Remitly has established itself as one of the top money transfer providers in the world, offering a convenient and reliable online remittance service. As a digital money transfer company, Remitly specializes in helping immigrants and expats send money back to their home countries. In this comprehensive review, we will delve into Remitly’s functionality, fees, customer service, and overall user experience. By the end of this article, you will have a clear understanding of whether Remitly is the right choice for your international money transfer needs.
Remitly at a Glance
Remitly was founded in 2011 and is headquartered in Seattle, Washington. Since its inception, the company has garnered over 3 million customers worldwide and facilitates over $6 billion in annual transfers. With high-profile investors such as Amazon’s Jeff Bezos, Goldman Sachs, and the International Finance Corporation, Remitly has secured over $100 million in funding. The company operates in the United States, Canada, United Kingdom, European Union, and Australia, allowing funds to be sent to over 130 receiving nations.
Safety and Legitimacy of Remitly
Before entrusting your money to any money transfer service, it is crucial to assess its safety and legitimacy. Rest assured, Remitly is a reputable and trustworthy company. It is authorized and regulated by various regulatory bodies, including the Financial Conduct Authority (UK), Central Bank of Ireland (EU), US Department of Treasury, ASIC (Australia), and Monetary Authority of Singapore. These regulatory certifications ensure that Remitly adheres to strict compliance requirements and safeguards client funds.
Remitly is also a publicly listed company on the NASDAQ, further validating its legitimacy and commitment to transparency. The company holds client funds in separate, protected accounts, ensuring that your money is not commingled with Remitly’s operational funds. In the event of insolvency, client funds are ring-fenced and returned to customers in full. This provides an additional layer of security and peace of mind for users.
Exchange Rates and Fees
When considering a money transfer service, exchange rates and fees are crucial factors to evaluate. Remitly offers competitive exchange rates that are typically 0.5-2% below the mid-market rate. The exact exchange rate offered depends on the transfer details, including the send and receive countries, amount transferred, and payout method. It’s important to note that exchange rates may vary for different currencies, and Remitly’s rates are generally more favorable for larger transfers.
In terms of fees, Remitly employs a tiered fee structure based on the transfer speed, amount, currency, and country corridor. The fees range from 99p to £3.99, depending on the specific transfer details. Express transfers, which provide near-instant delivery, have higher fees compared to Economy transfers, which take 3-5 business days for delivery. It’s important to consider the transfer speed and fee structure when choosing the right option for your needs.
Customer Reviews and Satisfaction
A reliable indicator of a money transfer service’s quality is the feedback and reviews from its customers. Remitly has garnered nearly 40,000 reviews on Trustpilot, with an average rating of 4.1 out of 5 stars. This positive rating indicates a generally satisfactory experience for Remitly users. The majority of reviews highlight the fast transfer speeds, ease of use of the mobile app, and friendly customer service. However, it’s worth noting that some negative reviews mention issues with account verification, delays in transfers, and difficulties with customer support. While Remitly strives to provide excellent service, occasional hiccups can occur, as is the case with any financial service provider.
Features and Delivery Options
Remitly offers a range of features and delivery options to cater to diverse user preferences and recipient needs. One of the standout features is the ability to choose between different transfer speeds. The Economy service provides a higher exchange rate and lower fees, with transfers typically delivered within 3-5 business days. On the other hand, the Express service offers near-instant transfers, making it suitable for urgent transactions, albeit with higher fees and slightly lower exchange rates.
Remitly also offers multiple payout options, including bank transfers, cash pickup, mobile money, and airtime top-up. Bank transfers allow funds to be directly deposited into the recipient’s bank account, providing flexibility and convenience for those with access to banking services. Cash pickup is available in numerous countries and allows recipients to collect transferred funds in cash from partner locations. Mobile money transfers enable funds to be sent directly to mobile wallets, which are especially prevalent in African and Asian countries. Additionally, Remitly offers airtime top-up services, allowing users to add credit to recipients’ phones for calls, texts, data, and other services.
Ease of Use and Mobile App
Remitly prioritizes user experience and offers a user-friendly mobile app and website. The account setup process is quick and straightforward, requiring only basic personal information. The mobile app, available for both iOS and Android devices, provides a clean and intuitive interface for initiating transfers. Users can save recipient details to streamline future transactions and track the status of their transfers through the app’s timeline feature. Remitly’s commitment to a seamless mobile-first experience has earned it a high rating on both the App Store and Google Play Store.
Country Availability and Transfer Limits
While Remitly operates in multiple countries, it is essential to check if your specific country of residence and desired recipient country are supported. Currently, Remitly supports senders located in around 30 primarily developed nations. If you reside outside of these supported countries, Remitly may not be an option for you. Additionally, Remitly imposes transfer limits based on the user’s verification level. Higher transfer limits can be obtained by providing additional personal information. It’s important to consider these limitations when choosing a money transfer provider, especially if you anticipate sending larger amounts.
Remitly’s Target Audience
Remitly caters to a specific target audience of immigrants and expatriates who need to send regular, smaller amounts of money home. The service is designed for frequent remittances to support family and friends internationally. Remitly’s competitive pricing, cash pickup options, and mobile-first experience make it an excellent choice for this demographic. Additionally, Remitly’s Express transfers are suitable for individuals who require quick emergency transfers. Recipients without bank accounts can also benefit from Remitly’s cash pickup option, providing a convenient solution for those without traditional banking services.
Alternatives to Remitly
While Remitly offers a range of features and competitive pricing, there are instances where alternative money transfer providers may be more suitable. If you’re looking to transfer larger amounts of money, currency brokers such as Key Currency, Currencies Direct, and TorFX may offer better rates and personalized service. These brokers specialize in handling high-value transfers and provide one-on-one guidance throughout the process. Additionally, if you prioritize obtaining the best exchange rate possible, Atlantic Money offers mid-market rates with a flat fee of £3. However, it’s important to consider the limited currencies and payout options available with Atlantic Money. Wise and XE are also viable alternatives to Remitly, offering better rates and additional features such as multi-currency wallets and conversion tools.
Conclusion: Is Remitly the Right Choice for You?
In conclusion, Remitly is a reputable and reliable money transfer service, particularly suitable for immigrants and expatriates sending regular, smaller amounts of money abroad. Its competitive exchange rates, flexible delivery options, and user-friendly mobile app make it a convenient choice for supporting family and friends internationally. While Remitly offers a reliable service, it’s important to compare specific countries, currencies, and transfer amounts to alternative providers to ensure you’re getting the best rates and features for your needs. By conducting thorough research and considering your individual requirements, you can make an informed decision on whether Remitly is the right choice for your international money transfer needs.
