- Remitly is positively reviewed by users and experts alike, holding an average rating of 3.8/5 from 36 user reviews. Users appreciate the competitive exchange rates, especially for new customers, and find the service generally easy and safe to use. However, some express frustration with customer service and delays in money transfers.
- Experts highlight Remitly as a cost-effective option for sending small amounts of money internationally, noting its user-friendly online platform and strong customer service ratings. However, they point out limitations in foreign exchange analysis and educational resources.
- Users frequently commend the quick and efficient transfer process, as well as the competitive rates offered. Conversely, there are notable criticisms regarding poor customer service and communication, with several users reporting issues with delayed transfers and difficulty in resolving problems.
F Remitly and there lies and run around!
They don’t communicate with their customers and will give you days and days of lies and excuses while giving you the complete run around if you have even the smallest question!!
uncomplicated
Re Mal Servicio o hay Fraude NO pagan a Colombia
Mal o dudoso servicio
No pagan en 7 dias nadie redsponde
Bad experience
Sent money. Was told one hour delivery time. After hours no delivery and now even days have to wait. No penalty on late transfer
Nightmare
Nightmare. I sent £600,00 from my bank account to another bank account, they took the money, and kept it, not sending to the destination or sending back to my bank account. I complained twice but no answer given, my account with them was blocked with no explanation whatsoever. Now they are holding my money, and I am taking actions to try to take it back, otherwise will keep the money and go quiet, please do not open account with them. If this is happening to you contact Financial Ombudsman UK
Terrible Company and a SCAM
Tried to send money, now struggling to get it Returned. They give a HUGE run around and will NEVER return a call, email or Text message. Zero service and very shady. Do not use this company or their Services. I am still waiting on my Returned Funds – over 20 days since cancelled….Sept 8th.
Excellent delivery without inconvenience, their…
Excellent delivery without inconvenience, their system is ever online and not offline. The parcel is delivered in time at lower cost. Its user friendly and reliable.
not a business service -…
not a business service – and removed my data – poor service
Good service
Good service
Fast
Fast
Good
Good
Quick transfers, competitive rates
Quick transfers, competitive rates
Know exactly what will be…
Know exactly what will be final amount will be credit and shows up charges upfront.
Send $
Send $
Excellent so far
Excellent so far
x
x
5/5
Easy to use, quick, low…
Easy to use, quick, low fees.
Easy to use and very…
Easy to use and very efficient
Good
Good
Remitly Review
Provider: Remitly
Verdict: Remitly is a low-cost money transfer app that was founded in 2011. Since then it has grown to service over 4.5 million active customers transferring money to 13 different countries. Remitly went public in 2021, and it’s shares are listed on the NASDAQ exchange valuing the company at around $4.9bn.
Summary
Remitly is a cheap and easy way to send small amounts of money abroad. Especially if you are a new customer, as you get better exchange rates on your first £1,000 sent abroad.
Pros
- Cheap
- Easy
- Safe
Cons
- Limited FX analysis
- Limited educational articles
- Online only
-
Pricing
(4.5)
-
Market Access
(3.5)
-
Online Platform
(4.5)
-
Customer Service
(4.5)
-
Research & Analysis
(2)
Overall
3.8Tell us what you think of this provider.
Remitly FAQs:
Remitly makes money from transaction fees and the spread (difference between the buy and sell price) on foreign exchange rates.
Remitly claimed in their 2022 annual report that around 70% of the $652m revenue the made comes from Mexico, India and the Philippines. In these regions profit margins can be higher than in most developed economies. Remitly also states that they treat new customers as loss leaders and often waive transaction fees and give first time users better exchange rates.
However, even though Remitly has large growing revenue, they are still a loss-making company. As of 18th Oct 2023, the Remitly share price is down 38% since the company IPO’d and 2022 net loss was $114m.
With Remitly you can currently send money to over 150 countries from 22 countries.
There is no minimum transfer with Remitly, but there is a maximum of $20,000. If you need to send a large amount of money abroad you are better off with a currency broker:
Further reading: Compare currency brokers & large money transfers
You can send money to be received same day if you use the Remitly express transfer services. This costs £1.99 for transfers under £1,000. It also costs £1.99 using the economy service for sending under £1k which takes between 1-5 days. So you are better off using the express. There is also no fee for transfers over £1k
When you send money with Remitly you can pay by bank transfer or debit/credit card.
When you receive money with Remitly you can receive it directly into your bank account, pick it up as cash or have it delivered to your home.
Yes, you can contact customer service via phone, chat or email.
To a certain extent yes. If Remitly were to go bust your money is not protected by the FSCS so it is possible that you will not get any funds you have with them and not transferred. However, Remitly is a large, well-funded public company and keeping an eye on the performance of its share price is a good indication of how well the business is doing.
- Further reading: Are loss-making fintech investment providers worth the risk?
Yes, despite Western Union recently reducing their exchange rates to be more competitive, Remitly is cheaper for sending money abroad.
Yes. There are two fees to consider. the first is the exchange rate which is widened from the interbank rate. The second is the admin fee for transfers below £1k.
- Further reading: How to compare exchange rates.
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.
