Remitly Review: A Fast and Affordable Way to Send Money Abroad

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Remitly was founded in 2011 in Seattle, USA, Remitly was originally set up as an international remittance service that allowed users to send money across borders with competitive exchange rates and multiple transfer options. Since then, it has evolved into a fully fledged money transfer service that allows customers to send, receive and exchange over 100 currencies.

Unlike the big traditional banks, Remitly specializes in fast transfers, offering both standard and express delivery. This makes it a solid choice for users who need quick international money transfers.

Also, unlike most other money Transfer Services, Remitly offers the a variety of payment methods to recipients including deposit into their preferred bank account, eWallet or even physical delivery to their door!

Before we go any further, let’s stop to examine how money transfers generally work.

When sending money internationally through banks, the process often involves hidden fees, inflated exchange rates, and long wait times due to SWIFT network processing.

A SWIFT bank transfer is the industry standard method for sending money internationally between banks using the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network.

Whenever a sender initiates a transfer, their bank changes their money into he currency they want to send, and then sends a secure payment instruction through the SWIFT network.

If the sender’s bank does not have a direct relationship with the recipient’s bank, then an intermediary bank will help process the transfer. The funds are routed through these banks before reaching the recipient’s account.

Note that the sender bank will use a marked up foreign exchange rate of their own choosing and this will usually be 3-5% above the mid-market rate.

Also, each bank involved in the transaction will charge fees ranging from a few dollars, to a percentage of the amount being transferred. A classic, SWIFT bank transfer will typically take 1 to 5 business days depending on the number of intermediary banks, local banking regulations, and time zones. Fees and costs will often account for 5% – 10% of the value of the transfer. Ouch.

In order to use Remitly, the sender does need to set up, create and then fund their account. Once this has been done, they can begin sending money around the world. However, Remitly does not complete its transfers like the banks do.

Rather, it bypasses the SWIFT system entirely and instead uses its global network to send money to the recipient. This effectively means that no money crosses any borders and this makes the transfer cheaper. However, whether it actually works out cheaper for the sender to use Remitly also depends on the stated payment method.

Interestingly, senders also have the option of asking for the money to sent directly to the recipient’s bank account, digital wallet, nominated pick up location (ie Western Union) or even delivered to their address. The recipient does not need a Remitly account or even a bank account.

This is quite unique and I am not aware of many other money transfer providers offering this service.

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Benefits of Using Remitly

With Remitly, users can benefit from the following;

1. Multiple Transfer Speed Options – Choose between Express (instant transfers with debit/credit cards) or Economy (lower fees with bank transfers).
2. Competitive Exchange Rates – While banks usually apply a markup of 3-5%, Remitly offers better rates with smaller markups.
3. Low and Transparent Fees – Remitly offers low cost money transfers depending on transfer speed, payment method, and country, but they are clearly displayed before sending money and often lower than bank SWIFT fees.
4. Flexible Payout Options – Recipients can get the money via bank deposit, mobile wallet, cash pickup, or even home delivery (depending on the destination country)!
5. Safe and Regulated Transfers – Remitly is fully licensed and regulated in a number of jurisdictions, This helps to ensure safe, secure money transfers.

Unlike traditional banks that can take up to a week for international transfers, Remitly’s express service delivers funds within seconds or minutes.

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At this stage, let’s look at exactly how Remitly works.

1. Sign Up & Verify – Create an account and complete identity verification.
2. Choose Your Transfer Speed – Select Express (instant with a debit/credit card) or Economy (cheaper but slower via bank transfer).
3. Enter Transfer Details – Provide recipient information and choose a payout method (bank, mobile wallet, cash pickup, home delivery).
4. Confirm & Send – Review fees, exchange rates, and delivery time before completing the transfer.
5. Track Your Transfer – Use the app or website to monitor the status of your money transfer in real time.

Pros & Cons of Using Remitly

Here’s what people usually ask us about using Remitly.

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If you need a fast, secure, and altogether convenient way to send money internationally, then Remitly can a great option.

It also offers senders the ability to deliver money instantly and grants recipients the luxury of collecting via cash pickup, mobile wallets, and home delivery sets.

All of this sets it apart from competitors like Wise and CurrencyFair. While fees and exchange rates vary, the convenience, speed, and multiple payout options make it a very strong choice for those sending money to friends and family abroad.

For larger transfers where exchange rate savings matter, services like Wise or CurrencyFair might be better. But if speed and accessibility are your priorities, Remitly is seriously hard to beat.

Rating: 4.3/5

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