Transfer fees on Remitly depend on how much you send and the delivery method you choose.
On top of applying a margin on top of the mid-market exchange rate, Remitly charges customers fees for making transfers. Remitly also offers promotional rates for new customers, so if it’s your first time using the service you could benefit from these deals. The exchange rate margin you’ll get on your transfer varies depending on the transfer corridor and whether you need the money delivered very fast or not. Remitly gives users a CAD/KES rate of 89.66 over the interbank rate of 91.11. Remitly gives users a GBP/PHP rate of 68.86 against the interbank rate of 67.13. Remitly gives users a USD/MXN rate of 19.86 against an interbank rate of 20.44. To get a picture of the margins charged, let’s look at the following scenarios as of 9th July 2022: Exchange rate margins typically vary between 1% and 3.7% above mid-market rates, but the individual exchange rate will depend on a variety of factors including the speed at which your transfer is processed. Exchange RatesĬustomers using Remitly enjoy competitive rates across a variety of currency pairs. Here is how Remitly is different from other money transfer companies in terms of fees and exchange rates from Remitly. This includes a commitment to provide low fees and great exchange rates for all the customers they serve. Remitly focuses on enhancing product and customer experience across a limited number of corridors handling a large volume of transactions. Remitly has so far raised $505 million from top investors such as Bezos Expeditions, Founders’ Co-Op, QED Investors, and Trilogy Equity Partners. They can also make transfers to over 165 countries globally. Remittances are swift and can be delivered directly to your recipient’s bank account, cash pickup point, debit card, mobile money or digital wallets, or even delivered at their doorstep.Īpart from the United States, Remitly customers can now transfer money from Canada, Australia, United Kingdom, France, and 17 other countries, with many more to be added soon. Its proprietary money transfer platform allows customers to pay for transfers using debit cards, credits cards and bank transfers. with convenient, faster and cheaper ways of transferring money to their families and friends back home and has been doing that ever since.
Remitly was founded in 2011 with a mission to provide immigrants in the U.S. In this review, we’ll look at the exchange rates and fees, the payments you can make, transfer speeds, what customers are saying about Remitly, and anything else you could need to know about Remitly before trusting the company with your money. Based in Seattle, the provider serves over 2 million customers who collectively send an annual remittance volume of more $6 billion. Remitly is one of the largest independent digital remittance companies in the United States. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.Remitly Review: Exchange Rates, Transfer Fees & Alternatives compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. We may also receive compensation if you click on certain links posted on our site. We may receive compensation from our partners for placement of their products or services. While we are independent, the offers that appear on this site are from companies from which receives compensation. All international money transfer servicesį is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions.
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