Overview

Remitly is a quick and cost-effective money transfer service designed for individuals sending money globally, particularly immigrants sending funds back home. The platform offers a straightforward and swift solution for international money transfers. Remitly specializes in transfers to nearly 60 countries across Europe, Asia, Africa, and South America but does not support transfers between developed countries.

How it works?

Remitly allows you to send money from 16 originating countries to 57 countries worldwide. Each country has its dedicated page on the Remitly website and app, where you can check the current exchange rate, as well as all transfer fees and available options. Remitly also provides mobile apps for both iOS and Android, enabling you to initiate and track transfers conveniently.

To register with Remitly and start a transfer, follow these steps:

1. Sign up for a new account online and create a secure username and password, linking your payment information.
2. Select the destination country, recipient details, and preferred transfer method. Remitly will present a guaranteed exchange rate and outline all associated fees.
3. When ready, proceed with the transfer by clicking ‘Send.’ You can monitor the transfer’s progress through your online account, and Remitly will notify you upon completion or when the funds are picked up.

In many countries, you can fund your transfer swiftly using debit/credit cards or bank deposits. Remitly offers various options for receiving funds: recipients can choose from bank account deposits, cash pickup, home delivery, or mobile wallets. Note that not all options are available in every country, so it’s advisable to check online or within the app for availability based on your needs.

Rates and Fees

Remitly provides fast and competitive money transfer rates from 16 originating countries to 57 destination countries worldwide. Fees with Remitly may vary significantly based on the destination and preferred speed of delivery.

To illustrate how rates are determined, consider sending money to the Philippines with Remitly. Sending money via bank transfer, which takes three to five days, incurs no fees if the recipient receives Philippine pesos instead of US dollars. For Express transfers paid by debit card, there is a fee of $3.99 for amounts less than $1,000, while transfers of $1,000 or more are fee-free.

Opting for your recipient to receive dollars instead of pesos incurs additional fees. For instance, sending $1,000 in dollars via Express delivery costs $25.99 and $10.99 for Economy transfer.

Transfer fees vary by country, so we recommend checking the specific cost for the country you intend to send money to after downloading the app. For instance, sending money to Ghana costs $4.99 for Express and $3.99 for Economy, while sending money to Bangladesh costs $4.99 for Express and $2.99 for Economy.

It’s important to be aware that Remitly applies a margin when calculating the exchange rate for your transfer. However, Remitly’s exchange rates remain competitive, typically ranging only between 0.5% and 2% worse than mid-market rates. This still makes it a cost-effective option for sending money home. This fee is integral to Remitly’s business model of offering low-fee transfers while generating revenue.

Processing Time

When sending money with Remitly, you have two options in terms of processing time: Express and Economy. Express transfers may incur slightly higher costs, but funds are typically received within minutes of initiating the transfer. On the other hand, with the Economy option, funds can take between 1 and 5 days to arrive, offering savings on transfer fees.

Remitly provides a 100% satisfaction guarantee, ensuring that if your funds do not arrive on time, you will receive a refund of your fees.

Security

Remitly ensures reliability through several measures. Firstly, they offer an on-time guarantee—if your transfer exceeds the expected timeframe, Remitly refunds your transfer fee (excluding the exchange rate margin). Additionally, Remitly provides two-factor authentication to secure your account against unauthorized transactions. These steps contribute to Remitly’s trustworthiness and commitment to customer security.

Customer Support

Remitly now provides live chat support 24/7 in English, French, and Spanish, along with phone support in English and Spanish. Their website features a comprehensive help center where you can find articles on various topics, including transfer limits and tracking funds.

Bottom line

Remitly is tailored to facilitate affordable and convenient money transfers for migrant workers and immigrants supporting families abroad. The platform allows recipients to receive funds via cash pickup or direct deposit into their bank accounts, offering flexibility. Users can opt for either Express or Economy transfer speeds based on their urgency. Remitly maintains competitive fees, making it advantageous for frequent money senders.