About the Author

Founder & author

Gavan started iCompareFX in 2014 after discovering the easiest way to wire money internationally was through a specialist provider and not the big banks. Working with global clients, he has become an expert in comparing money remittance companies. An ex-financial/IT nut turned entrepreneur, he reviews the best and cheapest providers available on the market.

Personal money transfers

Economy and Express transfers

Mobile app

Cash pick up in some locations

Payment options

Bank transfer

Visa, Mastercard, and Maestro debit and credit cards
 

Payout options

Bank account

Cash pick-up

Mobile wallet top up

Home delivery

Transfer options

Online

Remitly mobile app
 

Regular transfers

Not available

Send money from

AUD, CAD, EUR, GBP, NOK, SEK, SGD, USD
 

Send money to

ALL, ARS, BDT, BOB, BGN, BRL, CLP, COP, CRC, CZK, DOP, EGP, ETB, EUR, GHS, GTQ, GYD, HRK, HNL, HUF, IDR, INR, JMD, KES, KMF, KRW, LKR, MAD, MXN, MYR, NGN, NPR, PEN, PHP, PKR, PLN, PYG, RON, RWF, THB, TND, TRY, TSZ, UGX, USD, UYU, VND, XAF, XOF, ZAR

Note: Destination country support can change for some source countries.

24/7 chat support

Phone support during business hours

Email - service@remitly.com

Phone - International phone numbers location: 

https://help.remitly.com/s/contact?language=en_US


Personal Features

33

Remitly is one of the few companies that provides different transfer methods. Using its services is fairly straightforward.
 

What Remitly offers

  • Multiple transfer methods
  • Fee-free transfer threshold
  • Express transfers
  • Cash pick up
  • Mobile money
  • AliPay

Multiple transfer methods - Available transfer methods vary depending on the destination country. They include bank account transfers, cash pickup, transfers to mobile wallets, and home delivery of transferred funds.

Fee-free transfer threshold - This depends on the destination country. For example, transfers of over US $1,000 to India are fee-free.

Express transfers - Express transfers give you the ability to send money overseas quickly. In some cases, these transfers go through in minutes.

Cash pick up - International transfers for cash pick up is not supported in all destination countries. Cash pickups are not supported in Croatia, Hondorus, Hungary, India and South Korea.

Mobile money - This is a handy way to transfer money to a foreign recipient. Send money directly into a mobile payments wallet. For example, GoPay by GoJek in Indonesia. Each country will have different wallets supported. Not all countries have mobile money solutions.

AliPay - Only for transfers to China. No other delivery method is available in China.
 

What Remitly doesn’t do

  • Personal account manager
  • Remitly mobile wallet
  • Regular transfers
  • Travel debit card

 

Remitly Score

Remitly's score for personal services leaves considerable room for improvement. The absence of regular transfers, an FX optimized travel card, and access to personal managers contribute to its lower rating. However, cash pick ups are available in most countries for an additional cost.


Business Benefits

0

Remitly does not provide services for business customers.


Fees & Exchange Rates

8

Does Remitly charge a fee?

Yes. You need to pay particular attention to how much your transfer costs because Remitly fees come in different forms. The basic transfer fee varies depending on where you and the recipient live, the amount you wish to transfer, and the transfer method. There are additional fees within their exchange rate offered.
 

Remitly exchange rate fee

The exchange rate shown on the Remitly money transfer website shows an indicative exchange rate. When you do the math on the sending and receiving amounts, the Remitly money transfer rate is different from the real exchange rate shown.

This is the exchange rate margin fee. Remitly also adds a margin over the existing exchange rate. This can result in you paying up to 2% of the transfer amount as additional fees. 
 

Speed of transfer fee

Fees for Economy transfers - Up to US $3.99

Fees for Express transfers - US $4.99 to US $99.99
 

Remitly free time user offer

Remitly offers first time customers good exchange rates, still hiding the exchange rate margin charged. The exchange rate margin becomes clearer upon further transfers with Remitly.
 

Remitly score for fees and exchange rates

Non-transparency exchange rates offered by Remitly and the additional fees lower Remitly fees and exchange rates score. 


Ease of Use

71

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 Score

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.


Support & Countries

63

What Remitly does well

Supported countries - The company supports transfers to less popular destinations in South America, Asia, and Africa. However, it does not support popular countries such as the UK, USA, and Canada.

Local settlement accounts - Local settlements accounts in Singapore, Australia, Europe, the UK, and the USA help bring down transfer costs marginally.

Multilingual website - Website access comes in languages such as English, French, Spanish, Italian, and Vietnamese.

Multilingual chat support - Remitly provides 24/7 chat support in English, French, and Spanish.
 

Where Remitly could improve

Remitly customer service - With a Trustpilot score of 9 out of 10, Remitly rates as Excellent with over 28,000 reviews. However, reading reviews of Remitly, customers seem to have some ongoing concerns. There are multiple reviews that mention not being able to get in touch with Remitly over the phone, as well as not receiving replies to email queries. There are complaints of transfers not going through for prolonged periods as well. Unanswered Remitly TrustPilot reviews don't speak highly of the company's customer service. Similar concerns are also voiced on Google Play and Apple App Store.
 

Remitly Score

The room for improvement for Remilty in its customer care department which has had an adverse effect on its score in this section. Their support destination countries which many other international money transfer companies ignore is a positive. Perhaps with more competition, the cost of transfers and customer service may improve.


Trust & Transparency

25

What Remitly does well

  • Regulated - Remitly is registered with regulatory bodies in the USA, the UK, and Europe.
  • Safety of clients money - The company holds client funds in segregated bank accounts.

 

Remitly’s challenges

  • Transparency in pricing - The margin that Remitly applies on existing exchange rates can go up to 2%. While you get to see the market exchange rate when carrying out a transfer, the same does not apply on your transfer. This becomes apparent if you look closely at the "received amount" mentioned in your quote. In addition, you only know the standard fees after a few steps.
  • Poor reviews - The company can work on gaining the trust of its unhappy customers by replying to their concerns in a timely manner. Addressing their issues effectively needs to improve.

 

Remitly Score

The company's Safety & Transparency score suffers because of its non-transparent exchange rates as well as the string of unfavorable customer reviews.

How to sign up to Remitly

Step 1
Account sign up

Click Join Now button on their website

Select your home country

Enter email address

Choose a strong password

Step 2
Start Remitly transfer

Select destination country

Enter the amount of money to send

Choose payment type (Standard or Express)

Choose delivery method (Cash, bank deposit, mobile top up)

Step 3
Recipient information

Provider recipient information

Either bank details, recipient name and / or mobile number

Step 4
Remitly payment

Transfer money to Remitly’s bank details provided or provide debit card for express payment

Step 5
Confirm money transfer

Accept terms and conditions

Confirm transaction

FAQs

Is Remitly safe?

Remitly is registered with regulatory bodies in the UK, Europe, and the USA. It is licensed to carry out business in 16 send countries and more than 40 receive countries.  However, some of its customers seem to have issues surrounding trust. Their online reviews highlight instances of transfers not going through in time or at all.

Who owns Remitly?

US-based Remitly, Inc. overseas global functions of the company. It has raised US $505 million in funding through 11 rounds so far.

Can I trust Remitly?

While Remitly is a regulated and completely legitimate company, some of its customers have voiced concerns surrounding transfers that have not gone through. Most customers trust Remitly. Some customers do not. Not being able to get through to the company's phone numbers is another issue that some of its customers have raised.

Does remitly ask for SSN?

Remitly requires its US customers to provide their Social Security Number (SSN) if they wish to increase their sending limits. 

How much money can I send with Remitly?

How much money you can send through Remitly depends on sending limits that apply on your account. There are daily, 30-day, and 180-day limits. These limits depend on where you and the recipient live, as well as whether or not you have verified your identity.

How secure is Remitly?

Sending money through Remitly's website or app is secure. The company safeguards all sensitive information such as payment details and SSNs by using high levels of encryption.

How fast is Remitly?

Express transfers can go through in minutes or hours, depending on the destination country. Economy transfers take two to three business days to process, beginning from the time Remitly receives your payment.

Summary

40

Remitly provides international money transfer services for individuals, and not businesses. Destination country-dependent transfer methods include bank account transfers, cash transfers, mobile wallet top-ups, and home delivery of funds. The company provides Economy and Express transfers. Transfer fees vary depending on the currencies being traded, the transfer amount, and the desired transfer speed. The company also applies a margin of up to 2% on existing interbank exchange rates.

Pros

  • Send money to a bank account, a cash pickup location, or a mobile wallet
  • Pay using bank account transfers, debit cards, or credit cards
  • Supports transfers to various countries in Africa, Asia, and South America

Cons

  • No transparency in exchange rates
  • Poor customer reviews of customer support
  • No risk management tools
  • Does not transfer to the USA and the UK