Anyone Used Remitly for Fx Transfers?

cashless on 03/12/2021 - 17:08
Last edited 03/12/2021 - 17:09

Am a long term user of Wise (previously Transferwise). The app is good because it shows comparative costs against other providers.
Recently I've noted that Remitly come out as the cheapest provider, at least for those exchanges I've been looking at.
So I did a quick search on Remitly and it's difficult to conclude how good or bad they are.
For example, it you look at Product Review, which is hardly the best reference, every review seems to be either 1 star or 5 star.
There's not much on OzBargain about them either.
So am asking the question - has anyone used them and are they any good?

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Comments

  • raptormesh on 03/12/2021 - 17:47
    +3

    I spent 10 minutes and couldn't find how much does it cost for each transaction. That's a pretty huge fail. It also didn't let me go back to home url after choosing an initial country.

    • cashless on 03/12/2021 - 20:41

      Crappy web interface is never a good sign

  • toomuchdogfur on 03/12/2021 - 22:40
    +4

    Hah I came to recommend Wise/Transferwise, but I see that was already in your mind. In my experience (mainly USD to AUD) there were always quite a few providers that beat Wise… but only for the first transfer. After that Wise consistently had the cheaper price (and an excellent UX to boot).

    I suspect Remitly will be the same thing. Taking a look at AUD to JPY for example, the transfer fee is roughly equivalent to Wise at the $1,000 AUD mark and the posted exchange rate is actually slightly better than Wise.

    However the following weasel word T&Cs make me doubt their ongoing exchange rate:

    Promotional FX rate applies to first $500.00 of the transfer. New customers only. One per customer. Rates subject to change.

    Note how there's no promises that they'll give you the mid-market rate like Wise does. And considering you can't see rates without making an account, I'm not optimistic that the rates are good either.

    • cashless on 05/12/2021 - 23:50
      +1

      Good spot & words of advice.
      Remitly, it seems give you up to $500 of “cheapie” Fx before they slug you
      Hiding that fact in their T&C’s makes it a lot worse.
      One to avoid it seems, unless you’re after a one-off sub $500 exchange

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