What is Remitly?
Remitly is an online remittance service that allows you to transfer money worldwide. You can transfer money from Canada to over 50 countries.
Cost of sending money depends on the country and amount of funds being sent. In some instances it can cost you nothing to send money. This is really amazing considering competitors usually have higher fees.
Keep in mind that when an account is opened a sending limit is placed on the account. This means that you can only send money up to your allocated limit which depends on your and recipients location. If you need a higher limit then you will have to request an increase.
How long does it take to send money through Remitly?
Remitly offers two payment methods:
Bank account: You can send money directly from your bank account but this method can take 3-5 business days to send money.
Debit/Credit Card: You can also send money through your debit/credit card. This method is the fastest and money can sent within minutes. Howerver, it is important to note that there is a 3% transaction fee on credit card payments.
How does Remitly make money?
Remitly makes money by charging fees and adding a markup on the exchange rate, markup depends on the currency.
Does Remitly have locations to send/receive money?
Remitly is online, web-based service which means that it does not have brick and mortar locations. However, it has partners for cash-pickup where your recipient can obtain the funds.
Verdict
Overall Remitly is a great option to send money. It is a cheaper alternative to other money transfer companies. However, you may want to avoid sending money through a credit card and avoid the 3% transaction fees. The cheaper option of sending money through bank accounts does take long considering it takes 3-5 business days which may not be ideal for most people sending money.
FAQ
Is Remitly safe?
Remitly uses AES256 and 2048-bit RSA encryption to protect data.
Does Remitly have a mobile app?
Remitly has an app for Android and iOS around the world from your smartphone.
