Remitly Canada Review (October 2026) – Get a free transfer

Remitly’s extensive availability makes it convenient for Canada’s diversified immigrant community and international money transfer users. But is it the right choice for your international remittance needs? Let’s dive into this comprehensive Remitly Canada review to find out.

What is Remitly?

Remitly is a digital financial services company that specializes in international money transfers. Founded in 2011 in Seattle, Washington, Remitly has quickly grown to become a major player in the global remittance market.

The company’s mission is to make international money transfers faster, easier, and more transparent for immigrants and their families.

Remitly operates on a mobile-first platform, allowing users to send money abroad using their smartphones or computers. The company has built a network of partnerships with banks and other financial institutions worldwide, enabling it to offer services in over 170 countries.

This extensive network allows Remitly to provide various payout options, including bank deposits, cash pickups, and mobile wallet transfers.

Is Remitly available in Canada?

Yes, Remitly is available in Canada. In fact, Canada is one of Remitly’s key markets, along with the United States, the United Kingdom, and several European countries. Canadian residents can use Remitly to send money to over 170 countries worldwide.

Remitly is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which oversees financial services companies in Canada. This registration ensures that Remitly complies with Canadian financial regulations and anti-money laundering laws.

It’s an important factor that contributes to the safety and legitimacy of using Remitly for international money transfers from Canada.

Is Remitly the right international money transfer service for you?

Deciding whether Remitly is the best choice for your international money transfer needs depends on various factors. Let’s break down the pros and cons of using Remitly to help you make an informed decision.

Pros of Remitly

• Competitive Exchange Rates: This way, using Remitly, people can get the benefits of better exchange rates than those of traditional banks. This can help mean more money gets through to the intended recipient.
• Multiple Delivery Options: They have many options to pay, such as bank deposit, cash pickup, and mobile wallet transfer through a card or code. It can be very useful, especially if the location and preferred medium of the recipient vary from a standard mode of communication.
• Fast Transfer Speeds: Depending on the carrier used, money can be as fast as in minutes with the Remitly Express option. This is especially applicable where transfers need to be carried out within a short period.
• User-Friendly Mobile App: One can easily download the Remitly mobile application or use the website to transfer money and it’s pretty easy to do so.
• Strong Customer Support: Remitly’s website supports over 100 currencies and the customer support team is available 24/7 across different languages.
• Promotional Offers: New users have access to the so-called bonuses when it comes to exchange rates; such a transfer may be made at a more favourable rate than usually offered.

Cons of Remitly

• Limited Sending Countries: Although it means one can send money from Canada to many parts of the world using Remitly, it is impossible to transfer money from most parts of the world to Canada.
• Transfer Limits: Remitly has placed daily, monthly and 180 day transfer sending caps. These limits may be rather un-advantageous for some individuals, especially if they need to send a high volume of messages.
• No Hedging Options: Unlike several of its competitors, Remitly does not provide features such as forward contracts or limit orders customarily used to secure exchange rates for future transactions.
• Not Always the Cheapest: Although the company has competitive exchange rates, they are not necessarily the cheapest in the market. Some services may also provide more favourable exchange rates or amounts for specific currency pairs.
• Inconsistent Fees: Remitly is said to have some charges that are different with the destination country, amount of money to be transferred, and the mode of payment.
• Limited Business Services: The five modes of Remitly’s operations are mainly aimed at individual consumers. However, if you are in need of business-related international transfer services, you might be better off using another service.

Are Remitly international money transfers safe?

As we know, security is a very important factor to consider any time you are dealing with cross border money transfers.

The good news is that Remitly has several security measures it employs to protect its users’ transactions and their personal details. Here’s why Remitly can be considered a safe option for international money transfers:

1. Regulatory Compliance: Remitly is registered with FINTRAC in Canada and the company adheres to the legal compliances of the countries where the company operates. This guarantees that the company adheres to legal requirements on financial practices and data protection.
2. Encryption and Data Protection: Basically, all personal and financial data provided by users are secured with the help of 256-bit encryption, which is used in the financial sector. This is the same security level most of the big banks and other financial institutions widely employ.
3. Fraud Monitoring: To minimize fraud within the company, there are automated systems to detect frauds and random audits from selected auditors.
4. Secure Authentication: To enhance security, Remitly has implemented two-factor authentication for their users’ accounts.
5. Transparent Operations: Remitly is a company that is currently listed on the NASDAQ stock market and, as such, it is obligated to disclose substantial information and follow regulations.
6. Positive Track Record: Launched in 2011, Remitly is an international money transfer company that has gone through billions of transaction value without significant security breaches.

No financial service is completely safe, but Remitly’s security measures and experience make it an honest and safe foreign transfer service. Nevertheless, users should always stick to the appropriate measures of online security, including the use of better passwords and avoiding personal information disclosure.

How does a Remitly money transfer work?

Understanding the process of sending money through Remitly can help you decide if it’s the right service for your needs. Here’s a step-by-step guide on how to use Remitly for international money transfers:

Create your account

The first step is to set up your Remitly account. You can do this through the Remitly website or by downloading the mobile app. Here’s what you’ll need to do:

1. Provide your email address and create a secure password.
2. Enter your personal information, including your full name, date of birth, and address.
3. Verify your identity by providing a government-issued ID, such as a driver’s license or passport.

The verification process is usually quick, but in some cases, Remitly may require additional documentation to comply with regulatory requirements.

Enter transfer details

So after creating the account, you can go on and start transferring funds. Here’s how:

1. Choose the country to which you are willing to transfer the money.
2. Write down the amount that you intend to transfer.
3. Select your cash delivery option (bank transfer, cash pickup, or Mobile Money).
4. Choose your payment options (either through a bank account, debit card or credit card).

In this level of payment, Remitly will display the exchange rates, the fees incurred and the amount of money to be received by the intended recipient. Do take a few minutes and look into these matters closely.

Add recipient details

Next, you’ll need to provide information about your recipient:

1. Type in the full name of the recipient as per their identification card.
2. Give their phone number and physical address.
3. If sending to a bank account, then insert the name of the bank, the account number and any other details regarding the bank account.
4. If necessary, then cash pickup by indicating the pickup location.

This will ensure that all the details given are correct so that there will be no complications or delay in the transfer that may be needed later.

Choose a payment plan

Remitly offers two primary payment plans:

• Economy: This is cheaper as compared to the first method but is time-consuming (takes around 3-5 business days).
• Express: This is more costly but quicker; more often than not, funds are transferred within a few minutes.

Choose the plan that you want based on your requirements with regards to speed and price.

Complete your transfer

The final step is to review all the details and confirm your transfer:

1. Verify all the facts that have been completed.
2. If all the details are properly entered, click on “Send Money.”.
3. You will also get the confirmation email containing details of the transaction that has taken place.

Once you have gone through these steps, you can then be able to monitor your transfer through the Remitly account or the mobile application. In addition, Remitly will also share with you updates concerning the progress of your transfer.

How long does it take to transfer money with Remitly?

Remitly offers two primary transfer options: Economy and Express both. Both meet specific needs and requirements of users transferring money to different countries.

Economy transfers are meant for those who do not consider time as the most important factor but the money being paid. These transfers may generally take 3 to 5 business days for completion.

The main disadvantage of this method is the long processing time as compared to the online services’ fees, which makes it suitable for routine, non-emergency transfers.

Using bank accounts for the economy transfer keeps the cost low, but the time to complete such a transfer can be longer due to the bank protocols.

In contrast, Express Transfers are services that help customers use Remitly to transfer money quickly in urgent situations. They can take as little as several minutes, depending on different considerations.

Express transfers can be made through debits or credit cards; hence, they take a shorter time but the charges are relatively higher.

The delivery time for Economy and Express transfers can also fluctuate depending on several conditions.

• The destination country is also an important factor, as each of them can boast of a different financial system and rules that influence the speed of processing.
• The selected means of delivery also influence the speed because the options are a bank deposit, cash pickup, or transfer to a mobile wallet.
• Timing is also a factor that influences transfer speed depending on the time of the day when the transfer is made. Any transfers that occurred after business hours or over the weekends can take effect only from the next business day.
• As for the local banking hours and holidays, differences in the recipient’s country also add to the time of transfer, especially if the option chosen is bank deposit.

Remitly offers a delivery promise: should your transfer not arrive by the specified time, they can always refund the transfer fees.

How much does it cost to transfer money with Remitly?

The cost of transferring money with Remitly is influenced by several factors, making it a variable expense for users. The total cost comprises three main components: transfer fees, exchange rate margin, and potential third-party fees.

Understanding these elements can help users make informed decisions about their international money transfers and potentially save on costs.

• Transfer fees are the upfront charges Remitly imposes for processing your transaction, ranging from $0 to $15. These fees are determined by various factors, including the amount being sent, the destination country, and the chosen transfer speed. The payment method also plays a role in fee determination, with options including bank account, debit card, or credit card transfers.
• The exchange rate margin is another significant factor in the overall cost of a Remitly transfer. This margin represents the difference between the mid-market exchange rate and the rate Remitly offers to its customers. Typically, Remitly adds a margin of 0.5% to 3% to the mid-market rate, depending on the specific currency pair involved in the transaction.
• Third-party fees are an additional cost consideration, although they are not directly controlled by Remitly. In some instances, intermediary banks or the recipient’s bank may deduct fees from the transfer amount. Remitly tries to tell customers about these fees, although they can vary based on the institutions involved.

Is there a fee to use Remitly?

Yes, in most cases, there is a fee to use Remitly. However, the fee structure can be complex and varies based on several factors. Let’s dive into a more detailed breakdown of Remitly’s fees.

Remitly transfer fees breakdown

1. Base Transfer Fee: This is the standard fee Remitly charges for processing your transfer. It can range from $0 to $15, depending on:

• Transfer amount
• Destination country
• Delivery speed (Economy or Express)
• Payment method

2. Payment Method Fee: Remitly may charge additional fees based on how you fund your transfer:

• Bank account transfers are usually the cheapest (often free).
• Debit card payments typically incur a small fee.
• Credit card payments are usually the most expensive, with fees around 3% of the transfer amount.

3. Exchange Rate Margin: While not a direct fee, the exchange rate margin affects the overall cost of your transfer. Remitly’s margin is typically between 0.5% and 3% above the mid-market rate.

4. Promotional Rates: Remitly often offers special rates or fee waivers for new customers or during promotional periods. These can significantly reduce the cost of your first few transfers

It’s important to note that Remitly’s fee structure can change based on market conditions and business decisions. Always check the total cost of your transfer before confirming it.

What is the Remitly transfer limit per day?

Remitly sets transfer caps to ensure it operates within the laws of the land and minimizes risks. These limits are not set in stone and can be adjusted according to different factors that include your status in the account and your verification status. Here’s a general overview of Remitly’s transfer limits:

1. Tier 1 Limits:

• $999 per day
• $2,999 per 7 days
• $10,000 per 30 days
• $18,000 per 180 days

2. Tier 2 Limits:

• $6,000 per day
• $20,000 per 30 days
• $36,000 per 180 days

3. Tier 3 Limits:

• $9,999 per day
• $30,000 per 30 days
• $60,000 per 180 days

These limits are not fixed and can be adjusted and may also depend on the country of travel destination, among others. It’s wise always to check your particular limits within the Remitly company.

How to increase your transfer limit in Remitly: Tiers 2 and 3 access

Remitly has all levels of segment size; the scale found that the greater permits more money to be transferred.

For you to be promoted to any of the three tiers, namely, Tier 2 or Tier 3, extra details and documents will be expected of you. Here’s a breakdown of what’s required for each tier:

Information required by tier

Process to increase your transfer limit

1. Start by ensuring all your basic information (full name, residential address, and date of birth) is accurate and up-to-date in your Remitly account.

2. To move to Tier 2, be prepared to provide:

• Reasons for sending money
• Information about your source of funds

3. For Tier 3 access, you’ll need to submit additional documentation:

• Proof of how you’re funding the transfer (such as a bank statement or paystub)
• More detailed information about your source of funds
• Additional information about how you use Remitly

4. Submit the required information and documentation through your Remitly account or as directed by their customer support team.

5. Wait for Remitly to review your submission. The approval process may take some time, depending on the complexity of your application and the volume of requests they’re processing.

Remember that access to higher tiers is subject to Remitly’s approval process and may involve additional verification steps to ensure compliance with financial regulations.

Is there a Remitly app?

Indeed, Remitly has its programs for iOS and Android, which are the operating systems for smartphone gadgets. It is also used to transfer money mobile and it has also been developed to operate efficiently in its transference. Here are some key features of the Remitly app:

1. User-friendly interface: This is an application that is user friendly and anyone who wants to use the application does not have to be told how to go about using the application.
2. Quick transfers: In an uncomplicated manner, the transfer can be initiated and completed with only a few taps on the screen.
3. Transfer tracking: SEL can also allow you to monitor the status of your transfer in real time.
4. Biometric login: For increased security, people should be unlocking the gadgets using fingerprints or their faces.
5. Saved recipient information: Keep records of the recipient for convenience when sending money to any given one in the future.
6. Push notifications: Get notifications on updated information on your transfers right on the device that you are using.
7. Multiple language support: Since it has a global target audience, the application is designed in different languages.

The Remitly app is also useful for users and has been also positively reviewed by customers on the App Store and Google Play, which are simple and fast.

It is always important for all finance apps to ensure that your device is as safe and up-to-date as possible where your important data and money are concerned.

Alternatives to Remitly in Canada

While Remitly offers a solid service for international money transfers, it’s always wise to compare options. Here are two popular alternatives available to Canadians:

CurrencyFair vs Remitly

CurrencyFair is another alternative that offers peer-to-peer currency exchange and international money transfers. Here’s a quick overview:

Pros of CurrencyFair vs Remitly

• Low fees: Flat fee of just $3 per transfer.
• Excellent exchange rates: Often very close to the mid-market rate, with the potential to go beyond the real-time FX rate.
• Unique peer-to-peer model: Allows users to set their own exchange rates and wait for matches.
• No transfer limits: Suitable for larger transfers.
• Wide reach: Send and receive money to and from 150+ countries in 20+ currencies

Cons of CurrencyFair vs Remitly

• Slower transfers: It can take 1–5 business days for some transactions, though same-day transfers are available for major currencies.
• Less suitable for small transfers: The flat fee structure benefits larger transfers more.
• Limited currencies: Supports fewer currencies compared to Remitly.

CurrencyFair has served over 150,000 customers in its decade of operation and is known for its cost-efficient money transfers to popular routes like Canada, Europe, the United States, the United Kingdom, and Hong Kong.

Simplii Financial Global Money Transfer

Simplii Financial, a division of CIBC, has been providing full-service banking since 2017. Their Global Money Transfer (GMT) service competes directly with companies like Remitly. Here’s how it stacks up:

Pros of Simplii Financial vs Remitly

• No transfer fees: Simplii doesn’t charge any fees for international transfers.
• Competitive exchange rates: Often better than traditional bank rates.
• Bank-level security: As part of CIBC, Simplii offers robust security measures backed by over 150 years of banking experience.
• Integration with banking: Convenient for existing Simplii customers.

Cons of Simplii Financial vs Remily

• Limited availability: Only available to Simplii account holders.
• Fewer destination countries: Available for over 130 countries, potentially fewer than Remitly.
• Slower transfers: Can take 2-3 business days, with no express option.
• Simplii currently serves almost two million clients across Canada, offering a simple way of banking.

Comparison of Remitly and alternatives

Remitly review: bottom line

Remitly is a reliable service provider for international money transfers, especially for those who want to transfer money from Canada to Asian, African, and Latin American countries.

Its strength is affordability through core competent features that include exchange rates, delivery methods, and a well-designed mobile application. The fact that one can opt for quicker but costly transfers, or slow and inexpensive ones makes it functional for many individuals.

Nevertheless, Remitly is not without its demerits. The transfer limits could also be an issue to some users – there are charges involved, and these could be high for small transfers or when using credit cards.

Lack of hedging options and limited sending countries may also warrant concerns for some potential users. Thanks for checking out our Remitly Canada review.