Remitly.com Review

Based on checking the website, Remitly.com presents itself as a digital remittance service for international money transfers.

While the platform emphasizes ease of use, security, and competitive rates, a deeper dive reveals concerns from an ethical standpoint within an Islamic framework, particularly concerning its acceptance of credit cards as a payment method, which often involve interest riba. This fundamental aspect, along with the broader implications of certain financial products it promotes, warrants a cautious approach for those seeking ethical financial solutions.

Here’s an overall review summary:

Service Provided: International money transfers.
Key Features: Online transfers to 100+ countries, various delivery options bank account, mobile wallet, cash pickup, on-time delivery promise, competitive rates, mobile app.
Payment Methods: Debit cards, credit cards.
Ethical Concerns Islamic Perspective: Acceptance of credit cards, which are typically interest-bearing, introduces an element of riba.
Recommendation: Not recommended for those strictly adhering to Islamic financial principles due to the involvement of interest-based mechanisms.

The platform’s promise of fast, secure, and affordable transfers is appealing. It highlights features like on-time delivery guarantees and multiple delivery options tailored to recipients’ locations, from bank deposits to cash pickups. Customer testimonials displayed on the homepage reinforce this narrative of convenience and reliability. However, the critical point for an ethical review stems from the accepted payment methods, specifically the inclusion of credit cards. In Islamic finance, riba interest is strictly prohibited. While a user might choose to use a debit card, the availability and implied encouragement of credit card use, which inherently involves interest-based lending, make the platform problematic from an Islamic perspective. Therefore, while Remitly excels in operational efficiency for international money transfers, its financial structure and accepted payment methods may not align with the principles of ethical Islamic finance.

Here are some excellent alternatives that adhere to ethical principles:

Wise formerly TransferWise
- Key Features: International money transfers at real exchange rates, multi-currency accounts, debit cards for spending abroad, transparent fees.
- Average Price: Varies by currency and amount, generally known for competitive and transparent fees, often lower than traditional banks.
- Pros: Very transparent fee structure, uses the mid-market exchange rate, fast transfers, broad country coverage, strong regulatory compliance.
- Cons: Not all countries support all features e.g., debit cards, customer service can sometimes be slower.
Xoom a PayPal service
- Key Features: Send money, pay bills, reload phones internationally, various delivery options bank deposit, cash pickup, home delivery.
- Average Price: Fees vary based on destination, amount, and payment method. generally competitive but can be higher for smaller transfers.
- Pros: Backed by PayPal, extensive network, multiple delivery options, convenient for existing PayPal users.
- Cons: Exchange rates might have a markup, fees can sometimes be higher, customer service experiences can vary.
WorldRemit
- Key Features: Online money transfers with options for bank deposit, cash pickup, mobile money, and airtime top-up.
- Average Price: Fees depend on the corridor and amount, typically competitive, and often less expensive than traditional banks.
- Pros: Wide range of delivery methods, extensive global reach, user-friendly app, often offers promotions.
- Cons: Exchange rates may have a small markup, some transfers might take longer than expected, customer support can be inconsistent.
InstaReM
- Key Features: Zero-margin FX rates, low transfer fees, earn loyalty points, individual and business transfers.
- Average Price: Often features very low fees and interbank rates, making it highly competitive on cost.
- Pros: Excellent exchange rates with no hidden margins, transparent fees, reliable service, good for larger transfers.
- Cons: May not support as many corridors as larger competitors, less widely known, delivery times can vary.
Ria Money Transfer
- Key Features: Cash pickup, bank deposit, mobile wallet, and home delivery options, extensive global network.
- Average Price: Fees vary significantly by location and amount, generally competitive, especially for cash pickups.
- Pros: Large physical network for cash pickups, reliable for many corridors, decent exchange rates.
- Cons: Online interface can be less intuitive than digital-first competitors, fees can be higher for certain services.
OFX
- Key Features: Large transfer amounts, no transfer fees for most transfers, personal account managers, currency hedging tools.
- Average Price: No transfer fees, but they make money on the exchange rate margin, which is typically very competitive for larger amounts.
- Pros: Excellent for large transfers, dedicated customer service, competitive exchange rates, strong reputation.
- Cons: Not ideal for small transfers minimum transfer amount usually applies, processing times can be longer than instant services.
CurrencyFair
- Key Features: Peer-to-peer currency exchange marketplace, competitive exchange rates, fixed transfer fee.
- Average Price: Fixed transfer fee plus a small margin on the exchange rate, often very competitive.
- Pros: Can get very good exchange rates, transparent pricing, secure platform, good for those looking to save on FX.
- Cons: Less common corridors might have less liquidity, customer service can be slow, not as widely known as others.

Find detailed reviews on Trustpilot, Reddit, and BBB.org, for software products you can also check Producthunt.

IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.

Table of Contents

Remitly.com Review & First Look

When you first land on Remitly.com, the immediate impression is one of efficiency and directness.

The homepage is designed to swiftly guide users to their primary goal: sending money internationally.

You’re greeted with a “Special first time offer” right at the top, a clear call to action encouraging new users to try the service.

The emphasis is on ease and speed, stating, “Send money online from the United States with Remitly,” and promising transfers “across 100+ currencies with no hidden fees.” This immediate clarity is a hallmark of good user experience.

User Interface and Initial Experience

The site features a prominent currency conversion tool, allowing users to select their sending and receiving countries.

This interactive element is central to the user journey, as it instantly provides an estimated rate and fee structure.

The design is clean, with intuitive navigation for “Rates & fees,” “Providers,” and “Help.” The availability of multiple languages English, Español, Bangla, Deutsch, Français, Hindi, Italiano, 日本語, 한국어, Nederlands, Polski, Português, Română, ไทย, Tagalog, Türkçe, Tiếng Việt, 中文 immediately indicates a global focus and commitment to accessibility for diverse user bases.

This multilingual support is crucial for a service catering to international remittances, ensuring that users can comfortably navigate the platform in their native tongue or a language they prefer.

Stated Value Proposition

Remitly highlights its core value propositions with bold claims: “On-time delivery,” “More options,” and “Safe and secure.”

On-time delivery: “We promise every money transfer is delivered on time, or we’ll refund your fees.” This is a strong commitment, addressing a major concern for anyone sending money internationally – reliability.
More options: They offer flexibility in delivery methods, including “bank account, mobile wallet, or cash pickup,” catering to diverse recipient needs. This flexibility is a significant competitive advantage.
Safe and secure: “Send money home with multiple levels of security designed to keep your transfers protected.” This reassures users about the safety of their funds and personal information, which is paramount in financial transactions.

The initial impression is that Remitly is a robust, user-friendly platform designed to simplify international money transfers, with a strong focus on reliability and convenience. Grainconnect.com Review

However, as we’ll explore, the underlying financial mechanisms warrant a closer look, especially from an Islamic ethical perspective.

Remitly.com Features

Remitly has packed its service with features designed to make international money transfers as seamless as possible.

From diverse delivery methods to real-time tracking, the platform aims to cover all bases for its users.

Broad Global Reach and Currency Support

Remitly boasts an impressive network, stating, “We serve over 170 countries and territories around the world.” This extensive reach means users can send money to a vast number of destinations, making it a viable option for many diaspora communities. The platform supports over 100 currencies, allowing for a wide range of transfer corridors. For instance, sending money from the United States to India, Mexico, the Philippines, or Pakistan is prominently featured, indicating high-volume corridors. This broad support is critical for a remittance service, as it directly impacts its utility for a global user base.

Multiple Delivery Options

One of Remitly’s strongest features is its flexibility in delivery methods. Depending on the recipient’s location, options include:

Bank Deposit: Direct transfers to bank accounts, a common and convenient method.
Mobile Wallet: Transfers to mobile money accounts, prevalent in many developing countries, offering instant access to funds.
Cash Pickup: Recipients can collect cash from a vast network of physical locations. This is particularly useful in areas where banking infrastructure is less developed.
Home Delivery: In select regions, money can be delivered directly to the recipient’s home, offering unparalleled convenience.
Deposit to a Debit Card: A newer option that allows direct deposits to debit cards, streamlining access to funds.

This array of choices empowers both senders and receivers, ensuring that funds can be accessed in the most convenient way possible for the recipient, which is a significant advantage in the remittance industry.

Transparent Pricing and Delivery Estimates

Remitly emphasizes transparency, promising to “provide you with the total cost and delivery time before you send your transfer.” This upfront disclosure is crucial for trust. Users can see the exchange rate, fees, and estimated delivery time clearly before committing to a transaction. For example, while rates fluctuate daily, a typical transfer might show an exchange rate of 1 USD = 83.25 INR, with a small transfer fee of $2.99 for amounts under $1,000, and an estimated delivery time of “within minutes” for express transfers or “3-5 business days” for economy options. Data from Statista indicates that transparent pricing is a key factor for customers choosing remittance services, with over 60% prioritizing clear fee structures. Remitly’s commitment to this enhances user confidence.

Mobile App for Convenience

The platform strongly encourages the use of its mobile app, making it incredibly convenient for users to manage transfers on the go.

The homepage features a clear call to “Download the app” with a QR code for easy access. The app typically offers:

Real-time exchange rates: Users can view current rates at their fingertips.
Transaction tracking: Monitor the status of transfers from initiation to delivery.
Secure login: Biometric authentication options for enhanced security.
Customer support access: Direct link to support channels within the app.

This mobile-first approach aligns with global trends where a significant portion of digital financial transactions occur via smartphones. For instance, Pew Research Center data shows that over 85% of adults in the US own a smartphone, making mobile apps essential for accessibility and convenience. Nebu.to Review

Remitly.com Pros & Cons

Understanding the strengths and weaknesses of any service is crucial for making an informed decision.

While Remitly offers compelling advantages, it also has notable drawbacks, particularly when viewed through an Islamic ethical lens.

Pros: Efficiency and User-Centric Design

Remitly’s operational strengths are undeniable.

Speed: Many transfers, especially express options to bank accounts, can be completed “within minutes.” This near-instantaneity is a significant advantage for urgent financial needs.
Ease of Use: The website and mobile app are designed for simplicity. The process of setting up a transfer, from selecting a country to entering recipient details, is streamlined and intuitive. User feedback consistently highlights the platform’s user-friendliness as a major positive.
Transparency in Fees & Rates: As mentioned, Remitly clearly displays exchange rates and fees upfront. This contrasts with traditional banks that often embed hidden markups in their exchange rates.
Reliability: The “on-time delivery” guarantee, backed by a fee refund, instills confidence. This commitment to delivery is a strong differentiator in a market where timely access to funds is critical.
Customer Support: The availability of “fast and friendly support through our Help Center, phone or chat services” provides multiple avenues for assistance, enhancing the overall user experience.

Cons: The Ethical Quagmire of Credit Cards

The primary and most significant ethical concern with Remitly, particularly from an Islamic perspective, revolves around its acceptance of credit cards as a payment method.

Involvement with Riba Interest: Credit cards are inherently tied to riba interest, which is strictly prohibited in Islam. Even if a user pays off their credit card balance in full every month to avoid interest, the underlying financial instrument is based on an interest-bearing system. This makes participating in transactions that facilitate such systems problematic. The homepage explicitly states, “Choose a payment method that works for you, such as a debit or credit card.” This direct encouragement of credit card use is a red flag for observant Muslims.
Debt Accumulation: Using credit cards, especially for remittances, can lead to debt accumulation if not managed carefully. People sending money to loved ones might use credit to bridge a temporary gap, potentially incurring high-interest charges if they can’t pay back the balance immediately. This can lead to financial distress, which is contrary to the spirit of ethical financial conduct in Islam.
Lack of Halal-Only Options: Remitly does not offer an option to filter or restrict payment methods to only those considered halal e.g., debit cards linked to non-interest-bearing accounts or direct bank transfers. This absence forces ethical users to be vigilant, and the mere presence of the credit card option makes the platform ethically questionable for a comprehensive endorsement.

While Remitly’s operational excellence is clear, its entanglement with interest-based financial instruments, specifically credit cards, renders it a less-than-ideal choice for those committed to Islamic financial principles.

The availability of other payment methods, like debit cards, does not negate the ethical issue posed by the inclusion and promotion of credit cards.

Remitly.com Alternatives

Given the ethical considerations surrounding Remitly’s use of credit cards, exploring alternatives that align more closely with Islamic financial principles is paramount.

The key is to find services that facilitate money transfers without direct involvement in interest-based transactions.

Wise formerly TransferWise: The Transparent Challenger

Wise is renowned for its transparency and commitment to using the mid-market exchange rate.

Key Features: It offers international money transfers, multi-currency accounts, and debit cards. Wise is popular for its low, upfront fees and the use of the real exchange rate—the one you see on Google.
Why it’s a good alternative: Payments are typically made via bank transfer or debit card, avoiding direct credit card reliance. This aligns well with avoiding riba. They process over £10 billion in cross-border payments monthly, showcasing their scale and reliability.
Pros: Highly transparent fees, no hidden markups on exchange rates, fast transfers, wide country coverage, strong regulatory compliance.
Cons: Not all countries support all features, customer service can be fully automated in some cases, which some users find less personal.

Xoom a PayPal service: The Established Player

Xoom, a PayPal service, offers a robust platform for international money transfers. Uberbikecomponents.com Review

Key Features: Send money for cash pickup, bank deposit, or home delivery. also pay bills and reload phones.
Why it’s a good alternative: Xoom allows payments via bank account or debit card, providing options to steer clear of interest-bearing credit cards. Its association with PayPal adds a layer of perceived security and trust for many users globally. In 2022, Xoom facilitated billions in remittances, demonstrating its significant role in the market.
Pros: Backed by PayPal’s infrastructure, extensive global network, multiple delivery methods, convenient for existing PayPal users.
Cons: Fees can sometimes be higher, and exchange rates might include a small markup compared to services like Wise.

WorldRemit: Diverse Delivery for Diverse Needs

WorldRemit is known for its wide array of delivery methods and extensive global network.

Key Features: Bank deposit, cash pickup, mobile money, and airtime top-up. They emphasize quick and secure transfers.
Why it’s a good alternative: Similar to Wise and Xoom, WorldRemit primarily accepts payments via bank transfer or debit card, making it a viable riba-free option for senders. They serve over 130 countries and offer over 90 currency corridors, highlighting their vast reach.
Pros: Broad range of delivery options, strong global reach, user-friendly app, often offers promotional rates.
Cons: Exchange rates might have a slight markup, and some transfers may experience delays depending on the corridor.

InstaReM: Focused on Zero-Margin FX

InstaReM now part of Nium focuses on providing transparent and low-cost transfers with zero-margin FX rates.

Key Features: Low transfer fees, interbank exchange rates, and a rewards program.
Why it’s a good alternative: InstaReM’s model is built on transparency, minimizing hidden costs and offering competitive rates. Payments are typically made through bank transfers, avoiding credit card issues. Their focus on interbank rates is a significant advantage for users seeking the best value.
Pros: Highly competitive exchange rates, transparent fee structure, reliable for many corridors.
Cons: May not have the same brand recognition as larger players, fewer payout options in some regions, and customer support might be less extensive.

Ria Money Transfer: The Cash Pickup King

Ria Money Transfer is particularly strong in cash pickup options, with a massive physical network.

Key Features: Cash pickup, bank deposit, mobile wallet, and home delivery options.
Why it’s a good alternative: Ria allows for payments via bank account or debit card, offering riba-compliant options. Their extensive agent network, with over 500,000 locations worldwide, makes cash pickup highly accessible.
Pros: Large physical network, especially for cash pickups, reliable for many corridors, decent exchange rates.
Cons: Online experience might be less refined than digital-first competitors, and fees can vary significantly.

OFX: For Larger Transfers and Dedicated Support

OFX caters more to individuals and businesses making larger international transfers.

Key Features: No transfer fees for most transfers, competitive exchange rates for larger sums, dedicated account managers, and currency hedging tools.
Why it’s a good alternative: OFX primarily uses bank transfers for funding, aligning with riba-free principles. Their focus on volume and personalized service makes them suitable for significant transfers.
Pros: Excellent for large transfers, no transfer fees they make money on the exchange rate margin, dedicated customer service, strong reputation.
Cons: Not suitable for small transfers minimum transfer amount usually applies, and processing times can be longer than instant services.

CurrencyFair: The Peer-to-Peer Option

CurrencyFair operates on a peer-to-peer model, which can lead to highly competitive exchange rates.

Key Features: Allows users to exchange currency with each other, often resulting in better rates than traditional banks, with a fixed transfer fee.
Why it’s a good alternative: Payments are typically made through bank transfers, ensuring adherence to ethical financial guidelines. This unique model allows for potentially better rates than even some of the digital services.
Pros: Can offer very competitive exchange rates through its marketplace, transparent pricing, secure platform.
Cons: Liquidity might be an issue for less common currency pairs, customer support responsiveness can vary.

Each of these alternatives offers a viable solution for international money transfers while providing payment methods that allow users to avoid the ethical pitfalls associated with interest-bearing credit cards.

It’s always wise to compare rates and fees for your specific transfer needs across several platforms.

How to Cancel Remitly.com Subscription

It’s important to clarify that Remitly operates as a transaction-based service rather than a subscription service.

This means there isn’t a recurring “subscription” fee to cancel in the traditional sense.

You pay a fee for each individual transfer you initiate. Acemoneytransfer.com Review

Understanding Remitly’s Transaction Model

Remitly makes its money through a combination of transfer fees and exchange rate markups.

When you send money, you are charged a specific fee for that transaction, which is clearly displayed before you confirm the transfer. There are no monthly or annual membership fees.

This model is common among remittance services, allowing users to pay only for the services they use.

Cancelling a Pending Transfer

If you’ve initiated a transfer but it hasn’t been delivered yet, you may be able to cancel it.

This is the closest thing to “cancelling a service” with Remitly.

Check the Transfer Status: Log in to your Remitly account via the website or app. Navigate to your transfer history and find the specific transfer you wish to cancel.
Look for the “Cancel Transfer” Option: If the transfer is still pending and has not yet been processed by the recipient’s bank or cash pickup location, you should see an option to “Cancel Transfer” or “Edit/Cancel.”
Follow On-Screen Prompts: Remitly will guide you through the cancellation process, which typically involves confirming your decision and sometimes providing a reason.
Refund Process: If the cancellation is successful, Remitly will process a refund to your original payment method. Refund times can vary depending on your bank or card issuer, but they typically take 3-5 business days to appear in your account. According to Remitly’s own help center, most refunds are processed within this timeframe.

If a Transfer Has Already Been Delivered

Once a transfer has been successfully delivered to the recipient, it generally cannot be cancelled. At that point, the funds are no longer under Remitly’s control. If there was an error in a delivered transfer e.g., incorrect recipient details, you would need to contact the recipient directly or Remitly’s customer support for assistance, though a refund or reversal is highly unlikely for completed transactions. Remitly’s policies clearly state that they are not liable for errors once funds have been successfully disbursed.

No “Free Trial” to Cancel

Since Remitly operates on a per-transaction model, there is no “free trial” in the typical software-as-a-service sense.

New users might be offered promotional rates or fee waivers on their first transfer, as seen with the “Special first time offer” on the homepage.

This is a discount, not a trial period that requires cancellation.

You simply use the service once at the promotional rate, and if you choose not to make further transfers, there’s nothing to “cancel.” Itison.com Review

In summary, users don’t “cancel a Remitly subscription.” Instead, they can cancel pending individual transactions. Once a transfer is complete, it cannot be reversed.

This transactional model means flexibility for users, but also means careful attention to detail before confirming any transfer.

Remitly.com Pricing

Understanding the pricing structure of Remitly.com is crucial for assessing its cost-effectiveness, especially when comparing it to other remittance services.

Remitly employs a transparent pricing model, but the actual cost to the user depends on several factors.

Factors Influencing Transfer Costs

The total cost of sending money with Remitly is primarily determined by three key elements:

Destination Country: Fees and exchange rates vary significantly depending on where you are sending the money. Transfers to high-volume corridors like India, Mexico, or the Philippines might have different fee structures compared to less frequent destinations.
Amount Sent: Remitly often has tiered fees. For example, sending a smaller amount might incur a flat fee, while larger amounts might have a lower percentage-based fee or even a fee waiver. As of late 2023, for instance, sending up to $1,000 to India might cost $2.99, but sending over $1,000 might be fee-free. This strategy encourages larger transfers.
Payment Method: This is where the ethical concern arises. While debit card payments generally have lower or comparable fees, credit card payments often incur an additional “cash advance” fee from the credit card issuer, on top of any Remitly fees. This additional fee is imposed by the credit card company, not Remitly, but it significantly increases the overall cost for the sender. According to NerdWallet, cash advance fees from credit card companies typically range from 3% to 5% of the transaction amount, with a minimum fee of $5 or $10.
Delivery Speed/Option: Remitly typically offers at least two speed options:
- Economy or Express: Often slower e.g., 3-5 business days and might have slightly lower fees or better exchange rates.
- Express or Faster: Usually delivers within minutes or hours, but might come with a slightly higher fee or a less favorable exchange rate. This trade-off between speed and cost is a common feature in the remittance industry.

Exchange Rates and Margins

Remitly, like most remittance services, makes a portion of its revenue from the exchange rate margin. This means the rate they offer is slightly less favorable than the interbank rate the rate at which banks trade currencies with each other. However, Remitly strives to be competitive and transparent about this margin. They display the exact exchange rate you will receive before you confirm the transaction. For example, if the interbank rate for USD to PHP is 56.00, Remitly might offer 55.50. This small difference is their revenue. Consumer advocacy groups consistently recommend comparing the “total cost” fees + exchange rate margin rather than just the transfer fee when choosing a service.

Promotional Offers

Remitly frequently offers promotional rates, especially for first-time users.

The homepage prominently features a “Special first time offer. Try Remitly today.” These offers often include:

Reduced or waived fees for the first transfer.
Enhanced exchange rates for initial transactions.

These promotions are designed to attract new customers and allow them to experience the service at a lower initial cost.

However, it’s important for users to be aware that subsequent transfers might revert to standard pricing. Kozoo.eu Review

In summary, Remitly’s pricing is transparent, clearly displaying all costs upfront. While fees can vary, the most significant ethical and financial concern for users especially those avoiding riba is the potential for high additional charges when using credit cards, making debit card or bank transfer options preferable from a cost and ethical perspective.

Remitly.com vs. Competitors

Each service has its unique strengths and weaknesses, and the “best” option often depends on specific user needs, destination country, and ethical considerations.

Remitly vs. Wise formerly TransferWise

Exchange Rates: Wise generally excels here, consistently offering the mid-market exchange rate with very low, transparent fees. Remitly, while transparent, applies a slightly higher markup to its exchange rates. Wise’s model is fundamentally about minimizing exchange rate margins, which often results in better rates for the customer, as verified by independent financial reviews.
Fees: Both have competitive fees. Remitly’s fees can sometimes be lower for certain corridors or promotions, but Wise’s overall cost fee + exchange rate often comes out ahead, especially for larger transfers.
Payment Methods: Remitly accepts debit and credit cards the ethical concern. Wise primarily accepts bank transfers and debit cards, which aligns better with riba-free principles.
Delivery Options: Remitly often has more cash pickup locations, while Wise focuses heavily on bank-to-bank transfers and mobile wallets.
Speed: Both offer fast transfers, often within minutes for express options.
Verdict: For pure cost-efficiency and ethical alignment avoiding credit cards, Wise often has an edge. Remitly might be more convenient for cash pickups in some regions.

Remitly vs. Xoom a PayPal service

Brand Recognition: Xoom benefits from being part of PayPal, a globally recognized financial entity, which can instill greater trust for some users. Remitly has built its own strong brand but doesn’t have the same legacy.
Fees & Rates: Xoom’s fees can sometimes be higher than Remitly’s, and its exchange rate markups might be larger. Remitly is often more competitive on specific corridors and promotional offers.
Delivery Options: Both offer similar robust delivery options, including bank deposit, cash pickup, and sometimes home delivery.
Payment Methods: Both accept debit cards and credit cards, making Xoom also subject to the same ethical concern regarding riba.
User Base: Xoom is often preferred by existing PayPal users due to seamless integration.
Verdict: Both are similar in terms of ethical concerns due to credit card acceptance. Remitly might offer better rates or fees in some specific scenarios.

Remitly vs. WorldRemit

Global Coverage: Both Remitly and WorldRemit offer extensive global coverage, serving a wide range of countries and currencies.
Delivery Options: WorldRemit is also strong on diverse delivery options, including cash pickup, mobile money, and bank deposits. They are often neck-and-neck with Remitly in this area.
Fees & Rates: Pricing can be very competitive between the two, with WorldRemit often offering strong promotional rates for new users, similar to Remitly. Users often compare specific corridor rates between these two for the best deal.
Payment Methods: Like Remitly, WorldRemit also accepts credit cards, posing a similar ethical challenge.
Verdict: Very similar services. The choice often comes down to the specific rates and fees offered for your chosen corridor at that moment, as well as any ongoing promotions.

General Comparison Insights

Transparency: Most modern digital remittance services, including Remitly, are much more transparent about fees and exchange rates than traditional banks.
Speed: Digital-first players like Remitly, Wise, and WorldRemit generally offer faster transfer times compared to older methods.
Ethical Considerations: For users adhering to Islamic financial principles, the key differentiator remains the acceptance of credit cards. Services that allow funding solely through debit cards or direct bank transfers like Wise are generally preferred to avoid riba. Many services do allow bank transfers as a funding method, but their acceptance of credit cards remains a point of concern for ethical users.
Customer Support: All major players invest in customer support, though quality and response times can vary. User reviews often highlight this as a critical area.

In conclusion, Remitly is a strong contender in the digital remittance space, offering excellent features and user convenience.

However, for those prioritizing strict adherence to Islamic financial ethics, alternatives like Wise that either do not accept credit cards or make it easier to exclusively use debit/bank transfer options are preferable.

For all other users, comparing real-time rates and considering specific delivery needs will determine the best choice.

FAQ

Why should I trust Remitly?

Remitly emphasizes security with multiple levels of protection for transfers and promises on-time delivery or a refund of fees.

They also highlight positive customer testimonials and regulatory compliance information, aiming to build user trust.

How long does a money transfer usually take?

Transfer times with Remitly vary based on the delivery option chosen and the destination country.

Express transfers can often be delivered within minutes, while economy options may take 3-5 business days.

How much money can I send per transfer?

Remitly has sending limits that depend on your verification level and the destination country. Myheritage.com Review

These limits typically increase as you provide more personal information and verify your identity.

How much does it cost to send money with Remitly?

The cost includes a transfer fee and an exchange rate margin.

Both vary based on the destination country, the amount sent, the payment method e.g., debit card vs. credit card, and the delivery speed chosen.

Where can I send and receive money with Remitly?

You can send money from the United States to over 170 countries and territories worldwide.

Recipients can receive money through various methods like bank deposit, mobile wallet, cash pickup, home delivery, or debit card deposit, depending on their location.

How do I receive money from Remitly?

If someone sends you money via Remitly, you will typically receive it through a bank deposit, mobile wallet deposit, cash pickup at a designated agent location, or sometimes via home delivery or directly to a debit card, based on the sender’s choice and your location.

How do I sign up for Remitly?

You can sign up for Remitly by visiting their website Remitly.com or downloading their mobile app.

The process usually involves providing your personal details, setting up a password, and verifying your identity.

Can I use a debit card or credit card with Remitly?

Yes, Remitly allows you to use both debit cards and credit cards as payment methods.

However, be aware that using a credit card may incur additional “cash advance” fees from your credit card issuer, which are separate from Remitly’s fees. Xoom.com Review

How do I track my Remitly transfers?

You can track your Remitly transfer in real-time by logging into your account on their website or mobile app.

The transfer history will show the current status of your transaction from initiation to delivery.

Does Remitly offer a “free trial”?

No, Remitly does not offer a free trial in the traditional sense. It operates on a per-transaction basis.

However, they frequently offer promotional rates or fee waivers for first-time users.

Can I cancel a Remitly transfer?

You can usually cancel a pending Remitly transfer as long as it has not yet been processed or delivered to the recipient.

If cancelled successfully, a refund will be issued to your original payment method.

How long does a Remitly refund take?

If a transfer is successfully cancelled, Remitly typically processes refunds within 3-5 business days, though the exact timing for the funds to appear in your account may depend on your bank or card issuer.

Is Remitly regulated?

Yes, Remitly is a regulated financial service.

They are licensed and regulated by financial authorities in the countries where they operate, ensuring compliance with anti-money laundering and consumer protection laws.

What customer support options does Remitly provide?

Remitly offers customer support through its Help Center, phone services, and chat options. Ao.com Review

These channels are designed to provide assistance for transfer inquiries, technical issues, and general questions.

Are there any hidden fees with Remitly?

Remitly states they have “no hidden fees” and strives for transparency by displaying all fees and the exact exchange rate upfront before you confirm your transfer.

However, third-party fees, like credit card cash advance fees, are imposed by your card issuer, not Remitly.

Can I send money for cash pickup with Remitly?

Yes, cash pickup is one of the convenient delivery options available through Remitly in many destination countries, allowing recipients to collect funds from a vast network of agent locations.

Does Remitly offer home delivery of money?

Yes, in select destination countries, Remitly offers the option of home delivery, where the money is delivered directly to the recipient’s address.

What is the exchange rate margin for Remitly?

The exchange rate margin is the difference between the interbank rate and the rate Remitly offers.

This is one way they generate revenue, but they aim to keep it competitive and transparently display it before your transfer.

Is Remitly suitable for large transfers?

Remitly supports various transfer amounts.

While it’s popular for smaller, frequent remittances, its limits can be increased with higher verification levels, making it suitable for moderate to larger transfers as well.

For very large transfers, specialized services like OFX might offer better rates. Fruit-trees.com Review

How does Remitly ensure on-time delivery?

Remitly uses a robust network and real-time tracking systems to facilitate timely transfers.

Their “on-time delivery” promise means they will refund your fees if a transfer isn’t delivered by the guaranteed time.