Features

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.  

What Are Remitly’s Transfer Fees?

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.   

How Fast Are Remitly's Transfers?

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's Backstory

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.  

Who Can Benefit From Remitly?

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.      

What Are The Advantages and Disadvantages Of Remitly?  

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.  

  • Minimum Amount
    $10
  • Transfer Destination
    • Bank
    • Foreign Country
    • Personal
  • Transfer Speed (days)
    1
  • Processing Fee
    $4
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0 votes

There are far better companies than Remitly which is hustle free. This company's procedure is quite chaotic and inconvenient for customers. They ask too much document verification and cancel transactions with refunds that take too long. Better look somewhere else which offer better exchange rate and better customer service.


0 votes

Between Remitly and Xoom, there is not much difference in terms of quality of the service, website/User-Interface, reliability, security of the transactions, etc. Both are equally good! But the major difference is the locked-in exchange rates offered by Remitly which are slightly higher than Xoom. The locked-in 3-day basic rate by Remitly is consistently about 15 to 20 paise higher than Xoom's rate with the only downside being it takes 3 days. Ofcourse, 15 to 20 paise to a dollar is chump change, but when one is transferring $4000+ in ... one-go, it does make a lot of difference. Overall, I am quite satisfied with Remitly, and will use it again after using it more than 9 times this year. I would gladly recommend it to anyone. Besides, I got a sign-up bonus of $40 in Amazon gift-cards with this link: remit.ly/#1a7cnk2

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0 votes

Here is a frank review of Remitly. Although most of my friends recommended Xoom for convenience and reliability, I did my own research-- checked all the services/transaction charges, security/privacy, etc and went for Remitly. It is backed by Jeff Bezos, founder of Amazon, so definitely trustworthy! The website is clean and unambiguous, instructions for adding account and personal details are simple and they have iOS/Android apps for all subsequent transactions. Since March 2015, I have used it about 6 times and have got very good service and glitch free transfers ... all those many times. They have an express exchange rate, and a basic exchange rate, both of which are locked in rates. Basic rate is higher and takes about 3 days, but if 3 days time is not a concern, it's exchange rate is about 30 paise (0.30 Rs) higher than Xoom per USD. Every transaction above $1000 has no separate transaction charge and you get email notifications at every step, from the time of debit from your account to credit into target account in India. I didn't have to submit any documents on first sign-up, and after that, transactions are basically just 1-click away. Enter amount, review and send. Simple as that! You can sign up with this referral link to get $30 sign up bonus/Amazon gift card:

http://remit.ly/@1a7cnk2

Hope this helps.
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