{"id":10645,"date":"2024-09-13T23:38:08","date_gmt":"2024-09-13T23:38:08","guid":{"rendered":"https:\/\/movingcountries.guide\/?p=10645"},"modified":"2025-08-29T08:33:16","modified_gmt":"2025-08-29T08:33:16","slug":"honest-remitly-review-speed-pricing-exchange-rates-and-more","status":"publish","type":"post","link":"https:\/\/movingcountries.guide\/uk\/reviews\/honest-remitly-review-speed-pricing-exchange-rates-and-more\/","title":{"rendered":"Honest Remitly Review: Speed, Pricing, Exchange Rates, and More"},"content":{"rendered":"<p class=\"wp-block-paragraph\">Remitly might not have been around since the days of telegrams and rotary phones, but it\u2019s certainly shaking things up in the money transfer world. Founded in 2011, it\u2019s the fresh face in the industry compared to stalwarts like Western Union, which has been around since 1851.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But don\u2019t let its relative youth fool you\u2014Remitly has zoomed up the ranks with its slick online platform and a relentless focus on speed and efficiency.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now here\u2019s the million-dollar question: is it really the best way to send money internationally, or are there some sneaky pitfalls hiding in the fast lane? I mean, rising through the ranks is one thing, but being the best is a whole different game\u2014especially in the fiercely competitive world of international money transfers.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That\u2019s what today\u2019s post is all about. We\u2019ll cover everything you need to know about Remitly and compare it with other popular options to see how it holds up against the other players in the game.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let\u2019s dig in and find out if Remitly is a game-changer or just another player on the field.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewbox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewbox=\"0 0 24 24\" version=\"1.2\" baseprofile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/movingcountries.guide\/uk\/reviews\/honest-remitly-review-speed-pricing-exchange-rates-and-more\/#Transfer_Speeds_How_Quickly_Can_You_Send_Internationally_Money_with_Remitly\" title=\"Transfer Speeds: How Quickly Can You Send Internationally Money with Remitly?\">Transfer Speeds: How Quickly Can You Send Internationally Money with Remitly?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/movingcountries.guide\/uk\/reviews\/honest-remitly-review-speed-pricing-exchange-rates-and-more\/#The_Transfer_Option_Your_Use\" title=\"The Transfer Option Your Use\">The Transfer Option Your Use<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/movingcountries.guide\/uk\/reviews\/honest-remitly-review-speed-pricing-exchange-rates-and-more\/#The_Funding_Method\" title=\"The Funding Method\">The Funding Method<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/movingcountries.guide\/uk\/reviews\/honest-remitly-review-speed-pricing-exchange-rates-and-more\/#The_Origin_and_Destination_Countries\" title=\"The Origin and Destination Countries\">The Origin and Destination Countries<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/movingcountries.guide\/uk\/reviews\/honest-remitly-review-speed-pricing-exchange-rates-and-more\/#Senders_Country_The_Starting_Line\" title=\"Sender\u2019s Country: The Starting Line\">Sender\u2019s Country: The Starting Line<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/movingcountries.guide\/uk\/reviews\/honest-remitly-review-speed-pricing-exchange-rates-and-more\/#Recipients_Country_The_Finish_Line\" title=\"Recipient\u2019s Country: The Finish Line\">Recipient\u2019s Country: The Finish Line<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/movingcountries.guide\/uk\/reviews\/honest-remitly-review-speed-pricing-exchange-rates-and-more\/#Remitlys_Partnerships\" title=\"Remitly\u2019s Partnerships\">Remitly\u2019s Partnerships<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/movingcountries.guide\/uk\/reviews\/honest-remitly-review-speed-pricing-exchange-rates-and-more\/#How_the_Recipient_Wants_to_Receive_the_Money\" title=\"How the Recipient Wants to Receive the Money\">How the Recipient Wants to Receive the Money<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/movingcountries.guide\/uk\/reviews\/honest-remitly-review-speed-pricing-exchange-rates-and-more\/#Remitlys_Pricing_How_Much_Do_International_Transfers_Cost\" title=\"Remitly\u2019s Pricing: How Much Do International Transfers Cost?\">Remitly\u2019s Pricing: How Much Do International Transfers Cost?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/movingcountries.guide\/uk\/reviews\/honest-remitly-review-speed-pricing-exchange-rates-and-more\/#The_Transfer_Option\" title=\"The Transfer Option\">The Transfer Option<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/movingcountries.guide\/uk\/reviews\/honest-remitly-review-speed-pricing-exchange-rates-and-more\/#The_Payment_Method_AKA_the_Funding_Method\" title=\"The Payment Method (AKA, the Funding Method)\">The Payment Method (AKA, the Funding Method)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/movingcountries.guide\/uk\/reviews\/honest-remitly-review-speed-pricing-exchange-rates-and-more\/#Receiving_Fees\" title=\"Receiving Fees\">Receiving Fees<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/movingcountries.guide\/uk\/reviews\/honest-remitly-review-speed-pricing-exchange-rates-and-more\/#Remitlys_Exchange_Rates_How_Currency_Conversion_Works\" title=\"Remitly\u2019s Exchange Rates: How Currency Conversion Works\">Remitly\u2019s Exchange Rates: How Currency Conversion Works<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/movingcountries.guide\/uk\/reviews\/honest-remitly-review-speed-pricing-exchange-rates-and-more\/#Remitlys_Exchange_Rates_Explained\" title=\"Remitly\u2019s Exchange Rates Explained\">Remitly\u2019s Exchange Rates Explained<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/movingcountries.guide\/uk\/reviews\/honest-remitly-review-speed-pricing-exchange-rates-and-more\/#How_Does_Remitly_Compare_to_Other_Money_Transfer_Services\" title=\"How Does Remitly Compare to Other Money Transfer Services?\">How Does Remitly Compare to Other Money Transfer Services?<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Transfer_Speeds_How_Quickly_Can_You_Send_Internationally_Money_with_Remitly\"><\/span>Transfer Speeds: How Quickly Can You Send Internationally Money with Remitly?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The answer to that question will depend on several factors:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The transfer option you use.<\/li>\n\n\n\n<li>The payment method you use to fund the transfer.<\/li>\n\n\n\n<li>The origin and destination countries\u00a0<\/li>\n\n\n\n<li>How the person on the other end of the transaction wants to receive the money.\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s how each of these factors can put the brakes on\/speed up your transaction:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Transfer_Option_Your_Use\"><\/span>The Transfer Option Your Use<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Remitly offers two transfer options: <strong>Express<\/strong> and <strong>Economy<\/strong>. Express is the way to go when speed is a priority\u2013 it can get your money into the recipient\u2019s account in minutes. Economy transfers, on the other hand, can take 3 to 5 business days, depending on the other speed determinants I\u2019ve listed above.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Funding_Method\"><\/span>The Funding Method<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cFunding method\u201d simply means the payment method you use to initiate a transfer with Remitly. Remitly accommodates several options\u2014bank transfer, debit card, credit card, or an e-wallet like PayPal\u2014 and your choice here will play a big part in determining how quickly the money you\u2019re sending shows up on the other side of the world.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To help you make the best choice, I&#8217;ve ranked the most common funding methods from the speed demons to the slowpokes. Have a look:&nbsp;<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Cash Payments: The ultimate speedster. Fund your transfer at a partner location, and your recipient can pick up the cash almost instantly.<\/li>\n\n\n\n<li>Debit Cards: The reliable sprinter. Transfers funded by debit cards are usually completed within minutes, especially with Express. Quick and efficient, just shy of cash payments.<\/li>\n\n\n\n<li>Credit Cards: The speedy contender. Credit card transfers are just as fast as debit cards but often come with higher fees. Fast service with a side of extra costs.<\/li>\n\n\n\n<li>E-Wallets (PayPal &amp; Friends): The wild card. Transfers via e-wallets can be quick but are less predictable. Sometimes they\u2019re faster than debit cards; other times, not quite.<\/li>\n\n\n\n<li>Bank Transfers: The plodding tortoise. Bank transfers can take anywhere from a few hours to several days to process. Perfect for those who prefer a more relaxed pace.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Origin_and_Destination_Countries\"><\/span>The Origin and Destination Countries<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The countries on both ends of the transfer can significantly speed it up or slow it down. Different banking systems, regulations, and even Remitly&#8217;s own partnerships in each country play a huge role in determining whether your transfer will zip through in minutes or take a bit longer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let\u2019s take a closer look at how each of these factors can affect transfer speed:&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Senders_Country_The_Starting_Line\"><\/span>Sender\u2019s Country: The Starting Line<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">The country you\u2019re sending money from plays a huge role in how quickly the transfer process kicks off. Some countries have modern, efficient banking systems that process payments almost instantly. For example, if you&#8217;re sending money from the U.S. or the U.K., your transfer will be fast because their systems are pretty streamlined.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But in other countries, the transfer process can hit a few more speed bumps. Countries with older banking infrastructure or more complex regulations, like some in South America or Africa, may take longer to process outgoing transfers.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Recipients_Country_The_Finish_Line\"><\/span>Recipient\u2019s Country: The Finish Line<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Once your money is sent, it has to clear the banking systems of the recipient&#8217;s country. Again, the speed here varies depending on how fast and efficient the recipient country\u2019s banking networks are. For instance, countries like the Philippines often have faster money transfer systems, especially when you\u2019re sending to a mobile wallet or cash pickup location.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On the flip side, if you&#8217;re sending money to a country where the banking system isn\u2019t as developed or where regulations are strict, the process might slow down. Think of countries like Venezuela or Cuba, where receiving international money can sometimes take longer due to extra compliance checks or slower infrastructure.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Remitlys_Partnerships\"><\/span>Remitly\u2019s Partnerships<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">The speed of your transfer will also depend on whether Remitly has partnerships with banks in both the country you\u2019re sending money from and the one you\u2019re sending it to. Remitly works with a lot of banks and financial institutions around the world, and these partnerships help speed things up by tapping into existing banking networks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When Remitly has partnered with local banks in both countries, transfers are usually much faster because they can use those banks&#8217; networks to streamline the whole process. But if there aren\u2019t partnerships in place, transfers can take a bit longer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s why:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When there are partner banks on both ends of the transaction, Remitly creates direct &#8220;corridors&#8221; between those countries. Corridors are basically optimized pathways Remitly sets up between specific countries through partner banks and other financial institutions. These corridors take into account everything from banking regulations and local financial systems to integration with Remitly\u2019s own technology.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There\u2019s a lot of behind-the-scenes work involved, but I won\u2019t bore you with the details. All you need to know is that these corridors cut out unnecessary regulatory steps and intermediaries, which means your money moves faster. Fewer steps and fewer intermediaries = quicker transfers!<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is one of the main reasons transfers between the US and the Philippines are faster than, say, transfers between the US and Nigeria. The US and the Philippines is actually one of Remitly\u2019s fastest corridors because (among other things) they\u2019ve got partner banks and payment networks in both countries. On the other hand, Remitly has fewer banking partnerships in Nigeria, so even though they\u2019ve got US partners, things can slow down on the Nigerian side.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_the_Recipient_Wants_to_Receive_the_Money\"><\/span>How the Recipient Wants to Receive the Money<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">There are several ways the person you\u2019re sending money to can receive it, and their choice is going to determine how long it takes for them to get their hands on it.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s a breakdown of how different receipt methods can impact transfer speed:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bank Account Deposits: The classic and most common method. If the recipient opts to receive money via bank deposit, the transfer time will depend on the speed of the recipient\u2019s bank. Whether the recipient\u2019s bank is integrated with Remitly will also come into play \u2013\u00a0 If their bank is well-integrated, the transfer will be quick; otherwise, it may take longer.<\/li>\n\n\n\n<li>Cash Pickup: Remitly offers cash pickup options at partner locations. This can be incredibly fast\u2014often, the recipient can pick up the cash within minutes of your transfer. The speed here really depends on how close the recipient is to one of these locations.<\/li>\n\n\n\n<li>Mobile Wallets: Sending money to mobile wallets (like GCash and PayMaya in the Philippines or M-Pesa in Kenya) is usually really fast. Transfers often happen within minutes, though sometimes there might be delays if the mobile wallet service isn\u2019t running smoothly or fully integrated with Remitly.<\/li>\n\n\n\n<li>Airtime Top-Up: In some cases, Remitly allows transfers to be used for topping up mobile phone credits. This is typically instant and can be a convenient option for recipients needing to stay connected.<\/li>\n\n\n\n<li>In-Person Delivery: In select locations within the Dominican Republic, Philippines, and Vietnam, you might also have the option for home delivery services, where an agent delivers the funds directly to the recipient. This is less common and generally slower compared to digital methods.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Remitlys_Pricing_How_Much_Do_International_Transfers_Cost\"><\/span>Remitly\u2019s Pricing: How Much Do International Transfers Cost?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Again, it depends. As much as I\u2019d love to give a straight answer, the truth is that the amount you end up paying in transaction fees will be determined by these three factors:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The transfer option you use<\/li>\n\n\n\n<li>The payment method you use<\/li>\n\n\n\n<li>Whether there are receiving fees.\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s how each factor affects the cost of international transfers with Remitly.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Transfer_Option\"><\/span>The Transfer Option<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">We\u2019ve touched on this earlier, but we focused more on speed. In this section, I will focus strictly on the cost implications of choosing either Express or Econony to give you a clearer idea of what you might end up paying in transaction fees.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s the lowdown:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Express transfers: Higher fees due to the expedited service. On average, you might pay anywhere from $3.99 to $9.99 depending on the destination country and the amount you\u2019re sending.<\/li>\n\n\n\n<li>Economy transfers: Transfers can sometimes be fee-free (especially for first-time users) or come with fees as low as $1 to $3.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Payment_Method_AKA_the_Funding_Method\"><\/span>The Payment Method (AKA, the Funding Method)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The funding method you pick doesn\u2019t just affect how quickly your money gets to the other side\u2014it also determines how much you\u2019ll shell out in fees. And because there are a bunch of third parties in the mix\u2014banks, credit card companies, payment processors, and e-wallet services\u2014the fees can vary.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I wish I could give you exact numbers, but I\u2019d be lying if I said I had them all figured out. What I can do, though, is give you a handy ranking of which payment methods tend to be the priciest and which ones are easier on your wallet:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Credit Cards: The spendy option. Usually the most expensive due to added fees from both Remitly and your credit card issuer, which may charge a cash advance fee or foreign transaction fee (unless of course, you\u2019ve got one of those nifty <a href=\"https:\/\/movingcountries.guide\/uk\/money-matters\/the-best-no-foreign-transaction-fee-credit-cards-for-expats\/\">no-foreign transaction fee credit cards.)<\/a><\/li>\n\n\n\n<li>E-Wallets (PayPal, etc.): These can also be expensive, with varying fees depending on the e-wallet provider and processing times<\/li>\n\n\n\n<li>Debit Cards: Middle of the road. Not too bad, but definitely not the cheapest option.<\/li>\n\n\n\n<li>Cash Payments (at Partner Locations): Decently priced with the added perk of speed. A solid choice if you&#8217;re in a rush.<\/li>\n\n\n\n<li>Bank Transfers (ACH): The budget-friendly option. Usually the least expensive, though they tend to be slower.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Receiving_Fees\"><\/span>Receiving Fees<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Depending on where your recipient is and how they choose to get the money, they might run into some extra charges. For instance:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Some places might slap a fee on cash pickups.<\/li>\n\n\n\n<li>Certain mobile wallet services might charge a little something for receiving funds.<\/li>\n\n\n\n<li>Banks could tack on a fee for incoming international transfers.<\/li>\n\n\n\n<li>If you\u2019re opting for home delivery, some locations might add a delivery fee.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">On the bright side, methods like bank-to-bank transfers and airtime top-ups usually don\u2019t come with any extra receiving fees.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You probably won\u2019t need to worry about covering these fees yourself, since they\u2019re typically the recipient\u2019s responsibility. But knowing about them can help you give your recipient a heads-up on cheaper or fee-free options. Or, if you\u2019re feeling extra generous, you can include the fee in your transfer so they don\u2019t have to dig into their own pocket!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Remitlys_Exchange_Rates_How_Currency_Conversion_Works\"><\/span>Remitly\u2019s Exchange Rates: How Currency Conversion Works<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The exchange rate is a big deal in international transfers. It\u2019s the magic number that turns your dollars into yen, pesos, or any other currency your recipient is using, and it determines how much your money\u2019s worth in the recipient\u2019s currency.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To understand how Remitly\u2019s exchange rates work, you need to know your way around these two concepts:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The mid-market rate: Think of this as the \u201ctrue\u201d exchange rate. It\u2019s the midpoint between what banks are willing to pay for a currency and what they\u2019re asking to sell it for. For example, if banks buy euros at 1.10 USD and sell them at 1.12 USD, the mid-market rate is 1.11 USD. This rate isn\u2019t typically accessible to retail customers like you and me\u2013 it\u2019s usually reserved for larger transactions between banks and financial institutions. You and I get a rate with a markup, speaking of which\u2026\u00a0<\/li>\n\n\n\n<li>The market rate: This is the rate you see quoted online or at currency exchange places. It\u2019s influenced by the mid-market rate but includes extra costs and markups. For instance, a currency exchange service might offer you a rate of 1.08 USD for euros, even though the mid-market rate is 1.11 USD. This rate includes their profit margin, and it\u2019s what\u2019s usually available to retail customers.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s an example to help make things clearer. Let\u2019s say you\u2019re sending $1000 to a friend in Europe.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Mid-Market Rate: If the mid-market rate is 1.11 USD\/EUR, your $1000 would be worth approximately 900.90 EUR.<\/li>\n\n\n\n<li>Market Rate: If the service you use offers a rate of 1.08 USD\/EUR, your $1000 would be worth about 925.93 EUR.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The difference between the mid-market rate and the market rate is where the service makes its profit. In other words, the market rate includes a markup that affects how much your recipient actually gets. So, while the mid-market rate is the baseline, the market rate is what you actually get when exchanging money, which might be less favorable due to added costs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now that you\u2019ve got that foundational knowledge figured out, let\u2019s look at how Remitly handles exchange rates.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Remitlys_Exchange_Rates_Explained\"><\/span>Remitly\u2019s Exchange Rates Explained<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Remitly typically adds a markup ranging from 0.5% to 3.0% above the mid-market rate, depending on the currency pair involved. For instance, if the mid-market rate for USD to EUR is 1.11, Remitly might offer you a rate of 1.08 or 1.10. This markup covers their costs and ensures they make a profit.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s not the highest markup you\u2019ll come across, and neither is it the lowest in the market.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Does_Remitly_Compare_to_Other_Money_Transfer_Services\"><\/span>How Does Remitly Compare to Other Money Transfer Services?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">No review is truly complete without sizing up the competition. So before we call it a day, let\u2019s find out how Remitly stacks up against other heavyweight contenders: Wise, Western Union, and PayPal.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Feature<\/strong><\/td><td><strong>Remitly<\/strong><\/td><td><strong>Wise<\/strong><\/td><td><strong>Western Union<\/strong><\/td><td><strong>Paypal<\/strong><\/td><\/tr><tr><td><strong>Transfer speed<\/strong><\/td><td>Express: Minutes; Economy: 3-5 days<\/td><td>1-2 business days<\/td><td>Minutes to days depending on the transfer method<\/td><td>Minutes to a few days depending on the method<\/td><\/tr><tr><td><strong>Transfer fees<\/strong><\/td><td>Express: $3.99 to $9.99; Economy: $1 to $3<\/td><td>Low, typically around 0.5% to 1% of the amount<\/td><td>Varies widely, often higher<\/td><td>Usually around 2.9% + fixed fee per transaction<\/td><\/tr><tr><td><strong>Funding Methods<\/strong><\/td><td>Bank transfer, debit\/credit card, e-wallet, cash<\/td><td>Bank transfer, debit\/credit card<\/td><td>Bank transfer, debit\/credit card, cash<\/td><td>Bank transfer, debit\/credit card, PayPal balance<\/td><\/tr><tr><td><strong>Receiving Methods<\/strong><\/td><td>Bank deposit, cash pickup, mobile wallet, airtime top-up, in-person delivery<\/td><td>Bank deposit, Wise account<\/td><td>Bank deposit, cash pickup, mobile wallet<\/td><td>Bank deposit, PayPal balance, cash pickup (via MoneyPak)<\/td><\/tr><tr><td><strong>Exchange Rate Markup ranking<\/strong><\/td><td>Has the second-lowest markup compared to Western Union, Paypal, and Wise.<\/td><td>Lowest markup<\/td><td>Has the highest average markup<\/td><td>Has the second-highest markup<\/td><\/tr><tr><td><strong>Countries Covered<\/strong><\/td><td>100+ countries<\/td><td>80+ countries<\/td><td>200+ countries<\/td><td>200+ countries<\/td><\/tr><\/tbody><\/table><\/figure>","protected":false},"excerpt":{"rendered":"<p>Remitly might not have been around since the days of telegrams and rotary phones, but it\u2019s certainly shaking things up in the money transfer world. Founded in 2011, it\u2019s the fresh face in the industry compared to stalwarts like Western Union, which has been around since 1851.&nbsp; But don\u2019t let its relative youth fool you\u2014Remitly &#8230; <a title=\"Honest Remitly Review: Speed, Pricing, Exchange Rates, and More\" class=\"read-more\" href=\"https:\/\/movingcountries.guide\/uk\/reviews\/honest-remitly-review-speed-pricing-exchange-rates-and-more\/\" aria-label=\"Read more about Honest Remitly Review: Speed, Pricing, Exchange Rates, and More\">Read more<\/a><\/p>","protected":false},"author":2,"featured_media":10649,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[],"table_tags":[],"class_list":["post-10645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-reviews","infinite-scroll-item","masonry-post","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/movingcountries.guide\/uk\/wp-json\/wp\/v2\/posts\/10645","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/movingcountries.guide\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/movingcountries.guide\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/movingcountries.guide\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/movingcountries.guide\/uk\/wp-json\/wp\/v2\/comments?post=10645"}],"version-history":[{"count":2,"href":"https:\/\/movingcountries.guide\/uk\/wp-json\/wp\/v2\/posts\/10645\/revisions"}],"predecessor-version":[{"id":10650,"href":"https:\/\/movingcountries.guide\/uk\/wp-json\/wp\/v2\/posts\/10645\/revisions\/10650"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/movingcountries.guide\/uk\/wp-json\/wp\/v2\/media\/10649"}],"wp:attachment":[{"href":"https:\/\/movingcountries.guide\/uk\/wp-json\/wp\/v2\/media?parent=10645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/movingcountries.guide\/uk\/wp-json\/wp\/v2\/categories?post=10645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/movingcountries.guide\/uk\/wp-json\/wp\/v2\/tags?post=10645"},{"taxonomy":"table_tags","embeddable":true,"href":"https:\/\/movingcountries.guide\/uk\/wp-json\/wp\/v2\/table_tags?post=10645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}