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).