According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- Most developed countries
- No
Currencies:
- Most currencies
cryptocurrencies:
- Yes
Our Evaluation of Remitly
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Brief Look at Remitly
Remitly is an international money transfer service that launched in 2010. It was created to simplify transfers only between European and African countries. But by 2012, it was already represented in most global regions. As of September 2022, the system supports transfers from 28 countries. The recipient of the transfer can be located almost anywhere, but some countries are keen to be connected to receive payments (for example, Canada, Australia, and Taiwan). The service does not have a subscription fee; it charges a fixed amount for each transaction. The fee depends on the amount of the transfer and the countries of the sender and recipient. The operation of the platform is distinguished by high efficiency, and it is versatile and reliable.
- The service interface is intuitive, with a minimum of buttons in the user account on the website and in the mobile app.
- There is nothing extra, just the function of transferring funds from a resident of one country to another.
- You can transfer money from almost any source, such as a bank account, credit or debit card, or e-wallet.
- There are several options for receiving a payment – from a card, a wallet, by mail, or in cash.
- Currency conversion is automatic and at the market rate, and the payment can be received in almost any currency.
- The review by the experts at the Traders Union showed that the Remitly service has a 100% transparent operation, and all fees are known in advance.
- There are two transfer options – Economy and Express. The second option is faster, but the fee is higher.
- You can transfer funds while in one of the 28 countries where the service works. Many countries are not supported yet.
- A review of the Remitly app shows that due to the high fees, the service is not always profitable for transfers.
- Users of the service cannot transfer amounts above daily, monthly, and semi-annual limits.
TU Expert Advice
Author, Financial Expert at Traders Union
Remitly offers a streamlined international money transfer service with options for transferring funds from bank accounts, debit or credit cards, and e-wallets. Available account types include personal and business accounts, accommodating most global currencies without a subscription fee. The platform provides efficient and transparent currency conversion at market rates, with funds receivable via bank cards, e-wallets, or cash. Remitly supports 28 countries for sending transfers, while recipients are able to collect funds in over 300 countries, underscoring its expansive reach.
However, Remitly has some drawbacks, including relatively high transfer fees and limitations on fund transfers to certain regions. There are daily, monthly, and semi-annual transfer limits, which may not suit those who need higher transaction capacities. While Remitly is effective for users seeking broad geographical coverage and varied receiving options, traders who prioritize low fees or require broader sending country support may need to consider alternative services. Nonetheless, Remitly remains a viable choice for individual users who value diverse payment options and user-friendly experiences.
Remitly Summary
Via Remitly's secure website. Your capital is at risk.
| 💼 Main types of accounts: | Personal and Business |
|---|---|
| 💱 Multi-currency account: | Most currencies |
| Deposit terms and conditions: | No |
| Loan terms and conditions: | No |
| ☂ Deposit insurance: | $2.99 |
| 👛️ Savings options: | Economy, Express |
| Types of payment: | No |
| ➕ Additional features: | Card, account, e-wallet, and cash |
According to an expert review of the Remitly app, transfers can be made in almost all currencies. The US dollar, Euro, pound sterling, and Philippine peso are just some examples. Transfers can be made from 28 countries, and funds can be received in more than 300 countries. As we noted earlier, the service does not force the recipient to convert funds. For example, if you are transferring money from the USA to France, it is possible to choose such an option so that the funds are credited to the recipient's card in US dollars, or euros if it is more convenient for them.
Note that every Remitly client is issued a passbook. This is an online service that provides a bank account or a Visa debit card free of charge (managed through a mobile app). The card is accepted at all points where ordinary cards of this standard are used. The client can also use a virtual analog of a plastic card to make online and offline purchases. However, the passbook is not a full-fledged app for internet banking. It allows you to make and accept fund transfers (including international ones), as well as make purchases.
The passbook does not provide savings accounts, flex, overdraft, loans, or other functions standard for internet banking. Most clients consider this opportunity as an option to simplify regular international transfers (if you need to make them often). This is beneficial because the passbook (including the card) has no subscription fee, and all ATMs in the Visa Plus Alliance network provide free cash withdrawals. The company is a voluntary member of the FDIC, so it indemnifies its clients against unforeseen circumstances for transfers of up to $250,000.
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Remitly Commissions & Fees
There are no service charges, only a transfer fee. A service charge is applied for all international transactions and varies depending on the currency, amount, and region. The average transfer fee is $2.99. Note that third-party organizations (for example, your bank or electronic payment system) may charge an additional fee.
Remitly allows you to make transfers from a bank card (debit or credit), a bank account, any electronic wallet, or payment system. You can receive a payment using all these methods or receive it in cash at the receiving points (be sure to check on the website or in the app whether there is such a point near the recipient and whether it will be convenient for them to receive money there). If you choose the option to receive a payment in cash, the fee is usually slightly higher.
Also, keep in mind that an additional fee may be charged if the recipient receives the payment in a currency other than their national currency. For example, you transfer funds from the USA to the Philippines. If the funds are received by the recipient in Philippine pesos, the fee will be $3.99 without additional charges. But if the funds are received in dollars, the standard fee will be $2.99 plus a charge depending on the type of transfer – 0.5% of the amount for the Economy option or 1.5% of the amount for the Express option.
You can always get information on the fee size for your region set under the required transfer conditions in the app or on the Remitly official website. In the "Product" section, select the "Rates & Fees" tab. All applicable fees for your case will be listed here.
The Traders Union also compared Remitly’s fees with similar types of fees on other e-payment systems.
| 2Checkout | PayPal | Remitly | |
| Payment commission | 3.5% + 0.35$, 4.5% + 0.45$ or 6% + 0.60$ per transaction | $0.49 | $2.99 |
| Deposit commission | Depending on the payment method | No fee | No fee |
| Withdrawal commission | Depending on the payment method | 1.5% | $2.99 + 0.5% of the amount for Economy or 1.5% of the amount for the Express option |
| Commission for international transfers | Depending on the payment method | Depend on the transaction type and region | Depends on the transaction type and region |
A review of Remitly confirms that it is a competitive and reliable service that allows you to make international transfers to residents of most developed countries. You can convert the transferred funds at the market rate, but this is not necessary. An important advantage of Remitly is that the service allows you to receive payments to an account, card, electronic wallet, or in cash. Few international transfer systems support all of these options at once. Remitly's fees are not the lowest, but acceptable. Among the additional options, we should note a passbook (an account and a Visa card are provided). The service has never been hacked, and there are no unresolved disputes with clients. Technical support works 24/7.
Investment Options
Several Remitly reviews show that the money transfer service does not provide users with additional options. The only way to get financial bonuses is through a referral program. If you invite a new client via your personal link, they will receive a payout on the first transfer, and you will also receive a payout for this client. These payments are fixed, one-time, and provided only for active referrals.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Contacts
| Foundation date | 2011 |
|---|---|
| Regulation | FDIC |
Comparison of Remitly with other e-payment systems
| Remitly | Volet.com | Payeer | Skrill | TransferGo | Stripe | |
| Supported Countries | Most developed countries | 150 countries | 127 countries | 200 countries | 64 countries | 48 |
| Supported Currencies | Most currencies | 9 currencies (USD, EUR, GBP, RUB, BRL, TRY, UAH, KZT, VND) | 3 fiat currencies (USD, EUR, and RUB) and most cryptocurrencies | 40 currencies | Most currencies | 135 |
| Support for cryptocurrencies | Yes | Yes | Yes | Yes (deposit) | Yes | No |
| Subscription fee | No | No, only transaction fees | No, transaction fees only | No, only transaction fees | Individual | 2.9% + 30 cents per account |
| Payment acceptance equipment | $2.99 + 0.5% of the amount for the Economy or 1.5% of the amount for the Express option | No, only software | No, online only | No, only online | 0-0.99 euros | No, just the software |
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