Remitly Review: Fees, Rate and Safety 2022

Remitly international payments are designed for people sending money home to loved ones on popular remittance routes. You can send Remitly remittances from 17 countries, to around 100 countries globally - for cash collection, as mobile money payments and bank deposits.  With Remitly Singapore you can remit money to about 80 delivery countries around the world with Remitly.

If you plan on sending money to someone back home you might be wondering about Remitly’s remittance services. This Remitly review has you covered, including fees, payment options, safety and fraud prevention, and how to register and use your account.

Send money with Remitly

Remitly: Key points

Key features:

  • Transfer from Singapore to around 80 supported countries in a variety of currencies 

  • Payout options include bank transfer, cash collection, mobile money transfer and home delivery 

  • Send payments from Singapore using a credit or debit card, for instant payout

  • Available online and via apps for both Apple and Android phones

Key stats:

  • Founded in 2011, based in Seattle, with offices around the world

  • Send payments from 17 countries, on 100 popular remittance routes

  • Active customer base of 2.6 million people

  • Over 6 billion USD worth of payments processed annually

  • Member of Pledge 1% - corporate philanthropy movement

Pros:

  • Send card payments instantly on popular remittance routes

  • Great range of payout options including bank transfers and cash collection

  • Easy to use online and with the Remitly app

  • Customer support 24/7, including in-app chat

  • Fully regulated and authorised by MAS in Singapore

Cons:

  • May not be the cheapest available option for bank transfer payments

  • Card payments only - no cash, bank transfer, or cheques

  • Exchange rates may include a markup on the mid-market rate

  • Not all payout methods are available in all areas

Overall: 

Remitly was created to make it easier to send money home on popular remittance routes, with a good range of pay out options available. These include cash for collection and home delivery, mobile money transfers and bank deposits. Although Remitly might not be the absolute cheapest option for bank deposit payments, their cash collection and delivery services are instant and may be worth looking at if you need to get money to someone in a hurry.

Send money with Remitly

What is Remitly?

Remitly is a mobile first provider which offers digital remittance payment through its app and desktop site. It covers popular remittance routes and aims to make it faster and cheaper for anyone living overseas to send money home to friends and family. 

From Singapore you can send payments to around 80 countries, with payments available in multiple currencies in some destinations[4]. Payout methods - as well as fees and rates - vary based on destination country.  Here’s a rundown of the common options available.

International remittances to bank accounts

If you’re sending a payment to someone with easy access to a bank account then this can be the most convenient option for both of you. 

Arrange your transfer online or in the Remitly app, pay by card, and the money will be deposited right into the recipient’s normal bank account in your preferred currency. They can then simply spend or withdraw it whenever they’re ready to.Your recipient doesn’t need to have a Remitly account themselves.

Great for: sending money conveniently to a bank account based in one of Remitly’s supported countries.

International remittances for cash collection or delivery

Depending on where you’re sending money to, you might be able to choose a cash collection or home delivery service. Cash collections are handy when the recipient might not be able to easily access a bank account, while home delivery options can be useful when sending money to a rural area where there may not be agent locations nearby. Payments are almost instantly available with cash collection, although they may take a little longer if you choose home delivery. 

To get their money your recipient just needs to visit a Remitly agent with their government issued photo ID. They’ll be given the money in cash in the currency you select.

Great for: sending cash quickly to people who do not have easy access to an ATM or bank account. 

International remittances to mobile money accounts

In a few destination countries you can choose to send your Remitly payment to a mobile money account. This can be done with just their phone number, and will usually arrive instantly.

Great for: sending fast payments to recipients who use mobile money accounts.

How does Remitly work?

Remitly international payments can be set up online or via the Remitly app. You can send money from 17 larger developed countries to over 100 countries around the world, on common remittance routes. The exact destination countries available vary depending on where in the world you’re based - you can send to about 80 countries from Singapore. 

When you set up your Remitly payment you’ll first select the payment destination country to see the payout options available. These usually include bank deposits and cash collection, with some countries also offering payments to a mobile money account or for cash home delivery

Send money with Remitly

Is Remitly safe?

Yes. Remitly is regulated by the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019 for the provision of cross-border money transfer services. As a global business, Remitly also comes under the supervision of other regulatory bodies around the world.

Remitly fees

Remitly fees depend on where you’re sending money to, and may also vary based on the payout method and currency. To see what you’ll pay for your transfer you can head to the Remitly app or desktop site and enter the country you want to make a payment to. You’ll see the payout options and fees to help you decide if Remitly is the right service for you.

In some destination countries you can select different currencies to pay. For example, it’s common to be able to send the local currency in the destination or USD. The fees may vary for different currencies.

Remitly exchange rate

You’ll see the Remitly rate online or in the Remitly app when you select the country and currency you’re sending to. You may also find you’re eligible for promotional rates depending on your account history. It’s worth noting that exchange rates may include a markup on the mid-market rate - this is an extra fee which is tricky to see. Compare the rate you’re offered against the mid-market rate to see if a markup has been added. 

How long does Remitly take

From Singapore, Remitly offers Express payments only. These are funded by either a credit or debit card payment, and arrive within minutes. 

Remitly Pros

  • Payout options including bank transfers and cash collection or delivery

  • Instant payments funded by card

  • Easy to use online and with the Remitly app

  • Customer support 24/7

  • Fully regulated and safe to use

Remitly Cons

  • Price - may not be most competitive, especially for bank transfer payments

  • Exchange rates may include a markup on the mid-market rate

  • Credit or debit card payments only

  • Payout methods vary by destination country

  • Availability limited in some major countries 

How to use Remitly

Once you have an account registered with Remitly you can make a transfer by taking the following steps:

  1. Sign in on the webpage or open the Remitly app

  2. Select Send money and the country you’re sending to

  3. Enter the amount you want to send and the delivery method

  4. Add recipient information - bank account details for a bank transfer, or name and personal details for cash pickup

  5. Connect your preferred payment card

  6. Review, and when you’re ready, hit Send money

  7. Your money is on the way

Funding methods

You can pay for transfers with Remitly by:

  • Credit card

  • Debit card 

Payout methods

Payout methods depend on where you’re sending money to, but usually include:

  • Bank transfer

  • Cash pickup at a local agent

  • Mobile money

  • Home delivery

How to create an account

Create an account with Remitly easily on the desktop site:

  1. Select Join Now

  2. Enter your email address and password

  3. Select Join

  4. Follow the prompts to add your personal details

In the Remitly app:

  1. Download the Remitly app

  2. Follow prompts to enter the country you're sending from and to

  3. Enter your email address and create a password

  4. Select Join Remitly

What documents you'll need

When you first open your account you must provide proof of ID and proof of address, by uploading copies of your documents. Here’s what’s accepted in Singapore.

Proof of identity:

  • NRIC

  • Passport

  • Dependent pass

  • Employment pass

  • Singapore work permit

  • S Pass

  • Visit pass

Proof of address:

  • Utility bill in your name

  • bank, credit card or mortgage statement

  • Lease agreement

  • Pay stub

  • Mobile phone bill from Singtel, M1, StarHub, or My Republic only

  • Singapore Armed Forces (SAF/11B) card

If you submit a proof of ID document which includes your address you may not need to provide a proof of address document.

Once you have an account you can also add more information to upgrade to a higher tier. Different account tiers have different sending limits - we’ll cover them a little later - but you can upgrade at any time by providing more information and documents. Here’s the lowdown;

To open a tier 1 account you’ll need:

  • Your full name

  • Your residential address

  • Your date of birth

To open a tier 2 account you’ll need:

  • Tier 1 information

  • Further information on how you’ll use the service - how often and where you’ll transfer money to, for example

  • Proof of transaction funding (this may be a bank statement or payslip for example)

For tier 3 accounts you’ll need:

  • Tier 1 and 2 information

  • Proof of transaction funding (this may be a bank statement or payslip for example)

How long does verification take with Remitly Singapore?

How long it takes to verify your Remitly account will depend a little on the reasons you need to provide more information or documents. Often checks can be completed in as little as one hour. However you may be required to send in extra documents. In this case you’ll receive an update on the processing time once documents are submitted.

Remitly limits 

Remitly sending limits depend on your account tier, payment type and exactly where you’re sending money to. You can increase your account tier by providing additional information and documents for verification. 

Here are the limits which apply by tier:

Tier/Time period

Tier 1

Tier 2 

Tier  3

24 hours5,000 SGD15,000 SGD45,000 SGD
30 days15,000 SGD30,000 SGD90,000 SGD
180 days30,000 SGD60,000 SGD180,000 SGD

Supported currencies

Remitly supports payments to around 80 countries from Singapore. In some countries it’s possible to send payments for receipt in more than one currency. 

Remitly regularly updates the countries and currencies available - check here for the most up to date available information.

Remitly reviews

Remitly scores an average of 4.1 stars on Trustpilot, from a total of almost 35,000 listed reviews at the time of writing. That’s a Great rating.

Speed and convenience is a common theme among positive Remitly reviews. Here’s what a couple of recent happy customers say:

“Easy to Use, and a fair price”

“This app does what it says. Delivers money fast and timely. I will not use anything else. Very happy with Remitly!”

82% of reviews at the time of research gave the highest possible Trustpilot score, while 9% of reviewers gave the lowest available Bad score. Where reviews were less positive, common themes were payment issues and delays. 

Remitly accessibility

Use Remitly via the desktop site, or download the Remitly app on Apple and Android phones. You can also access 24/7 customer support.

Remitly customer service

Remitly has a 24/7 customer support service. You can call or get chat support - here’s what you need to know.

Customer support channel

Remitly availability

Phone support (English or Spanish)65 6335 3569
Chat support (English, French or Spanish)In app and via the desktop site

Remitly alternatives

  • Wise - Wise may be cheaper than Remitly for payments deposited to bank accounts. You can also open an online multi-currency account to hold, spend and send 50+ currencies. However, cash collections and deliveries are not available. 

  • Western Union - Western Union offers similar pay out options as Remitly, including cash collection through an agent. With Western Union you can also pay in cash via an agent, which is a service not available through Remitly. 

  • PayPal or Xoom - send instant payments at home and abroad - convenient and quick, but not always the cheapest. With PayPal your recipient will also need to set up an account to get their money.

  • Revolut - Revolut online accounts let you hold, exchange, send and spend 28 currencies. Basic accounts are free, but you’ll pay a monthly fee for more advanced options.

Conclusion

Remitly might suit you if you’re sending a payment to one of the countries they serve, especially if you want the money to be collected instantly and in cash. When it comes to transfers direct to a bank account Remitly might not be the cheapest on the market, though.

Before you make your international payment, compare the costs and exchange rate available through Remitly against some competitors to make sure you get the best possible deal for your transfer.

Send money with Remitly

General advice: The information on this site is of a general nature only. It does not take your specific needs or circumstances into consideration. You should look at your own personal situation and requirements before making any financial decisions. We compare currency exchange and money transfer services in over 200 countries and territories worldwide. We only display reputable companies which we have researched and approved.

FAQ

How much does Remitly cost?

Remitly fees vary by destination and may include an exchange rate margin as well as a transfer fee.

How long does Remitly take to transfer funds?

Remitly transfers are funded by credit or debit card and can arrive instantly if you select a cash collection option.

Is Remitly safe?

Remitly is regulated by MAS in Singapore, and a range of other global regulatory bodies - just like most other international transfer providers.

How does Remitly apply exchange rates?

You’ll see the available exchange rate for your currency and transfer type when you set up the payment. The exchange rate may include a margin.

Does Remitly have a mobile app?

Get the Remitly app on both Apple and Android phones.

How does Remitly work?

Remitly offers international remittances from 17 large, developed countries on popular currency routes. Payments can be made to a range of countries - usually delivered as bank transfers or for cash pickup.

How many currencies does it support?

You can send on common remittance routes from Singapore, with around 80 countries covered.

General advice: The information on this site is of a general nature only. It does not take your specific needs or circumstances into consideration. You should look at your own personal situation and requirements before making any financial decisions. We compare currency exchange and money transfer services in over 200 countries and territories worldwide. We only display reputable companies which we have researched and approved.

By Ileana Ionescu
Updated 28 April 2022