description Remitly Overview
Remitly focuses on serving the needs of immigrants and their families, particularly those sending money to developing countries. It offers a user-friendly mobile app, low minimum transfer amounts, and convenient cash pickup options in many locations. While exchange rates may not always be the absolute lowest, Remitly's ease of use and accessibility make it a popular choice for those who prioritize convenience and recipient flexibility. The app's design caters to users with varying levels of tech literacy.
insights Why this score
Remitly ranks #37 of 95 in the Finance Insurance Budgeting ranking, behind Chase Freedom Unlimited, ahead of Ally Bank Money Market Account.
balance Remitly Pros & Cons
- Fast international transfers
- Low upfront transfer fees
- Wide global network coverage
- Unfavorable exchange rate margins
- Occasional app glitches
help Remitly FAQ
How long does a Remitly money transfer take?
Remitly offers an "Economy" option that takes 1 to 3 business days via bank transfer, but their "Express" option is much faster. If you use a debit or credit card for the Express option, funds are often available for cash pickup within minutes.
What are the fees for using Remitly?
Remitly's fees vary depending on the destination country, the amount sent, and the payout method. The Express option generally carries a higher fee, while the Economy option is often cheaper or free for larger transfers.
Does Remitly offer cash pickup options?
Yes, Remitly focuses heavily on convenient cash pickup locations for recipients in developing countries. They partner with major banks and financial institutions globally so recipients can pick up cash without needing a bank account.
Is Remitly safe to use for international money transfers?
Yes, Remitly is a fully licensed money services business that operates securely in over 100 countries. They use strong encryption to protect user data and offer delivery guarantees to ensure your money reaches the intended recipient.
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