Remitly review
Summary
Enjoy quick, easy money transfers with competitive exchange rates and straightforward fees.
- Good for giving you a choice between speed and fees with its two-speed system.
- Not so great for large transfers due to its low maximum limits.
Pros
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Transfer to 50+ countries around the world
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Express option so your money arrives in minutes
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Delivery promise where fees are refunded if it doesn't arrive on time
Details
Features
| Available Currencies | ALL, AMD, ARS, AUD, AZN, BAM, BBD, BDT, BGN, BHD, BIF, BMD, BND, BOB, BRL, BSD, BTN, BWP, BYN, BZD, CAD, CDF, CHF, CLP, CNY, COP, CRC, CVE, CZK, DJF, DKK, DOP, DZD, EGP, ERN, ETB, EUR, FJD, GBP, GEL, GHS, GIP, GMD, GNF, GTQ, GYD, HKD, HNL, HTG, HUF, IDR, ILS, INR, ISK, JMD, JOD, JPY, KES, KGS, KHR, KMF, KRW, KWD, KYD, KZT, LAK, LBP, LKR, LRD, LSL, MAD, MDL, MGA, MKD, MMK, MNT, MOP, MRU, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, OMR, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SEK, SGD, SOS, SRD, THB, TJS, TMT, TND, TOP, TRY, TTD, TWD, TZS, UAH, UGX, USD, UYU, UZS, VND, VUV, WST, XAF, XCD, XOF, ZAR, ZMW, SLE |
| Customer Service | Phone, Live chat |
| Pay By | Credit card, Debit card, Bank transfer |
| Receiving Options | Cash pickup location, Bank account, Mobile wallet, Home delivery |
Our Verdict
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.
Why should I consider Remitly?
- Large network. Remitly is an online international money transfer service that allows people in countries like US, Canada, Europe, Australia and the UK to send money to over 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 the fees are refunded.
- Speed. Express options make it possible to have your money there 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.
What to be aware of
- Low maximum limits. A limit of $2,999 is placed on all new accounts, and 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.
How much are Remitly’s transfer 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.
Sending money from the US to the Philippines
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 the US to the Philippines when we checked on February 15, 2022.
Economy: no fee
- Paid for with a bank account deposit
- Arrives in three business days
Express: $3.99 when sending less than $500
- Paid for with a debit card
- Arrives almost immediately
How are Remitly’s 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.
Check if there are any Remitly promo codes available
New customers at Remitly
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.
What are the ways I can send money abroad with Remitly?
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, HellowCash in Ethiopia and other similar options.
How to send a money transfer with Remitly
You can send money quickly from your computer or the Remitly app by completing the following steps.
What are Remitly’s payment options?
You can only make on-off transfers with Remitly, and you can pay using the following methods:
- Debit or credit 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.
- Bank account. Typical transfer speeds with this type of payment option is 3-5 days, but these can also be subject to delays from bank holidays.
How long does an international transfer with Remitly take?
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 – 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.
Transfers typically take
1 to 5 days
How much money 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 will need to provide more personal information and an ID:
- Tier 1. Send up to $2,999 daily, $10,000 monthly and $18,000 every six months.
- Tier 2. Send up to $6,000 daily, $20,000 monthly and $36,000 every six months.
- Tier 3. Send up to $10,000 daily, $30,000 monthly and $60,000 every six months.
- 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 |
| Last 4 digits of SSN | X | X | X |
| Full SSN | X | X | |
| Government-issued photo ID | X | X | |
| Additional information on source of funds | X | X | |
| Additional information at request | X |
Is Remitly safe to use?
Remitly safeguards your money in a variety of ways, including:
- Registering with regulatory agencies in the US, Canada, the UK and Ireland.
- 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.
How does Remitly compare to other money transfer services?
If you want to see how Remitly compares to the exchange rates and fees offered by other money transfer services, enter the details of your transaction into the table below.
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