As more people around the world need to send money abroad, money transfer services have become increasingly popular. However, not all of them are quite up to par.
One money transfer service, Remitly, offers an online platform for low-value money transfers. Is Remitly a good way to send money? Read our Remitly review to find out.
What is Remitly?
Remitly is an international money transfer provider. The service supports the transfer of funds to over 100 countries from the U.S. via a cash pickup option. Additionally, you can send money directly to a bank account in some countries. Remitly aims to make sending money low cost and hassle-free.
While the company has some complaints about its customer service, it still has a solid following and has helped many to send money abroad.
How does Remitly help facilitate so many money transfers? Read on to find out more about the company and how it operates.
Remitly Money Transfer Review: How Does It Work?
Remitly makes it simple for almost anyone to send money. You can send money in a few simple steps. All you need to do is open an account, enter the recipient’s information, and initiate a transfer.
You will not need to verify your identity unless you transfer more than $2,999 in 24 Hours, $10,000 in 30 Days, or $18,000 in 180 Days.
Remitly is very easy to use. It even offers an app, and the platform was designed especially for mobile use. It is mobile-friendly for sending and receiving funds. Remitly’s website and mobile app allow you to complete the entire money transfer process within a matter of minutes.
Via the app, you can easily sign up, enter the recipient information, send money, and track the transfer of your funds.
Remitly will send text message alerts so you can see where your money is during the transfer.
In addition, Remitly provides its services in multiple languages including English, Spanish, Italian, French, German, Polish, Turkish, Romanian, and Vietnamese.
Ways to Send Money with Remitly
There are two payment options for sending money: either through a bank account or with a credit or debit card. The Express service allows you to pay instantly with a credit or debit card, while the Economy service lets you pay with a bank account.
You will just need to disclose how much money you are sending, the destination country, the currency, and the delivery method. Additionally, you will need to enter the recipient’s details, such as name and contact information. If you are sending money via bank transfer, you will need to enter the recipient’s banking information as well.
Money sent via Remitly is subject to an exchange rate mark-up. Exchange rates are based on the interbank rate and can vary depending on which country you are sending money to. Most exchange rates are marked up by about 1.5%. This is fairly low compared to some other services.
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Who Owns Remitly?
Remitly was co-founded by Matt Oppenheimer, Josh Hug, and Shivaas Gulati. Matt Oppenheimer drew his inspiration for the company from his time spent in Kenya working for Barclays, where he realized how difficult it was to send money internationally. For this reason, the company focuses on low-cost transfers to many international destinations.
Remitly is still owned by the original founding team, with Oppenheimer acting as CEO, Hug acting as CFO, and Gulati continuing to look for new ways to improve the service and its offerings.
Remitly Money Transfer Review: What Does Remitly Include?
There are multiple delivery options for transactions made using Remitly. However, delivery options vary depending on which country you are sending money to. A money transfer with Remitly can be received via:
- Bank Deposit
- Cash Pickup
- Mobile Money
- Home Delivery
Bank Deposit
Recipients can receive a money transfer direct to their bank account. You will simply need the recipient’s banking information in order to send the money to their bank account. This includes the recipient’s name and the bank account number.
Cash Pickup
A recipient can also pick up cash at a location that is convenient for them. To use the Remitly cash pickup option, you will need to enter the recipient’s name and information exactly as it appears on their ID.
Remitly has over 100,00o cash pickup agents located around the globe, making it easy for your recipient to collect their money.
Money is held for the recipient for 60 days. If the money is not picked up in this time frame, the transfer will automatically be refunded back to the sender.
Mobile Money
If your recipient has a mobile money account, you can also send money to them simply by entering their mobile number.
Remitly allows transfers to be made using over 20 different mobile money providers, most of which can be accessed via an app.
Home Delivery
Additionally, some banks will deliver the money directly to a recipient’s home. While this can take longer than other delivery methods, it could be very convenient for the recipient.
The home delivery option typically takes 1-2 days for delivery.
How Fast Is Remitly?
The speed at which your transaction is sent depends on the country you are sending money to. It also depends on which delivery speed you use.
Remitly offers two delivery speeds called Economy and Express. Remitly recommends using Express (their priority service) when you need to send money fast. With this option, delivery is usually within minutes when using a debit card or credit card.
Economy is best when you’re able to wait 3-5 business days for the funds to be delivered.
You can easily see the delivery speed and fees for sending money with Remitly right on their website.
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Remitly Money Transfer Review: Is It Trusted?
Remitly is indeed a trusted money transfer provider and even offers a money-back guarantee on your transfer fees if you are not completely satisfied with the service.
Additionally, the transfer service is highly rated in online reviews as a good way to send and receive international money transfers.
The service is also upfront with their fees and delivery time. They give you a breakdown of what a money transfer will cost you and how long a transfer will take right on their website. This means there will be no surprises when it comes to transfer fees, exchange rates, or delivery speed.
When it comes to online security, all information is encrypted and protected using top-of-the-line security protocols, keeping any information you provide safe.
Most importantly Remitly is registered and regulated as a Money Services Business with the U.S. Department of the Treasury. It is also regulated by the relevant authorities in the other countries in which it operates.
Remitly Satisfaction Guarantee
If you are not happy with Remitly, you can get a refund for the transfer fees. This is part of the Remitly money-back guarantee.
If you cancel your transaction at any time before its completion, you will have all your money refunded in full.
Customer Service
You can contact Remitly customer care at any time if you are not satisfied with the money transfer service or need help with a refund or transaction. Customers can contact the company via the help center on the site, live chat, phone, or email 24/7.
Remitly Money Transfer Review: Fees
Remitly aims to offer the best, competitive exchange rates when you transfer money to a friend or family member.
With that said, the fees for money transfers will vary depending on the payment method, delivery option, and country to which money is being sent.
Transfer fees for the Express option will be higher, although the speed at which the money arrives is faster. With the Economy option, you can expect longer transfer times of 3-5 business days. However, the fees will be lower.
So how much are the transfer fees exactly? To consider the overall cost, it is best to understand that the foreign exchange market operates on what is called a spread. The spread is more or less a hidden cost that is not fully disclosed to you during the transaction. However, with Remitly, you are made aware of what all transfers will cost before the transaction is initiated.
Remitly charges a transfer fee on top of the spread (or exchange rate margin) of around $4. The website lists the Express and Economy fees for each country broken down by the amount of the money transfer.
Additionally, any transfers made with credit cards will always incur a 3% fee.
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Discounts & Other Fees
There are some promotional fees and referral rewards that you can take advantage of when using Remitly. Also, there are additional fees your bank may charge. They are as follows:
- Promotional rates: Remitly offers some promotional rates for new customers. These rates will be automatically applied when you send your first transfer with Remitly.
- Referral rewards: If you refer a friend and they send money with the Remitly service, you will be eligible for a referral reward on your next transfer.
- Payment Method: If you use a credit card to transfer money, be aware that your bank may charge additional fees.
Remitly Money Transfer Review: Pros and Cons
There are both pros and cons that come along with using Remitly. Let’s take a look at what they are.
Pros
- Quick and simple international money transfers
- Can transfer money using a debit card, credit card, or bank account
- Multiple delivery options and transfer options available
- App available for Apple and Android
- High speed transfers when using debit or credit cards
- Money-back guarantee
- Cash pick up option
- Online help center
- Works well with bank accounts in many countries
- Competitive exchange rates
- The process is quick and efficient
- Positive reviews from customers
Cons
- Exchange rates are marked up slightly
- Transfers using a bank account as the payment method can take 3-5 business days
- Transfers made with debit cards and credit cards will cost more than a transfer using a bank account
- Some complaints about customer service
Is Remitly Better than Western Union?
Both Remitly and Western Union are money transfer providers that are widely used to send money to family and friends abroad. How does Remitly stack up against the well-known transfer company?
For one, Remitly offers a better exchange rate for most transactions. With Remitly, the exchange rate will vary depending on where you are sending money to. However, the exchange rate margin normally sits between 0.4% and 2.5%.
With Western Union, the exchange rate margin ranges from 1% to 6%, depending on the currency. However, transfers with Western Union do not include any added fees, as is the case with Remitly.
With that said, the fees Remitly charges are still considered low compared to some other money transfer services out there.
Both services have a cash pickup option, a mobile banking option, and allow transfers to bank accounts.
If you are after lower exchange rates, then Remitly appears to be the best bet.
Remitly Money Transfer Review: Is It Right for Me?
If you are looking for a money transfer company that can offer a competitive exchange rate, Remitly may be a solid option. The service offers multiple ways to send money abroad, and each transfer is guaranteed to get to the recipient in the time frame indicated before you make the transaction.
Remitly is ideal for anyone looking to get the best deal on international money transfers, especially when sending money for cash pickup.
Remitly seems to be among some of the best money transfer services available. You can easily transfer money from the U.S. to multiple countries and in multiple currencies through both the site and mobile app. Remitly facilitates money transfers from 17 sending countries to more than 100 receiving countries around the world.
The company also allows you to transfer money very quickly, with an Express transaction typically appearing in the recipient’s bank account or mobile wallet within minutes.
If you can wait a few extra days to send money, you can also save on transfer fees by using the Economy service. With this Remitly service, the transfer will get to your recipient within 3-5 business days, which is standard for many transfer providers when using a bank account to send funds.
Remitly Reviews from Customers
Customer reviews for Remitly are mostly positive. While some have made a complaint about the exchange rate they were offered, the money transfer service still has an overall good reputation.
Remitly has 4.5 out of 5 stars on Trust Pilot, with many reviews lauding the transaction speed and simplicity of the service.
Let’s take a look at what some customers have to say about Remitly.
One review from Mohammed Farooq states,
“I just recently joined Remitly and was thoroughly impressed by their efficiency and amazing customer service with my first transaction. First class. Supportive, designed to make every step of the way easy to manage. Hemant was extraordinarily helpful. Thank you.“
Another review from Trust Pilot user Maggie Quintanilla reads,
“Fast and reliable and not expensive, a service I’ve recommend to other’s and will continue to do so. To say I’m pleased is an understatement. The reliability and ease of completing transfer is unbelievable.”
Overall, customers seem to be pleased with the transfers they have made using Remitly, making it appear to be a very reputable money transfer service.
Remitly Money Transfer Review: Is It Worth It?
The bottom line is that Remitly is a good company when it comes to money transfers. The company offers a competitive exchange rate for most transactions, and while there are some fees for making transfers, they are relatively low and in line with industry standards.
Additionally, customers tend to review Remitly highly, which is a good indicator that the company is among some of the best out there for international money transfers.
Remitly offers its customers multiple ways to receive and send money. This makes the money transfer process all the more efficient and hassle-free. With the Remitly mobile app, sending money abroad has never been easier.
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