Review: Remitly money transfers

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

  • Good for for inexperienced users with a helpful customer service team.
  • Not so great for large transfers due to its low maximum limits.

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Details

Product NameRemitly
Pay byCredit card, Debit card, Bank transfer
Receiving optionsCash pickup location, Bank account, Mobile wallet, Home delivery
Customer servicePhone, Live chat, Email
Available currenciesALL, ARS, BDT, BGN, BIF, BOB, BRL, BSD, CLP, CNY, COP, CRC, CZK, DOP, EGP, ETB, EUR, FJD, GHS, GMD, GNF, GTQ, GYD, HNL, HRK, HUF, IDR, INR, JMD, JOD, JPY, KES, KMF, KRW, LKR, MAD, MGA, MWK, MXN, MYR, NGN, NPR, PEN, PHP, PKR, PLN, PYG, RON, RWF, SLL, THB, TND, TRY, TZS, UGX, USD, UYU, VND, XAF, XOF, ZAR, ZMW
Bank account required?No
Personal account manager?No

Remitly is an online money transfer provider which offers easy and fast transfers. It allows people in several countries including the UK, US, Canada, Europe and Australia to send money to over 100 countries. It has a two-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. >

Remitly pros and cons

Pros

  • Large network. Remitly is an online international money transfer service that allows people in countries like the UK, US, Canada, Europe and Australia 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 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.

Cons

  • Low maximum limits. A limit 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.

How much are Remitly’s transfer fees?

Remitly’s fees and exchange rates in the UK 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 the cheapest.
  • Speed. Remitly offers two transfer speeds: Express and Economy.

Sending money from the UK to the Philippines

Remitly’s fees can vary based on the country you send from and to. For example, as of June 10, 2022, transfers sent from the UK to the Philippines have a flat fee of £2.99.

How are Remitly’s 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 transactions.

For some countries, you’ll find weaker exchange rates than those of competitors in the UK. 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 in the UK gets a special offer on their first transfer with Remitly, which typically offers you stronger exchange rates and no fees for 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.

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What are the ways I can send money abroad with Remitly?

Remitly offers a wide range of delivery options in the UK that are dependent on your sending destination. Remitly’s 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 an 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 in the UK by completing the following steps.

    What are Remitly’s payment options?

    You can only make on-off international money transfers with Remitly in the UK, and you can pay 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 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 takeClock icon for transfer speed

    1 to 5 days

    How much can I send with Remitly?

    Remitly’s transfer limits in the UK 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.

    Please see the table below for what additional information is required to be approved for the higher tiers:

    Information neededTier 1Tier 2Tier 3
    Full name
    Residential address
    Date of birth
    Government-issued photo ID
    Additional information on source of funds
    Additional information at request

    Is Remitly safe to use?

    Remitly safeguards your money in a variety of ways:

    • Registering with regulatory agencies in the UK, Ireland, 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.

    See how Remitly compares to other services

    Table: sorted by promoted deals first
    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.
    1 - 8 of 8
    Name Product Filter values Ratings Pay by Receiving options Fastest transfer Fee (pay by bank transfer) Key benefits
    CurrencyTransfer
    Not rated yet
    Bank transfer
    Bank account
    24 hours
    £0
    OFFER
    Wise (TransferWise)
    Finder rating
    ★★★★★
    Credit card, Debit card, Bank transfer
    Bank account
    4 hours
    From £3.75
    Refer 3 friends to receive up to £50 referral bonus
    OFFER
    Xe
    Finder rating
    ★★★★★
    Credit card, Debit card, Bank transfer
    Cash pickup location, Bank account
    Within minutes
    £2
    Refer a friend and you'll each get a £25 Amazon voucher when they transfer over £1,000. T&Cs apply.
    DISCOUNT
    PassTo
    Finder rating
    ★★★★★
    Credit card, Debit card, Bank transfer
    Cash pickup location, Bank account, Mobile wallet
    Within minutes
    From £0.99
    No fees on your first 2 transfers. Refer PassTo to 3 friends to earn £50 once they each make a transfer of £200 or more. They'll earn £5 too. T&Cs apply.
    Remitly
    Finder rating
    ★★★★★
    Credit card, Debit card, Bank transfer
    Cash pickup location, Bank account, Mobile wallet, Home delivery
    Within minutes
    From £1.49
    OFFER
    CurrencyFair
    Finder rating
    ★★★★★
    Bank transfer
    Bank account
    24 hours
    £2.50
    New customers get unlimited fee-free transfers for their first 3 months. T&Cs apply.
    CurrencyFair Business
    Not rated yet
    Bank transfer
    Bank account
    24 hours
    £2.50
    Zero fees on your first 10 transfers. T&Cs apply.
    Wise (TransferWise) Business
    Finder rating
    ★★★★★
    Credit card, Debit card, Bank transfer
    Bank account
    2 days
    From £3.75
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    Compare up to 4 providers

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

    More on the best money transfer apps

    How are Remitly’s reviews?

    Ratings accurate as of 10 June 2022

    Trustpilot score4.1 out of 5, based on 35,123 customer reviews
    Monito8.8 out of 10, staff reviewed

    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.

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