The global digital remittance market is worth over $16.2 billion. Each year, millions of consumers use services like MoneyGram and Western Union for cross-border transactions. These fintech companies are competing for your business, offering low remittance rates.
One service that stands out is Remitly, a Seattle startup. Its mission is to change the lives of immigrants and their families for the better by allowing them to safely send money across the world.
Immigrants can use Remitly to send cash to over 124 countries, including Uganda, Nepal, Senegal, and other developing nations. But is Remitly safe? Read on to find out!
How Does Remitly Work?
Remitly is a digital remittance service that enables immigrants in developed countries to transfer money to their families and friends. The company has partnered up with financial institutions from around the world, such as Axis Bank in India and Garanti Bank in Turkey. This allows it to provide a large number of cash-pickup locations in all major cities.
Using Remitly couldn’t be easier. All you need to do is to sign up for an account via the company’s website or mobile app, select a payment method, and initiate the transfer.
Depending on the recipient’s location, you may choose from multiple delivery methods. Cash pickup, bank transfer, and home delivery are just a few examples.
If you’re not sure how to proceed, visit Remitly and click Help at the bottom of the page. Enter “Remitly send money” or a related term in the search bar to get the information you need.
Can You Trust Remitly?
Remitly has been around for over a decade, offering low-cost options for sending money abroad. The company received funding from Stripes, PayU, and other leading organizations. In 2020, it raised $85 million in equity.
Its market value is increasing from one year to the next. Currently, it offers faster transfers, lowers fees, and better exchange rates than its competitors. In 2019, it made the Forbes’ Fintech 50 list.
This is also one of the few digital remittance services that come with a money-back guarantee. Plus, it’s a fully licensed business that meets the regulations set in each country where it operates.
The company also has its own team of security experts. All transactions are monitored around the clock to prevent fraud and protect customer data. Moreover, both senders and recipients must prove their identities to use this service.
Remitly Money Transfer Services Are Worth a Try
Now that you know more about Remitly, go ahead and give it a try. This money transfer service is fast and convenient, making it easier to help your loved ones.
If you’re still wondering “Is Remitly Safe?” check out the company’s policy and look for customer reviews. You could also transfer a small amount of money to see how it goes.
Meanwhile, browse the rest of our blog for other reviews and money-saving tips! We’ll show you how to make a budget, what to look for in a financial planner, and more!