Review of Remitly International Money Transfers in: Complete Guide

Remitly (RELY) is a popular online international money transfer provider. By signing up for a Remitly account, you can send money to bank accounts abroad - which is especially helpful when you need to make tuition payments, pay employees, send a gift or book your next holiday.

Read on to learn more about Remitly services for New Zealand residents and how it works.

What is Remitly?

Remitly is an American online money transfer company that offers cross-border payment services globally. Customers can use Remitly’s services to transfer money in almost all the major international currencies.¹

New Zealand residents can use Remitly to send money globally, including to The Philippines, India, China, Fiji, * Bangladesh, and South Africa.²

To use Remitly's services, customers must sign up on the official website or app, create a profile, and send money abroad.

Is Remitly safe?

Yes, Remitly is safe to use. It is registered on the Financial Service Providers Register (FSP No: 1003229) and in New Zealand (Company No: 8361344). This registration ensures that Remitly operates under strict regulations, providing you with a secure platform for international transfers.³

Remitly follows stringent security processes to ensure the protection of customer data such as advanced encryption technology to protect personal and financial information. Each account is subject to stringent verification procedures to maintain security, trust, and protection levels. The company uses HTTPS Secure Socket Layer (SSL) with 256-bit encryption. ⁴

If you ever need any help, Remitly also offers 24/7 customer support through phone and email.

Remitly International Transfers in NZ

Sending international transfers from New Zealand with Remitly is easy. Here are the steps for sending money with Remitly:

How to send money abroad with Remitly from NZ

Here is the step-by-step guide to send transfers with Remitly.⁵

1. Visit the official Remitly website or access the mobile app.
2. Log in with your email address and password.
3. Enter the transfer details, such as the amount, the recipient’s information, and bank account or mobile wallet details.
4. After you enter the amount you wish to transfer, Remitly automatically displays the amount the recipient will receive in their local currency.
5. Choose the delivery method based on the recipient’s country. Generally, the different delivery methods include bank deposit, mobile money, debit card deposit (also called UPI in India), cash pickup, and home delivery.
6. Enter the recipient’s name and phone number.
7. You can pay for the transfer using bank transfer, credit, debit card, or other payment options.
8. Review the transfer summary to confirm the information entered.
9. Click on “Send Money.”

You can monitor and track your transfer online or through the mobile app. Generally, Remitly settlements happen within a few minutes, but the standard settlement time is between one to two days. Some transfers take longer depending on factors like the recipient's bank's processing time. ⁶

Remitly Transfer Limits in NZ

Remitly New Zealand has specific transfer limits depending on the recipient country, broken into tiers, and your sending limit. For example, sending money from New Zealand to the US might have a higher transfer limit than sending money to a country with stricter regulations.

Here are a few things to keep in mind, plus a handy table:

• Every user gets a sending limit, depending on their and the recipient’s location.
• Users can increase their sending limits by requesting an increase.
• Users must submit their full name, residential address, and their date of birth.

A recipient’s country might also have set specific limits on how much the recipient can receive. It can be lower than the amount you wish to send. If that happens, Remitly informs you to change the amount, location, or delivery method and complete the transfer.

How to receive money with Remitly in NZ

Receiving money through Remitly does not require opening a profile with the company. The sender can use Remitly to input your name, address and account information to sending transfers direct to your NZ account. Cash pickup and mobile money facilities are also available.⁷

New Zealand residents have no transfer limits for receiving money. However, the sender must adhere to their country's transfer limits.⁷

Remitly Fees in NZ

Remitly New Zealand has a transparent transfer fee structure that varies according to the recipient’s country. For example, if you're sending money to the US, the fees might differ from sending money to India.⁸

Here’s how to check the fees for an upcoming transfer:

1. Visit the pricing page on the Remitly website.
2. Check that your sending country is correct.
3. Select the country to which you want to send money.
4. Remitly displays the current exchange rate and fees.
5. The fees depend on the delivery mode. For instance, cash pickup fees are higher.

New customers may get a promotional offer on their first qualifying transfer.

But there is another fee with Remitly, which is in the exchange rate.

Remitly Exchange Rates

Remitly adds a margin to the mid-market exchange rate, creating an additional cost for the users. New Zealand residents can check the currency conversion rate by when starting a new transfer with Remitly. New customers may get a concessional promotional exchange rate for their first transfer on Remitly.⁹

Remitly’s exchange rate also depends on whether you choose Economy or Express transfers

Want to avoid paying markups the next time you send a transfer? Check out how Remitly compares with Wise.

Sending money internationally? Wise could help you save.

Remitly and Wise may be similar international transfer providers in terms of worldwide reach. But Wise uses the mid-market exchange rate on currency conversion, so there are no markups or margins. This means that even with the higher transfer fee on Wise, the recipient may receive more money.