Reviews of Remitly Money Transfer Company

8.8 score based on 2126 reviews

Overview

Remitly is an US Headquartered digital money transfer service. Customers can access Remitly.com on any device connected to the Internet. Remitly’s proprietary global transfer network includes what is described as an “easy-to-use mobile app”, which makes the process of sending money faster, easier, more transparent and less costly. This is accomplished by eliminating the forms, agents, codes, extra time and fees typical of the traditional, century-old money transfer process.

This app enables people in the United States, Canada & UK to send money to other countries instantly using the company’s express service or up to three days using the economy service

It is a fast, easy and affordable method to send money online.

Send money with Remitly because-

  • It is a customer-focused payments company
  • User-friendly
  • Safe and Secure
  • Reasonable fees
  • Low Exchange Rate Margins
  • On Time delivery

Exchange Rate IQ’s Review of Remitly.com

Overall Score
8.2

Remitly is a digital money transfer service enabling international money transfers from the U.S.A., Canada & the United Kingdom to a select number of countries in South East Asia, Mexico and South America.

It is a online only money transfer service that help the users send money from Mobile apps, tablets or mobile. Considering Remitly is providing digital services for sending money they offer a good alternate to the banks & remittance agents.

Remitly offers a very user friendly online money transfer service that fast, secure and relatively cheaper than other money transfer companies.

According to Remitly over 100,000 NRIs and more than 100,000 Pinoys have sent money through remitly. As per recent reports in 2016 Remitly have processed remittance transactions of over $ 2 billion. Matt / Matthew Oppenheimer is the co-founder and CEO. Remitly has raised over $100 million in equity funding from 18+ investors till 2016. For more details about Remitly funding & investment you can check Crunchbase

Pricing
8
Speed
7
Security
10
Transparency
9
Market Coverage
6
User Experience
9

Pricing : How much does Remitly cost?

One of the important factor for us at Exchange Rate IQ while evaluating any money transfer company for our users of the cost of money transfer. The lower the cost of the transfer, the better the value a user gets. You can read more about cost of money transfer here:

The cost associated to transfer money through Remitly can be divided in 2 pieces, a flat fee and an exchange rate margin.

Transfer Fees:

Remitly charges a flat fees for sending money using its platform, the higher the amount your are sending the less the fees. In fact, above a certain limit the fees is reduced to zero.

Exchange Rate:

The second piece of the cost is the exchange rate margin. This is basically the currency conversion rate that Remitly is offering compared to the actual mid market or the interbank rate. Remitly doesn’t match the interbank rates but the margins are usually very low. Less than 1% in most cases, as analyzed by our team over a period of 2 months.

For First time users though, the Exchange Rates are usually better than a repeat user. This is one of the key strategy for Remitly and it attracts a lot of new users to Remitly.

Remitly offers 2 options to transfer money

  1. Economy – Economy Money Transfers take more time to reach the destination country but offer a higher exchange rate and lower fees.
  2. Express – When sending money though express route the receiver get the money faster but since the exchange rate offered is marginally less than the other option. Also, if the transaction is done through a credit or debit card the fees could be substantially higher (1-3%) than the flat rate fee.

Transparency: Does Remitly have any hidden fees?

Second most important factor for Exchange Rate IQ users while evaluating any money transfer company tends to be transparency being offers by the remittance company. We hate hidden fees and charges so does our users.

Remitly fairs very well on being transparent about its fees and charges. Even before logging into the website they clearly show the fees that would be charged as well as the exchange rates being offered. All exchange rates are Locked in at the time of transaction hence a user do not have to worry about any fluctuation in currency rates after a transaction is complete.

Transfer Speed: How long does it take to send money through Remitly?

Remitly offers 2 different options for Transfer time. Speed could vary based on the option you choose as well as the Pay in method i.e. bank vs a credit or debit card

  • Economy – Economy Money Transfers usually take 3-5 working days to. These transfers are initiated using a bank account.
  • Express – Express transfers when done through a debit or a credit card could be completed in minutes.

Transfer Times from USA, UK & Canada to Mexico, Philippines etc. is usually pretty quick like an instant transfer with the Express route. Although the express route can attract more fee and always offer a lower exchange rate than economy. For the same corridors with the economy option the transfer would be completed in 3 days with a better rate and lower fees.

For money transfer from USA, UK & Canada to India if you choose economy, the fund transfer in bank accounts is completed between three to five working days. This usually depends on the receiving bank in India as well. For Express transfers from USA to India, a instant deposit is made to Axis & HDFC bank but for other banks in India the express transfer could take upto 4 hours.

Security : Is Remitly Safe?

Remitly clearly states that the user safety & security is their absolute priority. While we have seen reviews of the users complaining about the transfer times we never came across a negative review about the security of Remitly.

Remitly is registered with the US Department of Treasury and licensed in all 50 states of USA as an authorized money transfer company. You can refer US license information here In Canada, Remitly is licensed and registered with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada). Remitly U.K., Ltd. is regulated by the Financial Conduct Authority under the Payment Services Regulations 2009 for the provision of payment services We are also registered by the HM Revenue & Customs as a money service

For Website/App security Remitly uses Secure Socket Layer (SSL) with 256-bit encryption, the industry standard in secure server protection. Also the user logs in using a secure server connection (https://). The user accounts are protected by unique passwords

Remitly also offer 100% Satisfaction Guarantee. If you are not satisfied with the services you can get your money back with charges & fees prior to the completion of the transaction.

Based on Exchange Rate IQ analysis and reviews we feel that Remitly is totally secure and safe to perform you internation money transfer

Coverage: How many Countries & Currencies does Remitly support?

Remitly is currently available in 3 countries to send money from, these are United states of America, Canada & United Kingdom. Remitly has recently started its services in United Kingdom.

From USA it currently supports 8 Countries in Central & South America and 3 in Asia.

Receiving countries in Central & South America are Colombia, Ecuador, El Salvador, Guatmala, Honduras, Mexico, Nicaragua & Peru. You can send money to India, Philippines & China from USA as well.

From UK & Canada on the other hand you can only send the money to India, Philippines & China.

Remitly has also partnered with local banks & Cash Pickup partners in all the receiving countries to help users collect the money conveniently.

Remitly Partners in Philippines include over 10,000 cash Pickup locations and major banks. For India users can transfer funds to 100+ banks with instant deposits in HDFC & Axis bank and within 4 banking hours to ICICI, SBI and Citibank.

In Guatemala, El Salvador, Honduras, Nicaragua, Colombia, Ecuador and Peru, money can be deposited in major banks or can be picked up at thousands of local network partners

Remitly’s Mexico network includes pick up locations like Bancomer, Elektra, BanCoppel, Bansefi and all major banks in Mexico.

Remitly User Experience & Reviews

reviews powered by trustpilot

Remitly offers a very intuitive user experience on the website as well as the mobile apps. The overall process from registration, transfer and tracking is really seamless and easy to understand. A good UI & UX flow helps. A detailed FAQ section on the website answers most of the relevant questions. A chat & phone support is available for any other queries.

Based on the total reviews on Trust Pilot the rating is 8.8 or good. Most of the users appreciate the no nonsense approach to cheap and quick money transfer

I don't go out to transfer money anymore; I now use Remitly!

Review published ago

At first, I was scared to send money online, but when I went to the Philippines for vacation, I used Remitly, probably more than three times. You don't have to worry about your money; with low fees and fast transactions, you'll feel secured that you or your family will definitely receive the money.

by Anne Olea

I don't go out to transfer money anymore; I now use Remitly!

Review published ago

At first, I was scared to send money online, but when I went to the Philippines for vacation, I used Remitly, probably more than three times. You don't have to worry about your money; with low fees and fast transactions, you'll feel secured that you or your family will definitely receive the money.

by Anne Olea

Easy quick and gives u best exchange rates

Review published ago

Easy quick and gives u best exchange rates

by Shivam Srivastava

Easy quick and gives u best exchange rates

Review published ago

Easy quick and gives u best exchange rates

by Shivam Srivastava

Money sent well

Review published ago

Remitly is great they are fast to deliver and inexpensive with no hassle, just click the amount, done.

by Conrad Perez Jr

Money sent well

Review published ago

Remitly is great they are fast to deliver and inexpensive with no hassle, just click the amount, done.

by Conrad Perez Jr

Fast services

Review published ago

Fast service.recommend my friend

by Thimotio Fernandes

Fast services

Review published ago

Fast service.recommend my friend

by Thimotio Fernandes

Reliable

Review published ago

Trustworthy and best available rates.

by BALTEJ SINGH

Great service!!

Review published ago

Love Remitly!!

by Andres

Great to send money safe and secure....

Review published ago

I love to send money through this secure and fast.... i want to get promotion again 😉

by Deepanshu Bajaj

Just what I was looking for!

Review published ago

I've been building a B&B in Mexico, about 2.5 hours south of the US border, about 4 hours from the closest, major US city. I'd set up a bank account just across the border so I could shuttle money a little bit at a time down to Mexico, but I'd heard of a way to do this online, tried Zoom, but didn't get anywhere as they were too complicated, wanted unnecessary private account information, and their exchange rate wasn't as good. Remitly is easy to use, I can transfer from my US credit union account directly to my bank in Mexico, they are accurate about the delivery date, and keep you informed. So I'm happy, a better exchange rate without running around to casas de cambios then heading to my bank with a bulging pocket full of pesos, saves me time and is much safer, muchas gracias, formerly a seasonal IRS tax examiner, and administrative executive for the City of Austin and Province of British Columbia.

by Jack W Anderson

SERVICE

Review published ago

prompt, timely delivery and reasonable rates.Very much satisfied with the delivery service.

by nand mendhiratta

Great!

Review published ago

Competitive rates and fast transactions!

by Recyl

Excellent

Review published ago

Very convenient , super fast and easy service!

by Yuri

Convenient!

Review published ago

I would recommend this to my friends. It's a hassle free transaction and it's easy to use too.

by Cindee M

Good

Review published ago

I'm new with Remitly. The first remittance was quick but the second one had a days delay that I had to call and email Remitly to know what's wrong. I've been sending money back home for years, first time it happened.

by Maria Lourdes Pria

quick and easy

Review published ago

In no time, have your money... where you need it to be.

by Anthony Alarca

Excelente servicio

Review published ago

Amables buen servicio, sin duda lo recomendaria a mis amigos

by Rosalba Gaxiola

Fast

Review published ago

Deliver funds promptly.

by Charity Grace Higgins

Reliable

Review published ago

Remitly's service is secured and fast. It is truly reliable.

by Ivy Peteros

I was great and low shipping

Review published ago

Nice and low shipping

by Dalia Miaga

It's awesome app

Review published ago

It's really helps me a lot and very convenient..

by Diornilo

The Best Service Ever.

Review published ago

I like service I got from Remytly. They have best money transfer service I ever got. I personally recommend this service.

by JAYESH PATEL
show more >>

Remitly Transfer Process

  1. Create your free account on Remitly website

  2. Choose the Country from where you want to send money

  3. Choose the receiving country along

  4. Select the transfer option from Express vs Economy

  5. Select the Pay-In Method – Bank Account, credit or Debit card

  6. Enter the Amount & Fund your transfer

  7. Review & Confirm the Transfer

Once the process is completed, Remitly will confirm a date & time by when the fund would be deposited overseas. After the completion of the transfer, you will reactive a status update & confirmation from the support team.

Remitly Discount and Offers

United States to India
New customers - Get more exchange rate up to $2999
United States to Philippines
Your first 5 Express transfers are FREE! and Plus get a $30 gift card on your first transfer of $100
United States to Mexico
New customers - Get a rate of 21 Pesos per dollar on your first transfer
United States to Guatemala
New customers - Get a rate of 7.75 GTQ per dollar on your first transfer
United States to All Countries
Free first transaction for New Users
United States to Colombia
New customers - Get $3,000 pesos for every dollar on your first transaction
United Kingdom to India
Get first time offer
United Kingdom to Philippines
New customer offer : Get a £20 Amazon.co.uk Gift Certificate* on your first transfer of £100 or more
Canada to Philippines
New customer offer : Get ₱39 for every dollar on your first transaction.
Canada to India
Offers for new customers on first transaction

Transfer Type And Modes

Pay In Options

Bank
Cash
Debit Card

Pay Out Options

Bank
Cash

Service Mode

 Online

Exchange Rate Type

Fixed

Remitly Company & Contact Info

Type:- Money Transfer Company
Established:- May 23, 2011
Address:- Remitly, Inc.,
1601 2nd Ave.,
8th Floor,Seattle,
WA 98101
USA
Service Info:- (888) 736-4859
Founders:- Matt / Matthew Oppenheimer, Shivaas Gulati, Josh Hug
Email:- [email protected]
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