Sending money through bank transfers can be very expensive when considering their exchange rates and transfer fees.
By using a cheap money transfer service like Remitly Canada Money Transfer, you save on transfer fees and are guaranteed that your funds will be delivered fast.
In this Remitly review, I cover how the platform works, the pros and cons, the fees and rates associated with the service, and more.
Remitly at a Glance
Remitly Canada Money Transfer
-
Exchange Rates
-
Transfer Fees
-
Ways to Send
-
Speed
-
Convenience
-
Countries Supported
Overall
Summary
Remitly is a quick and secure money transfer service that lets you send money to other countries using your bank account or mobile wallet. Picking up an international transfer can be through bank-to-bank transfer or at any of Remitly’s more than 150,000 cash pickup locations. Fees for sending money to other countries range from $2.99 to $4,99, depending on the destination country and the delivery method you choose.
Pros
- Low transfer fees
- Easy to use
- Fast transfer
- Uses 256-bit encryption technology
- Can track transfers online
Cons
- Not all countries offer Remitly
- Fees are higher than its competitors
How To Send Money Using Remitly
To send money with Remitly:
- Sign up for an account on Remitly.com or download the app
- Enter your information and the amount you’d like to send
- Select the country you’re shipping to and how your recipient wants to receive the funds
- Review the details of your transfer and submit it for processing
How Long Remitly Transfers Take
Remitly can tell you how fast it will take to deliver funds before making a transaction. Just enter your country of residence and the country where your recipient lives, then click “Get Started.”
A pop-up box will ask how much money you want to send and how soon you want it delivered.
Enter those numbers and click “Next.” You’ll see an estimate for how long it will take Remitly to have your funds on the next page.
The time it takes to deliver your funds also depends on what service you choose.
Remitly Exchange Rates
Remitly offers competitive exchange rates and fees. You can easily see the Remitly rate you’re getting, as well as any fees for your transfer before you send your money.
You’ll see the exchange rate and any applicable fees when you start your transfer. The exact amount your recipient receives depends on the currency of their country.
If you’re sending to a bank account, it also depends on the currency of the account and whether or not you’re using Express or Economy delivery.
It’s also important to know that Remitly adds a margin of between 0.5% to 3.0% above the mid-market exchange rate depending on the currency pair.
This means that you will pay a markup fee in addition to the standard transfer free.
Most international money transfer companies make money by adding a markup fee to the mid-market exchange rate and offering you a lower rate.
However, this can be a bit costly, especially when sending large amounts of money.
Similar services like Wise and Xe offer money transfer services at the mid-market rate, which can be significantly cheaper.
Remitly Transfer Fees
Remitly fees vary based on the amount you send and the country you’re shipping to.
The costs can range anywhere from $0 to $15, depending on your payment method and the country you’re sending to.
Remitly has three tiers of pricing. Its fastest option, the Express service, delivers funds to your recipient in minutes, but with fees higher than Remitly’s economic services.
Remitly’s standard or economy service will deliver funds in 1-3 days for a flat fee starting at $4.99 with no minimum transfer amount required. This is Remitly’s most popular option.
To quickly see how much your transfer will cost, create a free Remitly account and use the fee estimator to see how much it will cost you to send money.
Countries Where Remitly is Available
Remitly is available in Canada, the USA and more than 50 countries spread over four continents.
In Europe, it offers money transfers to Poland, Romania, Germany, the United Kingdom, and more.
In Latin America, you can send money to Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Panama, Colombia, Argentina, Mexico, etc.
It also offers money transfer services in several countries in Africa and the Middle East.
Pros of Remitly
- Quick transfer: Money is available to your recipient in minutes with the Express service.
- Easy to use: You can sign up and track your transaction online and through the Remitly app.
- Low fees: You pay a flat fee for each international transaction, and there are no hidden fees.
Cons of Remitly
- Not all countries qualify for Remitly Express: You can only quickly send money to some countries.
- Higher fees than other services: Remitly charges a higher fee than other companies on offer.
Why Remitly Is Safe and Legit
Remitly Canada is a safe, reliable, and legitimate way to transfer money to friends and family in countries worldwide.
It offers the following security measures to ensure safety of the funds:
- 256-bit encryption technology
- Two-step verification process
- Monitoring of transactions for suspicious activity
- The ability to track your transfers online
Remitly Canada operates under the FinCEN regulations that ensure financial institutions comply with anti-money laundering rules and regulations.
It is also a member of Swift (Society for Worldwide Interbank Financial Telecommunication), a worldwide association of banks that facilitates international money transfer services across the globe.
Alternatives to Remitly in Canada
Remitly isn’t the only option for sending money to Canada.
There are several other alternatives available that can make sending money abroad more accessible and more cost-effective.
Wise
Wise is a money-transfer service that offers an easy and cost-effective way to transfer money abroad. It’s possible to send money from a bank account or debit card or directly from another Wise balance.
Wise is great for people who want to send money to many different countries because you’ll always get the real exchange rate — the same one you find on Google.
It’s also great for people who want to send money to family or friends since there are no fees to receive money and no minimum transfer amounts.
It’s free to create a Wise account, and there are never any monthly fees or minimum balances to worry about. Wise even allows you to hold 50+ currency balances all free of charge and convert between them within seconds.
Learn more in this Wise review and how to send your first $800 CAD free.
Simplii Financial Global Money Transfer
Simplii Financial is an online bank that allows you to send money from Canada to other countries.
Compared with Remitly, Simplii does not include any transfer fees and sometimes offers better exchange rates for sending money abroad.
One downside is that transfer times can take two to three business days, which is slower than Remitly’s instant transfers.
However, Simplii is an excellent alternative to Remitly in Canada. You can send money from Canada to several countries worldwide, including Canada, the USA, Mexico, the Philippines, and India (130+ countries).
It also offers up to a $300 cash bonus when you send your first transfer. Learn more in this Simplii GMT review.
Related:
