What is Remitly? Features, pros, cons, and fees

Remitly is a popular US money transfer app. You can use your Remitly account to send and receive money abroad via multiple digital transfer methods.

But what is Remitly? How does Remitly work? We’ll take a closer look at Remitly money transfers, including an overview of key features, fees, and transfer limits.

We'll also introduce Wise — your international money transfer alternative. Use Wise to send stress-free transfers to over 140 countries - all at the standard mid-market exchange rate.

Learn more 🔎

What is Remitly?

Remitly is a safe way to send money online. You can transfer funds to friends and family in over 170 countries.¹

Here’s everything you need to know about how Remitly works:

How does Remitly work?

So, how does Remitly work? The app provides international transfer solutions for US customers.

Simply download the Remitly app or create an account online to get started. You can set up a transfer and fund it using your bank account or card.

Remitly will give you a promised delivery time — and you should see a full breakdown of any fees before sending your payment.²

Remitly is designed for transfers to people you know. You shouldn’t use it to pay anyone you don’t already know, including online merchants.²

Remitly key features

Key features of Remitly’s US account include:

• Choose from a range of transfer methods and global locations
• Get a guaranteed delivery time for your transfer
• Access safe and secure transactions with people you know³

The exact features you can access at Remitly will depend on where and how you want to send your money abroad.

For example, you can send money to Mexico via bank or debit card deposit, mobile wallet, or cash pickup,³ whereas you can only send money to the UK by bank deposit or cash pickup.⁶

Remitly fees

Remitly’s fee structure is a little misleading. The provider claims to offer fee-free transfers, but this only applies to your first payment.

Any future transfers will likely come at a cost. For example, sending money to Mexico by bank deposit costs 1.99 USD.³ You’ll pay 2.99 USD to send money by cash pickup to Canada.⁷

You’ll also pay to convert your US dollars into the right currency for your transaction. Again, the provider advertises a promotional exchange rate, but it only applies to your first transaction.

Remitly’s low-cost promotional rate is close to the mid-market exchange rate. This is the standard rate for currency conversion, with no markups or profit margins.

However, any future transfers will be subject to Remitly’s regular exchange rate. This is a less favorable rate, which is likely to include hidden conversion fees.

Remitly’s promotional rate also only applies to a certain transaction value. For example, for transfers to Mexico, you can only send up to 1,000 USD at the advertised exchange rate.

Any excess funds will be charged at Remitly’s more expensive rate.³ This means large Remitly transfers may cost more than expected.

Looking for a Remitly alternative? Try Wise

If you’re looking for an alternative to Remitly which offers low cost, fast and easy international payments, the Wise account may be right for you.

All Wise accounts are free to open, with low, transparent fees for currency exchange and transactions - no matter how often you use your account.

Sign up for a Wise account today

Remitly pros and cons

You can send money overseas via the Remitly app, but what are the pros and cons of using Remitly? Let’s take a look.

Is Remitly safe?

Remitly is generally considered safe for digital international transfers. The app provides account verification features and advanced password security.

Remitly uses multiple levels of security to protect your personal data.⁸ You can also track your transfer to ensure your payment reaches your recipient safely.²

However, it’s important to remember that all digital transfers come with risks. Make sure to carefully check your recipient’s details, and never send money to someone you don’t know.

Remitly is designed for personal transfers, not for goods or services. If you send money to unknown merchants, Remitly won’t accept responsibility for your transaction.²

What is Remitly: FAQs

Using Remitly for the first time? Browse our frequently asked questions for everything you need to know.

What is Remitly Flex?

Remitly One is a new tiered membership platform for US customers. For a membership fee, you can access a range of new features, including Remitly Flex.

Remitly Flex will give you access to up to 250 USD in credit. You can send the money now and pay it back later — and you won’t have to go through a credit check or pay interest on your funds.⁹

What is Remitly’s limit?

You can send up to 100,000 USD via your Remitly US account. Your Remitly transfer limits may depend on where you want to send your money.⁴

🚀Send high-amount transfers with Wise

*For more information, please visit https://wise.com/us/large-amounts/.

What is the Remitly app used for?

The Remitly app is most commonly used for international payments to people you know. For example, you can use Remitly to pay back friends in Canada or send money to family in India.

Remitly is a convenient money transfer app for US customers. You can send and receive your money across the world.

However, you’ll need to consider Remitly’s transfer fees and exchange rate charges. The app also limits payments to merchants or people you don’t know, which can reduce international flexibility.

🚀 Get started with Wise

Sources

1. Remitly - Homepage
2. Remitly - A clear guide to using Remitly
3. Remitly - USD to MXN exchange rates
4. Remitly - Sending limits
5. Trustpilot - Remitly customer service reviews
6. Remitly - USD to GBP exchange rates
7. Remitly - USD to CAD exchange rates
8. Remitly - Remitly transaction and account security
9. Remitly - Remitly One