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

3.7/5
Very Good
Remitly
Rating based on expert reviews by FXcompared
Go to Remitly
Rating based on expert reviews by FXcompared
Last updated | February 3rd, 2020

About Remitly

Founded in 2012, the online and mobile payment service company Remitly provides international money transfers. The company serves clients in the UK and across the Eurozone, as well as in the USA, Canada and Australia. Remitly provides fast, secure digital money transfers to more than 40 countries, and is fully authorised to send international money transfers across all US states, and throughout Canada, except for Quebec. Services are available in several languages, including English, Polish, Spanish and German, and can be accessed via any device connected to the internet, or via the Remitly app, which is available for any smartphone or tablet. In February 2020, Remitly launched Passbook, a mobile banking service designed for immigrant communities.

Remitly Transfer Fees and Costs

2.5/5
Acceptable
Remitly
Rating based on expert reviews by FXcompared
Go to Remitly

Remitly Transfer Fees and Costs

Competitiveness on FXcompared for low value transfers e.g. sending GBP200
Remitly is not always the cheapest option for small amounts, due to fixed fees
4/5
Competitiveness on FXcompared for medium value transfers e.g. sending GBP10,000
Remitly is a good choice for medium-sized transactions
4/5
Competitiveness on FXcompared for high value transfers e.g. sending GBP250,000
Not possible to send high value amounts
0/5
Does FXcompared have direct access to the pricing
FXcompared receives pricing direct from Remitly
1/2
Is it possible to lock in future exchange rates
You can lock in a rate at the time the transfer is placed, but not for future transactions
0/1

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.

Remitly will offer you

  • Fast, secure transfers
  • A choice of payment methods
  • A range of physical locations to collect cash from
  • An exchange rate locked in at the time of the transfer order

Usability

5.0/5
Exceptional
Remitly
Rating based on expert reviews by FXcompared
Go to Remitly

Usability

Easy to understand website
The website provides a great user experience
2/2
Simple sign up process (number of steps)
Simply sign up, enter your payment details and make your transfer
2/2
Easy to setup a transfer once registered
Remitly has a simple transfer process, for both new and repeat transfers
2/2
Provider offers a service that our users often sign up to
Remitly is a new service for FXcompared users
2/2
Mobile notifications available on completed transfers
You will receive regular mobile alerts on the status of your transaction
2/2

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.

RemitlyMobile.png

Remitly mobile app

Whether you want to talk through your options with our team or move money on the go in a couple of clicks, you’ll always get great exchange rates and five star customer service.

Mobile product

5.0/5
Exceptional
Remitly
Rating based on expert reviews by FXcompared
Go to Remitly

Mobile product

Easy to use mobile website
The website works well on mobile
2/2
Easy to use mobile app
Apps are easy to download and simple to use
2/2
Can transact in the app
Transactions are easy to process using the app
2/2
Range of in-app product offering
Full services are available on the app
2/2
App store rating
An Apple Store rating of 4.8 and Google Play rating of 4.6
2/2

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

passbook remitly review

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

3.9/5
Very Good
Remitly
Rating based on expert reviews by FXcompared
Go to Remitly

Trustworthiness & Reliability

Fully licensed and authorised
FinCEN in the US, FCA in the UK
4/4
Total amount transferred for their customers
Around $6bn per year
2/3
Business revenue
Estimated around $100m
2/3
Year on year growth
High growth rate but not made public
1/1
Number of employees
800 employees
1/1
Head office location
Seattle, USA
1/1
Branded search performance
Very well known in the US
1/1
How long has the company been a partner of FXcompared
Recently became a partner
1/2
How long has the company been established?
2011
2/3
Quality of financial backers
Leading venture capital firms such Generation IM
2/2
Private or public company
Private
0/1

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

0.0/5
Poor
Remitly
Rating based on expert reviews by FXcompared
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Business product offering

Distinct offering for business
No business offering
0/4
Broader product set for business
No business offering
0/3
Specialised team to support businesses
No business offering
0/2
Receivables product options
No receivables offering
0/1
Marketplace seller product offering
No marketplace offering
0/2

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

4.0/5
Outstanding
Remitly
Rating based on expert reviews by FXcompared
Go to Remitly

Product Coverage & Service

Number of sending and receiving countries
16 send countries and over 40 receive countries
3/4
Number of available languages
The Remitly website is offered in 9 languages
2/2
Pay in options
Via bank account, debit cards, and credit cards
3/4
Pay out options
To bank accounts or by cash collections at over 140,000 locations
2/2
Additional services
None
1/2
Minimum send amount
Small value payments can be made via Remitly
2/2
Maximum send amount
High-value payments can be made via Remitly, though these depend on your personal spending tier
1/2
Speed and options for speed of transfer
Express transfers typically complete almost immediately when using a debit card. Economy usually takes 3 – 5 business days.
2/2

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

5.0/5
Exceptional
Remitly
Rating based on expert reviews by FXcompared
Go to Remitly

Customer Feedback & Satisfaction

Customer help including onboarding
Accounts are easy to set up
2/2
Ease of transfer
Customers find it easy to set up transfers online
2/2
Exchange rates
Customers are generally happy with the exchange rates offered
2/2
Fees
Fees are low and fixed for most transfers, in most currencies
2/2
Solving issues
The team is generally considered very knowledgeable and helpful
2/2
Online/mobile experience
The website and app are both simple to use
2/2
Customer service
Most reviews rate Customer Service highly
2/2
Overall experience
The company is generally well-rated in customer reviews
2/2

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

3.5/5
Very Good
Remitly
Rating based on expert reviews by FXcompared
Go to Remitly

Customer Help & Assistance

How good is the help section on the website?
The help section is quite comprehensive
2/2
Is there live online support?
No, there is not a live chat service
1/1
Is there email support - and to customers and non customers?
Email support is available to all, with a 24-hour response rate
1/1
Is there phone support ?
Yes, and there is a freephone number available for UK clients
1/2
Is the company easy to contact?
Email, contact form, and phone services are available
1/1
Are FAQs and support available in more than one language?
FAQs are available in nine languages
1/1
Is there an FX dealer to support customers
There is no dedicated FX dealer
0/2

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

4.4/5
Outstanding
Remitly
Rating based on expert reviews by FXcompared
Go to Remitly

Pricing Transparency

Is there an explicit exchange rate margin in the total cost of transfer?
It is included as part of the cost
1/2
Are the fees easy to understand?
Fees are clearly displayed and easy to understand
2/2
Does the company combine fees and exchange rate or clearly broken out?
Remitly quote (usually fixed) fees, separate from exchange rates
2/2
Is a real time quote available without registering?
You will need to create a free account to receive a free real-time quote
2/2

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.

Alternatives to Remitly

Below are some other money transfer companies to consider instead of Remitly

WorldRemit
Rating based on expert reviews by FXcompared
Go to WorldRemit
Western Union
Rating based on expert reviews by FXcompared
Go to Western Union
MoneyGram
Rating based on expert reviews by FXcompared
Go to MoneyGram

Compare Other Currency Rates

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Other International Money Transfer Quotes

Azimo

Est. 2012

Azimo is an online only provider with a focus on mobile money transfers. They also work with the top global banks and payment providers to ensure the safe delivery of your money and payout globally.

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Amount Received
USD $260.57
GBP £16.70
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OFX (UK)

Est. 1998

OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

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Amount Received
USD $258.29
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WorldRemit

Est. 2010

Use the code '3FREE' and pay no fees on your first three money transfers

WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.

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Amount Received
USD $255.22
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Currency Solutions

Est. 2003

Currency exchange specialists ranking No.1 on Trustpilot for the past two years

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Amount Received
USD $245.38
GBP £5.05
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Western Union

Est. 1851

The Western Union Company is a financial services and communications company based in the United States.

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Amount Received
USD $257.31
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TransferWise

Est. 2011

TransferWise is an online only provider

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Amount Received
USD $259.00
GBP £15.49
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MoneyGram

Est. 1940

MoneyGram is a leading remittance provider serving countries across the globe.

 

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Amount Received
USD $247.38
GBP £6.59
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Rates From The Average UK High Street Bank

Est. 1934

Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK  by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.

We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
 

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Amount Received
USD $240.56
GBP £1.35
saved vs. banks

PayPal

Est. 1998

Shop with PayPal and you’ll still earn your points, airmiles and cashback. Fees are shown as part of the overall exchange rate.

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FXcompared Rating
Amount Received
USD $251.08
GBP £9.42
saved vs. banks

How to Send Money with Remitly?

Accounts are easy to set up and arranging a money transfer online is quick and easy.There is a small transfer fee for each transaction, and you can send funds abroad by bank transfer or by using a debit or credit card. To get started, you’ll simply need your bank details (or card) and of course the recipient’s details.

Are There Perks for Remitly New Users?

Sometimes, Remitly provides first-time transfer offers. Other discounts and bonuses are available, not just for first-time users, but also for existing customers. You will see available discounts and bonuses on the send page and, if you are eligible to claim one, it will be automatically applied to your next transfer.

Is Remitly Trustworthy?

Remitly is a safe, legitimate, and trusted money transfer company, authorised and regulated in the UK by the Financial Conduct Authority and by FinCEN in the US.

What are Remitly's Main Fees and Rates?

Remitly charges a low fixed transfer fee for each transfer which depends on whether it is an Express or an Economy transaction. Exchange rates are generally good and will be confirmed at the time the transfer is requested.

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Why you can trust FXcompared's reviews

FXcompared's mission is to help you (and thousands of others each day) find the best providers for your money transfers.

We do that by providing real-time comparison of exchange rates and fees (you can use the form below to make a comparison) and by writing in-depth reviews about money transfer providers.

We have partnerships with many money transfer providers (Remitly included), which help us get access to their exchange rate and fees information (which we always check for accuracy). Those partnerships help us support our activity and offer our service for free.

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.