Review of Remitly

Review of Remitly

Remitly is a money transfer service present in almost 12 countries around the world including the prominent countries like US, Canada, and the UK. The company raised its capital to about $100 million from various investor groups including Bezos Expeditions, DFJ, Founders’ Co-Op, International Finance Corp., DN Capital, QED Investors, and Stripes Group. The service offers easy transfer of hard-earned money from one country to another through a safe and secure digital environment.

Terms and Fees of Remitly

  • Min Transfer Amount: $10
  • Max Transfer Amount: $20,000
  • Exchange Rate: Updated Daily

Key Highlights of Remitly

  • Remitly made an establishment of its services in 2011.
  • It caters on the digital platform and is thereby much faster in the transfer of money.
  • It is extended its service to almost 12 countries around the world. In case your money is not transferred, you will receive your money back, and if the customer is not satisfied with the service, then they will also return the fees.
  • It is generally more applicable for people who want to send smaller transfers.
  • Low transaction fees and swift transfers of overseas payment are added advantages.

Payment Options of Remitly

When you send money through a deposit from your bank, the time taken is longer, but the fees are negligible or even free, assuring an economic transfer of funds.

When you want to send money within a few minutes, the option is to pay through your credit and debit card. It has your card-processing fee attached to it, but the entire process is a matter of a few minutes. This is an Express transfer of money.

Pros and cons of Remitly

Pros

  • The entire process is very user-friendly and convenient for the sender to send money within a few minutes. Hence, making it a very comfortable option for quick transfer as well.
  • There is an option of getting your cash picked up, and this is a very reliable option though it is not available in many countries.
  • You get time to time updates via text for informing the progress of your transfers on your phone.
  • It is a very secure website and thereby your money is in the safe hands, and the transfer takes place under absolute privacy.
  • It is present in more than 10,000 locations, and this cash pick up magnitude makes it hold a strong position in the market.
  • Your exchange rates are locked as soon as you fix the transfer and therefore no fluctuations can affect the price that you are going to be paying.
  • There is a good satisfaction from the customers, and thereby the customer support is very friendly and easily approachable.

Cons

  • One problem is that it is extended to only 12 countries. Hence, making this service limited and thereby the number of people who can use it are also restricted.
  • It has a specific restriction on the maximum amount that you can transfer daily. This, in turn, makes it a little difficult for people who want to send higher amounts of money.
  • The rates they offer are more expensive from the competitors in some services, making it a less viable option.
  • It requires a government issue ID, without which you cannot transfer your money. This mainly occurs in case transferring higher amounts.