Remitly Review

Remitly Review Summary

Remitly offers services to people who need to transfer money abroad, and it offers many advantages for immigrants. This company makes it easy to send money across national boundaries, and it has more than 135 countries served. Remittances are payments made by immigrants to their families in their home country. Remitly is a digital financial services company that is transforming lives for immigrants across the world. The company provides an easy and reliable way to transfer money to people in other countries, eliminating the traditional remittance process.

Remitly review
Remitly Features

Remitly Year Established

2011

Remitly International Clients

Remitly accepts international clients.

Remitly Age requirement

18 years

Remitly Currencies Offered

63 online

Remitly Minimum Transfer

US$1.00

Remitly Transfer Fees

0-3.99$

Remitly Office Locations

Headquarters in US, with subsidiary offices and certified agents literally across the globe.

Remitly Employees

1000

Remitly Turnover

143100000

Remitly Regulation

Financial Conduct Authority (FCA)

Remitly Fees

Remitly transfer fees are 0-3.99$.

Fees with Remitly may vary per transfer, depending on method of sending, currencies and amount. Based on World Bank statistics, the fixed fee can be as high as 19 Pounds for 120 Pound transfer to Ethiopia (source).

Additionally to the fixed fees taken by Remitly, the World Bank Statistics reveal that an additional markup of between 1 and 4 per cent is incurred.

Remitly Client Rating

Remitly has a rating of 4.

Number of Remitly customers

3000000

Remitly Website

www.remitly.com

Remitly Supported Languages

English, French, Spanish, Polish, Vietnamese, German, Romanian, Italian and Turkish.

Remitly Review

Remitly review
Pros and Cons of Transferring Money with Remitly

Most of the time money transfers with Remitly will be smooth. Each money transfer service have their own benefits and isses, so always weigh the pros and cons of sending money with Remitly money prior to submitting an application to Remitly.

Can you easily afford the Remitly fees, are the exchange rate costs reasonable with Remitly?

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Remitly Advantages

  • Remitly has been in business over 4 years
  • Remitly has aa good rating.
  • Remitly offers PayPal as a payment method
  • Remitly offers Neteller as a payment method
  • Remitly offers Skrill as a payment method
  • Remitly is availble in many international countries.
  • Remitly offers a wide range of money transfer currency options.
  • Remitly offers Cash pickups for money transfers.
  • Remitly offers an Apple iOS mobile application.
  • Remitly offers an Android Google Play Store mobile app.

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Remitly Disadvantages

  • Remitly does not offer PayPal as a payment method
  • Remitly does not offer Neteller as a payment method
  • Remitly does not offer Skrill as a payment method
  • Remitly does not offer a mobile wallet.
  • Remitly does not offer Home delivery for money transfers.
  • Remitly does not offer Money orders.
  • Remitly does not offer Livechat support.
  • Remitly does not offer phone support.
  • Remitly does not offer email support.

What Is Remitly?

Remitly is a financial service company, that offers its clients money transfer services.

Remitly was founded in 2011 by and has offices in Seattle (US).

Remitly provides money transfer services to its 3000000 customers who are from all over the world including US, UK, Eurozone, Canada and Australia.

The Seattle (US) Remitly business was founded in 2011 to deliver money orders locally and internationally.

Do Remitly Offer Money Transfer?

Money transfer businesses, or other financial corporations use EFT (electronic funds transfer) to send money across distances, large or small. That is to say that it is not actual money being sent, it is rather data that represents the amount being sent that the recipient can withdraw whenever they wish.

Is Remitly Trusted And Established?

Remitly is among the most recognized and reputable money transfer platforms. It has an exceptional track record and offers reasonable rates.

Remitly was established in 2011 in Seattle (US), and has been in operation for around 11 years Remitly have a head office in Seattle (US).

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How much does it cost to send a Remitly Transfer?

Remitly money transfer exchange rates are quite minimal compared to banks and other money transfer providers. A minimal percentage is charged on top of the exchange rate as standard practice. Remitly only charges 0-3.99$, when compared to other money transfer service providers.

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How much can I send with Remitly?

The maximum transfer amount with Remitly is up to US$20,000.00 (or its currency equivalent) online.

While Remitly charges a small percent of transfer fees, the brand offers reasonable exchange rates.

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Remitly Money Transfer Terms and Conditions

When transferring money with Remitly, it is crucial to keep tabs on the following:

  1. Remitly Speediness. Often the need to money transfer may be urgent and time critical.
  2. Remitly Reliability and reputation. The safety of money and personal information can be a concern for those wanting to use international money transfer services to send money.
  3. Remitly Transaction charges. Transaction charges are important as the majority of customers wish to send money overseas without having to worry about paying excessive charges.
  4. Remitly Ease of use, and convenience. Your money transfer platform should be flexible and offer a good range of options and features, making it more convenient for customers to send money overseas.
  5. Remitly Customer service. Because one can often run into problems when transferring money. A money transfer platform with excellent customer service could solve a lot of problems. Remitly customer service should respond to your queries quickly and work with you to resolve any issues that you have.

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How Remitly Compares To Other Money Transfer Companies

NameRemitlyXE Money TransferWise Multi-Currency Account
Usedby300000028000000011000000
Transfer Time3-5 business days1-4 business days1-2 business days
Min TransferUS$1.00US$1.001 USD
Max TransferUS$20,000.00US$500,000.00 (or equivalent)1000000 USD/transaction/day (personal), 3000000 USD/transaction/day (business)
Payment MethodsBank transfer, credit/debit cardBank transfer, credit card, debit cardBank transfer, debit card, credit card, SOFORT transfer
iOS Appyesyesyes
Android Appyesyesyes

Remitly review
Remitly Risk Warning

Any taxes or charges are payable in the destination country. costs may exist that are not paid through Remitly or imposed by Remitly. Your Remitly money transfer transaction may be cancelled if it is demmed to be connected with prohibited activities including all applicable laws regarding anti money laundering or counter terrorism financing laws. or the transaction is actioned through unauthorised use of your Remitly account.

Remitly review
Remitly Fees & Exchange Rates

Several money transfer platforms like Remitly charge money for every money transfer a customer makes through their platforms. Other than that, every time an individual exchanges money from one particular currency to another, the money transfer operator in this case Remitly may charge for a currency exchange.

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Remitly Transfer Fees

A transfer fee is the sum of money that a money transfer operator like Remitly charges a customer for transferring money to a recipient. The amount charged depends on the operator charging it.

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Remitly Exchange Rate Margins

Exchange rate margins are how Remitly, banks and other financial corporations make profit off their services instead of charging customers with commission fees.

When a bank or a money transfer service like Remitly quotes an exchange rate to a customer, they usually take the interbank rate and add an amount known as a margin rate. Check with Remitly to see what their exchange rate margin is.

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Remitly Methods to Transfer Funds

A Remitly fund transfer is when someone sends money from their account to another person's account. Money can be transferred using different methods, e.g. online, via the phone, or a mobile app.

The methods to transfer funds are:

  • Manual EFT
  • Automatic EFT
  • Bill payment
  • Correction

Remitly enables users to transfer money using bank transfer, via none.

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Remitly Currencies Supported

Money transfer operators that offer more currency options are beneficial because they make for reduced conversion fees. This way customers do not have to pay exorbitant conversion fees when transferring money.

Remitly offers every available world currency to its customers. We list the major Remitly supported currencies below.

Remitly Money Transfer Currencies
NameCurrencies
ALL, ARS, EUR, BSD, BDT, XOF, BOB, BRL, BGN, BIF, USD, XAF, CLP, CNY, COP, KMF, CRC, HRK, CZK, DOP, EGP, ETB, FJD, GMD, GHS, GTQ, GNF, GYD, HNL, HUF, INR, IDR, JMD, JPY, JOD, KES, MGA, MWK, MYR, MXN, MAD, NPR, NGN, PKR, PYG, PEN, PHP, PLN, RON, RUB, RWF, SLL, ZAR, KRW, LKR, TSZ, THB, TND, TRY, UGX, UYU, VND, ZMW
AED, BDT, BHD, BTN, HKD, IDR, ILS, INR, JOD, JPY, KWD, LKR, MYR, NPR, OMR, PHP, PKR, QAR, RUB, SGD, THB, TRY, TWD, VND, BAM, BGN, CHF, CZK, DKK, EUR, GBP, HRK, HUF, NOK, PLN, RON, RSD, SEK, BBD, CAD, CRC, DOP, GTQ, HNL, JMD, MXN, TTD, USD, XCD, AUD, FJD, NZD, TOP, WST, ETB, GHS, GMD, GNF, KES, MAD, MUR, MZN, RWF, SLL, TND, TZS, UGX, ZAR, ARS, BOB, CLP, COP, GYD, PEN, PYG, UYU
AED, ARS, AUD, BDT, BGN, BWP, CAD, CHF, CLP, CNY, CRC, CZK, DKK, EGP, EUR, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW
AED, AUD, BGN, BRL, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, IDR, INR, JPY, MYR, NOK, NZD, PLN, RON, TRY, SEK, SGD, USD, ARS, BDT, BWP, CLP, CNY, COP, CRC, EGP, GEL, GHS, ILS, KES, KRW, LKR, MAD, MXN, NGN, NPR, PHP, PKR, RUB, THB, UAH, UGX, UYU, VND, XOF, ZAR, ZMW
AED, EUR, PLN, AUD, GBP, SEK, CAD, HKD, SGD, CHF, HUF, USD, CZK, NOK, ZAR, DKK, NZD
AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, EUR, FJD, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, UYU, VND, XOF, ZAR, ZMW
AUS, SGD, HKD, INR, MYR, EUR, GBP, USD, CAD, JPY, NZD
USD, AUD, CHF, EUR, HKD, JPY, BBD, BMD, BSD, DKK, GYD, INR, JMD, KYD, MXN, NOK, NZD, SAR, SEK, SGD, TTD, ZAR, GBP
AUD, BGN, CAD, HRK, CZK, DKK, EUR, HKD, HUF, INR, ILS, JPY, JOD, MYR, MAD, NZD, NOK, OMR, PLN, GBP, QAR, RON, SAR, RSD, SGD, ZAR, KRW, SEK, CHF, THB, TRY, AED, USD
AED, AUD, BND, CAD, CHF, CZK, DKK, EUR, FJD, HKD, HUF, IDR, ILS, INR, IRR, JPY, KRW, KWD, LKR, MAD, MXN, MYR, NGN, NZD, OMR, PEN, PGK, PHP, PKR, PLN, SAR, SCR, SDG, SEK, SGD, THB, TOP, TRY, TWD, USD, VND, VUV, WST, XOF, XPF, ZAR
EUR, GBP, USD, CAD

Remitly review
Remitly Transfer Options

Remitly offers the following transfer options:

Remitly Money Transfer Options Compared
NameTransfer Options
Bank deposit, cash pick-up, home delivery, mobile wallet deposit.
Bank deposit
Bank deposit, mobile wallet deposit
Bank deposit, mobile wallet deposit
Bank deposit, mobile wallet deposit
Bank deposit, mobile wallet deposit
Bank deposit, cash pick-up (Philippines)
bank deposit, cheque, wire transfer, debit card, credit card
Bank deposit, cash pick-up, VISA & MasterCard, ATMs, mobile wallet deposit (depending on country)
Bank deposit
Bank deposit, cash pick-up , door-to-door delivery

Single Payments

’Single payments’ is a term used to recognize a one-time money amount from an allowance. For a single payment, the user may use a single credit card (or debit card) and have a single invoice.

Regular Payments

A regular payment is a highly economical and easy way to transfer money with Remitly. It is best suited for customers who have to transfer regular smaller amounts (usually three, four, or smaller five-digit amounts).

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Who Remitly Services Are Available To

Remitly offers services for sixty different currencies across more than one-seventy countries.

The more global a money transfer operator becomes, the more reliable it is for people across the globe.

Remitly Country Restrictions

Remitly does not operate in the following countries :

  • North Korea

Certain countries are restricted because Remitly is not allowed to legally operate in those regions or it is not economically viable for Remitly to provide money services in these regions.

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Remitly International Money Transfers

An International Transfer is when someone sends money from their account in one country to a bank account in another country.

Setting up your Remitly money transfer is quick and simple with the modern Remitly online platform.

Transferring money internationally used to be a tedious process 10 years ago but advances in software and the internet have made transferring money allot easier.

These days, you can send a money transfer with ease on the Remitly website.

The Remitly website includes useful and easy-to-access option for those who wish to track their money and monitor when it can be received, providing a safe and accessible option if you'd like to keep an eye on your transfer.

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Remitly Minimum Money Transfer

Several money transfer companies do not have a minimum money transfer amount. Making it easy for their users to send small amounts of money. Remitly has a minimum transfer amount of US$1.00.

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Remitly Maximum Money Transfer

Money transfer companies often do not have maximum transfer limits. For example, Remitly does not have a maximum transfer limit when the user is paying through phone. There is however, a US$20,000.00 limit per transaction for online transfers.

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Remitly Money Transfer Fees and Charges

These are the fees charged by Remitly and other money transfer companies (or other financial corporations) for transferring money. Several companies however, do not charge their users for transferring money. The only charges there are to pay are currency conversion charges.

Remitly review
How Long Does It Take to Get a Remitly Money Transfer

Remitly money transfers do not usually take very long. It normally takes less than 24 hours for a money transfer to complete between two accounts with the same financial corporation. While in the case of money transfers with money transfer services like Remitly, it can take a little as a few minutes. If the money is being sent overseas, it can take up to five days for the recipient to receive the money from Remitly.

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Remitly PLC Status

If a company has the acronym PLC at the end of its name, it means that the business offers its shares to the public and is traded on a public stock exchange. This alone makes the company more reputable. Remitly is not a publically listed company. Remitly is a privately owned company.

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Remitly Money Orders

The charges for issuing money orders with Remitly are 0-3.99$.

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Remitly Mobile Top Up

Remitly offers mobile top ups.Remitly mobile top ups are where a user can add credit to a recipient’s mobile phone number. The recipients number has to be local. These are normally processed within minutes, if not seconds.

Remitly COVID-19 Help

Some money transfer companies offer COVID-19 financial assistance. This may be in many forms including payment holidays, reduced interest rates and more options to pay. Check with Remitly directly to see what they are able to offer if you are adversely affected by COVID-19.

Who are Remitly Money Transfers Best For

There may be many reasons you are looking to action a money transfer with Remitly. These reasons can include debt consolidation, medical bills, student debt, collection agency debt, wedding costs, holidays, home repairs and repaying friends and family.

Remitly money transfers are best for people looking for looking for a reliable fast money transfer service.

Remitly Guide for Fast Money Transfer Approval

For Remitly to be able to process your money transfer application as quickly as possible make sure you have everything Remitly need. If you and Remitly need to go back and forth it may delay the Remitly application process. Make sure every piece of information you give Remitly is accurate.

Please note that you must have at least a minimum of one active bank account for Remitly to process your money transfer.

Remitly Application Time

Application time refers to the amount of time you have to wait for your Remitly registration to be approved. This should not take long, especially if you have nothing which should come up as red flag on the Remitly system.

Remitly Approval Time

It is the time it takes for Remitly money transfer operator to approve the money transfer being made. Depending on the situation this can take up to five days.

Remitly Funding Time

It is the amount of time it takes for the recipient to receive the money transfer. Once your Remitly money transfer has been approved the money should be in your account within four working days.

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Things to Check Before a Remitly Money Transfer

Why more features are useful for modern life’s and why new challenger banks are starting to beat traditional banks.

Here are a number of important things to consider before considering Remitly money transfer:

  1. Reliability and safety
  2. Making preparations before the transaction
  3. Convenience
  4. Transfer and conversion rates
  5. The quality of the customer service offered

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Remitly Customer Support

Remitly support should be there to help customers with their issues which includes answering their queries, guiding them through and difficult processes and issues when transferring money. Remitly customer support should troubleshoot any issues with you until you get to a resolution that you are happy with.

When getting a Remitly money transfer you will want to speak to a Remitly representative in a language that you are comfortable with. All your Money Transfer queries and issues should be resolved quickly.

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Does Remitly Offer Live Chat?

Customers can reach out to Remitly through live chat to resolve Remitly money transfer account issues or difficulties with their Remitly account that they can't solve. Live chat, or live support is a real-time live chat feature used by customer support representitives allowing customers to instant message to and receive guidance from a trained agent regarding a your money transfer related query.

Remitly review
How does Remitly Compare with Other Money Transfer Companies?

When deciding upon a money transfer company like Remitly you will want to know how Remitly compares with other leading online money transfer companies. See how Remitly compares below.

  1. Visit Remitly alternative XE Money Transfer

    Used By: 280000000
    Currencies Available: 76
    Transfer Fees: none
    Payment Methods: Bank transfer, credit card, debit card
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: US$1.00
    Max Transfer: US$500,000.00 (or equivalent)
    Year Founded: 1993

  2. Visit Remitly alternative Wise Multi-Currency Account

    Used By: 11000000
    Currencies Available: 54
    Transfer Fees: 0.5%-1%
    Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: 1 USD
    Max Transfer: 1000000 USD/transaction/day (personal), 3000000 USD/transaction/day (business)
    Year Founded: 2011

  3. Visit Remitly alternative Wise

    Used By: 11000000
    Currencies Available: 54
    Transfer Fees: 0.5%-1%
    Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: US$1.00
    Max Transfer: US$1,000,000 (varies based on currency)
    Year Founded: 2011

  4. Visit Remitly alternative CurrencyFair

    Used By: 150,000
    Currencies Available: 17
    Transfer Fees: 0.45%
    Payment Methods: Bank transfer, debit card
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: £5.00 (or equivalent)
    Max Transfer: £10,000,000.00 (or equivalent)
    Year Founded: 2009

  5. Visit Remitly alternative Wise Business

    Used By: 11000000
    Currencies Available: 55
    Transfer Fees: 0.5%-1%
    Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: 1 USD
    Max Transfer: 1000000 USD/transaction/day (personal), 3000000 USD/transaction/day (business)
    Year Founded: 2011

  6. Visit Remitly alternative InstaReM

    Used By: 130000000
    Currencies Available: 11
    Transfer Fees: 0%-1%
    Payment Methods: bank transfer, POLi payment (Australia), debit card (EU residents), ACH Pull (US residents), FPX (Malaysian residents)
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: $1 (minimum sending amounts could differ based on certain currency pairs)
    Max Transfer: No limit (different countries have regulatory limits on outward and inward flow of remittances originating from or to the country)
    Year Founded: 2014

  7. Visit Remitly alternative Scotiabank

    Used By: 25,000,000
    Currencies Available: 23
    Transfer Fees: none
    Payment Methods: Bank transfer, debit card, credit card, apple pay, google pay, Scotiabank Saddletone gift cards
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: none
    Max Transfer: 10000 USD
    Year Founded: 1832

  8. Visit Remitly alternative Skrill

    Used By: 120,000
    Currencies Available: 33
    Transfer Fees: none
    Payment Methods: Cash, bank transfer, debit card, credit card, e-wallet, cryptocurrency (depending on country)
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: US$1.00 (varies based on certain currencies)
    Max Transfer: US$2,500.00 / day (weekly and monthly limites also apply)
    Year Founded: 2001

  9. Visit Remitly alternative MoneyGram US

    Used By: 150000000
    Currencies Available: 46
    Transfer Fees: 0-1.99$
    Payment Methods: pay by card or directly from your bank account
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: none
    Max Transfer: 3000 USD
    Year Founded: 1940

  10. Visit Remitly alternative Xoom

    Used By: 250000000
    Currencies Available: 4
    Transfer Fees: 0$-40$
    Payment Methods: Bank transfer, debit/credit card, PayPal balance
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: US$10.00
    Max Transfer: 2999 USD/day, 6000 USD/month, 9999 USD/3 months
    Year Founded: 2001

Remitly review
Remitly Website and Mobile Apps

Remitly has a website available online but it may be useful to manage your Remitly account from your mobile device like your tablet or phone.

Remitly offers an Android mobile application on the Google Play store.

Remitly offers an Apple IOS mobile application for iPhones and iPads allowing Remitly to users to check their Remitly accounts on their iOS mobile devices.

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Remitly Deposit and withdrawal Methods

Remitly offers the following Money Transfer payment methods: Bank transfer, credit/debit card. All of significant bank systems are all acknowledged with Remitly.

Remitly offers ACH Payment which is used for direct deposit and debit transfers within the US. It is similar in nature to BACS (for the UK) and EFT (for Canada). Users can pay through bank transfer.

The recipient will receive the money in their bank account and can withdraw it using the method they prefer. They cannot, however, receive the money in the form of cash.

Take note that Remitly may charge additional commissions and fees when using certain payment and withdrawal methods. These fees may not necessarily come from Remitly.

Remitly review
Is My Money Safe With Remitly?

Remitly is a reliable, secure, and trusted option for sending money overseas. Remitly are registered and regulated with the Financial Conduct Authority (FCA).These regulatory licenses have strict rules that are enforced. These regulations safeguard the funds entrusted to them by Remitly customers.

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Remitly Financial Regulation and Safety of Remitly Funds

Every business that wants to send money across borders (in excess of €3 million per month) must be licenced under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011, both of which were created by the UK government but executed by the FCA for UK residents.

Consumer credit, in simple terms, is credit offered to individuals so they can purchase goods or cover personal expenses. It does not cover long term investments such as purchasing property. It allows for a properly managed economy to function and further encourages economic growth.

Firms like Remitly that offer money transfer to retail customers are legally considered to be offering consumer credit.

A financial regulator ensures that consumers are protected, there is fair competition in the money transfer industry and the integrity of the Financial services industry as a whole is maintained.

Getting a money transfer with a regulated company is essential as it offers an increased level of protection than a money transfer from an unregulated one. This is because regulators are able to enforce strict rules and stop unscrupulous money transfer operators.

Laws differ on who can and cannot offer consumer credit in each country. Credit firms have strict rules that they must follow in order that they are legally allowed to transfer money to consumers. These laws are in place to protect consumers becoming trapped in a money transfer they can never pay off.

Be sure that Remitly is fully licenced as a money transfer company.

Remitly review
Remitly Payment Services Regulations and Remitly

The Payment Services Regulations Directive, is run by the European Commission in order to govern payment services and their providers across the European Union as well as the European Economic Area.

One of its goals has been to make foreign currency transactions transparent, much like currency payments. This is to protect consumers and businesses from being swindled.

What is the Financial Conduct Authority?

The FCA is a control body meant to license money transfer companies. Companies such as banks, Forex brokers, and money transfer operators are monitored the most. This is because they deal in situations that involve many intricacies, such as transferring money and offering loans, etc.

All reputable money transfer businesses that operate within the United Kingdom by law have to be registered and authorised as a payment institution by the Financial Conduct Authority (FCA) to comply with the Payment Services Regulations that were introduced in 2017.

Check Remitly is financially regulated. Remitly is regulated by the Financial Conduct Authority (FCA).

This makes sure that your Money Transfer agreement is above board and safe. In Addition, it Usually Means that Remitly Possess a responsibility of care to their clients.

Is Remitly Registered as a Money Service Business with HM Revenue & Customs

Financial institutions (which do not classify as banks) which convert and transmit money like Remitly are known as Money Service Businesses. While they provide services similar to banks, they are still not considered banks. They offer more varied product options to individuals looking to transmit or convert money.

Financial authorities tend to keep tabs on Remitly and other Money Service Businesses the most because the type of services they offer can leave them vulnerable to be used in financial crimes like money laundering. This is why it is crucial for them to be registered with the HM Revenue and Customs in the United Kingdom.

Remitly Segregation of Client Funds

Remitly as part of their regulation are required to segregate client funds from Remitly company funds and keep all client funds within a bank that is authorised as a credit institution by the regulator. All client funds should be kept in the most reputable third-party financial institutions such as Barclays or the Bank of America.

Remitly regulatory requirements mean that Remitly Money Transfer funds and your funds should be totally separate. Remitly cannot use any money that is still legally yours to conduct Remitly daily business like paying Remitly suppliers and costs. Your funds should be kept by Remitly in a segregated bank account.

Remitly Regulation Checklist

  • Check whether Remitly has authorisation to offer consumer credit
  • Check the type of activities that Remitly are allowed to conduct with their authorisation
  • Check the contact details, trading names and main business of Remitly list on their website and the regulator match.

Remitly Fraud Prevention Features

Fraud prevention is highly crucial when transferring money because once the money is gone, it's gone. Scammers most often gravitate towards money transfers. Lack of fraud prevention procedures can lead to loss of funds, or even identity theft.

Remitly goes to great lengths to protect your Remitly account from fraudulent use. We explain some of Remitly anti-fraud features below:

  1. Remitly has SSL encryption that protects the customer's private information.
  2. Remitly has cutting edge technology that monitors almost everything i.e. from logins to transactions.
  3. The Remitly platform has a bespoke monitoring system that helps to detect and prevents fraud.

Automated Transaction Confirmations

Having instant notifications turned on is not only convenient because the user is instantly alerted whenever there is a payment related activity on their Remitly account, as you are instantly aware of every Remitly transaction these notifications to your phone help you to keep tabs on any suspicious activity.

After conducting a transaction with Remitly, the Remitly accounts primary contact will receive a transaction confirmation confirming the transaction amount, rate exchange applied, and Remitly delivery instructions.

Remitly Monitors Your Account for Suspicious Transactions

Remitly has systems and controls in place to detect fraudulent activity and protect Remitly client accounts from misuse. If Remitly detect a questionable transaction on your Remitly account, Remitly will contact you to verify the transactions legitimacy to ensure your Remitly funds are safe.

How Does Remitly Make Money?

Remitly and other money transfer companies often charge their customers a certain amount of interest fees on every transaction made. The fees depend on the amount of money the customer wishes to transfer. Remitly also earn money via foreign exchange rates.

Money transfer companies like Remitly and banks need to survive, so they make money on interest from accounts and money transfers.

Remitly Frequently Asked Questions

We list some of the most frequently asked Remitly questions below.

Is there a limit to how much I can transfer with Remitly?

You can transfer up to US$20,000.00 at a time.

When will I receive my Remitly transfer?

It normally takes 3-5 business days.

Is it possible to cancel my Remitly transaction?

Remitly do not offer phone support.

How old do you have to be to sign up to a Remitly account

To signup to a Remitly account you will need to be at least 18 years old.

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Is Remitly a Scam?

Remitly have been in operation since 2011 and have over 3000000 customers and 1000 employees. Remitly is not a scam.

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Sending money online with Remitly

Sending money with Remitly is a single process once you have registered and verified your Remitly account and payment methods.

  1. Go to the Remitly website
  2. If you have a Remitly account you can log in, otherwise you will need to create a new account.
  3. Decide how much you would like to send and where you want to send it to.
  4. Enter all the required information about the beneficiary, this might include their name, address, bank account details, and other personal data.
  5. Tell Remitly how the beneficiary wants to get their money. Eg. through a bank transfer, cash pickup, or via some other means.
  6. Agree to the Remitly exchange rate and any fees.
  7. Pay for your Remitly transfer.
  8. Enter your information and provide and supporting documentation to verify your identity.

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How do I receive money from a Remitly money transfer?

Depending on where you are located, you have a few options for how you can receive any money that has been sent to your Remitly account. Your options for receiving money depend on the information entered by the sender, the country you are in, the currency you are receiving, and some other factors. Some methods of receiving money may not be available to you.

Receive Remitly money directly into a bank account

Bank transfers are useful because not only are they safe, but the whole process is quick, and they offer the kind of flexibility no other method can. Remitly allows for a deposit directly into your bank, credit union or other financial account.

Remitly Cash Pickup

Some money transfer companies have agents around the world, and you will need to take identity documents to receive cash. Money is typically available within ten minutes of being sent. Remitly allows you to pick up money in person at a Remitly agent location.

Remitly Smart Money and mobile wallets

A mobile wallet virtually stores cash card details on a smartphone. These are quite convenient as they allow for users to make purchases at physical stores without needing to carry money.

Remitly Does not support mobile wallets.

Remitly Home delivery

It is a way for an individual to receive money without having to leave home. What this means is that any money you send can be received in person at a designated home address. The money is delivered by a local agent. Remitly do not offer home delivery money transfers.

When was Remitly founded?

Remitly was founded in 2011.

Is Remitly Any Good?

Remitly have a rating of 4 and are financially regulated, Remitly can be considered a good money transfer company.

Is it easy to close my Remitly account?

Its is easy to close you Remitly account. You will have to make sure any outstanding payments and fees due to Remitly are paid in full Before Remitly will fully close your account. Make sure when closing your account Remitly send you an official confirmation that your account is closed and no more monies are due to Remitly.

Does it take long to setup a Remitly account?

No, setting up a Remitly account can take a few minutes. You will need to provide some proof of identity and address. You should definitely be able to access all the features of your Remitly account in 1-3 days.

Where are Remitly based?

Remitly are based in Seattle (US)

Countries where Remitly is legal?

Remitly is legally allowed to operate in over 17 countries.

How do I track a Remitly Money Transfer

You can track a Remitly money order by calling Remitly or by tracking the order online. Call Remitly number on . The Remitly automated phone system will take a few details and give you a status update. You can go online to the Remitly website and check the status of a money transfer at any time.

If you have a Remitly online account, log in and view your transaction history; If you do not have an online account, or if you are the receiver of the Remitly transaction, use the Remitly payment reference number on the Remitly website to check the status of the transfer.

Can I cancel my Remitly transfer?

The way that you cancel a Remitly transfer depends on how you created and sent the Remitly money transfer originally.

You may need to contact Remitly by phone on , through their website at www.remitly.com or via email . Requests are typically processed within 30 days, and you may be charged a cancellation fee by Remitly.

If you made the Remitly transfer online, then you should log in, find the transaction in your transaction history and then cancel it on the 'Transaction Details' page. If you do not have a Remitly account, use the 'Track a Transfer tool to find the transaction and then cancel it on the Transaction Details page.

Double check the terms and conditions for cancelling a Remitly transfer on their website.