- Experts highlight Remitly as a cost-effective and user-friendly service for sending money abroad, particularly noting that new customers benefit from better exchange rates on their first £1,000. However, they point out limitations such as a lack of foreign exchange analysis and educational resources, alongside its online-only presence.
- Across 36 user reviews on Good Money Guide, averaging 3.8/5, users frequently commend the quick transfer speeds and competitive rates, while also expressing concerns about poor customer service and communication issues. Many reviews reflect frustrations with delayed transactions and difficulties in resolving problems, indicating a mixed experience overall.
Customer Reviews
Remitly offers competitive rates on…
Remitly offers competitive rates on international currency transfers.
1/5
Pros:
Ok for the very basic
Cons:
Do more currencies eg Mozambique to more banks
5/5
Pros:
Ravi
5/5
5/5
5/5
5/5
Pros:
Exchange rate and fast transaction
Cons:
Nothing
5/5
Pros:
low fee and ease of transaction
Cons:
as promised pay the customer when they introduce new client to REMITLY
5/5
3/5
Pros:
Ns
Cons:
Na
5/5
4/5
Pros:
Modern and also offer a reliable rate and competitive rates
3/5
Pros:
Nothing
Cons:
Never used so I canÔÇÖt comment
4/5
Pros:
Good value
Cons:
Increase the number of countries to which we can send money
5/5
Pros:
Transferred currency abroad swiftly and at low fees.
Cons:
N/A
5/5
Pros:
exchange rate
Cons:
More countries
Expert Review & Rating
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
3.8Leave A Review
Tell 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.
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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.
