Remitly review
In this article we'll help you evaluate the Remitly app transfer service, including customer support, exchange rates and transfer fees.
What is Remitly?
The Remitly money transfer service offers a safe and fast way to send money abroad, but often at higher costs.
Founded in 2011, Remitly is an online money transfer service that allows you to send cash to friends, family and loved ones abroad. In just a few minutes, new customers can sign up for their simple and easy-to-use interface to make the process of sending money abroad quick and convenient.
Remitly is a registered money services business in the US, and is headquartered in Seattle, Washington. It is one of the most popular money transfer services in the United Kingdom and Europe.
Millions of customers trust Remitly and their money transfer service, as it works with most major banks and many local banks in over 130 countries - so you can be sure your recipient will get the funds quickly and safely.
Sending money with Remitly incurs two types of fees: a transfer fee which depends on the countries you choose, and they also offer worse exchange rates than mid market, where they make money on the exchange rate margin.
The Remitly app is available in the Google Play Store and the Apple iOS App Store.
Investors
Remitly is a public NASDAQ company, and prior to IPO, had raised venture capital funds from investors like Goldman Sachs, Top Tier Capital Partners, DN capital, and Naspers.
How does it work?
Remitly is considered a reliable money transfer service because it uses bank partnerships to enable sending money overseas.
To send money, most Remitly transfer senders will perform a bank transfer to bank account details provided by Remitly, or they will link a debit card or credit card. If a sender needs to send money urgently they'll typically opt for express service for faster delivery – including higher fees. Remitly also offers a window where it is possible to cancel the transfer of money, if performed in error.
Recipients can receive money via bank transfer or at cash pickup locations, depending on the country and the local partners.
Remitly only supports private transfers from individuals. It means that if you live in a sending country you may have transferred money to a loved one, or to pay for utilities, house expenses and medical expenses. If you do, Remitly's services are very appealing. Remitly also offers express services with transfer confirmation emails to make sure you have proof of when your money will arrive.
You can use your Remitly account to send money to people in more than 130 countries and territories worldwide, including China, the United Kingdom, India, the Philippines, and Mexico.
What does remittance actually mean?
Remittance is when you send money overseas using bank transfers or money transfer services to support your family and friends. Typically, a remittance company allows you to send money online using a debit card, and cash pickup and bank transfers are supported when receiving money. Remittance amounts are usually constrained by daily and monthly limits and your money transfer provider may ask more questions with larger amounts to eliminate suspicious account activity.
Other Online Money Transfer Services
In the wake of the introduction of the online banking market, the choice to send and receive money increased. Because such services like Atlantic Money, Wise, Revolut and World Remit are not required to operate branches or manage large staffs, their costs are typically lower than those offered by banks or other financial institutions. Legacy money transfer providers like Western Union typically still have higher operating costs because of their physical presence and charge therefore higher prices.
Furthermore, as they partner with many banks, e.g. credit unions and credit unions, people who send or receive cash can choose much more easily. You do not have to live near the banks or other service providers to send money and receive it.
Remitly is not the only online service out there. There are several other companies offering similar services, including Wise, Atlantic Money and Xoom.
Remitly has wide currency coverage, as it's available in more countries than other money transfer providers. Remitly works in more than 130 countries around the world, including the US and India. This means that if you want to send money to your relatives or friends who live abroad, you can do so without having to worry about whether they have an account with a different company.
Remitly Support
How Remitly stacks up in Customer service
When sending money, it comes to choosing the right online transfer firm, and customer service is an important factor that affects the decision-making process.
Remitly provides phone support, online chat, or email service, so you can communicate directly with the Remitly team about your money transfers. Some users have complained that the company was not responding to customer service requests with specific questions, and that Remitly only offers online-only support for some issues.
Despite their challenges keeping costs low they do very well. Remitly has well defined service policies and you're not likely to experience many problems.
Contact information
Remitly’s customer service team is available around the clock to help with any questions you might have about money transfers. If you want to chat, simply click on “Chat Now” and a live chat window will open. You can also reach their support team by calling them at +44 800 7236193 (UK), or by sending an email to support@Remitly.com.
If your question requires a more detailed answer, Remitly has a comprehensive online knowledge base where they explain all of their processes in detail so that customers can stay informed about how their transactions work.
Remitly's Pricing
How Remitly Stacks up in Pricing
Remitly charges no cost for creating a free account. Naturally, the service charges a fee to use. Below is a sample of Remitly’s fees that differ considerably by country. Besides the transaction fees, the sending agent has an obligation to consider the exchange rates. Remitly charges a 3% fee for some transfers sent by credit card.
Transfer Fees and Exchange rates
How much is the transfer fee for Remitly?
Remittance charges transfer fees and they differ widely depending upon the details of the money transfers and the currency being sent as well as the the delivery method.
If you send £1000 GBP to the US you will pay a transfer fee of £3.99 for Express or £2.99 for Economy unless you have free trades for your first transactions after registration.
On top of that, the remitly u.k. exchange rate is usually around 2% worse than the real exchange rate, means you pay up to £24 to transfer £1000. You can also expect a similar markup on the Remitly exchange rate Euro to PHP.
Remitly's lower transfer fees make it a good option for those who send money regularly and want to save as much as possible. If you're sending a large sum, it's best to use another service that specializes in high-value remittances.
Remitly Exchange rates
The exchange rate is the amount of money you will receive from Remitly and it’s around 2% worse than the real exchange rate you often pay with other providers for international money transfers. If you're sending £1000 GBP to the US and the exchange rate is 1.09, you'll receive about $1,090 USD.
Remitly does not use the mid-market rate to determine what the exchange rate should be for each transaction. This means that they add a markup on top while determining how much you'll get when they complete your transfer.
Remitly's standard fee structure starts at 2% and goes up to 3%, which is lower than many other remittance services on the market today. With other companies, it can cost as much as 5% or 6%.
Total fees
The total fee is calculated as the transfer fee + the markup. The fees will range from around £10-20 compared to the typical bank and pretty competitive against its competitors especially if you take out cash and their guarantee.This kind of guarantee has an attractive price range. This is the reason why they offer a 100% satisfaction guarantee if the transfer doesn’t get done at all.
How to save on fees and rates with Remitly
There are several ways to save on fees and rates with Remitly.
Use the promo code. You can get £10 off your first transfer when you use the promo code "WELCOME10". Simply enter it in the "Promo Code" field before completing your first transfer.
Use the app or mobile site, which allows you to make transfers for free from any phone or tablet! You can also sign up for an account directly from our mobile apps, making it easier than ever to get started.
Use the desktop site from a computer at home, which is a great option if you don't feel like transferring money on your phone or tablet (or don't have access). The desktop version looks and functions similarly as the mobile version but gives more room for typing and collecting information (especially when sending money internationally).
Text message option: Turn texts into cash by texting "WELCOME10" followed by an amount ($5 minimum) directly to Remitly’s number +1-888-841-7913 (standard text messaging charges apply). This feature is available only in select countries where we have local banking partners so check out this list before using!
Different ways to send money with Remitly
Remitly is a great way to send money abroad. There are many options to transfer money and receiving money with Remitly. The first step in using the app is signing up and verifying your identity, which you can do by phone or ID card.
Once you're signed up, there are several ways to send money through Remitly's app:
Mobile app – This method allows users to create a Remitly transaction directly from their phones
Web portal – Users who prefer traditional computer usage can access this option as well and manage their accounts on the web
API (application programming interface)—Banks that want to integrate with Remitly have access to its API toolkit
In order to send money abroad through the Remitly app, you'll need a few things: The recipient's name and phone number (plus their country code) Your bank account details—The recipient’s bank should be able to give these to you. If not, ask your own bank when you sign up with them.
Bank wire transfers versus Remitly
Traditional money transfers with your bank account
Banks were originally the only solution to transfer money abroad. Many customers still wire funds to recipients, which is usually expensive. However, due to the convenience of many bank branch offices can also be found in grocery store locations or in streets, it's still sometimes easier than using an online app.
Sending money with a bank usually costs money in a number of different ways: bad exchange rates the bank offers, wire fees, and correspondent banking fees. Often money transfer destinations are also not supported. With the exception of correspondent banking fees, Western Union typically also falls into this category of high-cost provider.
Comparatively, Remitly offers even more streamlined money transfers to pay and receive money.
Transferring money with the Remitly accounts.
Banks are traditionally the most convenient choice for many people to transfer money online largely due to their reputation and their security. The costs associated with banking are generally much higher than the alternative methods. Additionally, transferring money through an online banking service is very frustrating. Remitly offers an easy way to access your bank account wherever you are and allows you to transfer funds to your bank account or credit card. A user who received the transfer may receive the money if it seems convenient to him.
Who should use Remitly?
The online payment platform will be a useful addition to people sending money overseas or abroad, as a regular way of sending money, and is free-to use. Senders in 28 countries can transfer funds to recipients over 130 countries. A foreign individual may send money to other countries using credit cards, debit cards, or bank cards. Cash may be delivered via mobile delivery, by email or by telephone to recipients. Remitly says its website helps immigrants send money back safely and transparently.
If I moved recently from a developed country to work I think Remitly is an interesting option.
Who should not use remittances?
Remittance may not be suitable if one sends money to friends or family from many places. In most cases, prices vary according to where the recipient is located and to the delivery time. The fees and prices also vary across the map. These differ from wire transfers offered at the most prominent US banks, offering easy details of fees and rates. You can transfer to over 130 nations. Fast and easy. 24/7 and every day.
Pros and Cons of using Remitly
Pros
Remitly is secure.
Is remitly secure? Remitly is definitely safe. They use security methods like 2-factor authentication and have a dedicated security team that works to make sure all the information you send through Remitly is secure.
Is remitly legit? Based on reviews, the team does a good job helping customers with identity theft protection, so if you ever feel like something is wrong with your account, you can reach out to them and they'll help you get it sorted out.
Remitly supports cash pickup.
The short answer is yes. It works just like it sounds—you can pick up cash from any of the over 350,000 locations around the world that accept cash pickups with Remitly.
How does it work? You'll need to sign up for the service first. Once you've done that, you can log in to your account and choose the "Cash Pickup" option under "Available Services." From there, you'll enter your destination country and city, then choose a pick-up location from a list of available locations in that area.
You'll then pay for your transaction via credit or debit card (or other payment methods supported by your bank). After completing this step, wait for an email from Remitly confirming that they've received your payment.
Once you've received confirmation from Remitly that they've received payment and are ready to process the transaction, head over to the appropriate pick-up location with valid identification (like a passport or driver's license). You'll then present the receipt from Remitly as well as proof of identity.
The Remitly app offers transfer history and bank statement information.
Pro easy use via easy-to-use online or mobile apps. Those receiving the funds can withdraw from any of their partner banks Remitly, including almost any big bank network in the country for which Remitly can be used. Multiple payment methods including cash on mobile phones, home delivery, and delivery to more than 350,000 destinations. Remitly exchange rates lock up as soon as you begin your transfers to keep them safe from fluctuation. Text message alerts to track the sender or recipient. If you are unsatisfied with Remitly, you get your entire fee back.
Worldwide coverage
Remitly supports sending money from 28 countries in over 130 countries.
Cons
Remitly's fees aren't necessarily the most competitive.
Compared with other providers like Atlantic Money and Wise, Remitly charges higher fees and offers worse exchange rates for many currency corridors. It is important to use comparison sites in order to make sure you're getting a fair deal.
Remitly Money Transfer Customer Reviews
Remitly currently has over 37,000 reviews on Trustpilot.com and around 80 percent are 5-star reviews. Remitly is a very reliable and efficient online payment service. Remitly has a great customer-facing system for transferring funds quickly and efficiently. Here are some positive reviews of Remitly service Kellie said the transfer of information from Remitly was quick and easy, and the service she received after experiencing a problem was outstanding. The girl is now turning to the transfer app Remitly.
Sources of frustration and common negative reviews
Transfer under review by partner
Transfers in your Remitly account may be flagged if a partner bank detects suspicious account activity. Even though Remitly approves your transaction, the risk management procedures of the partner bank are not always the same. Sometimes you'll be unable to cancel transfer in this case.
Additional details and documents
While that might be annoying once you have completed the registration and verification process it helps identify who is serving you. In addition, Remitly may ask for additional documentation or a relationship between you and recipients to ensure that your transaction is in compliance.
Account locks
Some people are locked into their account after making a money transfer, and it can be an alarming experience. Generally speaking, it may be resolved by providing additional documentation about your Remitly transfer, like a bank statement so they can check the transaction history.
Transfer on hold
It is frustrating when you have a few users who rely on your money to make a loan. Remittance generally puts transfers on hold when needed.
How much can I transfer with Remitly
Remittance requires several different levels of verification for sending more funds. You may increase the maximum number of emails sent by you. The maximum amount is at £2,999 to £30,000 per day.
How does Remit make money?
The company makes money by charging customers when they send money in different countries. Remitly's fees are outlined above, but in general, they primarily make money on their exchange rate margin when they mark up exchange rates. These costs primarily depend upon how many times you send a request and where you send money. They also charge extra for their express service, which accelerates how quickly the money will be deposited.
Payment Methods Available with Remitly
If a recipient sends money to the Remitly website, they can send the funds using credit card, debit card, and bank transfer.
Payment limits
Depending on the reason and how your payment is funded by Remitly, you will get more funds. By providing remittance with the reason for you are sending the amount of money you can send at least £2,999 daily. Persons claiming to be paid have several options for getting their funds.
Remitly's ease of use
In March 2020, over 90% of customers using Remitly were using a mobile phone. Remitly is also available in a web browser for use on computers. The free mobile app is available for iOS and Android devices through the App Store. It runs on iOS 11 or above and on Android 5.0 or higher. Remitly provides users with easy-to-use instructions on how to use the service.
How long it take to transfer money with Remitly?
Remitly allows users to send cash or money in Express and Economy modes. Economy often has low charges including free first transfer, but it takes longer than usual to reach recipients. A transfer from the UK to the USA can take a few days but is usually faster.
Remitly's Features
Remitly offers the ability for senders to send and receive funds from many devices. These include MasterCard, Visa, Debit and Cash cards and banks accounts.
Options for the recipient
A recipient can receive monetary transfer via Remitly by bank accounts or delivery locations, based upon where they're located. It can be delivered to customers across the globe, including the United States.
Conclusion
Based on our Remitly review, we think is a great solution for anyone who needs to send smaller amounts of money abroad. It’s money transfer service is fast, safe, and easy to use because it works with your bank account, debit, or credit card. You can even send money internationally from your computer or smartphone!
