Remitly is a startup money transfer service that was founded in Seattle, Washington in 2011 by Mark Oppenheimer, Shivaas Gulati, and Josh Hug. Originally, Remitly was created to help people who had immigrated to the U.S. from the Philippines send money back home. However, over the last few years, their network has expanded greatly and now accepts clients from the United States, Canada, Australia, the Eurozone (all 19 member states of the European Union) and the United Kingdom.
You can use Remitly to send money from 50+ different countries to more than 170 receiving countries worldwide. Take a look at this review to know if Remitly is the right international money transfer service for you.
Remitly Money Transfers – Overview
|Customer Support Channels||Phone, online live chat|
|Types of Transfers||Bank deposit, home delivery, mobile money app, cash pickup|
|Payment Options||Bank account, debit card, credit card|
|Service Coverage||50+ sending countries, 170+ receiving countries|
How Long Does It Take to Transfer Money With Remitly?
|Payment Method||Delivery Speed|
|Bank Account (Economy)||3 – 5 business Days|
|Debit/Credit Card (Express)||Minutes|
How To Transfer Money Through Remitly?
Remitly currently offers two transfer options:
- Online – Using the Remitly website, you can create an account by clicking the “Join Now” button. Once signed up, simply choose your transfer amount details and provide all your recipient information.
- In-App – Remitly has a mobile app available through Google Play store or the App Store. You can sign up and create an account via the app and send money the same way you would on a desktop.
Delivery Options With Remitly
Some people don’t have access to a computer, mobile device or the internet. Others may have these commodities but don’t live anywhere near a Remitly service location. Thankfully, Remitly offers several types of delivery options, including:
- Bank Deposit – A bank deposit allows you the send money to your reciepent’s bank account directly. This is often the cheapest option, but slowest option.
- Mobile Money App – Your recipients can accept transfers via their mobile money app of their choice.
- Home Delivery – In some areas, you can arrange for the cash to be sent directly to your recipient’s home address.
- Cash Pick-Up – If they prefer, your recipent can visit their nearest Remilty outlet to access their account and collect their transfer in cash.
How Does a Remitly Money Transfer Work?
Before you use Remitly as your international money transfer service, find out what kinds of conditions, rates, and fees you’ll encounter when activating your account or making transactions. Once you’ve determined that Remitly is right for you, follow these steps:
Create Your Account
Go online or download the Remitly app to create an account. You’ll need a valid email address to create one.
Enter Transfer Details
Once you’ve created an account, simply go to the “send money” tab and enter the amount you want to transfer. There Remitly will show you the exchange rate as well as any associated fees.
You’ll also have to provide what delivery option you’d like and all associated details such as banking information for bank deposits and cash pickup locations for cash pickups.
Add Recipient Details
Next enter your recipient’s personal details. In addition, let them know that they may have to provide their own government identification (driver’s license, passport, etc.) to collect their money. Make sure all their information is correct to avoid any problems.
You’ll also need to fill out your information (name, birth date, address, reason for the transfer, etc.). When you make your first transaction, you’ll also have to provide your financial details (bank account info, credit card number, etc.).
Choose A Payment Plan
Remitly offers two payment plans. The “Express” allows you to pay by credit or debit card and is the quickest way to send money transfers. The “Economy” has slightly longer delivery times and requires your bank account details but involves lower transfer fees and exchange rates.
Complete Your Transfer
Once all personal and financial information has been verified, you can send your transfer and track its progress by logging into your Remitly account. You can also get email and SMS text notifications. Don’t hesitate to keep any receipts or confirmation documents on for future use.
Generally, the larger your transfer is, the longer it takes to be delivered. That said, the final delivery time also depends on where you’re located, where you’re sending the transfer, what payment method you’re using and which currencies are being exchanged.
How long Does A Remilty International Money Transfer Take?
- Express Plan – While extra fees may apply (card processing, etc.), the money is usually available within minutes, making it a better option for more important situations, such as your beneficiary’s rent or tuition.
- Economy Plan – Bank transfers can take 3 – 5 days, so they aren’t always great for pressing expenses. However, their lower fees and rates can help you save money. In some situations, Remitly might even waive your transfer fee altogether.
What Payment Options Does Remitly Offer?
There are several ways to fund your Remitly transfer. Note that some payment, transfer and money collection transfer options may not be available in certain locations:
- Credit Card – Remitly accepts both Mastercard and Visa in all sending countries, including Canada.
- Debit Card – Remitly also accepts most debit cards, so long as it’s co-branded with the Mastercard or Visa logo. Prepaid debit cards can also be used in certain sending countries like Canada.
- Bank Account – This is normally the slowest but cheapest form of Remitly transfer.
Learn more about how to transfer money to a bank account.
How Much Does it Cost to Transfer Money With Remitly?
The overall cost of your money transfer can vary based on various factors. To give you a better idea, here are some of the standard costs you may encounter with Remitly:
- Transfer Fees – Depending on your payment method, the amount of money you’re sending and delievrly option (express or economy), the total transfer fees will vary.
- Exchange Rates – Remitly exchange rates are competitive and many new customers qualify for promotional rates.
When coupled with your transfer amount, these extra costs can increase the overall price of your Remitly transfer. Don’t worry, you’ll get a breakdown of all fees and costs before you accept to make a transfer with Remitly.
Are Remitly International Money Transfers Safe?
Yes, Remitly is a safe international money transfer service. One of the best things about Remitly is that they are a regulated Money Services Business registered with the U.S. Department of Treasury. Additionally, they have permission to operate within every Canadian province and territory.
They also use advanced security measures to keep your information and money safe, along with risk management software and threat detection techniques that will automatically inform you of any suspicious activity on your account.
Moreover, you can track or cancel your transfers with remitly and if you’re not 100% satisfied with your transfer, you’ll be refunded the fees.
Is Remitly the Right International Money Transfer Service For You?
All money transfer services have their pros and cons. While Remitly is a legitimate business with good customer reviews, it’s still important to consider the pros and cons of transferring or accepting money through their organization, such as:
Pros of Remitly
- 100% Satisfaction – If you’re not 100% satisfied with your transfer, Remitly will refund you back your fees.
- Cash Pickup – Remitly has over 435,000 cash pickup locations.
- Send Money To 170+ Countries – You can send money to over 170 + countries from over 50 different countries.
- Delivery Options – If you need to send money quickly due to an emergency, Remitly offers an Express delivery option for a fee.
- Promotions – Promotional exchange rates are often available for new clients.
Cons of Remitly
- Transfer Limits – The amount of money you can send to a recipient varies based on your location and your recipient’s. Similarly, Remitly has limits on how much you can send in a 24-hour, 30-day and 180-day period. Additional information may be required to make larger transfers.