A 2023 Review of Remitly: Easy way to send money abroad?
If you need to send money internationally, Remitly is a great option. They offer an easy-to-use platform with low fees and quick turnaround times. In this Remitly review, we’ll take a closer look at what makes Remitly stand out from the competition and why you should consider using them for your next money transfer.
Is Remitly the right option for you?
Pros of using Remitly:
- Using the mobile app is simple and convenient
- There are several payment options available including using a debit/credit card or a bank account.
- Remitly Exchange rates remain constant from the start, preventing fluctuations while the money arrives to the recipient of the transfer.
- Message alert or notification for you and the receiver when you send money ( transfer confirmation).
- The Remitly Economy option offers the option of sending funds for a fee of as low as $3.99(typical).
- Fast delivery if using debit cards. Remitly will be able to pay customers within minutes if using a debit card.
- Free delivery option available.
- Strong support. 24 hours phone service is offered in both English and Spanish.
- Chat is provided 24 Hour in Spanish / English / French
Cons of using Remitly:
- pretty low sending limits (but you can increase the limit if you could give out additional personal information)
- Economy delivery speed will take 3-5 business days to deliver money (on contrary you are getting a higher exchange rate)
- They charge a fee for paying through credit card (which most other currency exchange/transfer services do as well)
Is Remitly safe
Can I trust Remitly? Is it good to send money through Remitly?
Yes, Remitly is regarded as one of the most reliable online transfer services. Trustpilot reports that this company received 4.1 stars for the ~37000 Remitly review as of publishing this article.
- you can cancel transfer if the recipient hasn’t received your money
- they will refund the fee if you aren’t happy with the transfer
- They adhere to standards set by the payment card industry to ensure your card details are protected.
- they are licensed to do business in 28 sending countries and 130 receiving countries
- you’ll receive an SMS notification if Remitly detects unusual activity to eliminate suspicious account activity
Remitly Money Transfer Customer Reviews
Remitly received almost ~37000 reviews from TrustPilot. 80% of them are 5-star ratings. Remitly’s frequent positive feedback includes a smooth and quick payment process and reviewers were extremely impressed with the customer service provided by Remitly.
How long does it take to transfer money through remitly
They provide 2 delivery speeds known as Economy or Express.
Express is usually recommended when sending money quickly. Delivery can take up to minutes when using credit or debit cards whereas with Economy it can 3-5 business days.
How much can I transfer money with Remitly?
With Remitly, the sender must pass multiple verifications. To increase the maximum sending limit you must provide some personal information and submit documentation.
See the tiers below for daily and monthly limits (transfer limits)
Remitly transfer options
Remitly provides several means of sending money.
Send channels:
- Remitly Website
- Remitly App
Payment methods are:
- bank accounts
- credit card, or debit card – standard on some websites.
- You can also pay using prepaid cards.
Delivery options:
- Bank deposit
- Cash pickup at participating stores, pharmacies, or banks;
- mobile money
- debit card deposit
- home deliveries.
Who owns Remitly?
It was founded in 2011 by Matthew Oppenheimer, Josh Hug and Shivaas Gulati and was listed by Nasdaq as an index in September 2021. It is located in Seattle, Washington.
Can Remitly send money to bank account?
Yes, Remitly can deposit money to the bank account in your home country or to the receiver in any of the receiving countries listed on their website as long as you can meet all the requirements (documentation)
Remitly’s Pricing
To find out how much it costs to send a transfer, follow these quick steps:
- Visit the pricing page on Remitly’s website.
- Check that your sending country is correct. This is the country you want to send money from — it appears at the top of the page, next to your language selection. Sending from somewhere else? Open the drop-down menu and select your country.
- Next, choose the country you want to send money to.
- Remitly will display the current exchange rate and fees.
If you’re a new Remitly customer, you might be eligible for a promotional offer that could include a reduced fee or a promotional exchange rate. If you’re eligible, this offer will be automatically applied to your first qualifying transfer. Source: Remitly.com
Remitly’s support
Remitly offers customer support via telephone and chat. Phone Support is available 24 hours a day in Spanish & English and chats are available 24/7 in French / English and Spanish. The search help center is available in 15 different languages 24/7.
you can contact customer service by following the link Contact Us | Remitly Help
How does Remitly make money?
Remitly makes money through:
- charging customers for the transfer (delivery fee). The fee also depends on the payment method used (credit or debit card), the amount being sent, the country being sent to, and how quickly you want to send the money (express or economy).
- exchange rate markup.
Traditional money transfers
A less accessible alternative to banks for many individuals is other traditional financial transfer companies, including Western Union, MoneyGram, etc. They have easier-to-use branch locations often found in grocery outlets or around street corners. Nevertheless, they only have limited options for sending and receiving funds and charge high prices for such services. It is difficult to get cash transfers. Remitly offers lowest fees for sending and receiving currency and also offers better exchange rates.
Which countries use Remitly
Remitly Money Transfer Services lets you send money anywhere in the world: Argentina, Belize, Bolivia, Brazil, Bulgaria, Colombia, Costa Rica, Croatia, Czech Republic, Dominica, Ecuador, El Salvador, Ethiopia, Ghana, Guatemala, India, Philippines, Mexico are just a few.
Is Remitly a bank?
Remitly is not a bank. Banking services are provided by Sunrise Banks N.A., Member FDIC.
How do I send money through Remitly?
Follow the link below for a step-by-step process
How do I send a transfer? | Remitly Help
Conclusion
I hope it has been helpful in informing your decision about whether or not to use Remitly. Overall, I am very pleased with Remitly and would definitely recommend them to anyone looking for a fast, easy, and affordable way to send money overseas (international money transfers). Their customer service is excellent, and they offer a variety of ways to send money that make it convenient for everyone.
If you’re still on the fence about whether or not to use Remitly, I encourage you to give them a try. I think you’ll be happy with the results.
