CompareRemit Review of Remitly

Overall - 4.5 / 5

 

Remitly is helping immigrant families send money home in more flexible ways and in larger sums. The company is proving to be a cost-efficient way to transfer money into developing countries. As an additional assurance, the service offers a 100% satisfaction guarantee, which means that if your money doesn’t arrive on time, they will refund related fees and charges.

Remitly is for securely sending money

 

 

Trustworthiness - 5 / 5

Since being founded in 2011, over 3 million customers have used Remitly to send money internationally to loved ones. It currently serves customers in the United States, United Kingdom, Canada, and Australia who want to efficiently and securely transfer funds around the world. Remitly encrypts all financial transfers to protect against fraud using bank-level security, providing peace-of-mind to customers. Whether you are sending $10 or $10,000,000 the level of security is the same.

In the Apple App store, Remitly has rating count 4.8 out of 5.
In Google Play store, it is rated 4.6 out of 5.

 

Customers prefer Remitly due to its exchange rates, low fees, on-time delivery, and excellent customer service. The platform is available online and mobile, giving users access to features such as real-time exchange rates on the go.

 

Ease of Use - 4.5 / 5

An agile approach to sending money to over 60 countries

Remitly makes it easier to reach family and friends who may be struggling with unpredictable expenses. You can now send money to India, Philippines, Vietnam, Mexico, Dominican Republic, Nigeria, Pakistan, and China. With Remitly, you can request the exact date and time for funds to reach your recipient. Gone are the days of guessing when the wire transfer will go through.

 

 

Transfer Costs - 3 / 5

Fees: Depending on your choice of payment or receiving options, you may get higher fees. If you are sending money through Express and are sending $1001 or above, the fees are waived in most cases. If you are sending less than $1000 expect fixed fees around $4 (may vary depending on country). Sending money on a credit card will incur a 3% fee. 

 

Rates: The rates are updated daily to stay consistent with the market fluctuations. 

 

Transfer time - 4.5 / 5

It’s fast. You have two options:

  1. Economy. This takes 3 to 5 business days for the transfer to reach the recipient. Senders can enjoy a higher exchange rate for a lower transfer fee. You can pay directly from your bank account.
     
  2. Express. The money will reach the recipient within a few hours. However, you may have a lower exchange rate. You can pay with either your debit or credit card.

 

Transfer details - 4.5 / 5

The Remitly platform makes money transfers easy by letting you pay by bank transfer, debit, or credit card. Your recipient also has multiple choices on how they can pick up the funds. Recipients can:

 

  1. Have money deposited into their bank account in their local currency
  2. Pick up cash from any 140,000 financial institutions in Remitly’s network
  3. Get money transferred directly into a mobile wallet on any smartphone
  4. Have money delivered to home address

 

If you want to increase the transfer limit, you will have to provide additional personal information. For example, if you want to send $2,999 or more in 24 hours, you’ll need to provide details including your Social Security Number (SSN), or Individual Taxpayer Identification Number (ITIN) to send larger amount.

 

Remitly has lower transfer limits compared to competitors. But make sure you compare the limits, rates, and fees on CompareRemit to get an idea before remitting your hard-earned cash. Here is what you need to know before sending money through a credit card.

 

Customer support - 5 / 5

Remitly gives you numerous ways to access customer service through 24/7 phone call, chat, or email.

 

Support is available in English, Spanish, French, German, Polish, Italian, Turkish, Romanian, and Vietnamese.

 

 

Ready to Send Money Using Remitly?

Founded initially to disrupt the nearly $600 billion global remittance industry, Remitly is now transforming the lives of millions of immigrants and their families with the most trusted financial services products in the world. The largest independent provider of remittance and transformative financial service products for immigrants, Remitly makes international money transfers faster, easier, more transparent and more affordable through its global network. Remitly’s reliable and easy-to-use mobile app eliminates the long wait times, complexities and fees typical of traditional remittance processes, returning millions of dollars in savings and spending power to immigrants every year. Remitly is also expanding its portfolio to include additional critical financial services for immigrants.

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