Remitly is a digital money transfer service enabling international transfers from the U.S., the U.K. and Canada to a limited number of countries: Philippines, India, Mexico, Colombia, Ecuador, Guatemala, Honduras, Nicaragua, Peru and El Salvador.
Depending on the type of transfer, the destination country, the type of currency and the transfer amount, fees can vary. In general, there are two types of transfers: an Economy transfer, which you fund with your bank account, and an Express transfer, which you fund with a debit card.
- When sending money from the U.S. and converting the funds into the currency type that’s local to the transfer destination, there’s a country-specific fee schedule that applies. For example, when sending Philippine pesos to the Philippines, an Economy transfer has no transaction fee, but an Express transfer costs $3.99.
- When sending money in the form of U.S. dollars, there is a different fee schedule. For example, when sending USD to the Philippines, an Economy transfer starts at $6.99 and an Express transfer starts at $9.99. Based on the amount of your transfer, an Economy transfer fee can cost up to $37.99, and an Express transfer fee can cost up to $40.99.
Based on the type of transfer, delivery speeds can vary.
- Express transfers are processed that same day and the transfer time is usually a matter of minutes.
- Economy transfers take three business days to be processed.
Remitly, a mobile payments service, was co-founded by Matthew Oppenheimer and Josh Hug after Oppenheimer experienced his own difficulties trying to send and receive money overseas. As a licensed money transmitter, the company operates in the U.S., Canada, and the U.K. while being headquartered in Seattle, Washington. Each month, Remitly serves thousand of customers while processing millions of dollars in transactions.
Remitly was designed to solve everyday problems for people needing international money transfers. The company offers transfers to only ten countries, but if your destination of choice is on Remitly’s list, then you may certainly benefit from the company's services. The Express option gives customers a speedy solution and the Economy choice offers affordability.
This is what we love about Remitly:
- Economy transfer fees are generally low or waived.
- The minimum transfer amount is low.
- Transfers can be easily made online.
- Remitly does work with some local businesses to offer thousands of cash pickup locations if your recipient happens to be near one of them.
What We do not Like About Remitly:
- The number of countries you can transfer to is restrictive.
- The transfer fees when not converting money into a local currency are high.
- There aren’t brick-and-mortar facilities to initiate a transfer in person, which may be a drawback for tech-averse consumers.