Reviews of Remitly Money Transfer Company

9.1 score based on 5195 reviews

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USD PHP ₱ 49.52
USD MXN $ 18.55
USD INR ₹ 64.69

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 Reviews and Ratings

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

Good and safe

Review published ago

Good and safe

by Rajanikanth Suragani

Good and safe

Review published ago

Good and safe

by Rajanikanth Suragani

good and quick service

Review published ago

good and quick service

by Dharmendra Sharma

good and quick service

Review published ago

good and quick service

by Dharmendra Sharma

STAY AWAYYYY!!!!!!

Review published ago

STAY AWAYYYY! TRUST ME!!!! If I could give them a -10 I would have. Terrible experience, and wasted my time and tarnished my reputation! I did a transaction with Remitly attracted by the fact that they were going to give me a rate of $3,100 Colombian pesos for each American dollar. I needed my recipient to receive 1 million Colombian pesos and used the Remitly calculator to figure this out. It game me a certain amount of U.S. dollars and that is what I made the transaction for. Then later on, the screen showed me, that my recipient was going to receive less than a million Colombian pesos and that the value of $1 US dollar to Colombian pesos had dropped. Their answer was that the bank in Colombia was deducting a certain amount from what the recipient was getting. I called another agency (which I ultimately used to make the transaction) and they told me the bank there doesn't charge the recipients anything when the transaction is less than 1 million 200 thousand Colombian pesos. I was supposed to have that money in Colombia by Thursday and paid for an express delivery. It is Saturday and I had to cancel the transaction with Remitly because they kept saying the receiving bank kept giving them an error message. I did the same transaction with another agency and it went through smoothly. Now I am out of the money with Remitly and have to wait an X amount of days to get reimbursed. I spent hours on the phone with their customer service who couldn't help. What a waste of time! And money! And my reputation tarnished because I couldn't make the transaction on time. It's all a scam! Stay away! They just help themselves to an interest-free loan while your reputation is affected. Stay away!

by zoila palacio

STAY AWAYYYY!!!!!!

Review published ago

STAY AWAYYYY! TRUST ME!!!! If I could give them a -10 I would have. Terrible experience, and wasted my time and tarnished my reputation! I did a transaction with Remitly attracted by the fact that they were going to give me a rate of $3,100 Colombian pesos for each American dollar. I needed my recipient to receive 1 million Colombian pesos and used the Remitly calculator to figure this out. It game me a certain amount of U.S. dollars and that is what I made the transaction for. Then later on, the screen showed me, that my recipient was going to receive less than a million Colombian pesos and that the value of $1 US dollar to Colombian pesos had dropped. Their answer was that the bank in Colombia was deducting a certain amount from what the recipient was getting. I called another agency (which I ultimately used to make the transaction) and they told me the bank there doesn't charge the recipients anything when the transaction is less than 1 million 200 thousand Colombian pesos. I was supposed to have that money in Colombia by Thursday and paid for an express delivery. It is Saturday and I had to cancel the transaction with Remitly because they kept saying the receiving bank kept giving them an error message. I did the same transaction with another agency and it went through smoothly. Now I am out of the money with Remitly and have to wait an X amount of days to get reimbursed. I spent hours on the phone with their customer service who couldn't help. What a waste of time! And money! And my reputation tarnished because I couldn't make the transaction on time. It's all a scam! Stay away! They just help themselves to an interest-free loan while your reputation is affected. Stay away!

by zoila palacio

Good service easy to use …

Review published ago

Good service easy to use and not to pricey no problems would use them again

by Michael Steele

Good service easy to use …

Review published ago

Good service easy to use and not to pricey no problems would use them again

by Michael Steele

Remitly is the most reliable and fast money transfer.

Review published ago

Remitly is the most reliable and fast, sending money to my family and relatives overseas. It has been a good experience from day one. The customer service is knowledgeable and prompt on resolving issues, if one occurs on my end of transaction. Thank you Remitly for an outstanding service!!!

by Eve

Fast service as advertised

Review published ago

Fast service as advertised

by leonardo gonzales jr

Chatted with a customer rep

Review published ago

Chatted with a customer rep. was very helpful,courteous,& professional. Helped me with my transfer. I will use Remitly for all my money transfers!

by Juan Jose Banda

Excellent price

Review published ago

Excellent price, reliable, good exchange rate and instant service.

by Vishwajit

very quick remittance

Review published ago

very quick remittance

by Satya

Exchange rate offered is good

Review published ago

Exchange rate offered is good. Money takes a few days to reach but reaches within the estimated time.

by Su

POCO A POCO SE AVANZA LEJOS!!!...SE …

Review published ago

POCO A POCO SE AVANZA LEJOS!!!...SE EMPIEZA LENTAMENTE PARA LOGRAR ENTRAR EN LAS GRANDES LIGAS...PRONTO SERAN LIDER EN ENVIO....SIGAN EN LA COMPETENCIA CON.LA MEJOR COTIZACION....GRACIAS.

by ANTONIO RODRIGUEZ

Fast and safe

Review published ago

Fast and safe

by Carlos Palacio

Good Trust as in Trust

Review published ago

Good Trust as in Trust

by Bruce Ftied

My expirance was good

Review published ago

My expirance was well

by Maria Mendoza

Muy buen servicio llega rápido y buen …

Review published ago

Muy buen servicio llega rápido y buen precio De dólar

by Dayana Gutierrez

Good rates

Review published ago

Good rates. On time deposit without any hassles

by SVG

It's fast and less exchange fee

Review published ago

It's fast and less exchange fee. Overseas transaction never so easy. I would definitely recommend Remitly.

by Vineeth Paul sudarsanam

Remitly always delivered the amount on …

Review published ago

Remitly always delivered the amount on scheduled time and very friendly customer service.

by Santosh

Excellent and fast service.

Review published ago

Excellent and fast service.

by Martin Lobatos Sandoval

For Economy Transfers

Review published ago

For Economy Transfers - Please optimise the duration of transaction

by Amal Rathan
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
Credit Card
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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