Remitly Review - Exchange Rates & Fees Calculator and FXcompared’s score

Remitly Transfer Fees and Costs

Remitly has reasonable fees and exchange rates, although they are not always the cheapest option on the market, and exchange rates are not always the most competitive to be found at any given time. There is a fixed fee, which can make sending very small amounts expensive, but there is also the option to choose between an economy and an express service. The fixed fee on an economy transfer from the UK to Poland, for example, is just £0.99. The Express fee for the same transfer would be £2.99.

Customer reviews note that pricing is transparent, with no hidden fees. There is a credit card fee (of 3% of the transaction value) but that is clearly disclosed, and Remitly encourages clients to use alternatives, such as debit cards and bank transfers.

Usability

The Remitly website is easy to navigate, with a clear and attractive interface. It is easy to create an account with the process taking only a few minutes. It is also quick and easy to place orders for transfers from the comfort of your own home, or when on the go by using the mobile app. For customer convenience, SMS/text alerts are sent notifying you of the status of your transfer.

Mobile product

Remitly offers a responsive website accessible from all mobile devices, alongside powerful and intuitive apps for both iOS and Android mobile devices. The apps can be easily downloaded from the App Store and the Google Play store. They are free, highly-rated by customers, and widely used. The Remitly app has a rating of 4.6/5 on Google Play and 4.8/5 on the App Store. Most reviewers report that it is easy to use, secure, and very convenient.

Passbook by Remitly

In February 2020, Remitly announced the launch of its banking product, Passbook. Passbook is an FDIC-insured bank account through a partnership with St. Paul, Minnesota-based Sunrise Banks N.A. Passbook offers an mobile app-based bank account that charges no monthly fees, ATM fees, overdraft charges and does not have minimum balance requirements.  

Trustworthiness & Reliability

Remitly is authorised and regulated in the UK by the Financial Conduct Authority (FCA) under the Payment Services Regulations 2017 and is registered by the HMRC as a money service business. The company is also regulated in other jurisdictions where it has a presence, with appropriate licences for each US state, as clearly displayed on the website. Remitly has robust financial strength and the backing of investors including Tomorrow Ventures, Jeff Bezos (Founder and CEO of Amazon), Trilogy Equity Partnership, Barclays and Prudential.

Business product offering

It is important to be aware that Remitly is intended for personal use and does not cater for business transactions. The service is not intended for commercial use, the buying and selling of goods and services, purchase of inventory or other business-related transactions. Remitly has a very specific target customer and caters mainly to migrant workers and other international travellers who need to securely send money around the world to family and loved ones for their personal use. 

Product Coverage & Service

Remitly provides transfers to over 40 countries from 16 different locations. The company has offices in the US and the UK, and its services are available in nine languages, namely English, French, German, Spanish, Italian, Polish, Romanian, Turkish and Vietnamese.

Bank transfers work for Express and Economy transactions. Credit cards and debit cards can be used for Express transactions and Faster Payments Service (FPS) can also be used in the UK for Economy transactions. You can transfer to the recipient’s bank account, but there are also cash pickup facilities available in some locations. You will be able to select Cash Pickup and specify a location when you place your transfer.

Your maximum sending amount will depend on your personal spending tier, and there are daily and monthly limits on sending. Daily limits are from USD 2,999 to USD 10,000. Monthly limits are from USD 10,000 to USD 30,000, and there is also a six-month limit of between USD 18,000 and USD 60,000.

The transfer speed depends on where you are sending funds, but many Express transfers complete within minutes when using a debit card. Economy transfers will take longer, usually around three to five business days, but again this will depend on where the money is being sent to and from.

Customer Feedback & Satisfaction

Remitly is highly rated in customer reviews, with most customers expressing satisfaction with the service, functionality and the prices charged. Reviews mention that the company is trustworthy and the service is fast, reliable, convenient and easy to use. One customer mentioned that Remitly helped their recipient pick up his funds, even though they had accidentally put the wrong transaction number in the transfer. Customers are generally happy with the app and the service and appreciate being able to track transactions easily due to mobile alerts.

Customer Help & Assistance

A lot of online reviews show that Remitly has excellent customer support. Clients generally have a positive experience when they need to contact customer support, with issues being resolved fairly quickly. The agents are reachable by email, phone and a contact form on the website, although unfortunately there is not currently a live chat option. Responses are fast and staff are knowledgeable and polite. The help section is extensive and easily searchable.

Pricing Transparency

Customer reviews mention that Remitly customer service agents were always clear and upfront about transaction costs and other details regarding payments and transfers. At least one review mentions that an agent brought the customer’s attention to the extra charge for using a credit card and suggested another payment method to keep costs down. The company charges a small fee for transfers, which is clearly displayed on the website and provides a good exchange rate. The exchange rate you lock in at the time you place your transfer is the rate at which your funds will be exchanged.