Remitly Money Transfer Review
Exchange rates, Payment methods, How to, Transfer fees and much more
Everything you need to know
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 WorldRemit
When you send money online with Remitly, you can fund the transfer using:
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.
You can send up to $999 daily, $2,999 weekly, $10,000 monthly and $18,000 every six months
You can send up to $6,000 daily, $20,000 monthly and $36,000 every six months
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 ?
The second option is the economy which is their cheapest option. This transfer takes 3- 5 days.
Remitly Transfer Fees
Users can send money using Remitly's Economy or Express options. Economy has lower fees (and no fees for your first transfer), but it takes longer to reach the receiver.
The transfer from Canada to the Philippines in Economy, using local currency, might take up to three days. If you transfer less than $500, Remitly will charge you $2.99, but if you send more than $500, there is no charge.
If you need money sent from Canada to the Philippines right away, the Express option costs $6.99 no matter how much you send.
Express transfers are ideal for customers who need to send money quickly for a variety of reasons. They do, however, come with additional costs that can pile up over time if you use this method to send money frequently.
Remitly may also charge you additional fees in some circumstances, such as when you send money to a receiver in another nation but they will get it in US dollars.
If users in Australia, Canada, or the United States choose to pay the transfer using a credit card, they will be charged a processing fee. Your credit card company may also charge you additional fees, but Remitly has no influence over these charges.If you transfer money through a bank account, you may be charged additional costs. Remitly has no influence over these costs, which are determined by your bank's policies.
Pros and Cons of using Remitly
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.
Remitly Profit
How does Remitly make 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
Remitly exchange 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.
Best rates with RemitBee
Transfers are secure, with top-level encryption protecting your data and funds. Whether you're sending money to family or handling business transactions, RemitBee ensures a smooth, reliable experience every time.
Safety and security
Is Remitly money transfer 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:
Security features
- 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
- Australia
- United Kingdom
- Denmark
- Canada
- Germany
- Finland
- Italy
- USA
- Spain
- Sweden
