Remitly review in 2024

Detailed review of Remitly

Remitly is quite different from most competitors. The first thing to note is its coverage. The transfer of funds is available for residents of 28 countries, and transfers can be received by citizens of almost all countries (USA, Canada, Australia, and other countries are promised to be added soon). The second point is the opportunity to receive payments to any cards and accounts, as well as in cash at receiving points. All this makes working with the system simple and convenient for the end user.

Remitly cannot boast the lowest fees but outpaces competitors due to geographic coverage, transparency, and reliability. The company is a voluntary member of the FDIC, so it indemnifies its clients against unforeseen circumstances for transfers of up to $250,000. As an additional option, a bank account and a Visa card are provided. This is a free option. The service does not require a subscription fee, and it has only one rate.

Remitly by the numbers:

• over 5 million clients worldwide;

• Up to $250,000 FDIC insurance;

• Send transfers from 28 countries;

• Receive remittances in more than 300 countries;

• average transfer fee is $2.99;

• help center supports 15 languages;

• the company donates 1% of its revenue to charity.

The ability to register a bank account and get a Visa card for free is a useful advantage for users who intend to use the platform's services frequently. This will allow them to exclude the additional fees that third-party banks, banking organizations, and other services may charge.

Functions of the Remitly money transfer service:

• International transfers. The main function of the service allows you to transfer funds to plastic cards, bank accounts, and electronic wallets of residents of other countries.

• Cash receipt. If this option is activated, the recipient can receive the transfer in cash in the specified currency by visiting the nearest receiving point (the service has more than 380 thousand such points).

• Currency conversion. Transfers can be made in any currency. If the conversion is necessary, it is made at the market rate.

• Bank account and card. The client has the opportunity to open a free international bank account and receive a Visa plastic debit card, which is managed through a mobile app.

• Referral program. For each invited user, the service client receives a one-time payment (when the invited person makes the first transfer). The referral also gets a bonus.

If you are a legal entity and your activity is related to international transfers, you can use the Remitly ecosystem to make such transfers under favorable conditions.

Pros of the Remitly transfer service:

• Transfers can be made by residents of 28 countries, and receiving payments is possible in almost all regions of the world.

• The service does not charge a subscription fee, there is only a transfer fee. The fee depends on the amount, currency, and region.

• Payments are made as quickly as technically possible, thanks to the implementation of advanced mechanisms of interbank interaction.

• The currency of the transfer does not matter, because the funds can come to the recipient both in the transfer currency and in the local currency.

• All conversions are executed strictly at the market rate (or at a rate close to that of the market).

• Registration is quick and efficient, and verification usually requires from 1 to 3 business days.

• The platform has a simple and intuitive interface, containing only the necessary functions and nothing more.

• The clients of the Remitly service can manage their profile through a user account on the website or by using a mobile app.

• The app can be installed on most mobile operating systems and stands out for its high usability.

• Transactions and pricing are 100% transparent. All fees are known in advance, and there are no hidden fees.

In terms of the sum of factors, the experts’ opinions in Remitly reviews are similar to user feedback. Experts confirm that the service is one of the leaders in the industry with some unique advantages.

Types of accounts in the Remitly payment system

A detailed review of the Remitly app suggests that the service offers only one type of account for individuals. Regardless of the registration details, you get a standard account to which all the conditions described in this article apply, including possible international transfer fees. The service does not provide accounts for legal entities. However, legal entities can apply for a partnership to gain access to corporate features.

Banking features 

Remitly does not provide a full set of banking functions. Clients of the service can receive a passbook which is an additional option that involves opening a current account and a free Visa bank card. The client has the opportunity to transfer funds to this account to avoid additional fees from third-party services when making international transfers in the future. However, unlike online banks, there are no overdrafts, flex, spots, savings accounts, or similar features.

Social programs of Remitly

The company participates in the international Pledge 1% program. This means that one percent of the total income of the money transfer service is distributed among various charitable foundations, including foundations that support activities aimed at improving the environment. Remitly also provides funds to help migrants in Europe and the USA. Many clients of the service open international accounts and collect donations for the environmental and social sectors. You can find out more on the official website of the service in the "About" section.

How to open an account at Remitly

Go to the Remitly official website. In the upper right corner of the screen, click the "Join Now" button. Select the country to which you want to transfer money, enter your email address, create a password, and repeat it to confirm. In the future, you will be able to make transfers to any country where this option is available, not just the ones available during registration.

Click the "Welcome" button, and go to "Settings". In the settings, add your name, residential address, and phone number. Then go to the "Payment Methods" tab, and add the number of the bank account or plastic card. You can also add other methods, for example, e-wallets. After that, you can specify the details of the person to whom you want to transfer money in the "Recipients" section. A transfer can be made from the main screen in the menu. The app provides equal features with slight differences in the interface.

Please note that there is no need to verify your account to make international transfers. However, there are certain limits: up to $5,000 per day, up to $15,000 for 30 days, and up to $50,000 for 180 days. To increase the limits, click the "Sending Limits" button at the top of the main menu. The page that opens will show the limits for three groups of users. By default, initially, you will belong to the first group. To increase the limits, apply for inclusion in the second or third group. To do this, click the "Apply" button in the corresponding block. After that, you will be required to provide scans of your identity documents.

Technical support

If you have any questions, the easiest way to find solutions is to refer to the "Help" section. This section provides information in 15 languages and contains solutions for most ordinary situations. You may find your question within the relevant categories or by keywords through the search bar. If the answer can not be found, you can contact technical support. To do that, click the "Contact Us" button in the "Support" section, located at the bottom of the website. At the bottom of the page, there will be a link to a chat with a specialist and call center numbers.