What Remitly does well
Easy registration - The account creation process is simple, and takes little time. Use the Remitly website or mobile app to get started.
ID verification - Tier 1 membership does not require ID verification, however, this comes with low sending limits.
Remitly transfer time - Express transfers may take place in a few minutes or hours, depending on the destination country. Economy transfers typically take two to three business days after receipt of your payment.
Card payments - You may pay for your transfer using Visa, Mastercard, or Maestro debit and credit cards. However, this comes at an added cost.
Minimum transfer limits - You can send under $5 with Remitly. However with their high fees, you may not want to.
Where Remitly could improve
Over-the-phone transfers - As of now, you can initiate your transfer through Remitly only online. It does not let you carry out transfers by speaking to a dealer over the phone.
Maximum Sending limits - Remitly imposes daily, monthly, and 180-day sending limits. These are based on where you and the recipient live. Low sending limits mean that customers who want to send large sums of money. Remilty is not for you.
- Tier 1 maximum sending limit of 180 is AUD$18,000.
- Tier 2 maximum sending limit is AUD$36,000.
- Tier 3 maximum sending limit is AUD$60,000.
ID verification for larger transfer amounts - You need to verify your identity for Tier 2 and Tier 3 membership. This process may take more than a day. Each tier requires more detailed customer identification documentation. This can become tedious and time consuming.
Remitly's Ease of Use score could improve if they offered customer transfers over the phone for people not tech savvy. The sending limits can be a problem especially with further sending limits based on ID verification tiers. Customers who need to send larger amounts over a period of time may not be suited to this service.