Remitly Money Transfer – Over the years, Remitly has been a web-based money transfer provider that allows users to send money from the United States to as many as 90 countries, the Americas most especially.
Remitly money transfer has huge competitors that provide money transfers options delivered within minutes, but not without higher charge fees attached to it. Remitly at the other hand balances both decent charges and speed.
Fixed fees of about $4 is charged for sending money, however, this is dependent on the country at the receiving end, the amount sent and the payment method used. Remitly has an exchange rate that is generally from below 1% to just below 3% although the currency and payment method plays a role here.
Remitly money transfer service is one of the most convenient payment options that is available to a lot of beneficiaries in Nigeria, usually as Cash Pick Up or Account Deposit Remittances.
Again, Remitly is a universal and international money transfer and payments company that has a large network spanning across the borders of America, Asia, the Philippines, Europe, Africa, and Australia.
It is an international payments company that leverages digital channels and mobile phones, to send money globally. Remitly has interesting digital products that are fundamentally faster, very convenient, and less expensive so that their customers would be able to send money across all borders of the world.
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What Make Remitly Money Transfer the Best
These days a lot of people look out for cheaper or fee-free money transfer options that can allow them to send money fast, with a promising easy mobile app experience. Fortunately, Remitly meets up to this expectation, making it a convenient platform for money transfers globally.
Pros of Remitly Money Transfer
- Fast delivery options.
- Free and/or cheap delivery options.
- Promotional rates.
- Robust customer service.
- Strong mobile experience.
Cons of Remitly Money Transfer
- Low sending limits.
- Credit card fees.
- Long delivery times for the Economy option.
Service Requirements and Benefits For Remitly Money Transfer in Banks
Supposing you have someone outside your country, who chooses to use Remitly as a platform for sending money to you, below are some basic service requirements and benefits you’d expect from banks that partner’s with this organization, in your country.
- Money must be sent into customer’s account, giving attention to first name and surname.
- Money received could be deposited or paid in cash in Dollars.
- Customer who is receiving money using Remitly must have an active USD domiciliary account. (10 digit numeric NUBAN domiciliary account number).
- For any transaction directed into a Naira account, Funds are immediately defaulted to a Remittance USD domiciliary account due to CBN’s mandate.
- Non-bank customers can pick up cash over the counter also.
- For non-bank customers to pick up money transfers, they must present a valid ID card (BVN or International Passport, etc).
- Beneficiaries cash exact amount received, no charges are collected.
- Beneficiary again benefits from CBN naira for dollar promo incentive- #5 Naira for every dollar received.
General Advice for International Money Transfers
1. Find out how the exchange rate works and look for ways to find the best: exchange rate is the actual price of one currency in relation to another currency. Supposing you want to convert dollars to euro it is very important to find out how much a dollar is worth in euro. It is very obvious that most transfer providers do not give out information about exchange rates, you’d have to search on google to know.
- Avoiding money transfers using credit cards: this is an option for majority of providers, there is a possibility for a higher upfront fee and your credit card issuer might tack on costs ( likely interest and cash advance fees). Use a debit card to get money transferred to your recipient quickly.
- Compare and contrast transfer costs across money transfer providers. There are usually two types of costs: exchange rate markup and upfront fee. Find a provider with the cheapest combination of both a low fee amount and best exchange rate you need to get. Most of the time, nonbank providers offer best services and cheaper transfers than banks.
In conclusion, Remitly money transfer give users an assurance of safe and reliable transfers to any part of the globe with little charges for the sender and no charge for the recipient.