Remitly

Remitly


Product Details

About Remitly

Requirements for savings

    States Covered

    None

    Provider Details

    About provider


    What is Remitly?

    Remitly is a leading digital financial services provider specializing in low-cost, secure, and fast international money transfers. Founded in 2011, its mission is to transform the lives of immigrants and their families by offering accessible, mobile-first financial solutions. With operations in over 30 countries and transfers available to more than 170 destinations, Remitly serves millions of customers globally.


    Core Services:

    ● Digital cross-border remittances: Send money via bank deposits, cash pickup, mobile wallets, or home delivery.

    ● Remitly for Developers: A remittance-as-a-service (RaaS) platform for businesses to integrate global payments via APIs.

    ● Digital banking: Partnering with Sunrise Banks, Remitly offers Passbook, a mobile banking app tailored for immigrants.


    Key Strengths:

    ● Mobile-centric experience: Over 90% of users access services via the Remitly app.

    ● Transparent fees: No hidden charges, with clear exchange rate markups.

    ● Global reach: Supports transfers to high-demand corridors like the US to Mexico, Philippines, and India.

     

    Who Owns and Operates Remitly?

    Remitly was co-founded in 2011 by Matthew Oppenheimer, Josh Hug, and Shivaas Gulati. Inspired by Oppenheimer’s experience with remittance challenges in Kenya, the team aimed to simplify cross-border payments for immigrant communities.

    Leadership Team:


    ● Matthew Oppenheimer: CEO and visionary behind Remitly’s customer-centric approach.

    ● Josh Hug: COO, overseeing global operations and compliance.

    ● Ankur Sinha: CTO, driving technological innovation.

    Strategic Partnerships:

    ● Sunrise Banks: Collaborates on Remitly’s Passbook digital banking service.

    ● Founders’ Co-op: Early investor providing hands-on support for scaling operations.


    Remitly became a publicly traded company on Nasdaq in 2021, reflecting its growth and market trust.

     

    How Does Remitly Work?

    Sending money with Remitly is streamlined for simplicity:


    1. Sign Up: Create an account via the mobile app or website.

    2. Select Destination: Choose the recipient’s country and transfer amount.

    3. Pick Delivery Method:

    ○ Bank Deposit: Direct to accounts in local currency.

    ○ Cash Pickup: Collect funds from partner locations like banks or retail stores.

    ○ Mobile Wallet: Transfer to apps like M-Pesa or Paytm.

    ○ Home Delivery: Cash delivered to the recipient’s address (select countries).

    4. Confirm Details: Review fees, exchange rates, and recipient information.

    5. Pay Securely: Use bank transfers, debit/credit cards, or Apple Pay.

    Track transfers in real time through the app or SMS notifications.

     

    What Are the Fees and Exchange Rates?

    Fees:

    ● Transfer Fees: Start at $0 for Economy transfers (bank-funded) or $3.99 for Express (card-funded).

    ● Third-Party Charges: Some cash pickup or home delivery methods incur additional costs[6][8].


    Exchange Rates:

    ● Remitly adds a markup (0.5%–3.0%) to the mid-market rate.

    Cost Comparison:

    ● Remitly vs. Banks: Lower fees and faster processing.

    ● Remitly vs. Wise: Competitive rates for urgent transfers but slightly higher markups.

     

    How Fast Are Transfers with Remitly?

    ● Express Transfers: Completed in minutes to 4 hours (card-funded).

    ● Economy Transfers: 3–5 business days (bank-funded).


    Factors Affecting Speed:


    ● Recipient country’s banking hours.

    ● Currency conversion requirements.

    ● Regulatory checks for large transfers.

     

    Is Remitly Secure and Regulated?

    Remitly prioritizes security through:


    ● Encryption: AES-256 protection for all transactions.

    ● Compliance: Licensed by FinCEN, FCA, and other global regulators.

    ● Fraud Prevention: Two-factor authentication (2FA) and AML/KYC checks.

     

    Which Countries and Payment Methods Are Supported?

    Supported Regions:


    ● Send Countries: US, UK, Canada, Australia, and 26 others.

    ● Receive Countries: 170+ destinations, including India, Mexico, and the Philippines.


    Payment Methods:


    ● Debit/credit cards (Visa, Mastercard).

    ● Bank transfers (ACH, Faster Payments).

    ● Mobile wallets (Apple Pay).

    CONTACT ADDRESS
    1111 3rd Ave, Ste 2100, Seattle, WA 98101
    WEBSITE
    PHONE NUMBER
    0808 169 2816
    EMAIL
    us-complaints@remitly.com
    Product Details

    About Remitly

    Requirements for savings

      States Covered

      None

      Provider Details

      About provider


      What is Remitly?

      Remitly is a leading digital financial services provider specializing in low-cost, secure, and fast international money transfers. Founded in 2011, its mission is to transform the lives of immigrants and their families by offering accessible, mobile-first financial solutions. With operations in over 30 countries and transfers available to more than 170 destinations, Remitly serves millions of customers globally.


      Core Services:

      ● Digital cross-border remittances: Send money via bank deposits, cash pickup, mobile wallets, or home delivery.

      ● Remitly for Developers: A remittance-as-a-service (RaaS) platform for businesses to integrate global payments via APIs.

      ● Digital banking: Partnering with Sunrise Banks, Remitly offers Passbook, a mobile banking app tailored for immigrants.


      Key Strengths:

      ● Mobile-centric experience: Over 90% of users access services via the Remitly app.

      ● Transparent fees: No hidden charges, with clear exchange rate markups.

      ● Global reach: Supports transfers to high-demand corridors like the US to Mexico, Philippines, and India.

       

      Who Owns and Operates Remitly?

      Remitly was co-founded in 2011 by Matthew Oppenheimer, Josh Hug, and Shivaas Gulati. Inspired by Oppenheimer’s experience with remittance challenges in Kenya, the team aimed to simplify cross-border payments for immigrant communities.

      Leadership Team:


      ● Matthew Oppenheimer: CEO and visionary behind Remitly’s customer-centric approach.

      ● Josh Hug: COO, overseeing global operations and compliance.

      ● Ankur Sinha: CTO, driving technological innovation.

      Strategic Partnerships:

      ● Sunrise Banks: Collaborates on Remitly’s Passbook digital banking service.

      ● Founders’ Co-op: Early investor providing hands-on support for scaling operations.


      Remitly became a publicly traded company on Nasdaq in 2021, reflecting its growth and market trust.

       

      How Does Remitly Work?

      Sending money with Remitly is streamlined for simplicity:


      1. Sign Up: Create an account via the mobile app or website.

      2. Select Destination: Choose the recipient’s country and transfer amount.

      3. Pick Delivery Method:

      ○ Bank Deposit: Direct to accounts in local currency.

      ○ Cash Pickup: Collect funds from partner locations like banks or retail stores.

      ○ Mobile Wallet: Transfer to apps like M-Pesa or Paytm.

      ○ Home Delivery: Cash delivered to the recipient’s address (select countries).

      4. Confirm Details: Review fees, exchange rates, and recipient information.

      5. Pay Securely: Use bank transfers, debit/credit cards, or Apple Pay.

      Track transfers in real time through the app or SMS notifications.

       

      What Are the Fees and Exchange Rates?

      Fees:

      ● Transfer Fees: Start at $0 for Economy transfers (bank-funded) or $3.99 for Express (card-funded).

      ● Third-Party Charges: Some cash pickup or home delivery methods incur additional costs[6][8].


      Exchange Rates:

      ● Remitly adds a markup (0.5%–3.0%) to the mid-market rate.

      Cost Comparison:

      ● Remitly vs. Banks: Lower fees and faster processing.

      ● Remitly vs. Wise: Competitive rates for urgent transfers but slightly higher markups.

       

      How Fast Are Transfers with Remitly?

      ● Express Transfers: Completed in minutes to 4 hours (card-funded).

      ● Economy Transfers: 3–5 business days (bank-funded).


      Factors Affecting Speed:


      ● Recipient country’s banking hours.

      ● Currency conversion requirements.

      ● Regulatory checks for large transfers.

       

      Is Remitly Secure and Regulated?

      Remitly prioritizes security through:


      ● Encryption: AES-256 protection for all transactions.

      ● Compliance: Licensed by FinCEN, FCA, and other global regulators.

      ● Fraud Prevention: Two-factor authentication (2FA) and AML/KYC checks.

       

      Which Countries and Payment Methods Are Supported?

      Supported Regions:


      ● Send Countries: US, UK, Canada, Australia, and 26 others.

      ● Receive Countries: 170+ destinations, including India, Mexico, and the Philippines.


      Payment Methods:


      ● Debit/credit cards (Visa, Mastercard).

      ● Bank transfers (ACH, Faster Payments).

      ● Mobile wallets (Apple Pay).

      CONTACT ADDRESS
      1111 3rd Ave, Ste 2100, Seattle, WA 98101
      WEBSITE
      PHONE NUMBER
      0808 169 2816
      EMAIL
      us-complaints@remitly.com

      Subscribe For Financial Tips and Offers!

      Sign up for our newsletter to get the best offers, expert advice, and more!

      By continuing, you agree to our Terms & Conditions and Privacy Policy.