Last Updated on December, 2024
“I’ve read so many reviews, but still, I get anxious when I think of sending money online. Am I spending a lot to transfer money? Or Will I get scammed? Do these services have a loyalty program?”
If this is your fear, I understand.
Because, we don’t want to get scammed when handling online transaction methods like Remitly. Isn’t it?
Don’t worry!
I’ll cover everything about Remitly so you can be sure whether to make your dealings using Remitly or not.
Contents
- About Remitly
- Who Should Use Remitly?
- How to Create a Remitly Account and Send Money?
- Remitly Transfer Fees, Methods, and Options
- Remitly Features and Supported Currencies
- How Much Can I Transfer With Remitly?
- Pricing
- Remitly: Ease of Use
- Is Remitly Safe?
- Remitly’s Support
- Remitly Customer Service Reviews
- Remitly vs Competitors
- Pros and Cons of Remitly
- Conclusion
- FAQs
- Can I Immediately Transfer Money With Remitly?
- What is the Maximum Limit for Transferring Money Using Remitly?
- Is Remitly Free of Charge?
- Is it Possible for Me to Receive a Refund From Remitly?
- What Happens if I Mistakenly Send Money to the Incorrect Account Using Remitly?
- Can Remitly Be Trusted?
- Was this article helpful?
About Remitly
Remitly is an online service that will help you send money to your family and friends in other countries. It’s an easy and convenient way to transfer funds internationally.
Sending money through their bank accounts or credit cards is easy. The service offers different delivery OPTIONS, including bank deposits and cash pickups. GUESS WHAT? Remitly aims to make the money transfer process quick, secure, and cost-effective, with transparent fees and a competitive exchange rate.
Through customer reviews, I understood that users appreciate its user-friendly interface and the real-time ability to track their transfers. Remitly will simplify your cross-border money transfers as a reliable and efficient solution (even if you have more money).
For additional information, check out their website.
Who Should Use Remitly?
This is a good question. I’ll tell you who should and shouldn’t use Remitly. This money transfer app is FREE to download and available in 30 countries, including the U.S. Users can send money to recipients in over 170 countries using debit cards, credit cards, or bank account(s).
Do you know? Remitly is designed to assist immigrants in sending money home safely and transparently, a process commonly known as remittance.
You can send money to lots of different banks and places where you can pick up cash. You can choose to get the money on your phone or have it delivered to your home.
However, Remitly may not be the best choice for those sending money to multiple countries, as fixed fees and exchange rate(s) vary depending on the recipient’s location and the chosen delivery speed.
Unlike central US banks that offer more precise details on fees and exchange rates, Remitly’s fees and exchange rates can be complex and varied.
You should be aware of this!
So, Remitly is great for people who want to send money to family or friends in other countries easily and quickly. It’s not ideal for those who prefer using traditional banks or who don’t need to send money internationally. If you don’t send money overseas often, it might not be necessary for you.
How to Create a Remitly Account and Send Money?
TRUST ME. Joining Remitly is simple.
Sending money abroad is easy with Remitly! Just follow these five simple steps:
That’s all. Understood?
Note: Keep a copy of your bank statement as an additional document.
Now, let me tell you about Remitly’s international transfer methods and options.
Remitly Transfer Fees, Methods, and Options
Remitly provides various ways to send money through its website and mobile app. You can use a US bank account, debit card, credit card, or prepaid debit card to make payments.
The available delivery options include bank deposit, cash pickup at participating stores or banks, mobile deposit, or home delivery.
Initially, there’s a daily transfer limit of $2999 within the first 24 hours of registering with Remitly. However, by providing additional details, you can increase the limit to $6000 or $ 10,000 per day.
I mean, this includes details about your use of Remitly, your whole social security number, government-issued ID, and information about the source of your funds.
The maximum amount you can send monthly is capped at $ 30,000. It’s worth noting that some other money transfer providers don’t have a limit on the amount you can send. This is all about Remitly money transfer methods.
Remitly Features and Supported Currencies
If you have a question, ‘What are Remitly features and the supported currencies?’ I can promise you that I’ll cover them here. Remitly offers various ways for their customers to send money.
Senders can use the following cards:
Note: The recipient can receive the money through bank accounts, pickup location, mobile device, or home delivery, depending on their location.
Remitly’s service is accessible to recipients in over 100 countries and senders in 30 countries, including the US.
Remitly Supported Currencies
The following are the currencies supported by Remitly:
| USD | PHP | CAD |
| EUR | MXN | IDR |
| CNY | BRN | LKR |
| GBP | AUD | SGD |
| INR | RUB |
Remember! The service offered by Remitly may vary by country, so it’s recommended to check the Remitly website for specific details on the existing payment options.
Plus, consider comparing Remitly with other providers, especially if your desired country or currency is missing from the list.
TRUST ME. A Wise Multi-Currency bank account is suggested for regular international payments, allowing you to send money internationally with transparent fees and a fair exchange rate.
How Much Can I Transfer With Remitly?
Remitly Money Transfer Limits
You must pass through different verification tiers to send different amounts of money with Remitly for a better exchange rate. These tires determine how much you can send within specific time frames.
The following table outlines the maximum amounts allowed daily, monthly, and every six months in different verification tiers with Remitly.
| Tiers | Daily | Monthly | Every Six Months |
| Tier 1 | $2,999 | $10,000 | $18,000 |
| Tier 2 | $10,000 | $20,000 | $30,000 |
| Tier 3 | $18,000 | $36,000 | $60,000 |
Time it Takes for Transfers
Remitly provides two money transfer OPTIONS based on the time it takes for transfers:
Pricing
Remember this! Setting up a profile with Remitly is free, but transaction fees exist. The fees vary depending on the recipient’s country, and you also need to consider the exchange rate.
If you use a credit card from the US, there is an additional 3% fee for some transfers. Check out the following table I’ve added for fees for different countries.
| Country | Express Fee | Economy Fee |
| India | If you send money to someone in Argentine pesos, the fee can range from $2.99 to $29.99, depending on how much you send | When the person receiving money gets it in Argentine Pesos, it costs $0.49 |
| Argentina | If you’re sending less than $1,000, it costs $3.99. But if you’re sending more than $1,000, it’s free | If you send less than $1,000, it costs $3.99. But if you send more than $1,000, it’s free |
| Rwanda | When the person receives money in Rwandan francs, it costs $2.99 | When the person receives money in Rwandan francs, it costs $1.99 |
| Serbia | Sending money in Serbian dinar costs $3.99, while sending money in euros costs $5.99 | When the person receiving the money gets it in Serbian dinar, it costs $2.99. If they get it in euros, it costs $4.99 |
| Vietnam | If someone receives money in Vietnamese đồng, it costs $1.99. If they get the money in U.S. dollars, the cost ranges from $4.99 to $94.99, depending on how much is sent | Sending money to Vietnam costs $1.99 if the person there gets it in Vietnamese đồng. If they receive it in U.S. dollars, it costs between $3.99 and $5.99, depending on how much money you’re sending |
You can transfer money from $2,999 to $ 60,000 depending on the time frame (24 hours, 30 days, or 180 days). For example, the lowest limit within 30 days is $ 2,999, while the highest within 180 days is $60,000.
This means that if you need a higher amount of money, you can contact Remitly through the ‘sending limits’ section of your bank account. However, sending limited approval usually takes 48 hours, and you may need to provide additional info or documentation.
Remitly: Ease of Use
Remitly is easy to use.
Do you know? Since March 2022, over 90% of Remitly users preferred using their mobile phones to send money. You can also access Remitly through a computer or another electronic device.
However, as I said before, to use Remitly, you can download the free mobile app from the App Store for iOS devices or Google Play for Android devices. The app works on iOS 11.0 or higher and Android 5.0 or higher.
The good news is that Remitly’s app is available in 14 languages, including English, French, Dutch, Chinese, German, Italian, Korean, Polish, Portuguese, Spanish, Romanian, Thai, Turkish, and Vietnamese
You can also choose delivery OPTION and the delivery speed (Express or Economy). With Express, you can send money using a debit card; the recipient usually gets it within a few minutes.
However, as I already told you, if you choose the Economy option, the funds will be delivered within 3 to 5 business days (The Economy option is much better).
Is Remitly Safe?
Yes. Remitly ensures safety when you send money through various methods.
- Licensed And Registered:
Remitly is fully licensed and follows regulations in the countries where it operates. It is registered with the US Department of Treasury, licensed in all Canadian provinces, and managed by the Financial Conduct Authority in the UK.
- High-Level Data Security:
Account security is Remitly’s top priority. Remitly employs automated and manual risk management procedures to identify suspicious activities. Your password, mobile phone, and advanced encryption protocols protect your info.
- Account Verification:
Like a bank, Remitly conducts account verification to ensure only authorized individuals access the account. This helps prevent fraud and money laundering. Verification may include providing a valid ID and proof of address.
- In-House Security Experts:
Remitly has an in-house team dedicated to fighting online financial fraud. They monitor transactions, address vulnerabilities, and constantly work to enhance security.
- Use Of Latest Technologies:
Remitly has predictive tools and advanced machine learning to detect usual activities. Internal monitoring for cloud services and software is conducted to protect against viruses and hacking attempts.
- Secure Systems:
The latest technologies are utilized to ensure secure money transfers. To prevent fraud, the system locks your account after unsuccessful payment attempts.
- Money Transfer Tracking:
Remitly allows you to track your international money transactions through the app. You receive updates on the money transfer progress and can even go for text updates to be sent to your recipient.
- Customer Support:
Their customer support is available online in multiple languages. Live chat is recommended for quicker assistance.
- Cancellation Option:
In case of an error, you can cancel your transactions using their app. In short, Remitly prioritizes legal compliance, data security, account verification, in-house security expertise, advanced technologies, and efficient customer support to ensure the safety of your money transfers.
Remitly’s Support
GUESS WHAT? Remitly offers customer support through phone calls and chat. You can get help over the phone anytime in English and Spanish, 24/7.
If you prefer to chat with customer care, it’s also available in English, French, and Spanish around the clock. I recently had a unique experience with Remitly’s customer service. I’ll share that here.
While addressing transaction fees, an automated system transferred me to a representative with an estimated wait time of 5 to 10 minutes.
What stood out was the option to hold my place in line for a callback. The first callback had an echo issue, prompting me to call back. Surprisingly, I was swiftly connected to another agent who efficiently resolved the concern.
Apart from the initial technical error, the representative was excellent and patient and provided helpful ideas. Remilty’s proactive approach to resolving the communication challenge gave me a positive impression of their dedication to customer satisfaction.
Remitly Customer Service Reviews
- Customer Review 01:
Used Remitly 3 times now so felt I could give an honest review. Very simple set up. I do debit card from US Bank to debit card at Mexican Bank. Very good exchange rates. Very low fee. I get notified right on app money is sent with transaction number. Within 30 minutes I will get confirmation email receiver has received in account
In short, this user has praised its simplicity, good exchange rate(s), low fees, and quick notifications for international money transfers.
- Customer Review 02:
We have been using Remitly to transfer money from Australia to the Philippines for several years now and have never had any problems at all. Very easy process, low fees, excellent communication and always a fair exchange rate. Since discovering Remitly we have never found the need to try any other money transfer service.
In short, Perry & Flores has given a positive review stating the easy method, low fees, excellent communication, fair exchange rates, preferred over other money transfer services for years.
However, there are also negative reviews in Trustpilot mentioning ‘worst service ever’. I’ve randomly picked one for you.
- Customer Review 03:
Remitly has been consistently good form for monthly payments between Spain and Peru since Nov 2021. However the last two payments have been marred by glitches. Credit card payment is authorised by bank but then Remitly says authorisation was withdrawn. The bank however knows nothing. So I had to swap to a card from a different bank. But then the money doesn’t arrive. Remitly says it has to issue a new code, it’s a problem with the receiving bank… Etc etc. It does make you wonder whether in fact Remitly is beginning to have system troubles.
In short, Miguel shows his dissatisfaction stating that the recent performance in facilitating monthly payments between Spain and Peru, noting consistent reliability until the last two payments, which were marred by issues including authorization raising concerns about Remitly’s system reliability.
Remitly vs Competitors
When comparing Remitly to its competitors, it’s evident that Wise stands out as a top alternative. Because Wise allows users to send, receive, convert, and spend in 40+ currencies with low and transparent fees (with better exchange rates).
What sets Wise UNIQUE is its commitment to providing the mid-market exchange rate with no mark-ups, margins, or hidden fees so that you can save significant amounts. The convenience of managing transfers through the Wise mobile app adds to its appeal.
While WorldRemit, Western Union, MoneyGram, OFX, Xoom, and XE are viable options, Wise’s focus on fair and transparent pricing and its user-friendly platform positions it as a preferable choice.
WorldRemit offered and still offers various delivery options, including cash pickups. Based in the UK, this supports transfers in 70+ currencies, while Western Union has been a global giant since 1861. MoneyGram, with a history spanning over 80 years, provides multiple ways to send and receive money.
OFX is an Australian service with an online platform and mobile app, while Xoom and PayPal emphasize easy and secure online transfers. XE, a Canadian foreign exchange specialist, allows money transfers to over 170 countries.
Despite these alternatives, Wise’s commitment to transparency and competitive rates makes it a standout choice for Remitly.
Pros and Cons of Remitly
Pros
Cons
Other online bank reviews:
Conclusion
When deciding if Remitly is the best choice for sending money to your loved ones, remember to consider its features and fees, which can vary depending on the country you’re sending to.
You might have the option to choose between a faster payment method or a more affordable one, so think about what works best for you. Also, it’s a good idea to look into other services similar to Remitly to see if there’s a better fit for your needs.
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