Remitly
Remitly
About Remitly
Requirements for savings
States Covered
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).
About Remitly
Requirements for savings
States Covered
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).
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