Remitly: Who Qualifies and What You Get
Learn how migrant workers can use Remitly to send money home using promotional rates and different transfer speeds.
Remitly is a digital service designed to help migrant workers send money back to their families or loved ones in other countries.
Who it's for
This service is specifically designed for migrant workers who need to send remittances. A remittance is a sum of money sent by an individual to another person, typically in a different country, often to support family members or manage household expenses abroad. If you work abroad and need a way to transfer your earnings to your home country, this service is built for you.
What you get
The primary benefit of using this service is the ability to access promotional exchange rates. These rates are specifically offered to first-time users, helping you get more value out of the money you are sending during your initial transaction. By using these promotional rates, you can reduce the impact of currency conversion on your total transfer.
What it costs you
The cost of using the service is not a single fixed fee; instead, it depends on how you choose to send your money. You will encounter different fee structures based on the transfer speed you select. You can choose between an "Economy" option or an "Express" option, and the cost will vary depending on which of these two paths you choose for your transaction.
The catch to know
The main thing to keep in mind is the relationship between time and money. While the "Economy" option is the cheaper way to send your funds, it is not the fastest. If you need the money to arrive almost immediately, you will likely have to pay more; if you can afford to wait longer, you can save on the transaction costs.
How to apply
- Visit the official Remitly website to begin the process.
- Set up a new account if you are a first-time user to access promotional rates.
- Enter the details for the person receiving the money and the amount you want to send.
- Select your preferred transfer speed, weighing the cost of the fee against the time it takes to arrive.
- Follow the prompts to complete your payment and finalize the transfer.