Best Ways To Send Money


Remitly

If you’re sending money to a bank account overseas and want to send in the destination country’s currency, Remitly is a cost-efficient option. The service also offers a promised delivery time—and if it isn’t met, you get your money back. One major advantage of Remitly is that its express service, which has a $3.99 fee, can transfer funds within minutes. Remitly also offers a home delivery service to your recipient, which takes only one to two business days.

How it works: Signing up for a Remitly account is free. Once you’re in, choose where you want to send your money and how; you can either send in U.S. dollars or have the money delivered in the destination country’s currency.

Payment options: Bank account, credit card, debit card.

Fees: Remitly’s transfer fees depend on how much is being sent, where the money is originating from and where it is being sent to. For example, sending USD to the Philippines, with the recipient receiving it in the local currency, will not incur any fees if transferring via “economy” (nonexpress)—but that doesn’t mean it’s free, since Remitly’s exchange rates are inflated in order for the company to make money. In comparison, sending money from the U.S. to Japan will incur a $6.99 fee for amounts under $1,000, but no fee for larger amounts.

Delivering payments in USD will also incur a fee, and that fee is based on the amount of money sent. Plus, Remitly charges a 3% fee for U.S. payments using a credit card or business debit card.

Speed: Economy transfer to bank: three to five business days. Express: Within minutes. Home deliveries are available with delivery time dependent upon the destination. Remitly also has local partners for in-person pickups; for example, money sent to Mexico can be picked up at local Walmart locations.

Transaction limits: Remitly has three tiers of transaction limits, with each additional tier requiring additional verification information. The lowest tier sets a $2,999 daily limit, and the highest has a $10,000 limit. More information about Remitly’s transaction limits can be found here.



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