Remitly is a web-based money transfer provider that lets you send money fast from the U.S. to over 90 countries, especially the Americas. Competitors that have options for delivery within minutes tend to have higher fees, but Remitly balances speed with decent prices. It often charges fixed fees around $4 for sending money, depending on the country, amount sent and payment method.
Remitly’s exchange rates generally have a markup from a little more than 1% to a little more than 3%. The markup largely depends on the currency and payment method, but it's roughly on par with similar competitors. (Skip ahead for the definitions of money transfer terms.)
This overview of Remitly is for U.S.-based audiences sending money within the U.S. and abroad only.
Remitly offers several ways to transfer money. Here’s a breakdown of the options:
Definitions: Money Transfer Rates
Three rates determine how much your money transfer will cost and how much money your recipient will receive.
Exchange rate: An exchange rate is the price of one currency in relation to another currency. For example, if you want to convert U.S. dollars to euros, you would check what one U.S. dollar is worth in euros.
Midmarket rate: The midmarket rate, also called the interbank rate or interbank exchange rate, is the exchange rate that big banks use to swap currencies among one another.
Exchange rate markup: Most providers use an exchange rate markup when pricing your transfer. They give customers an exchange rate that’s the midmarket rate plus an additional percentage, or markup, to make a profit on the transfer. The higher the markup, the less your recipient gets in their currency.
General advice for international money transfers
1. Know how exchange rates work (and how to find the best). One of the ways money transfer providers make money is through exchange rate markups. Most transfer providers won’t give you the exchange rate you’d find on a currency exchange platform like the one at Bloomberg.com or Reuters.com. Those sites just tell you the price of one currency in relation to another, but they are a helpful starting point to know what the best rate looks like this minute. When you check the exchange rate for an international transfer with services like Western Union, focus on the exchange rate markup by looking at the foreign currency amount. The higher it is, the lower the markup is, and the more money your recipient receives.
2. Compare total transfer costs across multiple providers. There are two types of costs: upfront fee and exchange rate markup (see above). Find the provider that has the lowest fee combined with the best exchange rate you can get. Usually online nonbank providers offer cheaper transfers than banks.
3. Avoid paying with a credit card. It’s an option for some providers, but there might be a higher upfront fee and your credit card issuer may tack on costs such as interest and cash advance fees. A transfer paid by bank account directly tends to be a much cheaper (and much slower) transfer. If you need money delivered quickly, use a debit card, which will also incur a lower fee than using a credit card.
FAQs
Remitly pros
Is Remitly reliable to send money? ›
Is it safe to send money with Remitly? Yes, it is safe to send money with Remitly. Not only is the business licensed and recognized as a money transfer provider, its website and apps use modern security measures to protect your information and your money. How do I cancel a transaction with Remitly?
How much time does Remitly take to transfer money? ›
How much time it takes to send money with Remitly. Remitly Economy can take 3-5 days from receiving payment. Remitly Express can be immediate to up to 4 hours.
Is it safe to provide SSN to Remitly? ›
We have put in place SSL (Secure Socket Layer) encryption technology to protect your sensitive information such as bank account number, credit card number, date of birth and government identification number, transmitted through our Site and/or our App.
How long does it take to get money back from Remitly? ›
We will aim to refund your money within three business days of your request to cancel a transfer as long as the funds have not already been picked up or deposited into a recipient's account.
Is Remitly safer than Western Union? ›
So, is Remitly better than Western Union, or is it the other way around? The two services are pretty similar, offering secure money transfers through their website and mobile apps. You can check the fee and exchange rate in advance, and expect delivery in minutes if you fund your payment with a debit card.
What if there is a problem with Remitly? ›
If you think there has been an error or a problem with your money transfer you are encouraged to contact us as soon as possible by sending an email to [[email protected]](mailto:[email protected]).
Who owns Remitly money transfer? ›
Remitly is an American online remittance service based in Seattle, United States that offers international money transfers to over 170 countries. It was founded in 2011 by Matthew Oppenheimer, Josh Hug, and Shivaas Gulati and became publicly traded on the Nasdaq exchange in September 2021.
Does Remitly send money directly to a bank account? ›
Recipients can receive money as a cash pickup, mobile money, home delivery, debit card deposit, or directly to a bank account, depending on the recipient's location.
Does Remitly charge a fee? ›
Send money online with Remitly. Transfer money internationally across 100+ currencies with no hidden fees.
Remitly is an online international money transfer service that allows people in countries like US, Canada, Europe, Australia and the UK to send money to over 100 countries worldwide, with cash pickup possible at certain locations.
Why is Remitly asking for identity verification? ›
Account Verification Processes
The goal is to identify any characteristics that seem unusual or inconsistent with your past usage. As part of this process we contract with industry leading service providers to verify personal and financial information.
Can a Remitly transfer be cancelled? ›
You have the right to cancel a transfer and obtain a refund of all funds paid to us, including any fees. In order to cancel you must contact us at the toll free number or email address shown above before we deposit funds to a bank account or your recipient collects the remittance.
How long can Remitly hold money? ›
3.8 If the Amount is to be collected in cash and the Recipient does not collect the Amount within 60 days of it being available to them, Remitly will cancel the Transaction and request that the Payment Service Provider return the funds.
Why is my Remitly transfer taking so long? ›
Delivery Speed Varies by Location
If you use a money transfer app like Remitly, you can simply select the country to which you are sending the money and see the timeframe for delivery. If you are going through your bank, be sure to take into account different time zones, as well as weekends and national holidays.
Why use Remitly instead of bank transfer? ›
At Remitly, our transfer process is quick, affordable, and secure. We'll provide you with the total cost and delivery time before you send your transfer. Choose a payment method that works for you, such as a debit or credit card.
Does Remitly protect your money? ›
Remitly is regulated by financial authorities in multiple countries, ensuring that it complies with stringent laws designed to protect consumers. This includes adhering to Anti-Money Laundering (AML) and Know-Your-Customer (KYC) regulations.
Is it legal to send money through Remitly? ›
Remitly Inc. is licensed and regulated as a money transmitter by the New York State Department of Financial Services.
Which is better MoneyGram or Remitly? ›
The answer to this all depends on your needs. Remitly may offer some first time transfer promotions from time to time which could give you low to no fees. MoneyGram also offers the mid-market exchange rate for many routes, and has low to no fees for bank-to-bank transfers.
