Review: Remitly money transfers
- Fees (pay by bank transfer)
- From £0
- Minimum transfer amount
- £1
Our verdict
Enjoy quick, easy money transfers with competitive exchange rates and straightforward fees.
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.
Pros
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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.
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Delivery promise. Remitly guarantees that your money will be delivered by a specified time or the fees are refunded.
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Speed. Express options make it possible to have your money there faster, typically within a few minutes if you pay by credit card.
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Diverse delivery options. Send money to bank accounts, for cash pickup, directly to a mobile wallet or even for home delivery in select markets.
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Rewards. Remitly's referral program makes it possible to earn rewards by referring friends and family members.
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Strong customer service Good for for inexperienced users with a helpful customer service team.
Cons
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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.
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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.
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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.
Details
Product details
| Product Name | Remitly |
| Pay by | Credit card, Debit card, Bank transfer |
| Receiving options | Cash pickup location, Bank account, Mobile wallet, Home delivery |
| Customer service | Phone, Live chat |
| 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, 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 |
| Bank account required? | Yes |
| Personal account manager? | No |
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.
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.
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 take
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 needed | Tier 1 | Tier 2 | Tier 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.
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 score | 4.1 out of 5, based on 35,123 customer reviews |
|---|---|
| Monito | 8.8 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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