Remitly is a solid option if you need to send money to one of the 100 countries it operates in and you can choose express delivery if your transfer is urgent. Your recipient also doesn't need to have a bank account as cash pickups, mobile wallets and home delivery are available in some countries alongside bank transfers. Another big plus to Remitly is its delivery promise - if your transfer doesn't arrive on time, your fees will be returned.
But there are low maximum limits to how much you can send and there aren't any forex tools to help your money go further. Remitly's exchange rates are also inconsistent with the markup varying depending on the country and the delivery speed.
- Good for fast transfers and for sending money without ID verification.
- Be wary of fees climbing up if you send large amounts with its express option.
|Pay By||Bank transfer, Credit card, Debit card|
|Receiving Options||Cash pickup location, Bank account, Mobile wallet, Home delivery|
|Customer Service||Phone, Live chat|
|Maximum Transfer Amount||$2,999|
|Number of Currencies||131|
Why should I consider Remitly?
- Large network. Remitly is an online international money transfer service that allows people in the US, Canada, Europe, Australia and the UK to send money to over 100 countries worldwide, with cash pickup possible at certain locations.
- Delivery promise. Remitly guarantees that your money will be delivered by a specified time or the fees are refunded.
- Speed. Express options make it possible to have your money there faster, typically within a few minutes if you pay by credit card.
- Diverse delivery options. Send money to bank accounts, for cash pickup, directly to a mobile wallet or even for home delivery in select markets.
- Rewards. Remitly's referral program makes it possible to earn rewards by referring friends and family members.
What to be aware of
- Low maximum limits. A limit of $2,999 is placed on all new accounts, and you'll need more ID to increase daily, monthly and 180-day sending limits.
- No hedging options. Remitly doesn't have recurring transfers, limit orders and any other hedging tools to help you save money by planning your money transfer in advance.
- Inconsistent exchange rate margins. Different countries are charged different exchange rate margins, and the speed of your transfer also factors into the exchange rate you'll be offered.
How much are Remitly's transfer fees?
Remitly's fees and exchange rates vary based on sending destination but typically depend on the following:
- Amount. The amount you send may change the fee you are charged.
- Destination. Sending money to popular destinations is often cheaper than sending it to more remote locations.
- Payment. Paying with a bank account is usually cheapest.
- Speed. Remitly offers two transfer speeds: Express and Economy.
Sending money from Australia
Remitly's fees can vary based on the country you send from and to. For example, here are the fees charged by Remitly while sending from Australia to India when we checked on August 10, 2023.
- Economy: $3.99 on transfers under $1,000
- Paid for with a bank account deposit
- Arrives in 3-5 business days
- Express: $3.99 on transfers under $1,000
- Paid for with a debit/credit card
- Within minutes
How are Remitly's exchange rates?
Remitly exchange rates may vary depending on if you are using Remitly's Express or Economy. Additionally, for some countries, you'll find weaker exchange rates than those of competitors. It's best to compare the displayed rate on Remitly with the current interbank rate to calculate the size of the margin charged.
You can then use this as a benchmark for comparing the rates of other money transfer providers. Typically, Remitly's markup onto exchange rate ranges from 1% to a little over 3%.
New customers at Remitly
Every new customer gets a special offer on their first transfer with Remitly. This is typically a stronger exchange rate and lower fees for a portion of your first transfer. Even if you aren't considering using Remitly consistently over time, you could potentially save yourself some money by taking advantage of its new customer promotion to make a one-off transfer.
Check if there are any Remitly promo codes available
What your Remitly transfer could look like
What are the ways I can send money abroad with Remitly?
Remitly offers a wide range of delivery options that are dependent on your sending destination. Delivery methods include:
- Bank deposit. Funds will be sent directly to your recipient's bank account.
- Cash pickup. You can opt for the funds to be delivered to a cash pickup location. Just be sure that your recipient brings ID that matches the name on the transfer.
- Home delivery. Some banks offer an option to deliver directly to the recipient's home, but this takes longer than other transfers.
- Mobile money. There is also the option to have funds delivered to a mobile wallet, such as GCash and PayMaya in the Philippines, HellowCash in Ethiopia and other similar options.
How to send a money transfer with Remitly
You can send money quickly from your computer or the Remitly app by completing the following steps.
What are Remitly's payment options?
You can only make on-off transfers with Remitly, and you can pay using the following methods:
- Debit or credit card. If you choose this option, funds can be available in minutes. However, you may find you are charged a 3% fee by your credit card provider if you choose to use your credit card to pay for your transfer.
- Bank account. Typical transfer speeds with this type of payment option is 3-5 days, but these can also be subject to delays from bank holidays.
How long does an international transfer with Remitly take?
Transfer speeds will depend on the amount of fees you are comfortable paying and how quickly you need it to arrive.
Express - as little as a few minutes
If you pay for your transfer with a credit or debit card and select the Express option, your transfer could arrive in as little as a few minutes. However, you will pay a higher fee and your credit card provider could also charge you a cash advance fee, further increasing the cost of your total transfer.
Economy - Up to five business days
Remitly's Economy option is the cheaper of the two options. Transfers through Economy will be slower, but you'll almost always get a better exchange rate and fewer fees than with Express.
Transfers typically take
1 to 5 days
How much money can I send with Remitly?
Remitly's transfer limits are based on the tier you're approved for. To progress through Remitly's tiers to higher maximums, you will need to provide more personal information and an ID:
- Tier 1. Send up to $2,999 daily, $10,000 monthly and $18,000 every six months.
- Tier 2. Send up to $6,000 daily, $20,000 monthly and $36,000 every six months.
- Tier 3. Send up to $10,000 daily, $30,000 monthly and $60,000 every six months.
- Custom tier. You can speak with a representative to discuss custom sending limits, depending on your needs.
Sending money with Remitly
You will need the following documents to make a transfer with Remitly:
- Contact information. Your full name and contact information are needed. If you're transferring money from your bank account, you'll also need your banking information.
- Proof of ID. A government-issued ID, such as a driver's license or passport.
- Recipient information. Be prepared with your recipient's name and contact information. If you're transferring to a bank account, you'll also need their bank name, SWIFT code and account number.
- Payment method. A valid method of payment is necessary for all transfers. Online transfers can be paid for through a bank account, credit card or debit card. For in-person transfers, you can also pay with cash.
Please see the table below for what additional information is required to be approved for the higher tiers:
Information needed Tier 1 Tier 2 Tier 3 Full name X X X Residential address X X X Date of birth X X X Government-issued photo ID X X Additional information on source of funds X X Additional information at request X
Is Remitly safe to use?
Remitly safeguards your money in a variety of ways:
- Registering with regulatory agencies in the US, Canada, the UK and Ireland.
- Protecting all transactions with 256-bit SSL encryption.
- Monitoring accounts for suspicious activity manually and automatically.
- Verifying new accounts to protect users from fraud.
- Offering a 100% satisfaction money-back guarantee if your transfer arrives late.
Is there a Remitly app?
Yes, Remitly has an app on both Google Play and the App Store. The app makes it possible to do the following:
- Log in using biometrics. Both face and fingerprint recognition can be used to log in.
- Check Remitly exchange rates on the go. Current currency exchange rates and fees can be found in the app.
- Share order details with your contacts. Sending key order information to your recipient can be done with just a few taps.
Reviews as of August 10, 2023 Ratings Google Play Store 4.8 out of 5, based on 667,000 customer reviews Apple App Store 4.8 out of 5, based on 90,900 customer reviews
How does Remitly compare to other money transfer services?
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