Remitly Money Transfer Review

Exchange rates, Payment methods, How to, Transfer fees and much more

Remitly review

           

Sending money online can be worrisome to many people. Is it safe to send? Am I paying too much to transfer money online?

Remitly is an online money transfer service that allows customers in the United States, Canada, Australia, the United Kingdom, and the Eurozone to send money to more than 40 countries internationally. The service makes transferring money quicker, easier, and less expensive than other companies. Send money using your smartphone, tablet, or online through the Remitly online transfer service.


Payment Methods Available with Remitly

           

When you send money online with Remitly, you can fund the transfer using:

  • Bank transfer
  • Credit Card
  • Debit Card
  • Individual users can send up to $999 per day, and Remitly doesn’t allow you to set up recurring transactions.

    If you choose to submit additional information to Remitly, such as the reason for the transfer or proof of how you are funding the transfer, you can send more money.

    For example, providing Remitly with the reason you’re sending the money and the source of the funds, you can send up to $6,000 per day.

    The person receiving the money has a few options for getting their funds, including deposit into a bank account, deposit into a digital wallet, or picking up cash at a nearby partner money transfer facility. And if you need to send money somewhere immediately, you can choose the “Express” option for an instant transfer of funds.


    How much I can transfer with Remitly.

               

    With Remitly you need to pass different tiers of verification to be able to send higher amounts of money. To increase your sending limits you will need to provide your personal information and upload certain documents.

    Tier 1. You can send up to $999 daily, $2,999 weekly, $10,000 monthly and $18,000 every six months

    Tier 2. You can send up to $6,000 daily, $20,000 monthly and $36,000 every six months

    Tier 3. You can send up to $9,999 daily, $30,000 monthly and $60,000 every six months

    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 within 4 banking hours
    • Economy generally takes three to five business days to arrive

    Remitly Transfer Fees

               

    The fees Remitly charges to transfer money depend on several different factors, including:

  • How much money you’re sending
  • Where you’re sending money to
  • How you are paying for your transfer
  • The currency you’re converting your money to
  • The way you choose to transfer the money
  • Remitly allows users to send money either Economy or Express. Economy often has lower fees - including no fees for your first transfer - but takes longer to reach the recipient.

    If you’re sending Economy from Canada to the Philippines, using local currency, the transfer will take up to three days. Remitly charges you $2.99 if you send less than $500, but there is no charge for sending more than $500.

    If you need the money to get from Canada to the Philippines immediately, the Express option costs $6.99 regardless of how much you’re sending.

    Express transfers happen immediately, so they’re great for people who need to send money for emergencies. However, they do carry additional fees that can add up the more often you send money with this method.

    There also may be situations where Remitly will charge you additional fees, such as when you send money to a recipient in a foreign country but they will receive that money in United States dollars.

    Users in Australia, Canada, and the United States will also be charged a processing fee if they elect to fund the transfer with a credit card. You also may be charged additional fees directly by your credit card company, but Remitly has no control over these fees. If you’re using a bank account to transfer money, they may also charge you additional fees. These fees are dependent on your bank’s policy and are out of Remitly’s control.


    Pros and Cons of using Remitly

               

    Pros

  • Easy to use with user-friendly online applications and mobile app.

  • Those who receive money can collect their money at any Remitly partner bank, including nearly all big banking networks in the countries where Remitly is available.

  • Multiple payout options, including bank transfer, mobile wallet, home delivery, and pickup at over 140,000 locations.

  • Currency exchange rate locks in when you start the transfer, protecting you from fluctuations before the money gets to the recipient.

  • Text message alerts for you and the recipient so you both can track when money has been sent and received.

  • If you are unhappy with the service you receive from Remitly, you get a refund on all the fees you paid.

  • Its website is secure, meaning you can be confident you’re transferring money securely.

  • Cons

  • Often not the cheapest money transfer option, with exchange rates that are lower than other services.

  • Fixed fees can get expensive if you’re transferring smaller amounts of money.

  • You may be limited in how you can send money and how the recipient gets the money depending on where you’re sending money.

  • Daily and monthly limits on how much you can send without going through extra verification steps.

  • Higher fees for express transfers. You need to pay much more in fees if you want to fund your transfer with debit or credit card.

  • How Remitly Works?

    01
    Create your free account

    Sending money from person to person is relatively quick and easy with Remitly, with most transfers being sent within a few minutes of signing up. Visit www.remitly.com to create your free account. You will be asked to select a country you’re sending money to, enter your email address and password. Voila, your Remitly account was just created.

    02
    Complete a verification

    After you created your free account, you’ll need to provide more information about yourself. Your full name, residential address, phone number, and occupation will be required to initiate your first money transfer. It’s a mandatory government requirement, and there is absolutely no way around. Moreover, if you want to send larger amounts, you will need to provide certain documents and have them verified.

    03
    Initiate your first transfer

    Now, it’s time to start your first money transfer. Enter the amount you want to send and select the delivery method. Depending on the delivery method, you’ll need to select bank options or provide some extra information.

    04
    Add your recipient

    Next step – adding your first recipient. Remitly will ask you to provide information about the receiver and his bank details. If your delivery method is different from the bank deposit, some extra information might be required.

    05
    Review your transfer and send

    You are almost done! At the end of the process, you need to select a payment method for your transfer and enter payment details (your credit card or bank information). Right after that, you’ll be prompted to the overview screen. Here you need to overview all the transfer details once again. If everything is correct, you just confirm and pay! That’s it, your first Remitly money transfer was just completed.

    Other Money Transfer Providers

    Remitly Exchange Rates


    Remitly’s exchange rates are competitive with other online money transfer services, typically coming in between 0.5% and 2% worse than general market rates.

    The company not only makes money with these exchange rates that are worse than the market, as well as additional fees charged by Remitly.

    For example, if you want to send $500 from Canada to the Philippines, you will pay between $2.50 and $10 more to send that money with Remitly over base exchange rates.

    The company also charges you fees for sending money instantly with a credit or debit card, as well as fees for transferring money to the Philippines in U.S dollars instead of the native currency.


    How Remitly makes money?


    Remitly makes its money by charging customers to send money from one country to another. These fees are what you pay based on where you’re sending money, how much you’re sending, how fast you want the money to get there, and how you’re paying to send the money.

    The fees Remitly charges are higher than some of their competitors, so shop around before deciding what service to use to send money overseas.

    Platforms Where Remitly Is Available


    Remitly is available for use on your computer, tablet or mobile device through its web-based platform. Additionally, the Remitly app is available for Android and iPhone devices.

    All of Remitly’s platforms come highly rated by customers for their ease of use and user-friendliness.



    Is Remitly Secure?


    Remitly is considered a very secure and trustworthy online money transfer provider.

    The company is a registered Money Services Business with the United States Department of the Treasury and is a licensed money transmitter. Remitly also is authorized to operate in all Canadian provinces except Quebec (although this is coming soon), as well as the United Kingdom and Ireland.

    Remitly offers a variety of safeguards and security measures to protect your information and your money, including:

    ● All Remitly accounts are verified using a variety of different measures, helping keep them safe and secure while also preventing fraud.
    ● In order to send money through Remitly, users must submit certain documents to prove their identity.
    ● Remitly uses manual and automated fraud detection techniques and risk management procedures, helping them detect and eliminate suspicious account activity.
    ● All transactions are protected by strong online security measures, including 256-bit SSL encryption with a 2048-bit signature.

    Remitly is financially strong, and it has the backing of a variety of investors including TomorrowVentures, Jeff Bezos, Trilogy Equity Partnership, QED, and DJF. They have raised more than $100 million in venture capital, and completed a second round of fundraising with investors such as Barclays, Bridge Bank, Goldman Sachs, Prudential Financial, and Top Tier Capital Partners.


    With Remitly you can send money from the following countries

    The Remitly app and online transfer service lets you send money from the following countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Spain, Sweden, the U.K. and the U.S.A..

    Remitbee team

    Remitly allows you to transfer money to the following countries

    Using Remitly money transfer services, you can send money to the following countries around the globe: Argentina, Bangladesh, Bolivia, Brazil, Bulgaria, Chile, Colombia, Costa Rica, Croatia, Czech Republic, Dominican Republic, Ecuador, Egypt, El Salvador, Ethiopia, Ghana, Guatemala, Haiti, Honduras, Hungary, India, Indonesia, Jamaica, Kenya, Malaysia, Mexico, Morocco, Nepal, Nicaragua, Nigeria, Pakistan, Panama, Paraguay, Peru, Philippines, Poland, Romania, Rwanda, Senegal, South Africa, Sri Lanka, Thailand, Tunisia, Turkey, Uganda, Uruguay and Vietnam..

    Remitbee team

    Remitly Money Transfer Customer Reviews


    Remitly has more than 20,000 reviews on consumer review site TrustPilot, with more than 85 percent of them being 5-star reviews.

    Frequent positive points in reviews of Remitly include the ease and speed of transferring money, and reviewers were highly satisfied with the customer service provided by Remitly.

    Here are some sample positive reviews of Remitly’s service:

    Kellie said Remitly not only made her transfers quick and easy, but the customer service she received when she experienced an issue was exceptional. She has stopped using all other transfer apps in favor of Remitly.

    “Excellent service, unsurpassed speed, and the best rates! I'm very glad I read about your company and gave you guys a shot!” - FA

    However, Remitly isn’t without its critics.

    Negative reviews include complaints about the fees Remitly charges, difficulties canceling transfers or closing accounts, and difficult experiences with customer service representatives.

    How to Contact Remitly?


    Remitly offers 24/7 customer service on the phone and via the chat feature on their website

    Remitly Email Support - service@remitly.com

    Remitly Support via Phone - (888) 736-4859

    Remitly Online Chat - (link to the online chat)

    Alternatives to Remitly Money Transfers

    Banks

    Banks are the more traditional choice for many people wishing to transfer money online, mostly because they’re well-known, established, and seen as very secure. However, sending money using a bank tends to be much more expensive than more modern choices. Additionally, sending money using a bank can be incredibly inconvenient for anyone without easy access to a branch bank. Remitly has the benefit of being accessible wherever you have the internet, allowing you to connect your bank account or credit card no matter where you hold that account. The person receiving the transfer can get their funds however is most convenient for them.

    01

    Traditional Money Transfers

    A more accessible alternative to banks for many people has been other traditional transfer companies, such as Western Union, MoneyGram, Ria Money transfer etc.. These companies have more easily accessible branches, often locating inside grocery stores or on street corners, than many banks do.

    However, they offer limited choice on how you can send and receive money, and the fees they charge are exorbitant in many cases. This puts money transfers out of reach for many people.

    In comparison, Remitly offers even broader access to sending and receiving money, but also with much lower fees and exchange rates.

    02

    Other Online Money Transfer Services

    With the advent of the online money transfer industry, the amount of choices consumers had when sending and receiving money exploded.

    Because these services, such as Transferwise, WorldRemit, Remitbee, and Remit2India, don’t have to run branches or manage large teams of employees, their fees often are lower than those from a bank or other traditional money transfer service. Additionally, because these services partner with a wide variety of banks and credit unions, people sending and receiving money have far more choice in how their money is processed. You don’t need to be near a bank or transfer service branch to be able to send or receive money.

    When compared to many of these online money transfer services, Remitly doesn’t always have the lowest fees or the best exchange rates. Depending on where you’re sending money to, how much you’re sending, and how you’re sending that money, the fees for Remitly’s service can range from very inexpensive to higher than other similar services.

    03

    Send Money to India using Remitly

    Transfer Canadian Dollar to Indian Rupee

    Deposit - instantly to Andhra Bank, Bank of Baroda, Canara Bank, Catholic Syrian Bank, Central Bank of India,City Union Bank, Corporation Bank, Federal Bank, HDFC Bank, Indian Bank, Indian Overseas Bank, Kotak Mahindra Bank, Punjab National Bank, South Indian Bank, Union Bank of India, Vijaya Bank, and YES Bank.

    Deposit within 4 banking hours to all others including ICICI Bank, State Bank of India, and Citibank.

    Remitbee team

    Send Money to Philippines using Remitly

    Transfer Canadian Dollar to Philippines Peso

    Cash pick-ups network — Cebuana Lhuillier, M Lhuillier, and any BPI Branch

    Banking network — The Bank of the Philippine Islands, Banco de Oro, Philippine National Bank, Metrobank, Globe Gcash Wallet, and all Bancnet member banks.

    GCash network — covers all Globe Telecom outlets, Tambunting Pawnshops, Villarica Pawnshops and the Green Bank of Caraga.

    BDO cash network — covers all BDO bank branches, all SM Malls and department stores, SM Global Pinoy centers, Palawan Pawnshop and over 30 rural banks.

    Remitbee team

    Send Money to Brazil using Remitly

    Transfer Canadian Dollar to Brazilian Real

    Remitly’s cash pick-ups network includes Banrural, Banco industrial, elektra, Banco Agricola, MiCoope, Credomatic, Davivienda, Banco Atlantida, Ficohsa, Banpro (Grupo Promerica), Banco Lafise, BBVA, Bancolombia, Interbank, Servipagos, Banco Internacional, Banco del Austro, Sistema Fedecredito.

    Remitly’s banking network includes Banrural, Banco industrial, Banco Agricola, Credomatic, Ficohsa, Davivienda, Banco Atlantida, Bancolombia, BBVA, Banco Internacional, Banpro (Grupo Promerica), Banco Lafise, Banco del Austro, Interbank, Banco Guayaquil.

    Remitbee team
    Remitly Frequently Asked Questions
    Here are some frequently asked questions about choosing Remitly for your online money transfers:

    No, you cannot entirely avoid paying fees to send money with Remitly. However, there are some ways you can decrease the fees you pay. Some of those ways include: - Comparing Remitly’s fees and exchange rates with those you may find at other online money transfer services. - Using Remitly’s estimator tool to see how much it will cost you to send money, and deciding if you can adjust the amount to decrease fees. - Consider sending money with another online money transfer service if their fees are lower and their exchange rates are better. The more you save, the more money actually gets to the person you’re sending it to.

    The amount of money you’ll be charged to send money internationally will depend on a variety of factors. Some of these factors include: - How much money you want to send. - Where you’re sending money. - Whether you want to send money in the local currency or in your own currency. - How quickly you want the money to get to its recipient - How you’re paying for the transfer. You can get a good idea of how much you will pay to send money with Remitly by using the estimation tool on their website.

    Yes, it is safe to send money with Remitly. Not only is the business licensed and recognized as a money transfer provider, its website and apps use modern security measures to protect your information and your money.

    If you’ve decided not to send money to another person, or you need to adjust the amount you’re sending, you can cancel a Remitly transaction before the person receiving the funds has picked up the money. To cancel your transfer, log into your Remitly account either using the website or app, and navigate to the transaction you wish to cancel on the “Transaction History” tab. Select the transfer you want to cancel and go to the “Transfer Confirmation” page. Scroll to the bottom of the page and click “Cancel Transfer.” You will be asked to provide a reason for cancelling the transfer. Remitly will send an email letting you know they’ve cancelled your transfer. If you cannot find the “Cancel Transfer” link, call Remitly customer service and follow their instructions.

    Signing up for Remitly Online is fast and easy. Stary by visiting Remitly.com and clicking ‘Join Now.’ Enter your email and a password and then select Join. If you want to join via the app on your phone, download the app from the App Store or Google Play Store. Select the country you’re sending from and the country you’re sending money to and select Next. Enter your email, create a password and click Join Remitly. That’s it!

    Remitly is a digital money transfer service that works to be fast, reliable and affordable. Since there are no brick and mortar locations, Remitly keeps the process of transferring money low and in turn keeps fees low for customers as well. You start by checking if Remitly supports the country you want to send money to, download the app, create a free account, enter the amount to transfer and the recipient’s information and then select transfer. Remitly does the rest for you.

    Remitly relies on technology to make transferring money faster and less expensive, and then partners with cash-pickup locations in other countries so your recipient can collect their cash in person. They make money by charging transaction fees. By optimizing the costs of the entire process, the customer pays lower fees than they would elsewhere and Remitly is able to make a profit and continue transferring money affordably, creating a win-win situation.

    Yes it is! Remitly is a reliable and secure money transfer service that is registered with the U.S. Department of the Treasury and is licensed to transmit money in the U.S. They are also authorized to operate in the UK and all of the Canadian provinces except Quebec.

    As long as the recipient hasn’t received or picked up the funds yet, most transfers can be cancelled through Remitly.

    Customers can select the Economy or Express delivery speed when making their tranfer. Express typically transfers money from your debit card within minutes, while Economy takes between 3 and 5 business days for the money to arrive in the recipient’s account.

    Yes, sending money through Remitly is safe. Remitly is constantly updating their technology to make money transfers as secure as possible.

    If you want to delete your account on Remitly, start by contacting customer support. They can help you close your account.

    If your transfer is on hold, it typically means more information is needed to deliver your money to the recipient. This could include identity verification, or a sending limit increase. Our partners may also be experiencing issues and may be temporarily unavailable. In most cases you will need to contact customer service to cancel a transaction that is on hold.

    Transfer fees vary depending on the country you are transferring to and amount that you are sending. You can select the country you want to transfer money to on this page to see the transfer fees: https://www.remitly.com/us/en/india/pricing.

    Creating an account with Remitly is free and there are small costs associated with money transfers you complete on the app. These vary based on where you are transferring money to and the amount you are sending.

    Yes, remitly is a safe option for sending money transfers!

    You can request a limit increase if you are trying to send more money than your current limit allows. Remitly may ask you to provide additional information about how you use the app and the source of your funds before approving the increase.

    Yes, you can use debit cards, credit cards or bank cards to make money transfers on Remitly. There will be an additional fee between 1 and 3% if you are using a credit card depending on what country you are sending money to.

    History of Remitly


    When Matt Oppenheimer, one of the founders of Remitly, was having trouble sending money back to the United States from Africa, he decided there needed to be an easier way. In 2010, he founded BeamIt Mobile.

    Back in the United States, he began to work on a money transfer system that was easier for customers to use.

    He was accepted into the Techstars Incubator program in Seattle where he met fellow Remitly co-founder Josh Hug. The two changed the business’s name from BeamIt Mobile to Remitly.

    In 2013, Remitly doubled its transaction volumes over 2012 numbers, and it grew its customer base 400 percent in 2014. Since then, the company has continued to grow, expanding its service into more countries and partnering with more banks and credit unions.

    So what is a Remitly in a Nutshell?


    Remitly may not be the least expensive option for online money transfers, but what it lacks in more fees, it makes up for in other areas.

    From its easy-to-use web and mobile applications to its speedy transfers, its variety of options for receiving money to its great customer service, Remitly is a top choice for many people who want a reliable money transfer service.

    Start sending money with Remitbee today

    Send money from Canada with the best and transparent exchange rates without fees!