Review: Remitly international money transfers October 2019

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Quick, affordable transfers to the Philippines and beyond.

  • 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.

AUD 10

Min. Transfer Amount

AUD 18,000

Max. Transfer Amount

Same day

Transfer Speed

Details

Product NameRemitly International Money Transfers
Min. Transfer AmountAUD 10
Max. Transfer AmountAUD 18,000
Transfer MethodsOnline, Bank Account to Bank Account, Cash Transfer
Transfer Speed
Minimum transfer time
Same day
Customer ServicePhone, Chat, Email
Available CurrenciesARS, AUD, BOB, BRL, CLP, COP, CRC, DOP, ETB, GTQ, HNL, INR, KES, MAD, MXN, NGN, NIO, PAB, PEN, PHP, PKR, PYG, RON, RWF, TND, USD, UYU, VND, XOF, ZAR
Online Transfer FeeAUD 0

Pros

  • It’s fast
  • Offers cash pickup
  • Receive text updates

Cons

  • Limited currencies you can send to
  • Low maximum daily limits
  • Higher fees for expedited service

Remitly exchange rates and fees

Remitly updates its exchange rates daily to align with global markets, locking in the exchange rate you see at the beginning of your transaction. Some countries may have a weaker exchange rate than those of competitors.

Remitly charges different fees depending on the currency and how much you're sending. The express option will be the more expensive one, however, but will get your fees there faster. For some currencies, Remitly waives its fees entirely for the slower, economy option.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 10 Same day AUD 3.99 34.969 PHP
34,829
Quick, affordable transfers around the world. Remitly also has an express option that can transfer your money in minutes for a higher fee. The cheaper option takes several days. Show details

Compare up to 4 providers


The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.

Check for the latest Remitly promo codes and special offers

Available currencies

Remitly offers money transfers to over 30 different currencies. Some of the more popular include:

  • HUF Hungarian forint
  • INR Indian rupee
  • KES Kenyan shilling
  • MAD Moroccan dirham
  • PHP Philippine peso
  • PKR Pakistani rupee
  • LKR Sri Lankan rupee
  • VND Vietnamese dong

Remitly is planning to launch transfers to a number of countries soon, including Thailand and Hong Kong.

What types of transfers can you make with Remitly?

While Remitly does let you transfer to a cash pick-up location, it doesn’t have forward contracts, limit orders or regular payments. Forward contracts let you lock in an exchange rate now for a future transaction. With a limit order you can set the exchange rate you want and the trade will automatically go through when that rate is reached.

If you’re after a provider with either of these capabilities, check out our pages on forward contracts and limit orders.

How long does a transfer with Remitly take?

Remitly offers two ways to send – express or economy.

  • Express may cost extra but it can deliver your money to your recipient in minutes.
  • Economy generally takes three to five business days to arrive.

Transfers typically takeClock icon for transfer speed

3 - 5 days

What payment methods does Remitly accept?

You can pay for your transfer using:

  • Bank transfer
  • Debit card
  • Credit card

Paying by card will get your money there faster, but you'll pay an extra 1% surcharge.

How much can I send with Remitly?

With Remitly, how much you can send depends on the tier you’re approved for. To move up to a tier with higher sending limits, you'll need to provide more personal information and identity documents.

  • 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 $18,000 daily, $36,000 monthly and $60,000 every six months.

Is Remitly safe to use?

  • Security and regulation: Remitly is government regulated and keeps its customers’ funds separate from its own. Although Remitly doesn’t have 2-factor authentication, the server connection is secured using 256-bit SSL.
  • Established: 2011.
  • Reviews: Trustpilot gives Remitly a score of 9.3* out of 10, based on about 11,500 reviews.
  • Investors: PayU, Stripes Group, Bezos Expeditions, Silicon Valley Bank.
*According to Trustpilot on 17 October 2018.

Remitly is regulated in Australia by ASIC (the Australian Securities and Investments Commission). ASIC is the regulatory body that oversees finance companies to protect consumers. Part of this regulation means Remitly has to keep its customers’ funds separate from its own in case it runs into any financial problems.

Remitly also says it has a number of risk management procedures in place that help show any suspicious account activity if you’ve been hacked.

How does Remitly make money?

Remitly only charges a fee for its express transfers so makes the rest of its money from the margin. The margin is the difference between the rate you’re quoted by Remitly and the live mid-market rate you can see on Google or XE.

Money transfer providers often include a margin on the exchange rate to cover their costs. When comparing providers, keep an eye on both the fees they charge and their exchange rate.

How to register and send your first transfer

Signing up for an account with Remitly is simple and free. The following steps can help guide you through the process.

What is Remitly's background?

Remitly was founded in 2011 by Matt Oppenheimer to disrupt the remittance industry. It aims to lessen fees and create greater transparency and has a focus on being easy to use on your mobile. Remitly is based in Seattle in the United States and chiefly services those sending transfers out of the US, Australia, the UK and Canada.

In a nutshell

Pros
  • Instant transfers. If you pay through card, your money can be transferred in minutes with the express service.
  • On-time guarantee. Remitly offers a money-back guarantee if your transfer doesn’t arrive on time.
  • Fast registration time. You’re able to register an account and send a transfer in minutes. For transfers smaller than $2,999 you don’t need to provide any proof of identity or address, such as a passport. However, Remitly will ask for your date of birth, address and full name.
  • Cash pick-up. You can send cash to a range of pick-up locations. This isn’t available in every country, however.
Cons
  • Limited currencies. Remitly doesn’t currently offer as many currencies as other providers.
  • Low maximum daily limits. Especially for the lower tiers.
  • Higher fees for expedited service. Credit card transactions and transfers to certain countries can be expensive.
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How does Remitly compare to other providers?

Our table below shows you the exchange rate and fees for other money transfer specialists.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 1 2 days AUD 9.00 0.664 USD
6,634
Transfer to over 99 countries via online banking, phone banking or through an ANZ bank branch. Go to site Show details
AUD 2,000 1 day AUD 0.00 0.683 USD
6,827
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.
Go to site Show details
AUD 3,000 1 day GBP 20.00 0.683 USD
6,818
Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.683 USD
6,827
Better exchange rates for Finder customers.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.683 USD
6,827
SendFX guarantees to match any competitor's exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
AUD 250 1 - 2 days AUD 0.00 0.683 USD
6,827
$0 transfer fees for Finder customers.
No-maximum limit transfers with competitive exchange rates for 100+ currencies. No transfer fee over AUD$10,000.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.683 USD
6,827
BFX can help you send fee-free transfers to 30+ currencies. Go to site Show details
AUD 5 1 - 2 days EUR 3.00 0.679 USD
6,785
Special offer: Pay zero fees on your first 5 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
AUD 1 Within an hour AUD 3.99 0.677 USD
6,770
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available. Go to site Show details
AUD 200 1 day AUD 0.00 0.68 USD
6,800
Low minimum transfer amount of just AU$200, with no set-up fees or transfer fees. Go to site Show details

Compare up to 4 providers


The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

FAQs

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International Money Transfer Offers

Important Information*
Logo for ANZ International Money Transfer
ANZ International Money Transfer

Transfer to over 99 countries via online banking, phone banking or through an ANZ bank branch.

Logo for TorFX International Money Transfers
TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.

Logo for Global Reach (formerly FC Exchange) International Money Transfers
Global Reach (formerly FC Exchange) International Money Transfers

Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.

Logo for WorldFirst International Money Transfers
WorldFirst International Money Transfers

Better exchange rates for Finder customers.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.

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