TL;DR
Remitly is a dedicated digital remittance platform that consistently ranks among the most competitive providers for small-to-medium international money transfers, particularly for corridors involving the Philippines, India, Mexico, Guatemala, and other major remittance-receiving countries. Its two-tier model Economy for cost-optimized bank transfers and Express for speed-prioritized delivery gives senders flexibility based on urgency. Exchange rate margins typically fall in the 1–2.5% range above mid-market, with explicit fees ranging from zero to a few dollars depending on the corridor and payment method. First-time sender promotions often include a guaranteed exchange rate or zero-fee transfer. Remitly is fully licensed and regulated across all major markets where it operates. For recipients who need cash pickup, mobile wallet delivery, or home delivery in addition to bank deposit, Remitly offers broader last-mile delivery options than many digital competitors.
What Is Remitly and How Does It Work?
Remitly was founded in Seattle in 2011 and has grown into one of the world's largest digital-first money transfer companies, serving customers in more than 30 sending countries who remit to recipients in over 170 destination countries. It went public on NASDAQ in September 2021 under the ticker RELY, providing a level of financial transparency and regulatory accountability beyond what private competitors face.
Remitly's core value proposition is simplicity and cost efficiency for the immigrant remittance market. Its product is designed specifically around the recurring needs of people who regularly send money to family members in their home countries a use case that differs meaningfully from one-time large commercial transfers or business payments. The platform is available as a mobile app on iOS and Android and as a web application, with an interface available in multiple languages to serve its diverse global customer base.
Operationally, Remitly functions as a regulated money service business (MSB) in the United States, registered with FinCEN and holding state money transmitter licenses across all required US states. It holds equivalent authorizations across its operating jurisdictions in the EU, UK, Canada, and Australia. Customer funds are held in segregated trust accounts separate from Remitly's corporate operating capital, providing protection against corporate insolvency.
Remitly's Two-Tier Pricing Model: Economy vs. Express
Remitly's defining structural feature is its two-tier pricing and delivery model that separates cost-optimized transfers from speed-optimized ones. The Economy tier offers the best exchange rate and lowest fees, with bank deposit delivery typically completing in three to five business days. The Express tier offers faster delivery often within minutes to hours for cash pickup, or within hours for mobile wallet credits at a moderately higher rate or fee that reflects the speed premium.
This segmentation is practically useful because the remittance use case is genuinely split between routine monthly household support where a three-to-five-day delivery is perfectly acceptable given the predictable schedule and emergency situations where a family member needs funds immediately. Rather than forcing all senders into a single product, Remitly's model allows the same sender to optimize for cost on routine transfers and switch to Express for urgent needs without changing providers.
The rate differential between Economy and Express varies by corridor. For some high-volume corridors like US-to-Philippines and US-to-India, the Express premium is modest. For others, particularly less-traveled corridors, the gap can be more substantial. Always check both tiers when initiating a transfer and weigh the cost difference against the urgency of delivery.
Exchange Rates: How Competitive Is Remitly?
Remitly's exchange rates are applied as a margin above the mid-market interbank rate the "real" rate visible on Google Finance or XE.com. This margin varies by corridor, transfer amount, and tier selected. For its highest-volume corridors US to Philippines (USD/PHP), US to India (USD/INR), US to Mexico (USD/MXN), and US to Guatemala (USD/GTQ) Remitly's Economy tier rates are among the most competitive in the market, with margins typically in the 1–1.5% range. For less-frequently-traded corridors, margins are wider, which is a structural characteristic of the market given lower liquidity in those currency pairs.
Remitly's promotional exchange rates for first-time senders can be genuinely exceptional in some cases offering rates very close to or at the mid-market rate for the first transfer, a significant financial incentive that reduces the effective cost of the initial transaction to near zero. For returning users, Remitly periodically offers rate promotions tied to holidays, seasonal remittance peaks, and promotional campaigns, which are displayed within the app.
The most reliable way to assess Remitly's rate competitiveness for your specific corridor and transfer amount at any given moment is to use a real-time comparison tool such as CompareRemit, which displays recipient amounts from multiple providers side by side. Rate competitiveness changes throughout the day as the underlying market moves, and Remitly's ranking relative to competitors varies accordingly.
Transfer Fees: What Does Remitly Actually Charge?
Remitly's fee structure is corridor-specific and payment-method-dependent. For Economy tier transfers funded via bank account (ACH), many corridors have zero explicit transfer fees the cost is embedded entirely in the exchange rate margin. For Express transfers and for debit card-funded transfers, an explicit fee is typically charged, ranging from approximately $1.99 to $3.99 for most corridors. Credit card-funded transfers carry an additional surcharge that reflects card processing costs, making bank account funding the most cost-effective payment method by a meaningful margin.
First-time users benefit from promotional offers that may waive fees entirely or apply a guaranteed promotional exchange rate for the initial transfer. These welcome offers vary by corridor and promotion period and are displayed prominently during the account setup and first transfer process. For a sender who regularly transfers to a family member in the Philippines or India, taking advantage of the first-transfer promotional rate provides immediate savings that partially offset the time cost of setting up a new account.
Supported Countries and Currencies
Remitly supports transfers from more than 30 sending countries to over 170 destination countries, covering the vast majority of meaningful global remittance corridors. Key sending countries include the United States, United Kingdom, Canada, Australia, Germany, France, Italy, and other major EU economies. Key destination countries span Latin America (Mexico, Guatemala, El Salvador, Colombia, Dominican Republic), South and Southeast Asia (India, Philippines, Pakistan, Bangladesh, Sri Lanka, Nepal), Africa (Nigeria, Ghana, Kenya, Senegal), and Eastern Europe (Romania, Poland, Ukraine).
Not all features particularly cash pickup and mobile wallet delivery are available in every destination country. The specific delivery options available for any given corridor are displayed during the transfer setup process, enabling informed selection before commitment. For corridors where Remitly's delivery options are limited, the platform clearly communicates this during setup rather than presenting unavailable options that create user frustration later.
Delivery Methods: Bank Deposit, Cash Pickup, Mobile Wallet, and More
Remitly's delivery method breadth is one of its strongest differentiators from bank-to-bank-only competitors. For the Philippines specifically, Remitly supports bank deposit to all major Philippine commercial banks, GCash mobile wallet reload, cash pickup at a network of over 18,000 locations including SM Department Store remittance counters, Cebuana Lhuillier, M Lhuillier, and numerous rural banking outlets, and home delivery service in select areas. This combination of delivery options means Remitly can serve recipients regardless of whether they hold a bank account, a mobile wallet, or neither.
For India, Remitly supports bank deposit to all scheduled commercial banks via IMPS (Immediate Payment Service) and NEFT. For Mexico, SPEI bank deposit and cash pickup at Oxxo, Walmart, Soriana, and other major retail chains are supported. For Bangladesh, bKash mobile wallet delivery and bank deposit to major Bangladeshi banks are available. The breadth of last-mile delivery options reflects Remitly's focus on the remittance market rather than business payments, where recipient access constraints are a core user concern.
Transfer Speed: How Fast Does Remitly Deliver?
Economy tier transfers typically complete in three to five business days, with some corridors delivering in one to two business days depending on the recipient bank and banking system operating hours in the destination country. Express tier transfers aim for delivery within minutes to hours cash pickup is typically available within minutes for Express, while bank deposits on Express may complete within a few hours during local banking hours at the destination.
Remitly provides a delivery time guarantee for Express transfers: if the transfer is not delivered within the promised timeframe, Remitly refunds the transfer fee. This guarantee adds a layer of accountability that distinguishes Remitly from providers who quote delivery times without committing to them. In practice, Remitly's actual delivery performance across its major corridors is generally consistent with quoted timeframes, with exceptions arising primarily from bank processing delays at the recipient institution rather than failures at Remitly's end.
Remitly for First-Time Senders: Promotions and Welcome Offers
Remitly's customer acquisition strategy relies heavily on first-transfer promotions, which are among the most competitive in the market. New account holders typically receive either a promotional exchange rate sometimes at or very near the mid-market rate or a fee waiver for their first transfer, and in some cases both. These promotions are displayed prominently at account creation and during the first transfer setup.
The financial value of these promotions is real and significant. A first-time sender transferring $500 to the Philippines at a promotional rate near mid-market saves $10–$20 in exchange rate cost compared to Remitly's standard rate. For a sender evaluating whether to switch from an existing provider, capturing a promotional first-transfer rate at Remitly effectively makes the first transfer free or deeply discounted, with subsequent transfers priced at standard competitive rates.
Remitly Transfer Limits
Remitly's transfer limits are tiered based on account verification level. Basic verification email, phone, and standard personal information allows transfers up to $2,999 per transaction and $10,000 in a rolling 30-day period for most US-based senders. Enhanced verification typically requiring a government-issued ID and proof of address raises limits to $10,000 per transaction and higher rolling period limits. Verification requirements may be triggered automatically for certain transfers above threshold amounts.
For high-frequency senders or those who need to send amounts above standard limits for example, for property-related payments or large one-time family needs initiating the enhanced verification process proactively rather than being interrupted mid-transfer by a verification requirement is the more efficient approach. Remitly's verification process is typically completed within minutes through its automated identity check system for most users with standard government ID.
Account Setup, Verification, and Security
Creating a Remitly account requires an email address, phone number, and basic personal information. KYC verification is required before any transfer can be completed and involves uploading a government-issued photo ID. Two-factor authentication is supported and recommended for all accounts. Remitly uses 256-bit SSL encryption for all data transmission and stores sensitive customer information in compliance with applicable data protection regulations including GDPR for European customers.
Remitly's fraud detection systems flag unusual transfer patterns changes in recipient information, transfers to new recipients at unusual amounts, or transfers from unfamiliar devices or locations. Senders who receive a request from someone asking them to create a Remitly account or send money on their behalf should treat this as a potential fraud attempt and contact Remitly's support team directly rather than proceeding.
Remitly vs. Wise vs. Xoom vs. Western Union
Compared to Wise, Remitly offers broader delivery method coverage cash pickup and mobile wallet delivery that Wise largely does not support while Wise offers superior exchange rate transparency through its mid-market rate structure. For purely bank-to-bank transfers, Wise is often marginally cheaper on rate alone; for senders who need delivery flexibility, Remitly's breadth makes it more practical. Compared to Xoom, Remitly's Economy tier is typically cheaper for non-urgent transfers while Xoom competes more aggressively on speed. Compared to Western Union, Remitly consistently outperforms on exchange rate margins and explicit fees for digital-channel transfers, while Western Union's physical agent network provides deeper geographic reach in remote areas.
Who Should Use Remitly?
Remitly is best suited for individuals who regularly send money to family members in major remittance-receiving countries, particularly in Latin America, South and Southeast Asia, and Africa. Its combination of competitive rates, broad delivery method options, mobile-optimized interface, and strong promotional offers for new users makes it one of the most well-rounded consumer remittance platforms in the market. It is less suitable for very large transfers above $10,000 (where OFX or currency broker services may offer better rates), for business payments requiring invoice management, or for highly specialized corridors where its delivery infrastructure is less developed.
Frequently Asked Questions
Is Remitly safe and legitimate?
Yes. Remitly is a publicly traded company on NASDAQ (ticker: RELY), registered with FinCEN as a money services business, and holds state money transmitter licenses across all required US states. It is regulated by the FCA in the UK, ASIC in Australia, and equivalent authorities in other operating jurisdictions. Customer funds are held in segregated trust accounts. Remitly has processed billions of dollars in transfers and serves millions of customers across more than 30 sending countries.
What are Remitly's fees for sending money internationally?
Remitly's fees depend on the destination country, transfer tier (Economy or Express), transfer amount, and payment method. Economy tier transfers funded via bank account carry zero explicit fees in many major corridors, with cost embedded in the exchange rate margin. Express tier and card-funded transfers typically carry explicit fees of $1.99 to $3.99. The best way to check current fees for your specific corridor is to initiate a transfer in the Remitly app — the pre-transfer disclosure will show all fees and the exact recipient amount before you commit.
How long does a Remitly transfer take to arrive?
Economy tier transfers typically arrive in three to five business days. Express tier transfers arrive within minutes to hours for cash pickup and within a few hours for bank deposit in most corridors. Remitly provides delivery time estimates during transfer setup and offers a fee refund guarantee if Express transfers do not arrive within the promised window. Actual delivery time also depends on the recipient bank's processing hours in the destination country.
Can I send money to a GCash account using Remitly?
Yes. Remitly supports direct GCash mobile wallet delivery for transfers to the Philippines. Select GCash as the delivery method during transfer setup, enter the recipient's GCash-registered Philippine mobile number, and confirm. GCash delivery is typically available through the Express tier and can credit the recipient's wallet within minutes. Ensure the mobile number entered is the one actively registered to the recipient's GCash account — an incorrect number will result in a failed or misdirected transfer.
Does Remitly offer better rates than my bank for international transfers?
In virtually every scenario, yes. US retail banks typically apply exchange rate margins of 3–5% and charge wire fees of $25–$45 per international transfer. Remitly's Economy tier typically applies margins of 1–2% with zero explicit fees for bank-funded transfers in major corridors. On a $500 transfer, this difference can easily represent $15–$30 in value that reaches your recipient rather than the bank's margin. Compare recipient amounts not just stated fees between your bank and Remitly before your next transfer to quantify the actual difference for your specific corridor.
