Planning to send money abroad? Here’s a comprehensive tutorial on “How to Sign Up and Use Remitly for Money Transfers”
In today’s world, sending money internationally is easier than ever, thanks to online platforms like Remitly. Whether you’re supporting family, paying for overseas services, or managing expenses abroad, Remitly offers a simple, fast, and reliable way to transfer money. In this guide, we’ll walk you through the steps to sign up, set up your account, and complete your first money transfer with Remitly.
Why Choose Remitly?
Remitly is one of the leading services, preferred by many for sending money to family and friends living in a different country. It stands out in the competitive world of money transfers for several reasons. Some of the benefits of using Remitly are listed below:
- Low Fees: Remitly offers competitive rates with low fees. Especially for new users, the rates are even better.
- Speed Options: You can choose between Express for quick transfers and Economy for lower fees. Economy may take 3-5 days for money to be credited to recepient’s account but it offers better rate as compared to express option.
- Transparency: There are no hidden costs. Remitly will tell the cost as well the exchange rate upfront. Additionally, you can track your money transfer from start to finish.
- Security: Remitly uses advanced encryption to protect your financial data, ensuring a secure transfer process.
Step-by-Step Guide to Signing Up for Remitly
Getting started with Remitly is a straightforward process. Here’s how you can sign up:
Step 1: Visit the Remitly Website
- Click on the link to go to Remitly’s website.
Step 2: Start the Registration Process
- Click on the Sign Up button.
- You will need to provide:
- Full Name
- Email Address
- Password
- Make sure to create a strong password to secure your account.
Step 3: Verify Your Account
- Depending on your location and the amount you wish to transfer, Remitly may require identity verification.
- Prepare to upload a valid government-issued ID (like a passport or driver’s license) if prompted.
- Verification usually takes just a few minutes, but in some cases, it may take up to 24 hours.
How to Use Remitly for Money Transfers
Once you have registered and verified your account, you can start sending money internationally. Here’s a step-by-step guide to making your first transfer:
Step 1: Choose Your Destination Country
- On the homepage of the website, select the country to which you want to send money.
- Remitly will show you the available transfer methods, delivery speeds, and associated fees for that specific country.
Step 2: Enter the Transfer Amount
- Enter the amount you wish to send in your local currency. Remitly will automatically calculate the exchange rate and display the exact amount the recipient will receive.
- Review the available options, such as Express or Economy. By using Express option, you ensure that money will arrive within minutes. On the other hand, Economy has lower fees (better exchange rate) but it may take 3-5 business days.
Step 3: Provide the Recipient’s Details
- Enter the details of the person you’re sending money to:
- Full Name
- Bank Account Number
- Phone Number (optional, but helps with notifications)
- Ensure that the information you provide is accurate in order to avoid delays or errors.
Step 4: Choose Your Payment Method
- Remitly allows you to fund your transfer using:
- Bank Account (for lower fees)
- Credit or Debit Card (for faster delivery)
- Select your preferred payment method from the options that Remitly provides to you and enter the necessary details.
Step 5: Review and Confirm the Transfer
- Double-check all the information you have entered, including the recipient’s details, transfer amount, and fees.
- Click or tap Send Money to initiate the transfer.
- You’ll receive a confirmation email with the transfer details and a tracking number.
Step 6: Track Your Transfer
- Remitly provides a tracking feature that lets you monitor the status of your transfer.
- You can check the status on their website, or by contacting customer support if necessary.
- The recipient will also receive a notification once the money has been delivered.
Tips for Using Remitly Effectively
- Take Advantage of Promotions: Remitly often offers promotional rates for first-time users, so make sure to check for any discounts or bonus rates when signing up.
- Use the Referral code: Using Remitly referral code is a great way to earn some sign up bonus. You will get $15 as bonus if you use this link.
- Compare Speed Options: If time isn’t an issue, consider using the Economy option for lower fees. Use Express if you need the money to arrive quickly.
- Double-Check Exchange Rates: Remitly provides competitive rates, but it’s always wise to compare with other services to ensure you’re getting the best deal.
- Enable Notifications: Set up SMS or email notifications to stay updated on the status of your transfers.
Frequently Asked Questions
1. How long does a transfer take with Remitly?
- Transfers can be instant with the Express option. The Economy option may take 3-5 business days depending on the recipient’s bank.
2. Is Remitly safe to use?
- Yes, Remitly employs advanced security measures like encryption and two-factor authentication to keep your account and transactions secure.
3. What fees does Remitly charge?
- Fees vary depending on the destination, transfer amount, and the speed of delivery. Use Remitly’s fee calculator on their website or app to get an accurate estimate.
4. Can I cancel a transfer?
- You can cancel a transfer as long as it hasn’t been completed. Visit the Transfer History section in your account to cancel or contact customer support for assistance.
5. How can I get the best exchange rate?
- Remitly often offers promotional rates for new users. You can also subscribe to rate alerts to be notified when the exchange rate is favorable.
Conclusion
Remitly is a user-friendly platform that makes international money transfers easy and accessible. Whether you’re sending funds to family, paying bills, or managing expenses abroad, Remitly’s secure and transparent service makes the process smooth. By following this guide, you’ll be well on your way to making your first successful transfer.