Remitly Customer Reviews
Tell us what you think of this provider.
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
Remitly Expert Review
In this independent Remitly review, we give our ratings based on their nearest peers and tell you what we think of them after testing them with real money. We highlight the key costs, facts and figures of Remitly’s accounts and services.
Remitly Review
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
3.8Why We Like Remitly
Every time I see my Mum she has me doing little jobs. Sometimes it’s reconnecting the WiFi, fixing the printer, changing the face on her smartwatch. Often it’s something to do with her iPads (for some reason she has two). Most of these jobs, I can’t really do because I don’t have an iPad. Thankfully my Wifi works fine, and the smartwatch she bought is unbranded.
But there is one job I can help with that I actually know something about. Sending money abroad. I’ve been involved in the currency markets for 15 years now. First, as a prime broker doing £20m deals for international payment providers working on behalf of companies buying new aeroplanes. Then as a currency broker myself, helping people get better exchange rates for buying a property abroad converting upwards of £250k.
But now mainly I just test and review money transfer apps, thinking to myself, how ridiculous it is that so many money transfer providers are worth so much because the banks can’t be bothered to reduce their tourist rates and stop charging fees for sending small amounts of money abroad.
But money transfers are big business – at the time of writing, Remitly is worth $4.9 billion, Wise is worth even more at £7.12bn, which is even more than Western Union, that is currently worth $4.99bn (mkt caps as of 18th Oct 23). It’s crazy really, but then Tesla is worth more than Ford, and as we all know stock market valuations are not based on what a company is worth but what they could be worth.
Anyway, as my Mum spends quite a large amount of time living in Italy and has to pay for various things like gardeners, pool maintenance, cleaners and the annual production of her olive oil I am quite often called upon to help transfer small amounts of money to Italy.
She has a Revolut account but finds it too complicated. Much in the same way I can’t pluck a chicken because I didn’t grow up on a farm, she can’t fathom using an app. So she always transfers the money to me, and I send it over.
Usually, I just do it through a spare Starling account, who were (as you will know from when you read my interview with the founder Anne Boden) actually cheaper than Transferwise (as they were called back then) for sending Euros to Europe.
But this time, as I’m reviewing Remitly, I thought I’d try and send some money using their money transfer app.
I was quite surprised to see you do actually get more money with Remitly compared to Wise and Western Union. If last October when I tested the app I’d sent £1,000, Mum would have received €1,140 with Remitly, versus €1,132.98 with Wise (despite them saying in their pop-up comparison that Remitly would only send €1,128.32.
Western Union was slightly less at €1,320 and Starling came in at a woeful €1,127.49 (won’t be using them again I guess). But this was because you get better exchange rates as a new users with Remitly, as time goes by those exchange rates will get worse.
Usually, I like to play about with the features of an app and compare added value, and see which gives the best overall service. But money transfer apps only really do one thing, and that’s help you send money abroad cheaply and for today at least it turns out that if you want to send some money to Europe to help harvest your Mum’s olive oil, Remitly is the cheapest way to do it.
There is a cost of living crisis going on after all, so every penny counts.
Remitly Facts & Figures
| 💱 Total Currencies | 75+ on offer |
|---|---|
| 💵 Min Transfer | £1 |
| 💰 Max Transfer | £5k |
| 🛒Customers | 4.5m (up from 2.8m in 2021) |
| 🏛️ Founded | 2011 |
| 🏢 HQ | Washington, US |
| ⚖️ Regulated | Yes- by the FCA |
Account Options | |
| 🧍 Personal Transfers | ✔️ |
| 👔 Business Transfers | ✔️ |
| 📅 Currency Forwards | ❌ |
| 💸 Currency Options | ❌ |
| 🤝 Personal Service | ❌ |
| 📱Phone Dealing | ❌ |
| ⌨️ Online Platform | ✔️ – very slick |
| ⭐ TrustPilot Rating | 4.2/5 |
| 🌐 Website | Visit Remitly |
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.
You can contact Richard at richard@goodmoneyguide.com
