Remitly Review: Fees, Limits and Exchange Rates (2024)

Remitly, a renowned international money transfer service, has garnered a strong reputation in the industry, aided by significant investments from esteemed individuals like Jeff Bezos and Goldman Sachs.
With over $100 million in venture capital raised, Remitly has proven its efficient and secure operations, experiencing rapid growth in both transaction value and customer base.

This comprehensive review aims to delve into Remitly’s services, fees, security measures, and customer feedback, enabling readers to make informed decisions regarding their international money transfer needs.

What is Remitly?

Remitly is a global money transfer service that allows users to send funds to recipients in over 170 countries. It is a reliable and efficient platform for international money transfers, providing users with the freedom to send money securely and conveniently. With Remitly, users can expect a seamless and hassle-free experience when transferring funds across borders.

One important aspect to consider when using Remitly is the exchange rate. Remitly offers competitive exchange rates, ensuring that users get the most value for their money. This is crucial when sending funds internationally, as exchange rates can greatly impact the final amount received by the recipient.

In addition to competitive exchange rates, Remitly also provides excellent customer service. Many satisfied customers have left positive reviews praising the fast and easy service, as well as the reliable and trustworthy reputation of Remitly. However, it is important to note that some customers have experienced delays in money arrival and issues with ID verification. These concerns should be taken into account when considering the use of Remitly for international money transfers.

In general Remitly is an excellent choice for those seeking a secure and efficient platform for international money transfers. With its competitive exchange rates and positive customer reviews, Remitly provides users with the freedom and peace of mind they desire when sending funds to loved ones around the world.

Remitly’s Money Transfer Features

Customers can easily access and utilize Remitly’s money transfer features to send funds internationally, whether they choose the Economy service for lower fees or the Express service for faster delivery. Remitly offers lower fees compared to other money transfer providers, making it an attractive option for those looking to save money when sending funds abroad. Additionally, Remitly accounts are verified using a secure and efficient process to ensure the safety and security of customer transactions.

When sending money through Remitly, customers can also take advantage of competitive exchange rates, ensuring that their recipients receive the maximum value for their funds. This is especially beneficial for individuals sending money to the Philippines, where exchange rate fluctuations can have a significant impact on the amount received.

Remitly’s user-friendly platform allows customers to easily initiate transfers, add beneficiaries, and choose their preferred delivery method. Whether it’s sending money to a bank account or opting for cash pickup, Remitly provides flexibility and convenience.

Overall, Remitly offers a reliable, efficient, and cost-effective solution for international money transfers. With its lower fees, competitive exchange rates, and user-friendly interface, Remitly is a popular choice for individuals who value freedom and want to maximize the value of their money transfers.

Remitly transfer methods and options

Remitly offers a variety of transfer methods and options for sending money:

• Bank Account
• Debit Card
• Prepaid Card
• Credit Card
• Apple Pay
• Google Pay

Additionally, recipients have the option to receive the funds through:

• Cash pickup
• Mobile money
• Home delivery
• Debit card deposit
• Bank account

Remitly’s Fees & Exchange Rates

Remitly’s fees and exchange rates vary based on factors such as transfer amount, destination, funding method, and service chosen.

Please take note that the fees for Remitly money transfers can vary significantly based on several factors, including the origin and destination of the transfer, the amount being sent, the chosen service, and other considerations. These factors encompass the transfer amount, the recipient’s location, the funding method, the beneficiary’s currency, and the selected transfer service. To illustrate, let’s consider the fees for sending money from the US to the Philippines:

• Remitly’s Economy Service: This service involves a bank account deposit and takes approximately three business days for the money to arrive. There is no fee charged by Remitly for this service.
• Remitly’s Express Service: With this option, the money arrives almost instantly and allows you to make payments using your debit card or credit card. Please note that Remitly charges a fee for this express transfer option. Rest assured, the fee will be clearly displayed to you before you proceed with the transfer, ensuring transparency and giving you complete control over your transaction.

It is important to note that Remitly may apply higher fees in specific situations, such as when the beneficiary in the Philippines receives money in US dollars instead of pesos. As these fees can accumulate, it is advisable for the recipient to receive funds in their country’s native currency whenever possible.

Credit Card Processing Fees

Remitly Money Transfer Fees

Remitly applies a minor credit card processing fee in Australia, Canada, and the US, while no fee is imposed in EU countries. However, please be aware that your credit card provider might levy an extra fee or interest since a money transfer can be viewed as a “cash advance.” It’s important to note that Remitly has no control over this fee, which can reach up to 3% in the US or 1% in Canada. Credit card fees may differ in other countries as well.

Fees Imposed by Banks When Transferring Money

Banks may impose additional fees when transferring money to another account. These fees are not within Remitly’s control. Situations where banks may charge extra fees include wire transfers involving sender or beneficiary accounts, transfers conducted through SWIFT or specific banking protocols, beneficiary banks charging fees for receiving transfers, and intermediary banks applying fees for processing money in transit. These fees might result in the beneficiary receiving a lesser amount than indicated by Remitly, due to factors beyond their control. If you wish to ascertain the likely amount of these additional fees, please reach out to your bank and the beneficiary’s bank.

Remitly Exchange Rates

Remitly provides competitive exchange rates, which generally range from 0.5% to 2% below the mid-market rates. To view the specific exchange rates applicable to your transfer destination, you need to create an account with Remitly and log in. By doing so, you can easily compare the mid-market exchange rates for different currencies with the exchange rates offered by Remitly.

How long does it take to send money with Remitly?

When initiating a transfer with Remitly, the money can be sent within minutes for Express transfers or take three to five business days for Economy transfers. Remitly offers different delivery options and speeds to accommodate the needs of its customers. To provide a clear understanding of the transfer times, the table below outlines the delivery methods and estimated timeframes for each:

Remitly’s Express transfers are ideal for those who need to send money urgently, as it offers fast delivery within minutes. On the other hand, Economy transfers are a more cost-effective option for individuals who are not in a rush to transfer funds.

It is important to note that these timeframes are estimates and can vary depending on factors such as the destination country, the recipient’s bank, and any potential delays in the banking system. Remitly strives to provide efficient and timely services, but external factors beyond their control may affect the actual transfer times.
Whether you need to send money quickly or have a more flexible timeline, Remitly offers options to suit your needs.

Is Remitly Safe To Send Money?

Undoubtedly, the most pressing concern among potential users is whether Remitly is sufficiently secure to send money internationally. Here are four key points to consider when evaluating Remitly’s security:

1. Regulatory Compliance: Remitly is a registered Money Services Business with the US Department of the Treasury, licensed as a money transmitter in the US, and authorized to operate in all Canadian provinces. It is also duly regulated in the UK and Ireland. This ensures that Remitly operates within the legal framework and adheres to strict security protocols.
2. Security Measures: Remitly has various security measures and fraud prevention safeguards in place to protect users’ financial information and transactions. These measures include encryption technology, multi-factor authentication, and secure data storage.
3. 100% Satisfaction Guarantee: Remitly offers a money-back guarantee if a transfer doesn’t arrive on time. This demonstrates their commitment to providing a secure and reliable service.
4. Positive Customer Feedback: Remitly has received positive customer ratings and reviews, with a 4.1/5 star rating on Trustpilot. Customers praise the fast and easy service, reliability, and positive customer service experiences.

How does Remitly money transfer work?

To understand how Remitly money transfer works, it is important to grasp the seamless process of transferring funds internationally and the efficiency with which Remitly facilitates these transactions. Remitly is an online international money transfer service that allows users to send money to recipients in over 170 countries.

While Remitly offers convenience and ease of use, there are a few cons to consider. These include the fees charged by Remitly, which vary depending on factors such as transfer amount, destination, funding method, and service chosen. Additionally, some users have experienced delays in money arrival due to banking hours, and there have been occasional complaints about requirements for making a transfer, such as providing bank information and personal identification.

Can Remitly send money to bank account?

Remitly offers the convenient option of sending money directly to a recipient’s bank account, providing a secure and efficient method for international transfers. With this service, individuals can easily and safely send funds to their loved ones across borders, without the need for physical cash or complicated processes.

Can you use Remitly to send money to yourself?

bsolutely! Remitly offers the convenience of sending money to yourself while you’re on the go. Nevertheless, please note that the available choices for receiving the funds may vary based on the destination country you are traveling to.

Can you cancel a Remitly transfer?

A certain number of Remitly transfers can be cancelled if the recipient has not yet received the money. This feature provides flexibility and convenience for users who may need to change or cancel a transaction.

Here are four reasons why the ability to cancel a Remitly transfer is important for individuals seeking financial freedom:

1. Mistakes happen: Sometimes, errors occur when initiating a money transfer. Being able to cancel a transaction allows users to rectify any mistakes and ensure the funds are sent to the correct recipient.
2. Changing circ*mstances: Circ*mstances can change unexpectedly, and individuals may need to cancel a transfer due to unforeseen circ*mstances such as emergencies, financial constraints, or changes in travel plans.
3. Fraud prevention: In cases where there is suspicion of fraudulent activity, the ability to cancel a transfer can help prevent funds from falling into the wrong hands and provide peace of mind for users concerned about the security of their transactions.
4. Financial control: Having the freedom to cancel a Remitly transfer empowers individuals to have greater control over their finances. It allows them to make adjustments and decisions based on their specific needs and preferences.

Who Should Use Remitly?

Frequently, individuals seeking a reliable and convenient way to send money internationally should consider using Remitly. Remitly is an online money transfer service that allows users to send money to recipients in over 170 countries. With its user-friendly platform and competitive fees, Remitly is an attractive option for those who regularly send money to friends and relatives abroad.

For individuals who value freedom and convenience, Remitly provides a secure and efficient way to send money internationally. With its various funding options, including debit cards, credit cards, and bank accounts, users have the flexibility to choose the method that suits them best. Additionally, Remitly’s commitment to compliance and security ensures that transactions are conducted safely.

Who Should Not Use Remitly?

The article provides an in-depth analysis of Remitly’s services and fees, security and compliance measures, customer reviews and complaints, and additional information and FAQs. However, it does not address who should not use Remitly. To address this gap, here are four reasons why Remitly may not be suitable for everyone:

1. Limited availability of transfer methods: Remitly may not offer all transfer methods in certain countries, which can limit the options for sending money.
2. High fees for transfers to certain countries: While Remitly offers low to no fees for transfers to certain countries, fees for transfers to other countries can be relatively high. This can make it less cost-effective for some users.
3. Confusing array of transfer fees: Remitly’s fee structure can be complex and confusing, with different fees depending on factors such as transfer amount, destination, funding method, and service chosen. This can make it difficult for users to determine the exact cost of their transfer.
4. High fees for transfers in different currencies: If the beneficiary’s native currency is different from the currency of the transfer, Remitly may charge higher fees. This can result in additional costs for users.

While Remitly may be a suitable option for many individuals who desire freedom in their international money transfers, these factors should be considered before deciding to use the service.

Is Remitly trustworthy?

When it comes to transferring money, many individuals and businesses seek platforms that are both reliable and secure. Remitly stands out as one such platform. With a commendable rating of 4.1 out of 5 on Trustpilot, it’s evident that a vast number of users trust and are satisfied with its services. In fact, Remitly processes transactions worth over $6 billion annually, a testament to its widespread acceptance and reliability.

Customer satisfaction is at the forefront of Remitly’s services. They offer a unique guarantee: if you’re dissatisfied with their service for any reason, they pledge to refund your transfer fee. Moreover, if you decide to cancel a transaction before its completion, Remitly ensures that you receive a full refund, ensuring peace of mind for its users.

Beyond customer reviews and guarantees, the financial stability of a company often speaks volumes about its trustworthiness. Remitly is backed by robust financial supporters, including renowned names like TomorrowVentures and Bezos Expeditions, among others.

Is Remitly legit?

Absolutely. Remitly has been a key player in the money transfer industry for a decade. It’s not just a fleeting startup; it’s a well-established provider. Furthermore, it’s registered as a Money Services Business with the US Department of the Treasury. This registration, combined with its authorization to operate in numerous countries such as Canada, the UK, and Ireland, underscores its legitimacy and global acceptance. In conclusion, if you’re considering a platform for your money transfer needs, Remitly emerges as a trustworthy and established choice.

Remitly complaints

While Remitly has gained a positive industry reputation and has seen rapid growth in the total value of transactions and number of customers served, it is important to acknowledge and address the issues raised by customers.
Some common complaints include difficulties in cancelling transactions and waiting for refunds, occasional delays in money arrival due to banking hours, and complaints about the requirements for making a transfer, such as providing bank information and personal identification. These concerns can negatively impact the user experience and erode customer trust.
To improve customer satisfaction, Remitly should focus on streamlining the cancellation and refund process, ensuring timely and transparent communication, and simplifying the transfer requirements. Additionally, investing in customer support resources and actively engaging with customers to address their concerns and provide resolutions can go a long way in enhancing the overall user experience.

Remitly Money Transfer Customer Reviews

Remitly Money Transfer has received positive reviews from customers on Trustpilot, with an average rating of 4.1/5 stars. Customers appreciate the fast and cheap money transfer services, the easy-to-use platform, and the reliable reputation of Remitly.

However, there have been some complaints regarding issues with canceling transactions and delays in money arrival, as well as certain requirements for making a transfer.

Remitly Reviews Trustpilot

Over 42 thousand 4- and 5-star reviews on Trustpilot highlight the positive experiences customers have had with Remitly’s money transfer services. These reviews demonstrate the trust and satisfaction that customers have in Remitly.

Here are four reasons why customers love Remitly:

1. Fast and reliable service: Customers appreciate the speed and efficiency of Remitly’s money transfer process. They can send money to their loved ones quickly and securely, giving them peace of mind.
2. Transparent and affordable fees: Remitly offers competitive fees and exchange rates, making it an affordable option for international money transfers. Customers appreciate the transparency in pricing and the ability to choose between different service levels based on their needs.
3. Excellent customer service: Remitly’s customer service team is available 24/7 and provides prompt and helpful assistance. Customers feel valued and supported throughout their money transfer journey.
4. Secure and trustworthy: Remitly is a registered and regulated money services business, ensuring the safety and security of customer transactions. Customers trust Remitly to deliver their money securely to their loved ones.

For those seeking freedom in their financial transactions, Remitly offers a reliable and convenient solution for international money transfers.

Remitly Frequently Asked Questions

Send Money to India using Remitly

A significant number of customers in India choose to send money using Remitly’s secure and efficient international money transfer service. Remitly is a well-regarded company with a strong industry reputation and is backed by notable investors, including Jeff Bezos and Goldman Sachs. They have raised over $100 million in venture capital and have experienced rapid growth in the total value of transactions and number of customers served.

Remitly offers two services: Economy and Express. Economy transfers have lower fees and are funded with a bank account deposit, while Express transfers have higher fees but offer faster delivery and are funded with a debit or credit card. The fees and exchange rates vary depending on factors such as transfer amount, destination, funding method, and service chosen.

In terms of security and compliance, Remitly is a registered Money Services Business with the US Department of the Treasury and is licensed as a money transmitter in the US. They are also authorized to operate in all Canadian provinces and are duly regulated in the UK and Ireland. Remitly has various security measures and fraud prevention safeguards in place, ensuring the safety of customer transactions.

Customer reviews for Remitly in India have been generally positive, with a 4.1/5 star rating on Trustpilot and over 35 thousand 4- and 5-star reviews. Customers appreciate the fast and easy service, being kept informed, and the lack of charges for debit card transfers. However, there have been some complaints about ID verification issues and delays for certain recipient banks.

Send Money to Philippines using Remitly

Customers can easily send money to the Philippines using Remitly’s secure and efficient international money transfer service, ensuring fast and reliable transactions. Remitly has gained a positive reputation in the industry, backed by notable investors such as Jeff Bezos and Goldman Sachs. With over $100 million in venture capital raised, Remitly is seen as a well-run and trustworthy business.

The platform offers two services, Remitly Economy and Express, with varying fees and delivery speeds. Customers have the freedom to choose the service that best suits their needs. Remitly’s commitment to security and compliance ensures a safe and secure transfer process. The company is registered with the US Department of the Treasury and holds licenses in multiple countries.

Customer reviews on Trustpilot highlight the positive experiences with Remitly’s fast and easy service. While there may be occasional complaints about ID verification issues and delays, Remitly strives to address and resolve these concerns.

Overall, Remitly provides a convenient and reliable option for sending money to the Philippines, giving customers the freedom to support their loved ones with ease.

Send Money to Brazil using Remitly

With rapid growth in the number of transactions and positive impressions from investors, Remitly offers a secure and efficient way to send money to Brazil. As a global money transfer service, Remitly allows users to send money from 21 countries to recipients in over 160 countries. Brazil is one of the key destinations for Remitly’s customers, given its large population and economic opportunities.

To provide a comprehensive overview of Remitly’s services for sending money to Brazil, the table below highlights key features and considerations:

Remitly’s competitive advantage lies in its user-friendly interface, competitive fees, and strong security measures. It is important for users to compare fees and exchange rates to ensure the most cost-effective transfer. With Remitly’s secure and efficient service, individuals can send money to Brazil with ease and confidence.

Send Money to Nigeria using Remitly

The growing demand for international money transfers to Nigeria has led Remitly to offer a secure and efficient service for sending money to the country. With the aim of providing freedom and convenience to their customers, Remitly has developed a platform that allows individuals to easily send money to Nigeria from anywhere in the world.

Here are four key reasons why Remitly’s service is gaining popularity among those who desire freedom:

1. Ease of Use: Remitly’s platform is user-friendly and straightforward, allowing customers to initiate transfers with just a few clicks. This simplicity ensures a hassle-free experience for senders.
2. Competitive Exchange Rates: Remitly offers competitive exchange rates, ensuring that customers get the most value for their money when sending funds to Nigeria.
3. Fast Delivery: Remitly understands the importance of promptness, and their service ensures that funds are delivered quickly to recipients in Nigeria, providing peace of mind to both senders and receivers.
4. Security: Remitly prioritizes the security of their customers’ transactions, employing robust security measures to protect sensitive information and prevent fraudulent activities.

Overall, Remitly’s service for sending money to Nigeria caters to the needs of individuals who desire freedom, convenience, and security in their international transactions.

Remitly vs Western union

In comparing the services of Remitly and Western Union, it is essential to consider factors such as fees, exchange rates, and delivery options. Here is a comparison table to help you make an informed decision:

Remitly offers lower fees and more competitive exchange rates compared to Western Union. They provide multiple options for receiving money, including bank account deposit, mobile device, cash pickup, and home delivery. On the other hand, Western Union has an extensive network of banks and agent locations globally, which can be useful in certain situations.

For an audience that desires freedom, Remitly’s flexibility in delivery options and their focus on lower fees and competitive exchange rates make them a preferred choice. However, it is always recommended to compare multiple international money transfer providers to ensure you get the lowest fees and best exchange rates for your specific transfer needs.

Remitly vs Wise

Comparing Remitly’s lower fees and competitive exchange rates with Wise’s innovative technology and user-friendly interface is crucial in determining the best international money transfer provider for your needs. When it comes to making cross-border transfers, it’s important to choose a service that not only offers affordability but also provides a seamless user experience.

Here are four key points to consider when comparing Remitly and Wise:

1. Lower fees: Remitly prides itself on offering low or no fees for transfers to certain countries. This can save you money in the long run, especially if you frequently send money internationally.
2. Innovative technology: Wise, formerly known as TransferWise, is known for its cutting-edge technology that allows for fast and efficient transfers. Their platform uses peer-to-peer technology, resulting in lower fees and faster delivery times.
3. User-friendly interface: Wise’s interface is designed with the user in mind, making it easy to navigate and complete transfers. Their intuitive app and website ensure a seamless experience for both new and experienced users.

Ultimately, the decision between Remitly and Wise depends on your specific requirements and priorities. Consider these factors to make an informed choice and enjoy the freedom of hassle-free international money transfers.