Remitly Review 9.2

Company Information

Remitly is a recognized international money transfer company that specializes in remittance-oriented transactions. The company was founded by Matt Oppenheimer, who also serves as its chief executive officer. To date, Remitly has served the needs of more than 2 million customers of migrant workers, immigrants, permanent residents, and citizens across the globe. This international money transfer service company works hard to provide a safe, secure and cost-effective way to transfer money abroad.

Among others, the company’s investors include a credible list of leading companies such as Tomorrow Ventures, Stripes Group, DFJ, Trilogy, Founders Co-Op, IFC, QED Investors, and many others. Remitly features a strong social media presence on Facebook, Twitter, and G +, and the in-house blog. Customers can easily find information on sending money, rates & fees, security protocols, and objective customer reviews on TrustPilot. Apps are available for mobile remittances, through the Google Play Store, and the App Store..

How Remitly Works

Remitly makes it easy to send money abroad. The first step in the process requires you to create a free account. Simply enter your email and password to get started. Next, enter the amount that you would like to send, and you’ll be able to instantly see how much the recipient will be getting in the local currency. The next step in the process requires you to select the Delivery Speed. For example, if you choose the express option, funds will be transferred immediately. If you opt for the low-cost alternative – the Economy Option – funds will be transferred within 3 business days – 5 business days.

Then, customers choose how they want your money to be delivered to their recipients.  Customers can choose whether the recipient will receive a cash pickup, or a bank deposit, money wallets in some markets. With Remitly you can safely send money directly to your recipient’s bank account in your country. Remitly is partnered with major banks across the country in their receive markets, giving customers access to multiple banks to transfer your money to. With Remitly you can also send cash to your recipient to pick up at a physical location. Remitly gives you the option to track your transfer and you will always know where your money is and cancel or edit a transfer at no additional cost… This money transfer company has a policy of getting your money to the recipient on time, and in case they fail to do so  you will get your money refunded to you. There are 3 ways to send money using Remitly, notably bank account transfers, debit cards and credit cards. In specific markets, they also offer the local payment methods such as Ideal in Netherlands and SOFORT by Klarna in Germany. 

Special offer rates are available for money transfers, based on the country you’re sending to. The following popular options are supported by Remitly’s services: Argentina, Brazil, Colombia, Dominican Republic, El Salvador, Guatemala, Honduras, Kenya, Nicaragua, Paraguay, Philippines, Uruguay, Bolivia, Chile, Costa Rica, Ecuador, Ethiopia, Haiti, India, Mexico, Nigeria, Peru, South Africa and Vietnam.

How Much Does it Cost to Use Remitly 

The rates and fees with international money transfers are dependent on currency volatility, and the country where you are sending money to. Fortunately, Remitly offers clients a locked-in exchange rate to make it easier for you to gauge your transfer amounts. The credit card transfer fees amount to 3% of the transaction (net send amount). Remitly encourages its customers to use alternatives such as debit cards when you process express transfers.

Transfer Speed

Details of delivery times are provided under the FAQ section. Customers have two options when it comes to sending money. The Express option which transfers within minutes, and the Economy option which transfers at a fee of $0 within 3 business days – 5 business days. The Express Option Fee is $3.99 when you use your debit card. However, the fees are higher if you use a credit card (3% of the transaction fee). Compared to Western Union ($7 with the debit card), and Xoom ($5.99 with a debit card), Remitly is one of the most cost-effective ways to make international remittances through the Express option.

Ways of Receiving Money With Remitly

It is easy to receive money since there are thousands of banking options available. These include Soriana, Elektra, Banorte, Banamex, Banco Azteca, Kotak, BBVA, Axis Bank, CitiBank, Metrobank, BDO, Globe, HDFC Bank and many more in every receive market customers can receive money in two ways – bank deposit, or cash pickup. With bank deposits, the money is transferred directly into the recipient’s banking account, to the country in question. The other option is a cash pickup. The cash pickup option is available at thousands of locations around the world, and transfer tracking/notifications is available for all remittance transfers.

Is Remitly Safe and Reliable

Remitly uses a variety of secure technologies to protect your international transfers. For starters, there is a robust security system in place to protect the integrity of client accounts at all times. 256-bit encryption guarantees bank-level security for transfers. All pages on the website are protected and secure. Additionally, all servers used to store information are firewall protected to prevent unauthorized access of your information. Finally, security guarantees are assured by way of PCI-DSS compliance, which is fully regulated by oversight authorities. This online money transfer company is fully authorized to send remittances in international money transfers across all US states including Washington DC. The company is operational across Canada, except for Québec. Licenses are available for each of the US states, from the respective regulatory authorities. Remitly is fully authorized to offer money services by the US Department of the Treasury.

Why Use Remitly

Remitly simplifies the process of sending money abroad. The company has been in operation since 2012 and continues to show strong signs of growth across the board. All international money transfers are protected by bank-level security protocols. This includes 256-bit encryption and PCI-DSS compliant certification. The company’s rates and fees are superb. For example, when you use the Remitly Express option, you can expedite your transfers within minutes for just $3.99. If you prefer, you can use the Remitly Economy option and pay $0.

For credit card transfers, there is an additional fee which amounts to 3% of the transaction amount, but you can expect your transfers to be processed within a few seconds, or at most a few minutes for Remitly Express. Special promotions are available to new customers on transfers to the Philippines with a $500 limit. This money transfer platform has a stellar rating on outside review sites like TrustPilot. At the time of writing, there were some 24,433  reviews of this money transfer company, and 84% of them rated the company’s services as excellent.

Remitly Apps 

Remitly offers clients mobile international remittances via powerful apps. These apps are available through the Google Play Store and the App Store. The Google Play Store app has a rating of 4.6/10 from 34,018 reviewers. The Remitly App at the App Store has a rating of 4.8/5 from 194.2K ratings, and it is rated #105 in finance.

Remitly Customer Support

Customers can easily get in touch with support representatives by contacting the following telephone number: 1888 -REMITLY. Customer service is available in three primary languages including Tagalog, English, and Spanish. The Spanish-speaking customer care department is available between the hours of 4 AM and 10 PM Pacific time, 7 days a week. Support representatives are standing by to address your queries, questions, or concerns around the clock. Other useful support options include an email address (service@remitly.com), and the FAQ section. If you prefer, you can always use the online contact form to send the company an email.

Bottom Line

Remitly is a no-nonsense international money transfer company. It is operational in 100+ countries and is adept at sending money to Central and South American countries, the Philippines, Asia, and several African countries. It is ideal for migrant workers, and new immigrants sending money back home. The ease-of-use – courtesy of Android and iOS apps – and cost effectiveness of the services certainly warrant careful consideration. You can transfer money at the click of a few buttons, and customer service is always standing by whenever you need assistance.