Remitly is a mixed bag. It boasts several methods for receiving money, such as via a mobile device or with home delivery. Plus, it charges low to no fees for transfers to some countries. But some transfer methods are limited, and fees for money transfers to certain countries can be high.
Who Should Use Remitly?
Thanks to its global reach, Remitly’s free-to-download money transfer app will benefit someone who regularly sends money to friends and relatives in other countries.
Senders in 21 countries, including the U.S., can transfer money to recipients in more than 160 countries. Depending on the country, someone can send money via methods such as a debit card, credit card or bank account. Money can be transferred to more than 3,000 banks and over 350,000 pickup locations, and cash might be available to a recipient through mobile or home delivery.
Remitly says its service is designed to help immigrants send money home “in a safe, reliable and transparent manner.” This type of money transfer is often called a remittance.
Who Should Not Use Remitly?
Remitly might not be ideal for someone who sends money to friends or relatives in a lot of countries. Fees and exchange rates vary widely depending on which country the recipient is in and the delivery speed. In other words, the fees and exchange rates are all over the map. This differs from wire transfers available from major U.S. banks that offer easier-to-understand details about fees and exchange rates.