Remitly Review Australia 2023: Pros, Cons, What to Know

If you are an Australian resident or a long-term traveler living Down Under, chances are you’ve looked into different options for sending money abroad. With the surge in digital platforms, there is an increasing number of convenient ways to remit money overseas. Today, we’re zeroing in on one such platform: Remitly. In this comprehensive Remitly review, we’ll cover the essential details about Remitly Australia, its pros and cons, and what you need to know before you start using it.

What is Remitly?

Remitly is a digital remittance platform established in 2011, providing international money transfer services to users worldwide. Remitly has gained recognition due to its transparency, ease of use, and competitive rates. But does it stand up to the scrutiny of Australian users looking to send money abroad? Let’s delve deeper and find out.

Remitly’s Services and Features

Remitly’s services extend to over 50 countries, including popular destinations for Australian remittances such as India, the Philippines, and the UK. Here are some key features that make Remitly a promising choice:

• User-friendly interface: With its intuitive design, it’s easy for anyone to navigate and set up transfers.
• Multiple delivery options: Senders can choose between bank transfers, cash pick-up, mobile money, or home delivery in selected countries.
• Transparent pricing: Remitly displays its transfer fees and exchange rates upfront, leaving no room for surprise charges.
• Speedy transfers: Remitly offers Express and Economy transfer options, depending on the urgency of your transfer.
• Highly rated mobile app: The Remitly app, available on both Android and iOS, is highly praised for its simplicity and efficiency.

Pros and Cons of Using Remitly

Every service comes with its pros and cons. Here’s an overview of what to expect when using Remitly:

Pros

• Transparent fees and exchange rates: Unlike some other providers, Remitly clearly lays out all charges before you make a transfer.
• Ease of use: Setting up and executing a transfer is straightforward with Remitly.
• Reliability: Remitly has a strong track record of safe and secure transfers.
• Flexible transfer options: From speed to delivery method, Remitly offers flexibility to cater to different needs.

Cons

• Limits on transfers: Remitly imposes certain limits on how much money you can send, which might not be ideal for larger transactions.
• Availability: Remitly’s services are not available in all countries, which could limit your options.
• Fees can add up: Depending on the transfer amount and urgency, fees can be higher than other platforms.

Remitly’s Pricing and Fees: A Closer Look

Remitly’s fees vary based on the transfer amount, payment method, destination, and delivery option. Remitly uses a tiered system for transfer limits, which increases as you provide more identification information. The Express option, which uses a debit or credit card, is faster but incurs higher fees, while the Economy option, using a bank account, takes longer but is more affordable.

Customer Support and Reviews

In terms of customer support, Remitly provides 24/7 assistance via phone, chat, and email. User reviews frequently commend the platform’s reliability and the helpfulness of the support team, although some users have reported delays in transfers.

FAQs

Is Remitly available in Australia?

Yes, Remitly is available in Australia and supports transfers to over 50 countries.

Is Remitly safe to use?

Remitly is a registered Money Services Business with the U.S. Department of the Treasury and is licensed as a money transmitter in the states where it operates, making it a safe platform for transferring money.

What are the transfer limits with Remitly?

Remitly’s transfer limits depend on the tier level of the user. The highest tier allows for up to $60,000 USD per day, but this requires additional identification information.

Can I cancel a Remitly transfer?

Yes, you can typically cancel a Remitly transfer as long as it hasn’t yet been picked up or deposited.

Wrapping Up: Is Remitly Right for You?

Remitly offers a simple, safe, and reliable option for Australians needing to send money abroad. With its transparent fees, flexible delivery options, and a user-friendly interface, Remitly provides a solid choice for international money transfers.

However, like any financial service, it’s essential to compare your options. Consider the fees, transfer limits, speed, and availability in the recipient’s country. If these factors align with your needs, Remitly could be a viable choice for your international money transfer needs.