#Is Remitly Safe?
With Remitly, you won’t have any issues with the security of your money because the company provides extensive security measures and fraud prevention. For instance, Remitly requires that its users submit identification documentation and a security protection of 256-bit SSL encryption with a 2048-bit signature. On top of that, they are registered with the Money Services Business with the U.S. Department of Treasury. To make yourself feel even more assurance, they are also licensed as a money transmitter and in Canada are allowed to operate in all provinces except for Quebec. In the UK and the US, they are authorized to operate in the entirety of both countries. In case you are not satisfied with their services Remitly will refund you their fees in full so you have a 100% satisfaction guaranteed.
All in all, you do not have to be worried about security issues with this company because they have full-fledged financial support and are backed by reputable investors like Tommorow Ventures and Jeff Bezos, the founder of Amazon. So do not worry because your money is in good hands!
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What are the Fees & Rates When Using Remitly?
Remitly rates depend on several different factors such as how much money you are planning to transfer, where you transfer it to, and how you are funding the money transfer. They also calculate fees depending on how the recipient will receive the money and whether you choose to go with the Economy or Express transfer service. Their fees are influenced by a variety of factors so it is really hard to tell you exactly what the fee for your transfer would cost.
Their exchange rates are placed in the mid-market rates and are between 0.5% and 1.5%. However, exchange rates are also based on factors like where you transfer to, how much you are sending, and how you are funding it. To find out the exact exchange rates, simply create an account with them so you can find out.
PROS $CONS OF REMITLY :
Like any service offered, remitly has its advantages and disadvantages. One of the most important advantages of Remitly is the ease of use and their excellent website and mobile application. In addition to the simplicity, the company also has a huge bank network. You can send money to all participating banks, which makes it easy for clients to send money to people that do not have bank accounts. Another pro is that when you send money you will receive text message alerts so you can track where your money is and when transfers have been completed.
On the other side of the token, Remitly has some cons you should be aware of before choosing them as your remittance provider. One of the main disadvantages of Remitly is that they are not necessarily the cheapest provider when it comes to their exchange rates. On top of that, unfortunately you can only send money from the United States, Canada or the UK – you can not send money from any other country. Lastly, another inconvenience that will inhibit people from choosing this service is that Remitly has strict monthly limits on how much money you can send at a time. However, these cons do not deter people from using the service since their customer base continues to grow every day.
On Trustpilot, clients give the company an 8.8 out of ten and have many good things to say about the company!