Remitly Money Transfer Fees

Remitly Money Transfer Fees

remitly money transfer fees are based on several different factors:

  • How much money you are transferring
  • Where you are transferring money to
  • How you are funding your money transfer
  • The currency the beneficiary is receiving the transfer in
  • The transfer service you choose

For example, here are the fees charged for sending money from the U.S. to the Philippines.

  • Remitly’s Economy Service — Dollar to Peso — No Fee

Arrives in three business days. Paid for with a bank account deposit from you. There is no Remitly fee for this service.

  • Remitly’s Express Service Paid for with a Debit Card — Dollar to Peso, less than $1,000 — $3.99

Arrives almost immediately. Paid for with your debit card. There is a Remitly fee of $3.99 for this service.

Remitly does charge higher fees in some circumstances, for example if a beneficiary in the Philippines is receiving money in U.S. dollars rather than pesos. These fees can add up, so we recommend the beneficiary receives money in their country’s native currency wherever possible.

Note that fees do vary significantly depending on where you are sending from, where you are sending to, the amount you are sending, the service you choose, and several other factors. 

Remitly does charge a small credit card processing fee in Australia, Canada, and the U.S., but doesn’t charge a fee in EU countries. Please note that a credit card provider may charge an additional fee or interest, as a money transfer may be considered as a “cash advance.” This fee is outside Remitly’s control. This could be as much as 3% in the U.S., or 1% in Canada. Credit card fees may also vary in other countries.

About fees levied by banks

Certain fees may also be levied by banks when you are transferring money to another account. These fees are outside the control of Remitly. Circumstances where banks may charge additional fees include:

  • Wire transfers into or out of sender or beneficiary accounts
  • Transfers that are sent via SWIFT or certain other banking protocols
  • Beneficiary banks charging a fee to receive a transfer
  • Intermediary banks charging fees to process money in transit

These fees could mean that the beneficiary receives less money than stated by Remitly due to circumstances beyond their control. If you want to understand what these extra fees are likely to be, please contact your bank and the beneficiary’s bank.

Remitly Exchange Rates

remitly’s exchange rates are competitive and are typically between 0.5% and 2% worse than mid-market rates. Create an account with Remitly and log in to see the exchange rates you will be charged, depending on where you are sending to. Exchange rates may vary based on several factors:

  • How much money you are transferring.
  • Where you are transferring money to.
  • How you are funding your money transfer.
  • The transfer service you choose.

As an example, here are the base, interbank exchange rates for various currencies, compared to the exchange rates offered by Remitly.

Sending U.S. dollars from the U.S. to Honduran lempira

  • Base, interbank rate: 1 USD to 24.75 HDL
  • Remitly rate: 1 USD to 24.64 HDL
  • Remitly rate is 0.5% worse than the interbank rate
  • If you’re transferring 1,000 USD, this would mean you pay $5 more, plus Remitly’s fee of $10.99 to $15.99

Sending pounds from the U.K. to Bolivian boliviano

  • Base, interbank rate: 1 GBP to 8.92 BOB
  • Remitly rate: 1 GBP to 8.71 BOB
  • Remitly rate is 2.4% worse than the interbank rate
  • If you’re transferring 1,000 GBP, this would mean you pay £24 more, plus Remitly’s fee of £0.99 to £14.99

Credibility & Security

Remitly is a trustworthy and secure money transfer provider.

Remitly is a registered Money Services Business with the U.S. Department of the Treasury and is licensed as a money transmitter in the U.S. Remitly is authorized to operate in all Canadian provinces (including Quebec) and is also authorized in the U.K. and Ireland (for the EU).

Remitly provides the following security measures and fraud prevention safeguards:

  • All Remitly accounts are verified using a variety of techniques to keep them safe and secure, and to prevent fraud.
  • Users need to submit certain identification documents to send money through Remitly.
  • Remitly uses manual and automated detection techniques and risk management procedures to detect and eliminate suspicious account activity.
  • All transactions are protected with strong technological security including 256-bit SSL encryption with a 2048-bit signature.

Remitly offers a 100% satisfaction guarantee or you will get your money back. If you cancel your transaction at any time prior to its completion you will have all your money refunded in full. If the transaction has already been completed but you are not satisfied, Remitly will refund you their fees in full.

Remitly has financial strength and the backing of investors including TommorrowVentures, Jeff Bezos (Founder and CEO of Amazon), Trilogy Equity Partnership, QED and DJF. The company has now raised over $100m in venture capital from various noteworthy investors including the International Finance Corporation (IFC), part of the World Bank Group. They have now completed a further fundraising round, including investment from Generation Investment Management, Barclays, Bridge Bank,  Goldman Sachs, Silicon Valley Bank, Owl Rock Capital, Princeville Global, Prudential Financial, Schroder & Co Bank AG, Top Tier Capital Partners, DN Capital, Naspers’ PayU and Stripes Group.

Investors and venture capitalists see Remitly as a well-run, secure, and efficient business for international money transfers and transactions.

Remitly is growing rapidly too, increasing the total value of transactions and the number of customers served by between 200% and 400% year on year. It has hundreds of thousands of customers who are now collectively transferring more than $6 billion a year though its services.

Service & Coverage

Remitly lets you send money from the following countries

The remitly app and online transfer service lets you send money from the following countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Spain, Sweden, the U.K. and the U.S.A.

Remitly lets you send money to the following countries

The Remitly app and online transfer service lets you send money to the following countries around the world: Argentina, Bangladesh, Bolivia, Brazil, Bulgaria, Chile, Colombia, Costa Rica, Croatia, Czech Republic, Dominican Republic, Ecuador, Egypt, El Salvador, Ethiopia, Ghana, Guatemala, Haiti, Honduras, Hungary, India, Indonesia, Jamaica, Kenya, Malaysia, Mexico, Morocco, Nepal, Nicaragua, Nigeria, Pakistan, Panama, Paraguay, Peru, Philippines, Poland, Romania, Rwanda, Senegal, South Africa, Sri Lanka, Thailand, Tunisia, Turkey, Uganda, Uruguay and Vietnam

Customer satisfaction

Remitly reviews are “Great” according to reviewers on Trustpilot. Remitly was reviewed at a rating of 4.6 out of 5, with 92% of the 18,000 reviewers rating it at four or five stars. Fewer than 6% of reviewers rated Remitly’s service at one or two stars.

Positive reviews of Remitly included comments like, “After some time getting everything set up , it was fast and easy. Love how I was kept informed of the progress from sending to getting picked up. So easy to use.” and “I would use their service again . it was so easy and fast, the recipient received the money in their account within 5 minutes and there was no charge for sending from a debit card.”

Although they were significantly in the minority, Remitly did have some negative reviews including, “What a foolish policy asking a customer that bring an ID with date of birth of your recipient, only then will they allow you to send money.” and “Don’t send money here if your recipient bank is PSbank and especially during Thursday Canada time because they will wait and hold your remittance for next week’s banking hours.”

Key positive points

  • The money transfer services were rated as fast and cheap
  • Customers were very happy with how easy the service was to use.
  • Remitly was praised for being reliable and trustworthy
  • Customers were pleased with the customer service

Key negative points

  • A few customers had a bad experience with Remitly, especially when cancelling their transaction and waiting for a refund.
  • On some occasions, the money took a bit longer to arrive than expected, normally because of banking hours in the receiving country.
  • Some customers complained that their were a lot of requirements (bank information and personal identification) before making a transfer (note: these are legal obligations and therefore not Remitly’s fault).

Notably, remitly responded to almost every negative review on Trustpilot with an offer to look into and resolve the issues for the reviewer. In many cases they also offered to refund their money transfer fee.

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