Revolut Money Transfers
Find out more about Revolut money transfers and compare offers here. Revolut is a fintech company founded by Nikolay Storonsky and Vlad Yatsenko. It offers …
Fact checked
Sending money home to family or friends has never been easier with a bevy of mobile app-based money transfer services like Remitly now available. Offering a very fast transfer service and low fees, Remitly is challenging the dominance of the big banks in the international transfer market. Find out if it’s the right provider for you by comparing services right here with Savvy and starting your transfer today.
*All product information is correct as of August, 2022.
Remitly was founded in 2011 in Seattle, in the USA, under the name BeamIt Mobile to provide a quick and easy means for migrants to send money back to their home countries. Since that time, the company has expanded its services worldwide and now has seven global offices. It offers transfer services to over 170 countries using 21 currencies. It’s now estimated to have a customer base of over 2.1 million people regularly using the service.
International money transfers to a bank account
Remitly offers an international money transfer service to another person’s bank account using their mobile app, which is available either through the App Store or Google Play Store.
Money transfers to a mobile app
As well as sending money to another person’s bank account, you can easily send money to another person who also has the Remitly app installed just by entering their mobile phone number. The funds can be transferred almost instantly to their account.
Money transfers to digital wallets
It’s possible to get funds transferred to a card linked to a digital wallet such as Apple Pay or Google Pay using a mobile phone number. The digital wallets available with this service will vary depending on the region of the world where your recipient is located. Transfers within Australia are not possible.
Cash pickups and deliveries
In some countries, such as India, the Philippines and Colombia, Remitly offers a cash pickup service. They also offer a cash delivery service in select countries to take the money you send right to your recipient’s door. However, these services aren’t available to every country that Remitly operates in, so check that it’s available before you start the money transfer process.
Remitly transfer fees
The amount you’ll be charged for the transfer service will vary according to the country, currency and service you choose, as well as how much you choose to transfer. You’ll be charged a small fee and possibly a markup on the mid-market exchange rate (which is the lowest exchange rate possible at any moment in time).
Speed of delivery
Remitly offers two different services to get your money overseas fast. Choose from either:
Special offers
Remitly provides special offers to customers who are using their service for the first time. This could be in the form of a free transfer (up to $500), a low introductory fee or a promotional exchange rate for your first transfer. Any eligible promotional offers will automatically be applied to your first transfer, so you won’t have to remember a promo code or provide a coupon number.
Transfer limits
There are various transfer limits set by Remitly for certain periods (24 hours, 30 days and 180 days). These vary according to sending country and destination, as well as how much identification you provide. You can also apply to have your limit increased 24 hours after you sign up for Remitly, which will likely require you to provide further identification documents (for example, your tax file number) for your limit increase to be approved. The more information you can provide about yourself, the more you’ll be able to send in most cases.
To get started with Remitly, follow these simple steps:
In many circumstances, your transfer will arrive at its destination immediately, particularly if you’ve chosen the express delivery option.
It’s possible to send money to your loved ones without them needing to have a bank account. For example, you could send a cash transfer directly to a pre-paid card linked to their digital wallet or a mobile app just using their mobile number.
Remitly offers the first transfer you make free of charge and will also give you a preferential exchange rate on your first transfer, which is a great bonus for new customers and those who only need to make a one-off transfer.
Remitly imposes limits on transfers depending on the destination of the funds you wish to send. These limits can be increased by providing more information about your identity and the purpose of your transfer.
Choosing to pay extra for the express delivery service can mean your transfer ends up being more expensive than you originally thought it might be. In this case, Remitly may not be your cheapest transfer option.
Exchange rate guarantees aren’t always provided, so the rate you’re quoted for your transfer may not be the same as the rate achieved when your transfer goes through.
OFX |
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Special Offer: 5 fee free transfers (saving you up to $75 in fees) + preferential rates for international money transfersMore details |
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Enjoy $40 bonus on your first money transfers of $250 & above! Use code*: SAVVY20X2 (Minimum transfer of AUD 250 Valid till 31st August 2023)More details |
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Xe |
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Xe is a 2021 Canstar Award Winner and offers the best exchange rates, low to no fees so customers save the most moneyMore details |
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Western Union Money Transfer |
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Send money to over 200 countries and territories across the world onlineMore details |
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Wise Money Transfer |
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Send money cheaper and easier with Wise with no hidden fees.More details |
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TorFX |
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Excellent exchange rates with no transfer fees. Trusted by over 325,000 customers. Awarded Canstar’s 5 star rating 2018-2021.More details |
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Currencyfair |
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Send money overseas at better exchange rates, with no hidden fees.More details |
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Remitly |
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Remitly offers fast, safe and secure money transfers with excellent rates to over 100 countriesMore details |
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Revolut |
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Fast and easy, with super competitive rates across all major currencies. Join 25+ million customers saving on global transfers.More details |
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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
If you decide to initiate a money transfer with one of the providers listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the provider offering that product.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
