Who May Benefit By Using Remitly?
As mentioned in most Remitly reviews, using the services of this company can be quick and cost effective when transferring money into an overseas bank account or sending it to a cash pickup center. Depending on the amount you wish to transfer and the destination country, you may benefit through fee-free transfers. Here are some of the reasons why people turn to Remitly:
- Sending money to family members or friends
- Paying tuition fees as overseas students
- Purchasing property in a foreign land
- Paying utility bills from your home country while travelling
- Paying for an international vacation
- Paying for a destination wedding
At a Glance – Remitly Money Transfer Services
Remitly has its headquarters in the state of Washington, and it has international offices in the UK, Australia, and Canada. Depending on the destination country, you may transfer money to a bank account or a physical location. This overseas money transfer company provides email support as well as local phone support in different countries. It does not charge transfer fees in different scenarios.
If you compare currency exchange rates offered by Remitly with those provided by most banks, you will realize why this company finds so many takers. Check the corresponding table to get a quick look into this company’s offerings, and read this Remitly review in its entirety to determine if you should use its services.
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
Details About Remitly
Unlike some Remitly reviews that barely skim the surface, this one delves deep and sheds light on all the aspects that need your attention. Start by determining if it supports the country you live in and your desired destination country.
If you take a close look at the Remitly reviews you find online, you will notice that the fee your transfer attracts depends on factors such as where you live, the destination country, the payment method, as well as the transfer method.
The corresponding tables give you some indication of how this company’s fee structure works.
You may use the services of Remitly to send money overseas if you live in:
- United Kingdom
- United States
It lets you send money to the following countries:
- Costa Rica
- Dominican Republic
- El Salvador
- South Africa
The turnaround time that your transfer takes depends on the transfer method you choose, as illustrated in the table below.
Remitly currently provides only spot transfers and does not offer scheduled transfers, market orders, or forward contracts yet.
- Payment options. You may pay for your transfer through your bank account or by using a debit or credit card.
- Sending limits. Remitly has sending limits in place that it lifts after getting required information from you and the passing of specific time periods after account opening. These include 24 hours, 30 days, and 180 days.
- Apps. The company provides apps for devices that run on iOS and Android.
- Reward program. The Remitly reward program gives you the means to earn rewards by referring friends and family members.
- Top up mobile wallets. Remitly lets you top off mobile wallets from some countries.
- Home delivery. In some places, Remitly provides home delivery of transferred funds.
Remitly Exchange Rates
This company offers bank-beating exchange rates consistently and if you compare its rates with other overseas money transfer companies, you will notice that they remain competitive. However, the Remitly exchange rate you get may depend on the transfer method you choose. You get to know of the exact rate that will apply on your transfer before you finalize the deal.
Coupons Offered by Remitly
There are no existing coupons on offer by Remitly.
Signing Up With Remitly
Signing up with Remitly is fairly simple and takes no more than a few minutes. If you wish to do away with the company’s sending limits, the information you need to provide as per regulatory requirements include:
- Your complete name
- Your home address
- Your date of birth
- Your Social Security Number or Tax Identification Number
- A copy of a government issued photo ID
- Details surrounding the source of your funds
How Do You Set Up a Transfer With Remitly?
Most Remitly reviews suggest that setting up transfers with this company is fairly straightforward. This is what you need to do:
- Login to your Remitly account using its website or app
- Enter the transfer amount
- Select a transfer method and speed
- Provide the recipient’s details
- Make the payment
Once you pay for your transfer, Remitly transfers the money either to the recipient’s bank account or to a cash pickup location, as desired by you.
Additional Information About Remitly
- Website access comes in English and Spanish
- In the U.S., Remitly is registered with the Department of Treasury as well as regulatory bodies in different states
- In the UK, Remitly is registered with the Financial Conduct Authority (FCA)
- It is also registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC)
If you go through Remitly reviews written by the company’s previous customers on Trustpilot, you will see that they have largely positive things to say about its services. Its average score on this online review-based website stands at a healthy 9.4 out of 10.
The corresponding table gives you contact information of this overseas money transfer company. Depending on which number you call, you may seek assistance in English, Spanish, or Tagalog.
It is important that you compare foreign exchange rates before sending money overseas, although other aspects require your attention as well. Make sure you look at how much fees you need to pay, and also take into account the processing time. If you are still not sure about whether Remitly will work well for you, take some time to compare it with its competitors.
Remitly Review Updates
Remitly is a UK-based overseas money transfer company that provides services for individuals from different parts of the world. It gives you a cost effective and quick way to send money to different countries, and it accepts payments via different methods. This company rates well when it comes to customer service as well.
Previously known as Beamit, Inc., Remitly is an overseas money transfer company was incorporated in 2011. Headquartered in the United States, this company also has offices in Canada, the UK, and Australia. Remitly gives individuals from different countries easy means to carry out international money transfers directly into recipients’ bank accounts using its website or app. It also facilitates transfers to cash pickup locations in some Central and South American countries as well as the Philippines.
Having raised considerable capital since its inception, Remitly got a further U.S. $115 million through its Series D round in late 2017. This company is registered with the relevant regulatory authorities in the U.S., the UK, and Australia.
If you choose to work with this overseas money transfer company, you may expect to get bank-beating exchange rates consistently. You might also benefit through its easy-to-understand transparent fee structure. There are other aspects to consider as well, which this Remitly review addresses in detail.