What we love about Remitly money transfers

Remitly Money Transfers are remittances, which means they allow sending money from those working in a developed country to loved ones in a developing country. This service is less expensive and quicker than most traditional money transfer services. It partners with about 40,000 banks globally to offer direct deposits and cash pickups in various countries.

What could Remitly do better?

The money transfers available through Remitly are specifically tailored for immigrants working in developed countries and their loved ones in developing countries. It might not be the best choice for those who have other reasons to transfer money.

It is also available only in certain countries so not everyone will be able to use the Remitly services. The company does have fees on sending money to others, which vary based on how quickly the money needs to reach the recipient.

Remitly's backstory

Remitly Money Transfer is created for those who work in the United States, Canada, and the United Kingdom. Its original focus was on transferring money between the Philippines and the United States, but the company has expanded its efforts over the years. It now allows customers to send money back to loved ones in Colombia, Ecuador, El Salvador, Guatemala, Honduras, India, Nicaragua, Mexico, Peru, and the Philippines.

The company has also recently launched a service for workers on cruise ships to send money to the Philippines using their smartphones. This has given the company access to $5 in the remittance industry.

The verdict

Remitly offers a unique way to transfer money from one country to another and is specifically designed for immigrants coming from developing countries. It might meet the needs of customers who are in that bracket, but others will want to look at other money transfer options. It’s always a good idea to look at the market to find the best product with the lowest fees.

Many different money transfer services are available, all of which have their own set of advantages and disadvantages. Click here to learn more by reading ratings and reviews about various options for money transfers.