I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.See all posts Frank Gogol
Complete Guide to Remitly for Immigrants in the U.S.
At a Glance
- Remitly offers Economy and Express services.
- Economy has low fees, arriving in 3-5 business days.
- Express ensures fast transfers within minutes but with higher fees.
- User-friendly platform, extensive bank network, and strong security.
Remitly is an online money transfer service that operates in the United States, Canada, and the U.K.
The company was founded by Matt Oppenheimer in 2010 with the name Beamlt Mobile. After the company moved from Idaho to Seattle, it was renamed Remitly.
In 2013, the company doubled its transaction volumes over the year and today the company transfers money online to various countries around the world with a growing customer base at a rate between 200% and 400%.
Their services are known to be fast, secure, and cheap. They offer a website and mobile app that allow customers to easily transfer money around the globe via bank transfer, debit card, or credit card.
Aside from these benefits, Remitly has thousands of pick-up locations so you can easily go to one of their convenient pick-up locations to get your money.
This guide goes over everything you need to know about Remitly, including how to transfer money with it and how to find a Remitly location near you.
What Types of Services Does Remitly Offer?
Remitly offers two different types of services for their clients: Economy and Express services.
If you choose the Economy transfer, you deposit money from your bank account and will have your money arrive at its destination within 3 to 5 business days without suffering high fees.
The other option you have is to do an Express transfer; an express transfer is for people who need to send money fast. However, this option comes with higher fees and needs to be funded with your debit or credit card, which might include additional card processing fees.
Although you pay a little more with this option, if you need to make a transaction fast, your express transfer will arrive within minutes to its destination.
With these options, you can send money to Africa, South Africa, the Philipines, China, and many more places. You Can also use Remitly to send money from other counties, like India, to the U.S.
Pros and Cons of Using Remitly
Like any service offered, Remitly has its advantages and disadvantages.
One of the most important advantages of Remitly is the ease of use and their excellent website and mobile application.
In addition to simplicity, the company also has a huge bank network. You can send money to all participating banks, which makes it easy for clients to send money to people that do not have bank accounts.
Another pro is that when you send money you will receive text message alerts so you can track where your money is and when transfers have been completed.
On the other side of the token, Remitly has some cons you should be aware of before choosing them as your remittance provider.
One of the main disadvantages of Remitly is that they are not necessarily the cheapest provider when it comes to their exchange rates.
On top of that, unfortunately, you can only send money from the United States, Canada, or the UK – you can not send money from any other country.
Lastly, another inconvenience that will inhibit people from choosing this service is that Remitly has strict monthly limits on how much money you can send at a time. However, these cons do not deter people from using the service since their customer base continues to grow every day.
On Trustpilot, clients give the company an 8.8 out of 10 and have many good things to say about the company!
Is Remitly Safe?
With Remitly, you won’t have any issues with the security of your money because the company provides extensive security measures and fraud prevention.
For instance, Remitly requires that its users submit identification documentation and security protection of 256-bit SSL encryption with a 2048-bit signature.
On top of that, they are registered with the Money Services Business with the U.S. Department of Treasury.
To make yourself feel even more assured, they are also licensed as a money transmitter and in Canada are allowed to operate in all provinces except for Quebec. In the UK and the US, they are authorized to operate in the entirety of both countries.
In case you are not satisfied with their services Remitly will refund you their fees in full so you have 100% satisfaction guaranteed.
All in all, you do not have to be worried about security issues with this company because they have full-fledged financial support and are backed by reputable investors like TommorowVentures and Jeff Bezos, the founder of Amazon. So do not worry because your money is in good hands!
What are the Fees & Rates When Using Remitly?
Remitly’s rates depend on several different factors such as how much money you are planning to transfer, where you transfer it to, and how you are funding the money transfer.
They also calculate fees depending on how the recipient will receive the money and whether you choose to go with the Economy or Express transfer service. Their fees are influenced by a variety of factors so it is really hard to tell you exactly what the fee for your transfer would cost.
Their exchange rates are placed in the mid-market rates and are between 0.5% and 1.5%. However, exchange rates are also based on factors like where you transfer to, how much you are sending, and how you are funding it.
To find out the exact exchange rates, simply create an account with them so you can find out. Learn how to do this in the following sections! We include step-by-step instructions.
How to send money with Remitly?
Getting started with Remitly is very easy and straightforward.
The first thing you need to do is visit their website and create your personal account. They will ask for your email, password, and where you want to send the money to.
Once you have done this, you can get started with transferring money by simply typing in the amount you are going to transfer and where you are going to transfer it to.
In the next step, you will choose your transferring service (either Economy or Express), enter the recipient’s information, and fund your transfer with the payment method you decide to choose.
Once you have finished the whole process, Remitly will keep you updated on where your money is and when it has arrived.
Remitly has money transfer partners all over the world and your recipients can receive their money easily at a local agent or their local bank account in their local currency.
For example, in South America, you can receive money at several large banks like BBVA or Interbank, making it an optimal choice for people who want to send money to their families and friends in Latin America.
Which Money Transfer Service Should You Choose?
Like with any service, there will always be pros and cons you should consider before choosing which one to go with. We recommend Remitly as a money transferring service because it is a growing company that continues to offer better services to its clients.
However, make sure you do your research thoroughly to see what other service providers to use for money transfers. You may find that Moneygram is your preferred option for sending money or that you prefer a plain old money order (if so, check out our guide to filling out a money order here).
Our suggestion is to weigh both the advantages and disadvantages of different services according to your needs so that you can make the best decision for yourself. For more info, check out our remittance advice guide.
We wish you the best of luck in finding the perfect remittance service provider for your money transfers. If you have any experiences or suggestions on which company to send your money with, please let us know in the comments section below!