What Is Remitly?
Remitly is a digital remittance service founded in 2011, focused on transfers to developing countries. It's backed by major investors and went public in 2021. Remitly's standout feature is speed — their Express tier delivers to Indian bank accounts in minutes.
For NRIs who need fast, reliable transfers, Remitly is a strong option. But speed comes at a price.
Remitly's Two-Tier Pricing
Remitly offers two delivery speeds with different pricing:
Express
- Speed: Minutes to hours
- Exchange rate: Slightly worse (0.5–1.5% markup over mid-market)
- Fee: Usually $0–4
- Best for: Urgent transfers
Economy
- Speed: 3–5 business days
- Exchange rate: Better than Express, closer to mid-market
- Fee: Usually $0–2
- Best for: Non-urgent transfers where cost matters
The catch: Remitly's "no fee" marketing is misleading. While the fee may be $0, the exchange rate markup is where they make money. Always compare the total received amount against competitors, not just the fee.
First-Time Promotions
Remitly is known for aggressive first-time customer deals — often offering the mid-market rate with zero fees on your first transfer. These promotions are genuine and can save you $20–40 on a $1,000 transfer.
After the first transfer, rates revert to standard (less competitive) levels. This is worth knowing upfront.
Payment Methods
| Method | Availability | Impact on Cost |
|---|---|---|
| Bank transfer | All corridors | Cheapest |
| Debit card | All corridors | Moderate |
| Credit card | Most corridors | Most expensive |
| Interac (Canada) | CAD only | Cheap |
Speed
This is Remitly's biggest strength:
- Express: Most Indian bank accounts credited within minutes to hours
- Economy: 3–5 business days
- Cash pickup: Available at select locations in India
Express delivery is genuinely fast — we've seen transfers arrive in under 30 minutes during Indian banking hours.
Transfer Limits
| Corridor | Per Transfer | Monthly |
|---|---|---|
| USD | $10,000 | $30,000 |
| GBP | £10,000 | £30,000 |
| CAD | $10,000 | $30,000 |
| AUD | $10,000 | $30,000 |
| SGD | $10,000 | $30,000 |
Limits are lower than Wise. For large transfers ($10K+), you'll need to split across multiple transactions or use a different provider.
Pros and Cons
What's Good
- Fastest delivery — Express reaches India in minutes
- Great first-time rates — promotional pricing is genuinely competitive
- Polished mobile app — best-in-class UX for mobile-first senders
- Cash pickup option — useful for recipients without bank accounts
- Customer support — phone and chat available
What's Not
- Rates drop after first transfer — standard rates are 0.5–1.5% off mid-market
- Lower limits — $10K per transfer, $30K monthly
- Express costs more — the speed premium adds up over time
- "No fee" marketing — can be misleading since the cost is in the rate
Who Should Use Remitly?
Remitly is best for:
- Urgent transfers — when you need money in India within hours
- First-time senders — take advantage of the promotional rate
- Mobile-first users — the app experience is excellent
- Occasional senders — if you send once or twice, the first-time promo makes it worthwhile
For regular senders optimizing for cost, Wise is typically cheaper after the first-time promotion expires. See our Wise vs Remitly comparison for a detailed breakdown.