What exactly is Remitly?

It is an online money transfer platform created in the United States. It is headquartered in Seattle and has been on the market since 2012. Remitly is a service designed primarily for making transfers abroad by people who generally live outside their countries of origin. The Remitly platform allows money to be sent home at times cheaper than with traditional banks.

The commission for sending money with Remitly depends on the amount you send and the time you want the transfer to take. Economy transfer is cheaper, but it can take up to 5 days for the money to reach its destination. Remitly does not explain exactly how the commission for money transfers is calculated. And this varies according to the currency you transfer.

The price of the currency you can get with Remitly depends on the difference in value between the average exchange rate (the one you can see on Google) and the exchange rate Remitly offers; when you make a transfer abroad with Remitly, keep in mind that the difference in price of the dollar will suppose an additional cost that you must add to the commission for the transfer.

How long does it take to send money?

The deadline for sending money with Remitly to its destination varies depending on the type of transfer you choose. Remitly offers you two: Economy and Express. With the first one, it can take 3-5 working days. With the second, in theory the money can be received in a few minutes if you select a card as a means of payment but keep in mind that if you send the money to a bank account, as it is an international transfer, the intermediary banks that process the payment SWIFT may take an undetermined time to complete the transfer.

Please log on to https://www.remitly.com/ for further reference.