Remitly Review – An In-Depth Money Transfer Analysis

If you need to send money abroad – whether that be to Canada, the Philippines, or any number of other countries – Remitly can help you. This company primarily caters to immigrants who want to send funds to their families. It has several transfer options and competitive transaction fees for its customers.

Remitly Overview

Remitly is a web-based money transfer provider that quickly transfers money from the United States to many countries worldwide. Its three million customers indicate that Remitly is a trusted and credible service. 

Registered with the US Department of Treasury and licensed in several US states as a money transmitter, Remitly has been around since 2011. It operates across all US and Canadian states and provinces.

How Does Remitly Work?

You can send funds with this digital service to recipients in India, Germany, the Netherlands, and many other countries. But to do so, you need to create an account on Remitly’s website or on its mobile app.

Create an Account

You can create a Remitly account via the company website by taking the following steps:

1. Select the Join Now option
2. Choose the country you want to send money to
3. Specify your email address and set a password
4. Tap the Join now option

If you prefer using the app, the signup process is as follows:

1. Download the app from Google Play or iOS App Store
2. Choose the countries you're sending money from and to
3. Hit Next
4. Type your email address and set a password
5. Select the Join Remitly option

During our research, we found that people like completing their transactions via the app. Every review we referred to for confirmation indicates  ease of use and high reliability. Once you create an account, add your name, address, and phone number before sending a transaction. 

Remitly Payment Options

You have two payment methods: card and bank account. 

You can conduct transactions with your credit and debit cards. This is a time-efficient way approach; these transfer options require just a few minutes to complete.

One of the most efficient ways to make a transfer is to connect your debit card to Apple Pay, like over 90% of smartphone users in the US who have access to this payment option.

You can use your bank account if your family members or other recipients don't need money immediately. These payments usually arrive within a few days. 

Remitly Delivery Methods

You can choose between four delivery methods:

• Bank deposit: Remitly transfers money directly into your recipient's bank account. To complete the transaction, you'll need to provide their bank name and account number.
• Cash pickup: Your recipients can pick up cash at a location that suits them. Ensure the information you enter into the system matches your recipient's ID so they can collect the cash without complications.
• Home delivery: Our review found that some banks offer the option to send money directly to the recipient's home. This option may take longer but is more convenient for some recipients, including those who are elderly or have restricted mobility.
• Mobile money: You can send money using a phone number if the recipient has a mobile money account.

Do I Need To Provide Any Additional Information?

Remitly may ask you for additional information (a document or photo ID) for protection and fraud prevention in any of the following cases:

• When you send your initial transfer
• If you request an increase on your sending limit
• If any unusual activity is detected on your account

Transfer Finalization

Once you initiate the transfer from your debit card, credit card, or bank account, you can track its progress and share details with the recipient. 

What Is a Sending Limit?

The Remitly transfer limit depends on how much information you provide about yourself – Social Security number (SSN), Individual Taxpayer Identification Number (ITIN), etc. – and how much money you wish to send in a specific period. Refer to the table for in-depth info.

What Are Transfer Rates and Fees?

Transfer fees and the everyday rate depend on how much money you send, the transfer speed, and the country you send funds to. For example, the following table shows what you can expect when sending money from the US to Mexico. 

Is My Information Safe With Remitly?

Our research found that the company maintains high security standards, which many reviews by customers confirm. Some of its security features are:

• Encryption of sensitive information and monitoring of any unusual activity
• Sending users safety notifications in case of suspicious account activity
• Verification requiring government-issued documents (passport and driver’s license, for example)
• Advising account owners about best safety practices and how to avoid becoming victims of scams

Remitly Customer Service

You have two ways of contacting Remitly customer support if you need information about the currency exchange rate, money transfers, or any issues that might have arisen. 

The first is the chat option, which is available 24 hours a day. You can chat with agents in English, Spanish, and French. Waiting times depend on how many people are in line for service inquiries. 

Reaching out via phone is the second option. If you’re in the United States, you can use the toll-free phone number: (844) 604-0924. To call from any other country, dial +1 844-604-0924, but note that international rates may apply.

Remitly Benefits and Drawbacks

Some of the key pros and cons are:

Strengths 

• Services more than 150 countries
• Customer support is available 24/7
• Fast money delivery options with credit and debit card transfers
• High security ensured by encryption and monitoring of account activity
• Several delivery methods, including cash pickup and optional home delivery to the recipient

Weaknesses

• Lower sending limits than some competitors
• Longer delivery times with the Economy option

Note that MoneyGram has a loyalty program granting discounts on certain transfers. However, if you wish to send over $15,000 and Remitly doesn’t service your native country, PayPal could also be a solution to this problem, since this service is available in more than 200 countries. 

Summary

Customers sending money to their family and friends through this service are generally very happy with Remitly.

Upon login, you can easily send funds in the knowledge that your account is as secure as can be. Plus, Remitly allows you to make money transfers to more than 150 countries worldwide.

On the flip side, the service has lower transfer limits than some of its main competitors, while delivery takes days with the Economy option.