipient can be done with just a few taps.
Reviews accurate as of 20 July 2020
Google Play Store4.7 out of 5, based on 44,231 customer reviews
Apple App Store4.8 out of 5, 236,700 customer reviews

More on the best money transfer apps

Bottom line

If the country you want to send to is supported, Remitly is worth checking out. With its two-speed system, it makes the choice of speed versus fees a straightforward one. However, it is always a great idea to compare your options before making any transfer since you never know how much fees and exchange rates have changed.

See how Remitly compares to other services

Our table below shows you the exchange rate and fees for other money transfer specialists.

Name Product Minimum Transfer Transfer Time Transfer Fee
Azimo - Ireland
GBP 10
Instant
Varies
TransferWise - Ireland
EUR 1
1-2 days
Varies
Remitly - Ireland
EUR 0
1-5 days
EUR 2.99
Skrill - Ireland
EUR 50
1 day
None
XE Money Transfers - Ireland
EUR 1
Same day
EUR 0
WorldRemit - Ireland
EUR 1
Same day
Varies
CurrencyFair - Ireland
EUR 5
1-2 days
Varies
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Compare up to 4 providers

Frequently asked questions

Why did Remitly cancel my transaction?

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.

Contact Remitly support to find out the next steps needed to complete your transaction.

How does Remitly make money?

Remitly makes money two ways:

  • Fees: Remitly charges a fee to use its money transfer service.
  • Mid-market markup: Remitly makes a small percentage on transfers by adding a margin to the mid-market rate.

Remitly has no retail outlets, which helps keep overall costs lower than competitors like Western Union and MoneyGram.

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