A closer look at Remitly in Canada

Are you looking for a reliable and efficient way to send money to your loved ones in Canada? Look no further than Remitly. This digital remittance service is making waves in the world of international money transfers, offering users a fast, secure, and affordable way to send funds across borders.

But what exactly is Remitly, and how does it work in Canada? In this article, we'll take a closer look at their services and explore their features, benefits, and limitations. We'll also introduce you to Wise – another popular option for sending money globally with added convenience.

How to send your money from Canada with Remitly

The steps may vary depending on what country you are sending your funds to, but here are the basic steps for sending your money internationally from Canada using Remitly, according to their website:

1. Create an account using your email address through the website or the Remitly app in the App Store or Google Play.
2. Select the currency, the amount you want to send, and the delivery speed.
3. Choose how your money is delivered, depending on your recipient's location.
4. Provide the recipient's name and personal details.
5. Enter your payment information and select "confirm transfer" to send your money.¹

Remitly offers several transfer methods, and below we’ll explain what they are and what they look like:

• Bank Deposit - This is the most common and popular method for sending money with Remitly. Remitly directly deposits the funds into your recipient's bank account, making it a convenient option for them to access the money.
• Mobile Money - This is a newer feature offered by Remitly, allowing you to send funds directly to your recipient's mobile wallet. This method is especially useful for sending money to countries where traditional banking systems may not be as developed.
• Debit Card - If your recipient doesn't have a bank account or mobile wallet, you can still send them money using their debit card. However, keep in mind that this method may incur higher fees and longer processing times, and it is only for Visa debit cardholders.²
• Cash Pickup - For urgent transfers, Remitly also offers the option for your recipient to pick up cash at designated locations. This can be a convenient option if your recipient needs immediate access to the funds.
• Home Delivery - Remitly also offers the option to have funds delivered directly to your recipient's home. This method may take longer and incur higher fees, but it provides added convenience for your recipient.

What are Remitly’s fees and costs for sending your money from Canada? 💰

Remitly may not be the best option for long term usage, when it comes to fees and costs. However, for first-time users or infrequent transfers, they do offer attractive promotions and discounts.

It’s also important to note that one of Remitly’s first-time transfer discounts is related to the exchange rate. They offer a “promotional” or “special” rate for your first money transfers for most currencies. On May 22nd, 2024, that rate was 1 CAD = 0,7264 USD³ and 1 CAD = 42,71 PHP⁴, which makes a 100 CAD transfer result in 72,64 USD³ or 4.271,00 PHP⁴ for your first-time transfer.

Is Remitly safe to use? ⚠️

Security is one of the biggest concerns when sending money globally. After all, nobody wants their hard-earned money to end up in the wrong hands. Thankfully, Remitly takes this issue very seriously and has implemented several measures to ensure the safety and security of your funds.

According to their website, Remitly holds licenses to operate in all Canadian provinces including Quebec.⁵ This means they comply with Canadian laws and regulations for financial institutions.

They also use encryption to protect your personal information and transactions. They use Transport Layer Security (TLS), and their platforms support AES256 and 2048-bit RSA.⁶ These measures, along with password usage and mobile device verification, will surely keep you and your money safe.

Does Remitly offer debit cards? 💳

Unfortunately, Remitly does not provide a debit card option for users in Canada. The recipient must collect the money through bank deposit or cash pick-up, which can be inconvenient for those who prefer a debit card.

Wise, on the other hand, offers a debit card for purchases and cash withdrawals worldwide where Mastercard is accepted, with low conversion fees and real-time exchange rates, so you always know how much you’re spending.

Save your money on international transfers with Wise 💱

Remitly offers competitive rates for sending money to and from Canada, but even small fees add up. This is where Wise shines.

Wise offers you the mid-market exchange rate, ensuring you get the same rate banks and financial institutions use, without any hidden fees. Like Remitly, Wise complies with regulations in all Canadian provinces. The account and card features are available to users all over Canada!

Wise also offers a multi-currency account, where you can hold and manage money in over 40 different currencies, ideal for sending money to your loved ones, frequent international transfers or travel.

With Wise, you can send money to over 160 countries with just a few clicks, and your recipient will receive the funds in no time.

Wise prioritizes your security with 2-factor authentication and biometric verification, ensuring only you can access your account.

One of the biggest advantages of using Wise is its transparent and upfront fee structure. You'll know exactly how much you're paying for each transfer, with no hidden fees or unexpected surprises.

Conclusion 💸

With the mid-market exchange rate, a multi-currency account, and fast transfer speeds, Wise is a popular choice worldwide for sending and receiving money internationally.

Whether you're sending money to family in Canada or travelling abroad, you might want to consider Wise for all your global financial needs. Sign up today and experience the ease and simplicity of international money transfers with Wise.

Sources:
1. Remitly - sending money
2. Remitly - visa global
3. Remitly - USD pricing
4. Remitly - PHP pricing
5. Remitly blog - Is Remitly Safe ?
Sources verified on 20 June 2024