Remitly is a Seattle-based online international money transfer company cofounded in 2011 by Matt Oppenheimer in an effort to make money transfer easy, inexpensive, and fast, especially for immigrants. It lets you send money online from 16 developed countries like the U.S., U.K., Ireland, Australia, Canada, and some European countries to over 50 countries all around the world.
Remitly is a strong contender in the fierce startup race in the money transfer industry which was largely dominated by old players like commercial banks, Western Union, and MoneyGram. So far, Remitly has raised a total of $420M in funding with the latest one being $135M in 2019.
You can send money through Remitly from anywhere with an internet connection through a mobile app or their website. Follow these simple steps:
Why Send Money Through Remitly?
Money transfer service providers make money through fees or exchange rate arbitrage. If the Real Estate business is about "Location, location, location," the Money transfer business is all about rates, fees, and speed. Make sure you are looking out for those factors, when you compare Remitly to other money transfer service providers in the industry.
Here Is Why You Should Send Money Through Remitly:
Different Ways Of Sending Money Through Remitly
There are multiple ways of sending and receiving money through Remitly. Your payment for the money transfer can be made from your bank account, debit card, or credit card. Your recipient has the option to receive the money whether in their bank account or cash pickup at one of their 140,000 agent locations around the world. They also have the money home delivered to your recipients in a few select countries.
Do keep in mind that all the delivery options are not available in all the locations. For example, Remitly India allows you to send money to India into bank accounts only.
Certain payment methods like credit card payments can attract higher fees. Here is what you need to know before sending money through a credit card. In addition, Remitly has lower transfer limits compared to other competitors depending on your tier you have been allocated as per their approval process. In any case, make sure you compare the limits, rates, and fees on CompareRemit to get an idea before remitting your hard-earned money.
If you want to raise your transfer limits, you will have to provide additional personal information. For example, if you want to send above $2,999 in 24 hours, you'll need to provide details like your SSN (Social Security Number) or ITIN (Individual Taxpayer Identification Number) to send the larger amount.
Sometimes Remitly reviews your transfer and might ask for certain documentation based on the location you are sending the money from. They usually ask for a driver's license, bank statements, passport, and even might ask the reason for your transfer. This is only for security reasons in accordance with their anti-money laundering regulations.
If you are looking to send a large sum of money, check out our blog on the best way to remit a large amount of money.
Currently, Remitly provides money transfer services to over 40 countries around the world. Following are the services provided by Remitly, continent wise -
Latin America & The Caribbean
In the early month of February this year, Remitly has announced a new system of neobank to the world by launching Passbook. Remitly's online-only bank, Passbook will operate as a virtual one with no physical office.
Remitly has been serving the immigrant population through its core service offering of providing remittances. Recognizing that there is still a huge overlap between the typical Remitly's target customer, who is an immigrant, and those living in a country like the US, who are underbanked.
For the millions of people in the US, transcending beyond the immigrant population, this means greater financial inclusion. Passbook will allow them to open and use bank accounts even if they are not under the Social Security numbers or other forms of US-originated identification.
Different money transfer companies focus on different competitive advantages, Remitly's mission to leverage technology to solve the global challenge of high cost and the lack of transparency has inspired many human stories. The marketing campaign to humanize remittance called #WhyISend by Remitly was even nominated for Shorty Social Good Awards. A global program awarding brands, agencies, and organizations who have made positive impacts on society. Follow us on Twitter @CompareRemit for more updates.
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