Remitly review

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.

• How does Remitly make money?

  Remitly makes money in two ways:

  1. Transfer fees
  2. Markup on the mid-market rate

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 the US to the Philippines when we checked on September 29, 2020.

• Economy: no fee
  • Paid for with a bank account deposit
  • Arrives in three business days

• Express: USD$3.99 when sending less than USD$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 September 29, 2020, the following were the exchange rates for popular currencies offered by Remitly:

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.

Check if there are any Remitly promo codes available

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 a few 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 a few 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. The following are some of the most popular:

Is Remitly safe to use?

Remitly safeguards your money in a variety of ways:

• 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.

Remitly reviews and complaints

Ratings accurate as of October 8, 2020

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 USD$2,999 daily, USD$10,000 monthly and USD$18,000 every six months.
• Tier 2. Send up to USD$6,000 daily, USD$20,000 monthly and USD$36,000 every six months.
• Tier 3. Send up to USD$10,000 daily, USD$30,000 monthly and USD$60,000 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 license 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.

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.

Cash pick up locations in the Philippines

Your recipients can pick up funds send through Remitly in any of these establishments:

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.

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?

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.

How does Remitly compare to other providers?

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

Want to compare Remitly with other services side-by-side?

• Remitly vs. Xoom

Frequently asked questions