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Remitly | Reviews by SmallBizGenius

ByJulija A.
June 28,2022
We form affiliate partnerships with some of the companies mentioned in our reviews, which means we may get a small monetary compensation every time you purchase a product using the links on our website. This does not influence the contents of our reviews. Learn more by reading our Affiliate disclosure.

If you've ever sent money internationally, you know it can be a massive headache. There are myriad fees and exchange rates to consider, not to mention that traditional money transfer services are often slow and unreliable.

Enter Remitly, the digital remittance service that allows you to send money to your loved ones abroad. To spare you from browsing through endless Remitly reviews, we'll cover the basics, including how it works, the fees involved, and the pros and cons of using this service.

Score:
A-

Fast money transfers Free account creation and app download See review for more details.

pros thumb up Pros
  • Express and Economy transfer options
  • Wide range of accepted countries and currencies
  • First-time-user promotions
  • 24/7 customer support
  • User-friendly mobile app and website
  • Transfer status updates
cons thumb down Cons
  • Daily and monthly transfer limits
  • Exchange rates and fees are not always the most competitive

Product Overview

Remitly is a Seattle-based digital money transfer service that makes sending money abroad fast, easy, and affordable. Remitly’s service enables international fund transfers between over 100 receiving countries (including the Philippines, India, and Mexico) and 21 sending countries with the click of a button. There are no hidden fees, and your recipient will always get everything you send.

The amount you send and delivery speed you choose will impact the transfer's total cost, among other factors. For example, the Economy tier will offer lower fees but a longer delivery window than Express, which will deliver money almost instantly but for a higher price. On the plus side, Remitly's promotions and bonuses are worth keeping an eye on, even though the exchange rates vary by country.

Fees and Exchange Rates

Remitly transfer fees are influenced by a variety of factors, including those below:

  • How much money you're transferring
  • Where you're sending the money
  • How you're funding the transfer
  • The currency in which the recipient receives the transfer
  • The chosen transfer option

Remitly Economy vs. Express

Remitly provides two delivery speed options – Economy or Express:

  • Express: When time is of the essence, the Express option allows you to make a transfer with a debit or credit card. Remitly also accepts prepaid debit cards for customers in the United States, Australia, and Canada, in addition to Maestro for customers in the United Kingdom and European Union. Transfers usually take a few minutes and have higher fees than Economy. What’s more, credit card transfers incur an additional fee.
  • Economy: You can transfer funds with your bank account using the Economy option if the Remitly transfer time doesn’t need to be instant. Your money will be delivered within three to five business days; however, the fees for this option are typically lower.

Delivery Methods

The available delivery methods vary depending on the destination country, so it’s recommended to consult with your recipient to determine what’s most convenient for them. Here's a rundown of the most common options:

  • Bank deposit: The funds are transferred directly to your recipient's bank account. You will need the recipient's bank information, including their account number and the bank’s name.
  • Mobile money: You can transfer money to your recipient using their mobile number if they have a mobile money account.
  • Cash pickup: Your recipient will be able to retrieve cash from a location of their choosing, so you must ensure the information you entered matches the recipient's ID.
  • Home delivery: Some banks provide the option of sending money directly to the recipient's home. This option may take a little longer, but is convenient for some.

Exchange Rates

Remitly exchange rates vary based on the origin and destination countries, as well as selected currencies. Still, they will be competitive and locked in at the time of your transaction. There will be no surprise changes to the amount of money the recipient gets.

Sending Limits

Remitly's service consists of three account tiers. These are directly related to the amount of personal information you provide and the country from which the transfer is being made, with daily and monthly limits for each tier.

For example, the following Remitly transfer limits apply when sending funds from the United States:

 

Required information

24 hours

30 days

180 days

Tier 1

Full name, date of birth, residential address, and last four SSN digits

$2,999

$10,000

$18,000

Tier 2

Tier 1 info, full SSN/ITIN, photo ID, details about service use (including funding source)

$6,000

$20,000

$30,000

Tier 3

Tier 2 info, Remitly service usage details

$18,000

$36,000

$60,000

Setup Process and Ease of Use

The Remitly website is designed to be simple and easy to use, with a straightforward interface. This makes it easy for users to navigate their way around and find what they need. On the website, you will find detailed instructions on how to set up your account and transfer money.

To make the platform more user-friendly, Remitly also offers clients video tutorials. Once your account is created, you can start transferring money by adding the recipient's information, including their name, address, and other details, depending on the chosen remittance method.

Features

Remitly is intended for personal transfers between individuals. While Remitly’s service is not meant for business transfers or commercial purchases, such transfers are permitted in rare circumstances.

Here are Remitly’s key features:

Promotional Rates and Currencies

Remitly offers competitive and promotional rates for eligible new customers, which are automatically applied to their first transfer. These rates are typically lower than the standard exchange rate, so it's a good idea to keep an eye out for them.

Promotional Remitly transfer rates are only available for a limited time, so if you see something you're interested in, take advantage of it fast. Moreover, with Remitly, you can send money in a wide range of different currencies.

Referral Program

You will receive a $20 discount on your next transfer for each friend or family member who uses your referral code to make their first transfer. There is no limit to the number of people you can refer, so your saving potential is unlimited. Moreover, when your friends and family sign up, they will receive a $20 discount and have zero fees on their first transfer if it’s $100 or more.

Mobile App

The Remitly app has a user-friendly interface and offers a variety of features designed to make the money transfer process as seamless as possible. The app can be downloaded through the App Store or Google Play, and allows customers to track their transfers in real-time, receive notifications when their recipient gets the funds, and view their transaction history.

Remitly's customer service team can also be reached through the app if any issues arise.

Is Remitly Safe?

Remitly is licensed and regulated by the US Department of the Treasury, which means they must follow strict rules and regulations when handling your money. What’s more, they use SSL 256-bit encryption to keep your information safe.

BBB Rating

Remitly's Better Business Bureau rating is determined by various factors, including licensing and customer complaints. Remitly was accredited by the BBB in 2013 and currently holds a B rating. Its high responsiveness to client complaints demonstrates that company representatives are willing to listen to and address their clients’ concerns.

Customer Service

The Remitly customer support team is accessible via the phone, online chat, or email around the clock and provides a variety of services. Users can contact them by phone in English and Spanish 24 hours a day, seven days a week, chat with them in English, French, and Spanish, and view their extensive FAQ section, which is available in 15 different languages.

Customer support representatives can provide valuable information concerning Remitly's fees, exchange rates, sending money, tracking transfers, etc. And if you're ever dissatisfied with a transfer, they can help you file a complaint. Whether you need help sending money or just want to know more about how Remitly works, customer support is always there for you.

Comparison

When it comes to international money transfers, there are a few options to choose from. Western Union and Remitly are two of the most popular choices, but which one is better? Here is a brief comparison of the two services.

Remitly vs. Western Union

Western Union has been around for longer than Remitly, offering money transfers in over 200 countries. However, it can be more expensive than Remitly, and the user reviews are not as positive.

Remitly is a new company, but has quickly gained popularity thanks to its lower fees and easy-to-use app. It also has very positive user reviews, which is something to consider if you're looking for a reliable service.

Ultimately, Western Union is worth considering if you're looking for a comprehensive service with more covered locations. However, if you're looking for a simple money transfer app with feedback as great as Remitly’s customer reviews, then Remitly is the better option.

Conclusion

When it comes to money transfer services, there are a lot of options out there, so it can be hard to know which one to trust. While some complaints have been filed against Remitly, the company's high responsiveness to customer concerns demonstrates its commitment to providing good service.

Additionally, Remitly's customer service team is accessible and provides counsel in multiple languages. As our Remitly review suggests, if you're looking for an affordable and convenient way to send money abroad, Remitly might just be the right choice for you.

FAQ
How long does Remitly take to send money?

Economy and Express are the two delivery speeds with Remitly. The Express option is recommended when you need to send money quickly, as delivery usually takes a few minutes when using a debit card. The Economy option can be helpful if the transfer isn’t urgent and both parties can wait three to five business days for the funds to be delivered.

Can you get your money back from Remitly?

If you cancel, you'll get a refund, and your money will be returned to your account. Transfers can be canceled and fully refunded if the recipient hasn't yet received or collected the money. However, there have been complaints in some Remitly reviews about people not receiving their refunds.

Is it safe to give your SSN to Remitly?

Your Social Security Number (SSN) and other sensitive information provided to Remitly are encrypted and cannot be read by anyone else. In the event of any suspicious activity, Remitly employs advanced technology to minimize risks.

Can Remitly be trusted?

Remitly is a trustworthy and secure online provider of money transfer services. The United States Department of the Treasury has recognized the company as a qualified money services business, and it possesses a valid license to operate as a money transmitter.