Remitly review

Company information

Remitly is a top-tier money transfer provider. Highly regarded by Monito experts and trusted by over three million customers worldwide, Remitly’s reputation stands strong at 7.⁵⁄₁₀. Additionally, customers are overwhelmingly satisfied, awarding it a remarkable score of 9.⁴⁄₁₀. While Remitly excels in various aspects, its standout performance in fees and exchange rates earns it a stellar rating of 9.⁷⁄₁₀. In fact, Remitly consistently offers the most cost-effective transfer options in over 50% of Monito searches for bank transfers and over 75% for cash transfers, setting it apart as an exceptional choice.

What We Like About Remitly:

• Excellent choice for cash pick-ups
• Wide range of global destinations available
• Offers various pay-in and pay-out options

What We Dislike About Remitly:

• Approximately 35% of fees are hidden within the exchange rate margin
• Limited number of origin countries that can’t send to each other

Monito Score 2023:

• Trust: 7.⁵⁄₁₀ - Trusted by over 5 million customers
• Service: 9.³⁄₁₀ - Offers a variety of pay-in and pay-out options
• Pricing: 9.⁷⁄₁₀ - Consistently ranks as the cheapest provider
• Users: 9.⁴⁄₁₀ - Extremely popular with users

Is Remitly Safe and Secure?

Remitly is a well-established and secure money transfer provider with a decade of experience, moving over $5 billion globally for more than 3 million customers annually. It’s a registered Money Services Business with the US Department of the Treasury, licensed as a money transmitter in the US, and authorized to operate in all Canadian provinces, including Quebec. Remitly is also duly regulated in the UK and Ireland for EU transactions.

Is Remitly Safe To Send Money?

Yes, Remitly prioritizes security and fraud prevention with the following measures:

• Verification of all Remitly accounts using multiple techniques to prevent fraud
• Requirement for users to submit identification documents for money transfers
• Utilization of manual and automated detection techniques and risk management procedures to detect and eliminate suspicious account activity
• Strong technological security, including 256-bit SSL encryption with a 2048-bit signature, to protect all transactions
• A 100% satisfaction guarantee, ensuring a full refund if you cancel a transaction before completion or are unsatisfied with the service

Remitly’s Industry Reputation Remitly boasts financial strength and backing from prominent investors, such as Jeff Bezos (Founder and CEO of Amazon), Goldman Sachs, and the International Finance Corporation. Investors recognize Remitly as a secure and efficient business for international money transfers.

Remitly’s Service Quality

Remitly offers a straightforward user experience with a variety of pay-in and pay-out options and accessible customer support.

Monito’s Impressions During Our Test While Remitly’s ease of use is notable, its dated website design can be a minor obstacle, especially when changing destination countries. However, Remitly excels in transparent communication regarding transfer limits. The company’s focus on user-centricity shines through, although it falls short in extending this transparency to its rates.

What is Remitly?

Remitly is an online international money transfer service available in the US, Canada, the Eurozone, Australia, and the UK. It facilitates money transfers to over 85 countries worldwide, offering a fast, secure, and cost-effective digital alternative to traditional services. Remitly provides services in multiple languages and allows funding through bank transfers, debit, or credit cards. Beneficiaries have various options for receiving money, including bank deposits, cash pick-up, mobile wallet transfers, or home delivery.

How Remitly Works

1. Check Remitly’s Rates: Use Monito’s comparison tool to assess Remitly’s exchange rates and fees to ensure the best option for your transfer.

2. Create an Account: Sign up for Remitly online or through the mobile app, providing necessary personal information.

3. Verify Your Identity (KYC): If transferring substantial sums, additional information and identification may be required.

4. Initiate a Transfer: Enter transfer details, including amount, destination, and delivery method.

5. Add a Beneficiary: Input recipient details, including name, address, contact information, and banking details if needed.

6. Fund Your Transfer and Send: Complete the transaction using your chosen payment method.

Remitly Economy and Express Service

Remitly offers two primary money transfer services:

• Economy: Funded from your bank account with lower fees, typically taking three to five days for delivery.
• Express: Funded by debit or credit card, providing faster delivery but with higher fees.

Please note that service availability depends on the destination country and may involve daily and monthly transfer limits.

Remitly Money-Back Guarantee

Remitly offers a 100% satisfaction guarantee, promising to refund fees and charges if your money doesn’t arrive on time.

Remitly’s Mobile App Review

Remitly’s mobile app receives excellent customer ratings on both Apple’s App Store and Google’s Play Store. The app simplifies money transfers, with features like direct bank transfers, wire funds to mobile money providers, fee-free cash pick-up, user-friendly design, and responsive customer service.

Remitly’s Fees & Exchange Rates

Remitly consistently ranks as the most cost-effective provider in many Monito searches for bank and cash transfers. Fees vary based on factors such as transfer amount, destination, funding source, and service type.

Remitly Money Transfer Fees Fees can vary significantly depending on the specifics of your transfer. For example, sending money from the US to the Philippines through Remitly’s Economy Service incurs no additional Remitly fee, while the Express Service paid for by debit card includes a $3.99 fee.

Credit Card Processing Fees Remitly charges a small credit card processing fee in some countries, but this can vary, and credit card providers may impose additional fees or interest.

Additional Fees Levied by Banks Banks may charge additional fees for various reasons, including wire transfers, specific banking protocols, and intermediary banks processing the transfer.

Remitly Exchange Rates Remitly’s exchange rates are competitive, typically ranging between 0.5% and 2% worse than mid-market rates. Exchange rates vary by destination, so registering with Remitly allows you to view the applicable rates for your transfer.

While Remitly offers highly competitive rates and fees, it’s essential to consider the specific details of your transfer to ensure the most cost-effective option.

Remitly Money Transfer Customer Reviews

Remitly garners significant user acclaim, boasting a 4.¹⁄₅ star rating on Trustpilot, with over 35 thousand positive reviews. Customer feedback highlights the service’s speed, ease of use, reliability, and attentive customer support. Although some negative reviews exist, Remitly consistently responds and offers resolutions to address concerns, demonstrating a commitment to customer satisfaction.

Remitly Positive Points:

• Fast and affordable money transfer services
• User-friendly and reliable
• High customer satisfaction
• Responsive customer service

Remitly Complaints:

• Occasional delays in money arrival
• Requirements for bank information and personal identification before transferring (often due to legal obligations)

In summary, Remitly stands out as a top-tier money transfer provider, offering competitive rates, a secure platform, and a user-friendly experience. Its commitment to customer satisfaction and transparency contributes to its stellar reputation in the industry.