Remitly Money Transfer Review

Remitly is an online service that allows you to send money internationally and choose from several delivery options, depending on your recipient’s location. The service supports more than 100 currencies for transfers to over 170 countries and territories worldwide, from Albania to Zimbabwe.

The cost of a transfer depends on the amount you want to send, the payment method and the delivery option you choose.

Here’s what you need to know about Remitly.

How does Remitly work?

Remitly lets you send money worldwide, although more countries are available for receiving funds than sending them. For example, Japan, Vietnam and the Philippines can receive funds, but money cannot be sent from these countries.

In general, you can only make person-to-person transfers, although business transfers may be available from the U.S.

Remitly is designed to be user-friendly. Here’s an overview of how to send money with the online transfer service:

• Create a free Remitly account: Sign up for Remitly through the Apple or Google app stores, or at Remitly.com.
• Choose the destination and the amount you want to send: Once you do that, you will see your exchange rate and fees.
• Decide on a delivery method: Options include bank transfer, cash pickup, home delivery or mobile wallet.
• Gather and enter the recipient’s details: You’ll need your recipient’s name and address as they appear on their ID. Make sure to get your recipient’s phone number and preferred delivery method. If you’re sending a bank deposit, you may need their bank account details.
• Confirm your money transfer details: Remitly will provide a breakdown of the fees for your transfer. Check that all fees and key details of your transfer are accurate; correct any errors.
• Pay for your transfer: Your options will vary according to your location. Remitly supports a wide range of payment types, including bank accounts, bank transfers, debit and credit cards, prepaid cards, and digital wallets like Apple Pay and Google Pay. Other methods include Bancontact, iDEAL, Klarna (also called Sofort), Maestro cards and manual transfers (also known as SEPA credit transfers).
• Track your transfer: You can monitor your transfer in the Remitly app or through your transfer history on the company’s website. Remitly will also send you status updates via email, text or in-app notifications.
• Get confirmation: Remitly will provide a “promised” delivery date and time and notify you when the money has been delivered. Delivery times depend on the sending and receiving methods you choose. Your recipient doesn't need to have a Remitly account to receive money; only the sender needs to sign up for an account to transfer money, however.

What are Remitly’s money transfer fees?

Remitly says there are no hidden fees, so you’ll know upfront what your transfer will cost.

The best way to determine the cost of your transfer is by visiting the company’s pricing page. Here, you can select your sending and receiving currencies and see the exchange rate and transfer fees.

If you’re a new customer, you may qualify for a promotional rate on your first transfer, though the amount you can send at that rate is limited. You can find any available promotions you qualify for in your transfer summary.

How much money can you send with Remitly?

The amount of money you can send with Remitly varies, depending on where you’re sending money from and whether the company has verified your identity. Some receiving countries and delivery methods also have limitations, which may further reduce the amount you can send.

Check the website for a country’s specific sending limits. You can request an increase if you need to send more than your limit, but Remitly may seek additional details about your request.

Note that Remitly has limits on the amount you can send in 24-hour, 30-day and 180-day periods.

Remitly pros and cons

Should you use Remitly?

Remitly can be a great option if you’re looking for a low-cost way to send money internationally. It may not be the fastest option — competitors offer same-day and instant transfers — but it is upfront about fees and aims to keep them low.

The service can also be a good choice if you want to send cash in the local currency. Your recipient may be able to pick up the cash from a nearby physical location, which is a great option if they don’t have a bank account. Cash delivery to the home is available in rural locations or areas where it may be difficult to find a pickup point.

What are some alternatives to Remitly?

Remitly isn’t the only way to send money internationally. If this service doesn’t fit your needs, you might consider alternatives such as MoneyGram or Wise.

MoneyGram: You can use a credit or debit card to send money to more than 200 countries and territories. However, transfer limits will apply based on country and transfer method. MoneyGram also limits the number of transfers you can make daily, weekly, monthly and yearly.

Wise: This online service supports more than 160 countries and over 50 currencies. Send your money using an electronic bank transfer, a wire transfer, or a credit or debit card, and pay a single flat fee plus a small percentage of your transfer in most cases. Same-day or instant transfers are available, and transfer limits depend on the currency used to send the money.