TL;DR
Remitly is a Seattle-based, publicly traded (NASDAQ: RELY) international money transfer platform serving over 5 million customers across more than 170 receiving countries. It offers two service tiers Economy (slower, lower cost, bank-account-funded) and Express (faster, higher cost, debit-card-funded) providing meaningful speed-cost flexibility for different sender situations. Exchange rates are competitive on major corridors but include a margin above the mid-market rate, making Wise slightly more transparent in its rate structure. Delivery options are extensive: bank deposit, mobile wallet (including GCash, Maya, M-Pesa, Paytm, and others), and cash pickup at agent locations globally. Remitly is particularly well-suited for regular remitters on high-volume corridors US to Philippines, US to India, US to Mexico, US to El Salvador and for senders whose recipients use mobile wallets. Its transfer guarantee (delivery on time or fees refunded) is a meaningful consumer protection differentiator.
What Is Remitly and How Does It Work?
Remitly is a digital-first international money transfer service incorporated in the United States and publicly listed on the NASDAQ since September 2021. The company was founded in 2011 in Seattle with a focus on serving immigrant communities sending money home to their families in developing markets, and has grown to become one of the largest independent money transfer operators globally by transaction volume.
Remitly operates exclusively through digital channels its mobile app (iOS and Android) and website with no physical branch presence. This digital-only model is central to its cost structure: by eliminating the overhead associated with retail locations and physical agent networks, Remitly is able to offer lower fee structures and tighter exchange rate margins than traditional cash-based money transfer operators. The company generates revenue primarily from the exchange rate margin embedded in its transfers (the difference between the rate it sources from FX liquidity providers and the rate it offers customers) and secondarily from explicit transfer fees charged on some transactions.
The mechanics of a Remitly transfer are straightforward: the sender creates an account with ID verification, adds a US bank account or debit card as the funding source, enters the recipient's details (bank account number, mobile wallet identifier, or selects a cash pickup location), specifies the amount to send, and confirms the transfer. Remitly then initiates the debit from the sender's US account and credits the recipient's account, wallet, or notifies the cash pickup location within the promised delivery window. The sender receives a notification when the transfer is initiated and when the recipient's funds are confirmed as delivered.
Remitly's Core Service: Economy vs Express Transfers
Remitly's defining structural feature is its two-tier service model, offering senders an explicit choice between cost optimization (Economy) and speed optimization (Express). Understanding this distinction is essential for getting the most value from the platform.
Economy transfers are funded via the sender's US bank account through the ACH network. Because ACH settlement takes one to three business days, Economy transfers are slower typically delivered within three to five business days, though many corridors achieve delivery within one to two business days. In exchange for accepting this slower timeline, Economy senders receive lower transfer fees (typically $0 to $3.99 for most major corridors and amounts) and often better exchange rates than Express. Economy is the financially optimal choice for the majority of routine remittances where the recipient does not require immediate access to funds.
Express transfers are funded via debit card, enabling near-instant funds capture on the sending side. This allows Remitly to process the transfer immediately rather than waiting for ACH settlement, enabling delivery within minutes to hours for most major corridors. Express carries higher fees (typically $3.99 to $7.99) and slightly less favorable exchange rates to cover the higher debit card processing costs. Express is appropriate for genuinely time-sensitive transfers emergencies, urgent bill payments, or situations where the recipient requires same-day fund access.
A useful feature that distinguishes Remitly from some competitors is the real-time display of both Economy and Express options side-by-side at the time of quote, showing the fee difference, exchange rate difference, and delivery time difference for the specific transfer amount and corridor. This transparency enables an informed speed-cost trade-off decision rather than forcing the sender to make a blind speed selection.
Remitly's Fee and Exchange Rate Structure
Remitly's total cost structure has two components: an explicit transfer fee (displayed clearly at the time of quote) and an exchange rate margin (the difference between the mid-market rate and the rate offered to the sender). Both components are visible before the sender commits to the transfer a transparency standard required by US law under the Dodd-Frank Act's remittance transfer provisions.
Explicit fees vary by corridor, amount, service tier (Economy vs Express), and promotional status (Remitly offers zero fees for first-time transfers and occasional promotional zero-fee periods). For established users on major corridors, Economy fees typically range from $0 to $3.99 for transfers below $1,000, with many corridors offering $0 fees for larger amounts. Express fees are typically $3.99 to $7.99 depending on the corridor and amount.
Exchange rate margins are the more significant cost component for larger transfers. Remitly's USD/INR margin is typically 0.5% to 1.0% above the mid-market rate; USD/PHP margin is typically 0.5% to 0.8%; USD/MXN margin is typically 0.7% to 1.2%. These margins compare favorably to US bank margins of 2.5% to 4.0% but are slightly wider than Wise's near-zero margin model. The trade-off is that Remitly offers a broader delivery network particularly for mobile wallet and cash pickup delivery than Wise, making it the better total package for senders on corridors where delivery method flexibility matters.
Remitly runs frequent promotional campaigns particularly "no fee" promotions for new users and periodic promotions for established users that can meaningfully reduce the explicit cost of specific transfers. Monitoring the Remitly app for promotional offers before initiating large transfers is a worthwhile habit for regular users.
Delivery Options: Bank Deposit, Mobile Wallet, Cash Pickup
Remitly's delivery network is one of the broadest in the industry, covering bank deposit, mobile wallet, and cash pickup delivery across its 170+ receiving country network. The variety of delivery options is a significant competitive advantage for senders whose recipients have specific delivery preferences or infrastructure constraints.
Bank deposit delivery the default option for recipients with a bank account is supported for major banks in virtually all of Remitly's receiving markets. In India, Remitly supports delivery to all major banks including SBI, HDFC, ICICI, Axis, Kotak, and hundreds of smaller regional banks. In the Philippines, BDO, BPI, Metrobank, UnionBank, and other major banks are all supported. Bank deposit transfers typically settle within the Economy or Express timeline and involve no additional recipient-side action beyond ensuring the provided account details are correct.
Mobile wallet delivery is available in several key markets and represents one of Remitly's most competitively differentiated features. In the Philippines, Remitly supports direct delivery to GCash and Maya wallets enabling near-instant fund availability for registered wallet users, regardless of bank account ownership. In Kenya and several East African markets, M-Pesa delivery is supported. In India, delivery to Paytm wallets is available. Mobile wallet delivery is particularly valuable for recipients in areas with limited physical banking infrastructure but strong mobile connectivity and wallet adoption.
Cash pickup delivery is available through Remitly's agent partnerships at thousands of locations globally. In the Philippines, Remitly's cash pickup network includes Cebuana Lhuillier and BDO partner locations. In Mexico, OXXO, Walmart, and bank branches are among the cash pickup options. Cash pickup is the appropriate delivery method for recipients who are unbanked and do not use a mobile wallet, or for emergency transfers where the recipient needs physical cash immediately. Exchange rates and fees for cash pickup are generally less favorable than bank deposit or mobile wallet delivery, reflecting the cost of physical cash handling infrastructure.
Countries and Corridors Supported by Remitly
Remitly supports transfers from the United States, Canada, United Kingdom, Australia, European Union member states, and a growing list of additional sending countries to over 170 receiving countries. Its strongest corridors where it offers the most competitive pricing, fastest delivery, and broadest delivery network are: US to India, US to Philippines, US to Mexico, US to El Salvador, US to Guatemala, US to Honduras, US to Colombia, US to Dominican Republic, UK to India, UK to Philippines, and Canada to Philippines.
Remitly has invested disproportionately in building deep delivery partnerships on these corridors reflecting the demographics of its primary customer base of US, UK, and Canadian immigrant communities resulting in a product experience on these routes that is materially superior to its offering on less developed corridors. For senders on mainstream high-volume corridors, Remitly's competitive advantage in delivery speed, network breadth, and pricing transparency is most apparent. For less common corridors, alternative providers may offer better pricing or more reliable delivery infrastructure.
Remitly's Safety, Regulation, and Consumer Protections
Remitly is a fully regulated money services business operating under extensive regulatory oversight in all of its operating jurisdictions. In the United States, Remitly is registered with FinCEN as a Money Services Business and holds money transmission licenses in all 50 states and the District of Columbia one of the most demanding regulatory compliance achievements in the US MSB space, representing a meaningful consumer protection endorsement. Remitly is authorized by the Financial Conduct Authority (FCA) in the UK and holds equivalent licenses from financial regulators in Canada, Australia, and EU member states.
As a publicly listed company (NASDAQ: RELY), Remitly is subject to SEC reporting requirements, providing a level of financial transparency and governance accountability that private transfer operators do not face. Its financial statements, risk disclosures, and business model are publicly available, enabling sophisticated assessment of the company's financial stability.
Remitly's most distinctive consumer protection feature is its transfer delivery guarantee: if a transfer is not delivered within the promised delivery window, Remitly refunds the transfer fees. This guarantee while not universal across all failure modes provides a concrete accountability mechanism that distinguishes Remitly from less committed operators. Remitly also maintains 24/7 customer support via phone, chat, and email in multiple languages, including Spanish, Tagalog, and Hindi directly serving the primary language communities of its core customer base.
Remitly vs Competitors: Wise, Xoom, Western Union
Remitly versus Wise: Wise offers a more transparent exchange rate model (true mid-market rate with a separately disclosed percentage fee), while Remitly embeds a margin in the exchange rate similar to most other providers. For transfers where Wise's rate margin is below Remitly's, Wise delivers more local currency. Remitly's advantage over Wise is its broader delivery network particularly for mobile wallet and cash pickup delivery and its faster Express service for urgent transfers. For bank-to-bank transfers where both platforms are available, Wise is typically slightly cheaper; for mobile wallet delivery or transfers requiring Express speed, Remitly is often the better product.
Remitly versus Xoom: Xoom (PayPal's international transfer service) and Remitly are the most direct competitors on several major corridors, particularly US-Philippines and US-India. Xoom has the advantage of PayPal integration enabling funding from a PayPal balance and potentially faster account setup for existing PayPal users. Remitly typically offers more competitive pricing on most corridors and a more specialized, dedicated user experience compared to Xoom's positioning as part of the broader PayPal ecosystem. For GCash delivery in the Philippines, both platforms are comparably capable; pricing on specific amounts and timing should be compared directly before each transfer.
Remitly versus Western Union: Western Union's legacy cash agent network provides broader geographic reach in remote recipient locations, and its digital channel has improved pricing significantly. However, Remitly consistently offers lower total costs on digital bank-to-bank and mobile wallet transfers across all major shared corridors. Western Union's advantage is primarily in serving recipients in locations where mobile internet penetration is low and cash pickup from a physical agent location is the only viable delivery method. For the majority of digital bank-to-bank transfers, Remitly is the superior cost option.
Who Is Remitly Best Suited For?
Remitly is best suited for: regular remitters in immigrant communities sending to high-volume corridors in Asia, Latin America, and Africa; senders whose recipients use GCash, Maya, M-Pesa, or other supported mobile wallets; senders who value transfer speed flexibility and want the ability to choose between a low-cost slow transfer and a higher-cost fast transfer for the same corridor; first-time digital transfer users who benefit from Remitly's clean, well-designed mobile interface and multilingual customer support; and senders who value an explicit delivery time guarantee with fee-refund accountability.
Remitly is less optimal for: large, one-time transfers above $25,000 where specialist FX brokers offer significantly tighter exchange rate margins; senders on uncommon or low-volume corridors where Remitly's delivery network is thin; senders who prioritize absolute exchange rate transparency over delivery network breadth (Wise better serves this preference); and businesses making large batch payments or requiring API integration for automated transfers, for which Remitly's current product set is not designed.
Frequently Asked Questions
How long does Remitly take to transfer money?
Remitly's Economy transfers funded via bank account ACH typically take one to five business days, with most major corridors delivering within one to three business days. Express transfers funded via debit card typically arrive within minutes to a few hours for major corridors and supported delivery methods. The exact delivery timeline is displayed before the sender confirms the transfer, and Remitly's delivery time estimates are generally accurate. Mobile wallet delivery (GCash, Maya, M-Pesa) typically achieves the fastest actual delivery time regardless of service tier, because domestic mobile payment rails are near-instantaneous once international funds are received.
What are Remitly's transfer limits?
Remitly's transfer limits depend on the sender's account verification level. New accounts before full identity verification can typically send up to $2,999 per transfer or per day. After completing identity verification with a government-issued ID and additional documentation, limits increase significantly up to $10,000 or more per transfer and up to $25,000 or more per month for fully verified accounts. Specific limits vary by sending country, receiving corridor, and the account's transfer history. For transfers above standard limits, Remitly's customer support can review and approve higher limits for customers with documented legitimate transfer needs.
Is Remitly safe to use for international money transfers?
Yes. Remitly is a regulated, publicly listed company holding money transmission licenses in all 50 US states and regulatory authorizations in the UK, Canada, Australia, and EU. It is registered with FinCEN as a Money Services Business and maintains AML and KYC compliance programs as required by law. Customer funds are held in trust accounts at regulated US banks, segregated from Remitly's operating capital. As a NASDAQ-listed company (ticker: RELY), Remitly's finances are subject to SEC reporting requirements and independent audit. Its 24/7 customer support and explicit delivery guarantee provide additional consumer protection relative to many smaller or unregulated transfer providers.
Does Remitly offer a first transfer fee waiver?
Yes. Remitly consistently offers a zero-fee promotion for first-time transfers on most corridors often up to a specified amount ($500 to $1,000 for the first transfer). This promotional pricing is displayed during account setup and at the point of first transfer initiation. Beyond the first transfer, Remitly periodically runs promotional zero-fee campaigns for existing users on select corridors, which are communicated via the app and email. Checking the current fee before initiating any transfer rather than assuming a previous fee structure still applies is the best practice for maximizing Remitly cost savings.
How does Remitly compare to sending money through a bank?
Remitly is consistently significantly cheaper than sending money via a US bank wire for most international corridors. US banks typically charge $25 to $50 in explicit wire fees plus an exchange rate margin of 2.5% to 4.0% above the mid-market rate. Remitly charges $0 to $3.99 in explicit fees plus an exchange rate margin of 0.5% to 1.2% on major corridors. On a $1,000 transfer, the total cost through a US bank is typically $50 to $90, compared to $8 to $15 through Remitly's Economy service a saving of $40 to $80 per transfer. The bank offers no delivery speed advantage for international transfers, as SWIFT bank wires also take one to five business days for most destinations.
