What is Remitly? Money transfer, exchange rates, limits & fees

Remitly is one of the major companies operating in the global money transfer services market¹. In the United States, it is among the biggest brands for remittances to other countries². Its affordability and accessibility have made it popular among migrants sending money back home.

While it can be an excellent choice for sending funds quickly, Remitly also has some limitations. In this guide, we go through everything you need to know about how to send money with Remitly. By understanding the process, fees, exchange rates, limits, and other factors, you’ll be able to determine if it’s the right money transfer service provider for your needs. We also explore other alternatives that may be better options for sending money internationally.

What is Remitly?

Remitly is a money services business known for international remittance. It was founded in 2011 by Matt Oppenheimer, who, while working in Kenya, experienced firsthand the challenges of sending money home across borders.

To help other migrants who were facing similar challenges, Oppenheimer and his co-founders set out to create a service that would provide an easier, faster, and more affordable way to send money internationally. They established Remitly and set up headquarters in Seattle.

With international money transfer services focused on the needs of immigrants and the global workforce, Remitly helps migrants support their families and communities worldwide. According to the World Bank, there are 184 million migrants globally who often send money back home to support their loved ones⁵. This vital financial lifeline contributes to economic stability and development in receiving countries. Recognizing this significance, Remitly ensures that their hard-earned money reaches its destination safely.

The company’s growth indicates its rising popularity. In the third quarter of 2024, Remitly reported 7.310 million quarterly active customers⁶, a significant increase from just 5.409 million in the third quarter of 2023. This growth reflects the trust customers place in Remitly’s services.

Source 6

How does Remitly work?

To enable rapid money transfers, Remitly partners with banks, payment providers, and aggregators. These partnerships allow them to offer an array of payment and disbursement options in various locations worldwide. With its vast network, you can send money with Remitly to more than 460,000 cash pickup locations, 4.2 billion bank accounts, and 1.2 billion mobile wallets³.

Here are some of the basic information you need to know before using Remitly.

Registration and account verification

The only thing you need to create a Remitly account is an email address. Basic transfers of small amounts require only your name, address, and payment details. However, other documents for verification may be required in certain countries and for large transfers.

You may be asked to provide any of the following⁷:

• government-issued ID
• financial documents like bank statements or pay slips
• proof of address such as utility bills

Currency selection

Remitly facilitates transactions in more than 75 currencies^8,9. However, the specific currencies available for each transaction depend on the origin country, destination, and payment method. Some of the primary currencies the platform supports are USD, GBP, EUR, CAD, MXN, and PHP. 

Payment options¹⁰

There are several ways you can pay for a Remitly transfer, but some payment types are limited to specific countries. For instance, payment through bank accounts or bank transfers is only available in the United States, United Kingdom, Canada, and Australia. In most Remitly countries, the supported payment methods are card-based payments (debit, credit, or prepaid) and mobile wallets (Apple Pay and Google Pay). During the transfer process, you may check the alternative payment methods available in your country.

Disbursement methods¹¹

Remitly makes several receiving options available to make it convenient for recipients to get their funds faster. You can send the money directly to their bank account or mobile wallet. You may also send it to a partner agent near them for cash pickup. In some countries, including the Dominican Republic, Vietnam, and the Philippines, you can have the cash delivered directly to the recipient's home.

Processing time¹²

Remitly transfer time varies by service and transfer type. In some countries, there is an option for Express transfer, where funds are made available for faster pickup. There may also be an Economy option with longer processing times but lower fees. The timeframe for delivery is shown right after you enter the payment and recipient details.

In some cases, though, the availability of the funds may take longer due to delays in the transfer process of the local delivery provider or recipient banks. This may also happen when additional information is needed regarding the money transfer. 

Remitly exchange rates¹³

Transactions in different currencies are subject to exchange rate fees. The fees depend on the amount you’re sending, the destination country, and the payment options you choose. Remitly also refreshes exchange rates to reflect changes in the global currency markets.
Remitly exchange rates are typically lower than mid-market or interbank rates. It also adds a small markup to the exchange rate depending on the currency, transfer route and other factors. The exchange rates and related fees are shown during the transfer process. You will be able to check them before confirming the money transfer. If you’re a new customer, you can avail of Remitly’s special rates to save on transfers.

To get an idea of how Remitly exchange rates compare with market rates, take a look at these numbers:

When sending $2,000 from the United States to the Philippines, new Remitly customers are given the special rate of 1 USD = 58.62 PHP for the first $1,500. The remaining amount is given their standard rate of 1 USD = 56.83 PHP. Because of this promotion, the recipient gets 116,345.00 PHP.

Compared with the exchange rates published by Bangko Sentral ng Pilipinas ( 1 USD = 58.370 PHP)¹⁴ and Bloomberg Markets Data (1 USD = 58.4850 PHP)¹⁵ on the same day, Remitly’s standard rate (1 USD = 56.83 PHP) is much lower.

For the same transaction amount, BOSS Revolution offers a higher rate of 1 USD = 58.2426 PHP, which is closer to mid-market rates. If you regularly send money abroad, the higher rates before any promotional offers can get you more value.

Remitly transfer fees¹⁶

Fees for sending money through Remitly vary depending on the origin and destination countries, currencies, payment method, and delivery method.

When sending in the same currency, you will be charged a fee equal to a percentage of the amount being sent, plus a fixed fee of $2.99. If the receiving currency is different, exchange rate fees and markups are applied along with other fixed fees depending on the delivery method. 

If you’re sending 2,000 from the United States (in USD) to the Philippines (in USD) through a bank or debit card deposit, you will be charged a fee of $17.99. That’s 0.75% of the amount you send, plus a fixed fee of $2.99. Cash pickups will incur higher fees as they are charged 1.25% of the amount being sent.

Transfers to mobile wallets do not incur additional charges. Keep in mind, though, that receiving funds in a different currency incurs the exchange rate fees and markups we discussed in the previous section.

Another factor that may increase Remitly transfer fees is the payment method. If you use a credit card to pay for the transfer, you might incur additional fees charged by your credit card issuer.

Remitly transfer limits¹⁷

Remitly limits how much users can send in each transfer. There may also be transaction limits set for every 24 hours, 30 days, and 180 days. The transfer limits depend on the following factors:

• Sender’s and recipient’s locations
• Sender’s verification level
• Payout method
• Payout partner

Here are some of the sending limits¹⁸ you may encounter:

• Australia – 10,000 AUD
• Canada – 15,000 CAD
• Europe – 30,000 EUR
• UK – 25,000 GBP
• US – 25,000 USD
• UAE – 110,000 AED

To send higher amounts, you may send a limit request. You may be asked questions about the reasons for sending money, your source of income, and your current occupation. You will also be asked to provide other information and proof of identity. To increase your Remitly limits, be ready to furnish the following:

• Personal information, including full name, date of birth, and address
• Proof of identity such as a passport, driver’s license, or other government-issued ID
• Proof of income, such as bank statements or pay stubs
• Proof of address, such as bank statements or utility bills

Key features of Remitly

Customer support¹⁹

To ensure that customer concerns are addressed quickly, Remitly offers support 24/7 through chat or phone. Customer support is available in over a dozen languages, including Spanish, French, Turkish, and Tagalog.

Remitly also enables customers to find the solutions they need on their own through the Remitly Help Center. The self-help platform already has answers to common questions Remitly users ask. 

Security protocols³

Money transfer services like Remitly are subject to regulatory frameworks based on the jurisdictions where they operate and conduct their activities. Remitly, specifically, can be subject to federal, state, and international laws in the United States, Canada, the United Kingdom, the European Economic Area, India, Mexico, and the Philippines, among many others.

Among the frameworks Remitly adheres to are:

• Anti-money laundering laws, such as the Bank Secrecy Act;
• Economic and trade sanctions, such as those administered by the U.S. Department of the Treasury’s Office of Foreign Assets Control;
• Anti-bribery regulations under the U.S. Foreign Corrupt Practices Act, Canada’s Corruption of Foreign Public Officials Act, and the UK Bribery Act;
• Privacy regulations, including the Electronic Communications Privacy Act, the Computer Fraud and Abuse Act, the Federal Trade Commission Act, the Gramm-Leach-Bliley Act (GLBA), the EU General Data Protection Regulation (GDPR), the California Consumer Privacy Act (CCPA), and various state laws and regulations relating to privacy and cybersecurity. 

Mobile app

Through its mobile app, Remitly makes sending money internationally more convenient for people on the go. Its mobile app is free to download on iOS and Android. Its functionality and usability make remittances seamless and fast.

Home delivery¹¹

Remitly is among the few money transfer providers that offer home delivery services. If your recipient lives in the Philippines, Vietnam, or the Dominican Republic, you can choose home delivery as your payout option. The cash will be delivered directly to the address of your recipient by a local courier.

How to send money with Remitly²⁰

Now that you know more about how Remitly works and the fees involved, let’s go through the step-by-step process of sending money with Remitly.

1. Download the Remitly app or go to Remitly.com.
2. Create an account using your email address.
3. Choose the origin and destination countries.
4. Enter the amount you are sending and choose the receiving currency.
5. Enter the recipient’s details and choose a delivery method.
6. Select your payment method.
7. Go over the Transfer summary to review the transfer fees and exchange rates.
8. Select Send Money to confirm the transfer.
9. Take note of the reference number.
10. Track the status of your transfer using the Remitly app or on your Remitly profile on the website

Your recipient will receive a text message from Remitly informing them of the details of the transfer. You may also send them the reference number that they need to provide for cash pickup.

Pros and cons of using Remitly

Alternatives to Remitly

To help you decide if Remitly is the right choice for your needs, we compared it with other popular money transfer services. 

Wise allows large transfer amounts but is limited to bank transfers. PayPal also enables large amounts of transfers for verified users, but the recipients must have a PayPal account. 

Remitly, Western Union, and BOSS Revolution are good options for sending small amounts. But when it comes to promotional offers for new customers, BOSS Revolution appears to have a better offer with fee-free transfers for the first two transactions, each up to $2,999. Moreover, BOSS Revolution offers more appealing exchange rates that are closer to mid-market rates. This means you pay fewer fees, and your recipient gets more money. Another factor that makes BOSS Revolution a great alternative is the variety of payout options it offers, which makes money transfers accessible to those who do not have bank accounts or mobile wallets.

Conclusion: Is Remitly the right choice for you?

With its handy app and user-friendly website, Remitly makes sending money abroad fast and convenient. Requiring only an email address and basic information, it enables unbanked individuals and immigrants to remit money back home without having to furnish multiple documents. 

However, Remitly does have its limitations and may not be suitable for sending large amounts of money. The exchange rate and markups it applies to foreign currencies increase the total transfer cost. If you want to minimize transfer fees and maximize the money value your recipient gets, consider other cost-effective alternatives like BOSS Revolution.

Sources: all third party information obtained from applicable website as of January 10, 2025

1. https://www.thebusinessresearchcompany.com/report/money-transfer-services-global-market-report

2. https://www.statista.com/statistics/1456768/remittance-outflows-by-brand-in-usa/

3. https://ir.remitly.com/static-files/657dfa82-b910-431a-b1cd-1a4407cf23b6

4. https://careers.remitly.com/

5. https://www.worldbank.org/en/topic/migration/brief/remittances-knomad

6.  https://ir.remitly.com/static-files/6efcaf22-0e95-4e95-912c-5c40fe734f81

7. https://www.remitly.com/us/en/help/article/documents-identity-verification

8. https://apps.apple.com/ph/app/remitly-send-money-abroad/id674258465

9. https://www.remitly.com/us/en/landing/send-money

10. https://www.remitly.com/us/en/help/article/paying-for-your-transfer

11. https://www.remitly.com/us/en/help/article/receiving-money-options

12. https://blog.remitly.com/money-transfer/common-money-transfer-terms-explained/#Transfer_speed

13. https://www.remitly.com/us/en/help/article/costs

14. https://www.bsp.gov.ph/statistics/external/day99_data.aspx

15. https://www.bloomberg.com/quote/USDPHP:CUR

16. https://www.remitly.com/us/en/philippines/pricing

17. https://www.remitly.com/us/en/users/increase_limits

18. https://www.remitly.com/us/en/help/article/sending-limits

19. https://www.remitly.com/us/en/help

20. https://www.remitly.com/us/en/help/article/how-to-send-a-transfer

21. https://www.remitly.com/us/en/help/article/transfer-purpose

22. https://wise.com/us/send-money/

23. https://wise.com/help/articles/2932150/guide-to-usd-transfers

24. https://www.westernunion.com/us/en/web/send-money/start

25. https://wucare.westernunion.com/care/s/article/How-much-can-I-send-with-Western-Union?language=en_US

26. https://wucare.westernunion.com/care/s/article/When-can-the-receiver-pick-up-the-money-I-sent?language=en_US

27. https://www.paypal.com/us/cshelp/article/what%E2%80%98s-the-maximum-amount-i-can-send-with-my-paypal-account-HELP286

28. https://www.paypal.com/us/digital-wallet/send-receive-money/send-money

29. https://www.paypal.com/us/cshelp/article/what-payment-methods-can-i-use-with-paypal-HELP468

30. https://www.paypal.com/us/cshelp/article/how-do-i-receive-money-through-paypal-help667

This article is provided for general information purposes only and is not intended to address every aspect of the matters discussed herein. The information in this article is not intended as specific personal advice. The information in this article does not constitute legal, tax, regulatory or other professional advice from IDT Payment Services, Inc. and its affiliates (collectively, “IDT”), and should not be taken or used as such by any individual. IDT makes no representation, warranty or guaranty, whether express or implied, that the content in this article is current, accurate, or complete. You should obtain professional or other substantive advice before taking, or refraining from, any action on the basis of the information in this article.