Remitly Review: Pros and Cons of the Money Transfer Service
Are you looking for a reliable and efficient way to send money overseas? Remitly is a popular money transfer service that promises to make the process of sending money internationally fast and easy. In this review, we will take a closer look at the pros and cons of Remitly to help you decide if it’s the right service for you.
Pros of Remitly:
1) Competitive exchange rates: Remitly offers competitive exchange rates for many currencies, which can help you save money on your transfer.
2) Fast transfer speeds: With Remitly, you can send money to many countries within minutes, which is perfect if you need to make an urgent payment.
3) Multiple payment options: Remitly allows you to make payments using a bank account, debit card, or credit card, which makes it easy to send money from any device.
4) Excellent customer service: Remitly’s customer support team is available 24/7 to help you with any questions or issues you may encounter.
5) User-friendly app: The Remitly app is easy to use and allows you to track your transfers and view your transaction history.
Cons of Remitly:
1) Limited coverage: Remitly’s coverage is limited to specific countries, so you may not be able to send money to certain locations.
2) Fees: Remitly charges a transfer fee, which can vary depending on the country you are sending money to and the payment method you choose.
3) Exchange rate markup: While Remitly’s exchange rates are competitive, the company does markup the exchange rate, which means you may not get the best rate possible.
4) Verification process: To use Remitly, you will need to go through a verification process, which can take some time and may require you to provide additional documentation.
How to open an account with Remitly ?
Opening an account with Remitly is a quick and easy process. Here are the steps you need to follow: Visit the Remitly website: Go to the Remitly website or Click here to Get started!
– Select your country and the country you want to send money to: Choose your country of residence and the country you want to send money to.
– Choose your transfer type and amount: Select whether you want to send money as a bank deposit, cash pickup, or mobile money transfer. Then enter the amount you want to send.
– Create an account: Enter your personal details, such as your name, email address, and phone number, and create a password.
– Verify your identity: Remitly requires all users to go through a verification process to comply with anti-money laundering regulations. You may need to provide additional documentation, such as a copy of your ID or a utility bill, to complete the verification process.
– Add payment information: Add your payment information, such as your bank account, debit card, or credit card.
– Review and send your transfer: Review your transfer details, including the exchange rate and fees, and send your money.
That’s it! Once you have completed these steps, you can start using Remitly to send money to your friends and family overseas. If you have any questions or issues, you can contact Remitly’s customer support team for assistance.
Conclusion: Overall, Remitly is a reliable and efficient money transfer service that offers competitive exchange rates and fast transfer speeds. While the service does have some limitations and fees, it is still an excellent choice for anyone who needs to send money overseas quickly and easily. If you are looking for a trustworthy money transfer service, Remitly is definitely worth considering. Just make sure to compare the rates and fees with other providers before making a decision.
