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Remitly Canada Money Transfer Review: Pros, Cons, Fees & Rates

Remitly Canada Money Transfer provides you with a reliable, fast, and affordable way to send money globally.

Sending money through bank transfers can be very expensive when considering their exchange rates and transfer fees.

But by using a cheap money transfer service like Remitly, you save on transfer fees and are guaranteed that your funds will be delivered much faster, almost instantly, in some cases.

This Remitly review covers how the platform works, the pros and cons, fees and rates associated with the service, and more.

What is Remitly?

Remitly is a money transfer service that lets you send money across the globe, almost instantly in some cases.

Founded in 2011, Remitly has helped over 3 million people transfer money from the United States and Canada to other countries worldwide.

Remitly makes sending money to family and friends abroad easy, quick, and secure.

You can send money from a computer or mobile device, and the recipient gets the funds in just minutes or can pick up cash at any of Remitly’s 150,000+ cash pickup locations.

Remitly has two different options for sending money abroad – Express and Economy. Express is Remitly’s fastest option, and your money is often delivered within minutes of being sent.

The economy is Remitly’s cheaper option, with a lower exchange rate, but it can take 3 to 5 business days to transfer the funds.

Remitly gives you multiple options for your international transfers, including bank-to-bank transfers and cash pickup at thousands of locations worldwide.

The company also offers a mobile app that lets you manage your account on the move.

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

That’s it. Once Remitly receives your funds, you’ll get your money where it needs to go quickly and safely.

How Long Do Remitly Transfers Take?

Remitly can tell you how long 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 which services you choose.

Remitly has two different options for sending money abroad — Express and Economy.

Express is Remitly’s fastest option, and your money is often delivered within minutes of being sent.

The economy is Remitly’s cheaper option, with a lower exchange rate, but it can take up to 3 to 5 business days to transfer the funds.

Send Money Abroad With Remitly

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 Canada Money Transfer Review

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. The first is their Express service, which delivers funds to your recipient in minutes.

This is the fastest way to send money internationally; however, the fees are 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.

Where is Remitly 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.

Is Remitly Safe and Legit?

Is Remitly safe? Yes, Remitly Canada is a safe, reliable, and legitimate way to transfer money to friends and family in countries worldwide.

Its security measures include:

  • 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 options 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.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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