How to send money abroad using Remitly? Is it the best options available? How much time it will take to reach the recipient? Is it safe to transfer money online? All these thoughts hit your mind when you start using the money remittance services. But now you need not to worry because the experts of ERIQ provide an in-depth and unbiased review of Remitly by performing all the research. Remitly is a digital alternative to the traditional money remittance services which is available for the people living in the UK, the US, Canada and the Eurozone.
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-
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.
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.
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
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.
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
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.
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 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.
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
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 has set different sending limits for different tier users.
Tier I users can send up to $999 daily, $2,999 weekly, $6,000 monthly and $18,000 every six months.
Tier II users can send up to $6,000 weekly, $20,000 monthly, and $36,000 every six months.
Tier III users can send up to $20,000 weekly, $30,000 monthly, and $60,000 every six months.
You can also customize your sending limits depending on your needs.
You will have to create an account on the Remitly website. Key in all the correct details in your Identification document and have the account verified. After the verification, you can log in and make the transfers. Account creation is free, so you do not have to worry about any extra registration fee.
To increase your sending limit, you need to sign in with Remitly and visit Remitly’s Manage Limits page. It will ask you few questions, which you need to answer and provide your ID as well as additional bank information. The company representatives will review your details and get back to you shortly.
Remitly tracking services are so reliable since you can be able to know the status of your transaction. In case you want to use the Remitly app, once you log in, you automatically see a list of your transfers and view their progress. However, if you want to access the service using a browser, you will need to sign in to your account and choose transfer history from the menu. You will be able to see a list of all transfers in-progress and delivered transfers.
You need to provide yours as well as recipient’s bank details, address proof, driving license, passport and mail ID. This is to comply with the regulations of anti-money laundering.
To avoid errors, make sure you confirm you have entered the correct details before sending. However, there is always room for mistakes so, If you have entered the wrong information and you have initiated the transaction, you can quickly contact the customer care support through chat or email them at service@remitly.com. Phone support is unavailable due to limited staffing. Do not panic since the customer support responds instantly.
The companies transfer speed depends on the option you choose to use while making payments such as a bank, a credit or debit card. However, the economy money transfer takes 3-5 day and must be initiated using a bank account. Additionally, Express money transfer takes a flash of a second and can be initiated using a debit or a credit card. Express money transfer can take a maximum of 4 hours depending on the receiving bank.
Before making the transfer, contact the receiver on the urgency of the money to avoid unnecessary delays.
Remitly is 100% safe and offers Satisfaction Guarantee. That means, if you are not satisfied with the services. You can get your money back plus charges that you incurred in the whole money transfer process. Remitly is secure and safe to perform your international money transfer based on the Exchange Rate IQ analysis and the 5-star reviews. The company is in the UK is regulated by the Financial Conduct Authority under the Payment Services Regulations 2009 to provide payment services.
I love this application is very fast and easy
Everything went wrong
So much good experience
My family is in Nigeria and I find that this is the only way I can send them money without a hassle Remitly is an awesome app. I can get money to them within 15 minutes. Thank you Remitly. ❤️❤️❤️