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Remitly Review

6 Things You Should Learn Before You Sign Up

In just a few minutes, I will guide you if Remitly is the right option for you.

They say, “no secret fees, 24/7 customer service, and ensured delivery”.

But this is not simply another “Remitly is wonderful” kind review, I am going to guide you where Remitly IS and IS NOT a suitable option and even who else to consider.

Uncovered! 

Like all our reviews, I will offer you the good, the bad and even the ugly so that you can decide.

First, here is a brief roundup of pros & cons.

Full Disclosure: While we strive to show you the good and the bad in each review so you can create the best choice, there are links contained in this page which are fellow links (not costing you anything) do make us a commission. We often also get the chance to provide you with discounts and offers as element of using the link. If you use these links, thank you 

Pros

  • Fast transfer choice
  • Two methods to send money  Express and Economy
  • Easy tracking for the senders and recipients
  • Options to obtain money (Bank transfers, pick-up points, home delivery, & mobile wallet transfers)
  • Funds your transfers with a credit card or debit card, and bank transfer (relying on the plan)
  • Guaranteed delivery (on time and fees back)

Cons

  • Doesn’t allow transfers between the 16-sender (major) countries (focused on sending money home to relative and friends)
  • Fees can be costly compared to others  

Is Remitly Right for You?

Remitly focuses on easy and fast international money transfers for settlers to the developed world who want to send cash home. They do a great work of keeping costs low especially if you regard the convenience, speed and capacity for recipient to receive cash. The deliberations we uncovered show some pleased customers.

Their most immediate competitors are the likes of Western Union & WorldRemit (review).

But like we stated, that does not make them the most suitable for everyone.

While you can send tiny amounts and relatively large amounts, the sweet spot for Remitly is when you require to money to arrive very quickly (hours instead of days) and want alternatives like paying easily and cash pick-up.

For cash pick-up, they have partnered up with delivery and distribution providers in many nations (banks, cash pick up stores, or delivery services) so that your buddies and family can choose a number of ways to receive the funds.

With Remitly, you can move money from these 17 countries: UK, US, Australia, Canada, Ireland, Germany, France, Italy, Spain, Austria, Belgium, Finland, Netherlands, Norway, Denmark, Singapore & Sweden to over 50 nations worldwide.

The 6 Things You Need to Know

This show video gives you a fine idea of the basics:

Top tips can be discovered at the bottom of each partition in red!

Rates, Fees & (Hidden) Costs

Currency transfer businesses earn money in two ways either through transfer fees or by enclosing a margin on the exchange rate.

Remitly does the same.

1.1 Transfer Fee

Remitly’s costs vary depending on the country you are sending from, service you’re using, and the mark currency.

However, they generally charge a flat fee (like $2.99 or $3.99) for a transfer.

Sometimes it is actually “Zero Fees!”

You can see you will pay (desktop) or get the Application for mobile  iOS or Android.

But that is not the full story.

1.2 Exchange Rate Margin

Most individuals are unaware that this is usually the biggest cost.

Fortunately the interaction rates Remity offer are shown right on the website (or in the App – see links above) when you choose the currencies you want to transfer.

They offer two methods for sending money – Express and Economy.

To calculate the Margin Fee, available Remitly, then open XE to get the interbank rate. Take the Remitly digit and minus it from the XE rate. You will get a digit like 0.04. Multiply this number by the payment to get the margin fees you will pay in the margin.

You will see express transactions are super quick (recipients can get money within banking 4 hours) but the margin is more elevated than their Economy plan.

1.3 Total Fees

To calculate the Total fees, add the Transfer Fee + Margin Fee.

For smaller amounts, the whole fees will be about $10-20 which is much less than a bank and rather competitive with their competitors, especially when you consider cash pick-up and their rather attractive guarantee.

They say, “It makes a lot of reason to have a guarantee that if your transfer doesn’t come on-time, we should have your back. That’s why Remitly has a 100% pleasure guarantee or your money back.”

1.4 Other Fees

  • If you’re opting for Express dealings, you can fund your transfer with your credit card. But this will command you an extra 3% of the transfer amount.
  • Bank fees: If you are funding your transfer from your bank account and shipping money to a bank account, the banks at either ending can charge a small fee.

Top tip 1: Keep amounts slighter to get competitive total fees.

What the Reviews Say

Remitly obtains 4.7/5 on Trustpilot with over 20000 reviews.

Remitly, users love the quick service, inexpensive rates, & the transparent tracking feature.

Overall, 86% of their client had an “Excellent” experience & 6% had a “Good” experience.

But that’s not the full picture. That’s why we’re drilling into the top issues of the 5% who had a “Bad” knowledge with the money transfer service.

Before you get too hooked up in what can go wrong, or more sinister reading 100s of reviews yourself (we have accomplished that) know that 4.7/5 is truely amazing.

2.1 Top issues

1. Account locks

Some clients were locked out of their accounts after initiating a transfer, which can be concerning.

But in most topics, this can be easily solved by logging out &resetting your password then the two-factor authentication code.

Other causes include

  • Remitly ought to verify whether your age (you must be 18 or older to use Remitly) and place (you must sign up from and send money to areas Remitly services).
  • You have another functional account with them
  • You have created a transaction not supported by Remitly. Remitly only lets you send money to buddies and family in your home nation or other supported areas. So if you’re making a goodwill donation or trying to pay for business dealings, your transfer may be flagged.
  • You tried to send funds on behalf of someone else

Transfer under review by partner

Remitly associates with banks and other financial services (like physical cash pick-up) who also require to regularly review that your transactions are in line with global regulations.

This is quite typical and is generally resolved fast. Remitly sends you a notification (via email and text message) so you are in the know.

Additional details & documents

While this can be irritating if you’ve already spent some time registering and getting your account confirmed, it helps to know who exactly Remitly serves so you can avoid more dissatisfaction in future.

Remitly can ask you for additional copies or your relation to the recipient to make certain your transfer is in line with their assistance policy (that is, only personal transactions).

1. Transfer on hold

Some clients’ transfers were put on hold and this can be stunning disheartening when folks back home are depending on your funds to come through.

Remitly usually arranges transfers on hold when

  • They need to confirm your identity (make sure you finished this after the sign up)
  • You ask a sending limit increase and try to send an amount higher than your current tier before this proposal is approved by Remitly (Remitly has daily & monthly limits, which can be reviewed under your account environs. You can also request to increase your limit by obtaining in touch with their customer service).

2. Customer service

Remitly presents both phone and email support. But a few clients complained that customer service team members answered with generic messages to their concerns.

Remitly keeps costs low with a remote client service team as an online-only service. However, they do quite well, given the challenge of keeping costs low and still looking after you.

Top tip 2: Remitly’s has some pretty well-defined service policies which by simply reading above (A,B,C,D and E) you will now likely avoid most issues.   

How Remitly Works (when it doesn’t)

While fees and real-customer knowledge are primary decision-making factors for selecting a reliable money transfer service, other aspects come into play too.

These help you confidently determine whether Remitly is right for your specific needs or if you ought to go with another service.

3.1 When it works?

Remitly only allows personal transfers. That is, if you are located in a sender nation, you can send money to a relative member to cover the cost of utility bills, household expenditures, medical expenses, or travel expenses.

If that is you, then Remitly’s assistance offering can be beautiful.

The areas they really shine:

  • Cash Pick-up
  • Express Assistance
  • On Time Guarantee or they refund your transfer cost (not the margin)

Presently, Remitly supports 16 sender nations and over 50 recipient countries.

So if you’ve lately moved to a developed country for work & want to support your relative in your home country Remitly could be a fantastic option.

Also see alternatives in a wink.

3.2 When it doesn’t work

Remitly may not be suitable for you if:

  • You want to move funds between supported sender nations. In other words, you cannot send funds between the following nations UK, US, Australia, Canada, Ireland, Germany, France, Italy, Spain, Austria, Belgium, Finland, Netherlands, Norway, Denmark, Singapore & Sweden.
  • You want to cover business costs, such as pay an overseas employee or for commodities.
  • You want to send financial gifts or donate to charities.
  • You want to pay for exercises and items such as gambling, firearms, or regulated substances.
  • You’re instantly transferring USD, GBP, AUD, etc. instead of transforming it into a local currency.
  • You want to make global transfers lower than $100 USD or equivalent.

3.3 Best Alternatives to Consider

Don’t get us incorrect, we think Remitly is a fine option, but in some occasions, others stand out.

If bank-to-bank transfers are acceptable for you with there lower speed (2-5 days) and limited methods to fund the transaction – Wise (review) is almost certainly a more inexpensive option and they are pretty great too.

If you need a similar assistance to Remitly – WorldRemit (review) is their strongest competitor presenting similar services but in our testing slightly better fees especially on the business rate margin. Note: This chnges from country to country and also in the charges.You might also like Remitly Vs Xoom like Xoom has a huge space (part of PayPal) and supports cash payouts, mobile top-ups and home delivery.

How to Register and Send Money

Follow these steps below to register and start sending money.

  • Go to the Remitly website and download their application (both iOS and Android apps open) 
  • Join your email and a password for your account
  • Verify your originality before your initiate a transfer to detour hold ups
  • Make sure you have the sender nation and target currency pair right
  • Choose a program (Express or Economy)
  • Finance your transfer
  • Enter (double check) your recipient particulars (they don’t need a Remitly account to obtain money)
  • Hit send

Sending money home with Remitly is quick and easy. You only required to set up your transfer & Remitly will do the rest. They even allow

your recipient know when the funds hits their bank account or if it’s ready to be picked up from a cash-pickup place.

Top tip 3: Whenyou visit the website or just download the Apps you will usually find a “New Customer Offer” which are generally quite generous.

3. Speed

Transfer speed depends on the number of things: the plan you choose (Economy or Express), how you finance your transfer, and the target currency.

If you require to send money urgently, choose their Express service, which makes sure the cash is in the hands of the recipient “within minutes when employing a debit card”.

If your transfer can still wait, opt for their Economy strategy, which gives you better dealings rates and allows you save on transfer fees. Money sent via the Economy plan usually reaches within 3-5 business days.

Remitly also dispatches you and your recipient transfer updates which accomplishes add a lot of peace of mind.

Remitly also informs you if your transfer is on hold, under review by their partner in the recipient nation, or if you’ve made any changes to your recipient’s details.

Safety & Security

They have over 1 million clients who make collective transactions of over $6 billion every year.

Remitly is a licensed monetary services provider in the 16 sender countries and across 50 receiver countries. In the US, they are also regulated by the US and allowed “to transmit money in all U.S. states and Washington, D.C”, Canada. They’ are also regulated in the UK, Ireland, and Australia.

Other than that, Remitly too has a 100% satisfaction guaranteed clause. This indicates if you’ll receive a full refund if you revoke a transaction. And, if you’re disappointed with their service (your money was received), they will refund the “transfer fee” (not the margin).

Remitly also verifies all transfers to control fraud, protects your data with 256-bit SSL encryption & two-factor authentication.

They also claim to utilize state-of-the-art manual and automatic verification techniques to flag questionable account activities.

Bottom line

Remitly is an excellent money transfer service if you work abroad (in a developed country) and like to send money back home to support your residents back home.

They’re open in 17 sender countries (UK, US, France, Italy, Spain, Austria, Belgium, Finland, Netherlands, Australia, Canada, Ireland, Germany, Norway, Denmark, Singapore & Sweden) and support transfers to over 50 nations worldwide.

But if you want to pay for company expenses, send larger amounts or are happy to do slowly bank to bank transfers, they may not be the exemplary choice for you.

Happy transfers!
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