Remitly Money Transfer Review

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Remitly is best for:
- People who want cheaper or fee-free options in exchange for sending money a little slower, and an easy mobile app experience.
Remitly pros
- Fast delivery using a debit card. Remitly has the ability to deliver money to recipients within minutes if you use a debit card.
- Free and/or cheap delivery options. The Remitly Economy option allows you to send money for fees as low as $3.99 or send over $1,000 for $0 to some countries.
- Promotional rates. First-time users of Remitly will get a significantly cheaper promotional rate for a limited amount of money, depending on the receiving country. (Expiration dates on these promotions can be changed by Remitly at any time.)
- Robust customer service. Phone service is available 24/7 in English and Spanish, and live chat is also available 24/7 in English, Spanish and French. Remitly’s FAQ section of its website has a clear list of common questions sorted by category and is available in more than a dozen languages.
- Strong mobile experience. Remitly's mobile apps offer a resoundingly positive experience, earning a 4.9-star rating for iOS users and 4.8 stars for Android users, both on a 5-star scale.
Remitly cons
- Low sending limits. At $2,999 to $30,000 per day (depending on how much information you provide to confirm your identity), sending limits are much lower than some competitors’, some of which don’t put a cap on how much you can send.
- Credit card fees. Funding transfers with a credit card costs an extra 3% of the transaction amount, which is similar to what some competitors charge (though less than others).
- Long delivery times for Economy option. Cheaper transfers, using your bank account, take three to five business days for delivery.
Remitly transfer methods and options
- Sending channels: Remitly’s website and mobile app.
- Payment options: U.S. bank account, debit card and credit card — standard for many online providers. You can also pay by prepaid debit card.
- Delivery options: Bank deposit at the recipient’s bank; cash pickup at participating stores, pharmacies or banks; mobile account deposit or home delivery.
- Transfer limits: Generally, $2,999 per day within 24 hours of registering with Remitly. This can be increased to $6,000 or $10,000 per day, depending on how much additional information you’re willing to provide, including details about your use of Remitly, your full Social Security number, government-issued ID, and details about the source of your funds, for example. The amount you can send within a month is capped at $30,000. Some providers don’t place a limit on the amount you can send.
Definitions: Money Transfer Rates
- 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.