Review: Remitly international money transfers

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Quick, affordable transfers to the Philippines and beyond.

  • Good for fast transfers and for sending money without ID verification.
  • Be wary of fees climbing up if you send large amounts with its express option.

GBP 1

Min. Transfer Amount

GBP 25,000

Max. Transfer Amount

1 - 2 days

Transfer Speed

Details

Product NameRemitly International Money Transfers
Min. Transfer AmountGBP 1
Max. Transfer AmountGBP 25,000
Transfer MethodsOnline, Bank Account to Bank Account, Cash Transfer
Transfer Speed
Minimum transfer time
1 - 2 days
Customer ServicePhone, Chat, Email
Available CurrenciesARS, BDT, BGN, BOB, BRL, CLP, CNY, COP, CRC, CZK, DOP, EGP, ETB, EUR, GBP, GHS, GTQ, GYD, HNL, HRK, HTG, HUF, IDR, INR, JMD, KES, KMF, KRW, LKR, MAD, MXN, MYR, NGN, NIO, NPR, PEN, PHP, PKR, PLN, PYG, RON, RWF, THB, TND, TRY, TZS, UGX, USD, UYU, VND, XAF, XOF, ZAR
Online Transfer FeeGBP 1.99

Remitly exchange rates and fees

Remitly updates its exchange rates daily to align with global markets, locking in the exchange rate you see at the beginning of your transaction. Some countries may have a weaker exchange rate than those of competitors.

Remitly charges different fees depending on the currency and how much you’re sending. The express option will be the more expensive one, however, but will get your fees there faster. For some currencies, Remitly waives its fees entirely for the slower, economy option.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 1 1 - 2 days GBP 1.99 61.527 PHP
61,404
Special offers like free transfers and better exchange rates available for new customers.
Quick, affordable transfers around the world with both express and economy options.
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Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Available currencies

Remitly offers money transfers to over 30 different currencies. Some of the more popular include:

  • PLN Polish zloty
  • INR Indian rupee
  • KES Kenyan shilling
  • MAD Moroccan dirham
  • PHP Philippine peso
  • PKR Pakistani rupee
  • LKR Sri Lankan rupee
  • VND Vietnamese dong

Remitly is planning to launch transfers to a number of countries soon, including Thailand and Hong Kong.

What types of transfers can you make with Remitly?

While Remitly does let you transfer to a cash pick-up location, it doesn’t have forward contracts, limit orders or regular payments. Forward contracts let you lock in an exchange rate now for a future transaction. With a limit order you can set the exchange rate you want and the trade will automatically go through when that rate is reached.

If you’re after a provider with either of these capabilities, check out our pages on forward contracts and limit orders.

How long does a transfer with Remitly take?

Remitly offers two ways to send – express or economy.

  • Express may cost extra but it can deliver your money to your recipient in minutes.
  • Economy generally takes between one and five business days to arrive.

Transfers typically takeClock icon for transfer speed

1 – 5 days

What payment methods does Remitly accept?

You can pay for your transfer using:

  • Bank transfer
  • Debit card
  • Credit card

Paying by card will get your money there faster, but you’ll pay an extra 1% surcharge.

How much can I send with Remitly?

With Remitly, how much you can send depends on the tier you’re approved for. To move up to a tier with higher sending limits, you’ll need to provide more personal information and identity documents.

  • 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.

Is Remitly safe to use?

  • Security and regulation: Remitly is government regulated and keeps its customers’ funds separate from its own. Although Remitly doesn’t have 2-factor authentication, the server connection is secured using 256-bit SSL.
  • Established: 2011.
  • Reviews: Trustpilot gives Remitly a score of 4.7* out of 5, based on more than 20,100 reviews.
  • Investors: PayU, Stripes Group, Bezos Expeditions, Silicon Valley Bank.
*According to Trustpilot on 9 March 2020.

Remitly is regulated in the UK by the Financial Conduct Authority (FCA). The FCA is the regulatory body that oversees finance companies to protect consumers. Part of this regulation means Remitly has to keep its customers’ funds separate from its own in case it runs into any financial problems.

Remitly also says it has a number of risk management procedures in place that help show any suspicious account activity if you’ve been hacked.

How does Remitly make money?

Remitly only charges a fee for its express transfers so makes the rest of its money from the margin. The margin is the difference between the rate you’re quoted by Remitly and the live mid-market rate you can see on Google or XE.

Money transfer providers often include a margin on the exchange rate to cover their costs. When comparing providers, keep an eye on both the fees they charge and their exchange rate.

How to register and send your first transfer

Signing up for an account with Remitly is simple and free. The following steps can help guide you through the process.

What is Remitly’s background?

Remitly was founded in 2011 by Matt Oppenheimer to disrupt the remittance industry. It aims to lessen fees and create greater transparency and has a focus on being easy to use on your mobile. Remitly is based in Seattle in the United States and chiefly services those sending transfers out of the US, Australia, the UK and Canada.

In a nutshell

Pros
  • Instant transfers. If you pay through card, your money can be transferred in minutes with the express service.
  • On-time guarantee. Remitly offers a money-back guarantee if your transfer doesn’t arrive on time.
  • Fast registration time. You’re able to register an account and send a transfer in minutes. For transfers smaller than £5,000 you don’t need to provide any proof of identity or address, such as a passport. However, Remitly will ask for your date of birth, address and full name.
  • Cash pick-up. You can send cash to a range of pick-up locations. This isn’t available in every country, however.
Cons
  • Limited currencies. Remitly doesn’t currently offer as many currencies as other providers.
  • Low maximum daily limits. Especially for the lower tiers.
  • Higher fees for expedited service. Credit card transactions and transfers to certain countries can be expensive.
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How does Remitly compare to other providers?

Table: sorted by a combination of service offering and the amount your recipient will receive

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

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 2,000 1 day GBP 0.00 1.108 EUR
11,081
TorFX guarantee to beat any competitor's exchange rate for a transaction (conditions apply)
(Conditions apply)
Go to site Show details
GBP 5,000 Same day GBP 0.00 1.108 EUR
11,081
Universal Partners FX offers competitive exchange rates and same-day transfers for 100+ currencies. Go to site Show details
GBP 2,500 Same day GBP 0.00 1.108 EUR
11,081
Central FX’s dedicated private client team will guide you through the money transfer process from first call to final payment. Go to site Show details
GBP 1 1 - 2 days GBP 0.00 1.108 EUR
11,081
Whatever amount you transfer, XE will not charge you a fee for using their service. Go to site Show details
GBP 3,000 1 day GBP 0.00 1.108 EUR
11,081
Get no fees as a Finder customer when you transfer your money overseas with Global Reach. Go to site Show details
GBP 5,000 1 day GBP 0.00 1.108 EUR
11,081
Take advantage of fee lock-ins and live bookable rates, helping you save up to 85% in hidden bank fees. Go to site Show details
GBP 1,000 Same day GBP 0.00 1.108 EUR
11,081
Clear Capital specialises in sending 150+ currencies abroad for individuals and businesses, with a dedicated account manager to help you. Go to site Show details
GBP 2,000 1 day GBP 0.00 1.108 EUR
11,081
Make transferring money abroad as simple and safe as possible with bank-beating exchange rates - online, via the app or over the phone. Go to site Show details
GBP 2,500 1 day GBP 0.00 1.108 EUR
11,081
With 17 years of foreign exchange expertise, OFX know the money transfers business very well, offering facilities for one-off and recurring transfers. Go to site Show details
GBP 1,000 1 - 2 days GBP 0.00 1.108 EUR
11,081
Better exchange rates for Finder customers.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
GBP 1 1 - 2 days GBP 1.99 1.098 EUR
10,979
Special offers like free transfers and better exchange rates available for new customers.
Quick, affordable transfers around the world with both express and economy options.
Go to site Show details
GBP 5 2 days EUR 3.00 1.107 EUR
11,070
Special offer: Zero fees on your first 10 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
GBP 10 Within an hour GBP 2.00 1.107 EUR
11,064
First two transfers free for new customers.
Instant or 1 hour transfers to over 50 countries, send money directly to bank accounts or over 280,000 cash pickup points.
Go to site Show details
GBP 50 Same day GBP 2.99 1.101 EUR
11,011
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

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