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#REMITLY EXCHANGE RATES HOW TO#

Speed could vary based on the option you choose as well as the Pay in method i.e. Remitly offers 2 different options for Transfer time. Also, if the transaction is done through a credit or debit card the fees could be substantially higher (1-3%) than the flat rate fee.

Express – When sending money though express route the receiver get the money faster but since the exchange rate offered is marginally less than the other option.

Economy – Economy Money Transfers take more time to reach the destination country but offer a higher exchange rate and lower fees.

Remitly offers 2 options to transfer money This is one of the key strategy for Remitly and it attracts a lot of new users to Remitly. Less than 1% in most cases, as analyzed by our team over a period of 2 months.įor First time users though, the Exchange Rates are usually better than a repeat user. Remitly doesn’t match the interbank rates but the margins are usually very low. This is basically the currency conversion rate that Remitly is offering compared to the actual mid market or the interbank rate. The second piece of the cost is the exchange rate margin. In fact, above a certain limit the fees is reduced to zero. Remitly charges a flat fees for sending money using its platform, the higher the amount your are sending the less the fees.

The cost associated to transfer money through Remitly can be divided in 2 pieces, a flat fee and an exchange rate margin. You can read more about cost of money transfer here: The lower the cost of the transfer, the better the value a user gets. One of the important factor for us at Exchange Rate IQ while evaluating any money transfer company for our users of the cost of money transfer. For more details about Remitly funding & investment you can check Crunchbase Remitly has raised over $100 million in equity funding from 18+ investors till 2016. Matt / Matthew Oppenheimer is the co-founder and CEO. As per recent reports in 2016 Remitly have processed remittance transactions of over $ 2 billion. Remitly offers a very user friendly online money transfer service that fast, secure and relatively cheaper than other money transfer companies.Īccording to Remitly over 100,000 NRIs and more than 100,000 Pinoys have sent money through remitly. Considering Remitly is providing digital services for sending money they offer a good alternate to the banks & remittance agents. It is a online only money transfer service that help the users send money from Mobile apps, tablets or mobile. Remitly is a digital money transfer service enabling international money transfers from the U.S.A., Canada & the United Kingdom to a select number of countries in South East Asia, Mexico and South America.

It is a customer-focused payments company.

It is a fast, easy and affordable method to send money online. This app enables people in the United States, Canada & UK to send money to other countries instantly using the company’s express service or up to three days using the economy service This is accomplished by eliminating the forms, agents, codes, extra time and fees typical of the traditional, century-old money transfer process. Remitly’s proprietary global transfer network includes what is described as an “easy-to-use mobile app”, which makes the process of sending money faster, easier, more transparent and less costly. Customers can access on any device connected to the Internet. Remitly is an US Headquartered digital money transfer service. Remitly is a digital alternative to the traditional money remittance services which is available for the people living in the UK, the US, Canada and the Eurozone. But now you need not to worry because the experts of ERIQ provide an in-depth and unbiased review of Remitly by performing all the research.

#REMITLY EXCHANGE RATES HOW TO#

How to send money abroad using Remitly? Is it the best options available? How much time it will take to reach the recipient? Is it safe to transfer money online? All these thoughts hit your mind when you start using the money remittance services.