Is Remitly safe? [2023 Updated]
Remitly was founded to make it easier for immigrants to get money home – with lower costs and a simpler processing system. Customers can send payments on over 100 currency routes, to 170+ countries, with a great range of payout options. Remitly is mission driven, popular, and growing fast. It’s also a safe way to send payments. Read on to learn why.
- Registered and regulated as a Money Services Business in the US, with state licenses and oversight from global regulators
- Comprehensive anti fraud protections in place
- Verification processes used to allow customers to transact safely
- Customer funds are rarely held – when this is necessary, all funds are safeguarded and kept separate from operating capital
Is Remitly safe?
This guide will dive into the details about how exactly Remitly keeps customers and their funds safe in just a moment. Let’s start with an overview, and some key facts and figures about Remitly, to help you answer the question: is Remitly trustworthy?
Regulators: Remitly is authorized in all states and Washington, D.C., and regulated by relevant bodies in the countries it operates in
Established in: 2011, based in Seattle
Customer numbers: 2.6 million in Q3 2021
Volume of transfers: Q3 2021; send volume reported at 5.2 billion USD
Learn more about Remitly: Remitly Review
How is Remitly regulated?
Remitly is registered by the US Department of Treasury as a Money Services Business, and also holds local licenses in any US state where a license is required, as a money transmitter. Additionally, companies like Remitly need to be licensed and regulated according to local laws in any other country in which they operate. These include the Financial Conduct Authority (FCA) in the UK, FINTRAC in Canada, or AUSTRAC in Australia.
Is Remitly as safe as banks?
Remitly is as safe as a bank for the services it offers – that means it is a safe way to send international payments for personal use.
Like banks, services such as Remitly are regulated by both state and Federal law, and must register with the Financial Crimes Enforcement Network (FinCEN) in the US.
The licensing arrangements do vary by state, but Remitly has the right license in place in every state which requires one. Money Transmitters typically don’t hold customer funds – they arrange the payment and process it as soon as the funds clear. However, if there is ever any cause to hold customer money should be safeguarded, and should be held separately to Remitly’s own funds.
How does Remitly keep your money safe?
Remitly has been established for over a decade, and is a global business which has a large and growing customer base. Because Remitly is regulated in the US and in all the other countries in which it operates, it must comply with a range of laws to keep customer money and personal data safe. These usually include holding a minimum amount of capital at all times, safeguarding customer funds, using anti-fraud measures 24/7, and verifying all accounts properly.
Generally, as long as you use Remitly in line with their user agreement – sending money to family and friends only, for example – it’s a very safe service to use.
Is Remitly safe to transfer money?
Remitly is a safe way to transfer money to friends and family around the world.
You can send money for a range of different payout methods including transfers for cash collection and home delivery. To make sure your money is extra safe, double check all the recipient details are correctly entered when you set up your payment – including using your recipient’s full name as shown in their government issued ID.
Is Remitly safe to keep money with?
In most cases, Remitly won’t hold your money. Once your funds are received, they’re passed on immediately to the recipient. That’s why some transfers for cash collection can be ready in just a few minutes.
If there is any reason to hold customer funds – pending security checks or verification processes for example – your money should be stored safely, separately from Remitly’s own funds.
Is Remitly safe for large amounts?
Sending a high value payment can be daunting. Remitly’s payment limits vary according to the destination country and your account tier – but where it’s allowed, Remitly is a safe way to send even large amounts.
It’s good to know that Remitly also uses sending limits which cap the amount you can send in a 24 hour, 30 day or 180 day window. You can increase your sending limit by providing additional verification documents to Remitly.
Before you make a high value transfer, check your Remitly send limits. If you can’t process your payment right now you might have to complete additional verification steps to reset your limits.
It’s also worth double checking you have everything you need to safely process your payment – usually this will be your recipient’s full name as shown on their ID for cash payments, or their full bank details for transfers to a bank account. You may also want to ask your own bank or credit card provider what limits apply, to make sure you’ll be able to transfer a high value sum when you need to.
Remitly’s approach to verification is pragmatic and means you can usually get started pretty quickly if you want to make a relatively small payment, and then get more fully verified later. It also means it’s not possible for a criminal to get into your account and make a large payment without being asked to provide their credentials.
That said, as a general rule, it’s always best to know and trust the person you’re sending money to and double check the recipient’s details before completing the transaction.
Is Remitly legit?
Yes. Remitly is legit, and has a number of processes in place to make sure accounts and transactions are always secure. Let’s take a look at some of the steps Remitly takes to keep customers and their money safe:
- Thorough verification processes – when you open an account, send large payments, or in the case of any irregular transactions
- Manual and automated procedures to spot suspicious activities
- Secure servers to hold customer data
- Password protection on all accounts
Is Remitly trustworthy?
Remitly is trustworthy. It’s a mission driven business which is aiming to make life easier and cheaper for customers. As well as complying with all the rules and regulations which apply to its financial services, Remitly also has helpful support staff on hand 24/7 so you can always check if you have issues with a payment or if you’re concerned about theft, fraud or phishing for example.
Is the Remitly website safe?
The Remitly website is safe to use to arrange your payment. Remitly has robust data protection rules in place, so if you create an account you’ll know your details are secure. Once you start transacting it’s reassuring to know you’ll need to complete verification steps to send higher value payments, and your account must be secured with a strong password.
Is the Remitly app safe?
The Remitly app is safe to use, and can be even more convenient than using the website. The app is popular with users and secure thanks to regular updates which continue to bolster customer safety.
Remitly customer reviews on Trustpilot
Checking online customer reviews can be a good way to see whether others have found a payment provider to be trustworthy and efficient. Here’s a summary of what customers say about Remitly on Trustpilot:
|Provider||Number of reviews||Score (out of 5)||Rating|
Remitly is a well liked provider with plenty of strong reviews listed. Where negative reviews mention security, the issue tends to be that Remitly has taken additional verification steps which have slowed down a payment, or refused to process a transfer as it was not in line with the provider’s terms and conditions.
While these actions may be frustrating to customers, they are in place to help keep accounts safe – a regular bank may well do exactly the same.
5 out of 5 stars review:
“I’ve been sending remittance for the last 10 years thru Remitly, and it is super fast, once i click the button send it and take a picture and send immediately to the beneficiary and can claim immediately. More power to you Remitly…”
1 out of 5 stars review:
“Sent payment over 2 weeks ago. Money left our account straight away. We received confirmation that the transaction had been completed but the recipient didn’t receive their money. We had to call every day 2-3 times a day asking what was going on but we were told mixed things. A lot of false promises were made. No one ever called us back. Now they have said they will refund the money but it will take another 10 days. Very annoyed with the poor service.”
Can you get scammed on Remitly?
Unfortunately resourceful criminals will always find new ways to extract money from victims. It is possible to get scammed on Remitly – as it is with any bank or other financial platform.
Staying safe when sending money is largely about taking small but sensible steps:
1. Being aware of common scams and frauds
2. Understanding and avoiding phishing and spoof emails
3. Never sending money to anyone you don’t know will go a long way.
Sites for cash collection can be especially vulnerable to scammers and fraudsters, as cash payments can be arranged so quickly and once collected are usually impossible to get back.
Stick within Remitly’s recommended usage, to send money only to friends and family you know well, and don’t ever feel pressured into making a payment you’re unsure about.
Can I avoid falling victim to fraud?
There are a few simple precautions you can take to prevent yourself from falling victim to fraud, and some of them are:
- You shouldn’t make a payment to someone you don’t know or someone whose identity you can’t verify
- You shouldn’t send money because you’re offered more in return – for example, to release lottery winnings or get paid an inheritance
If you think you have been a victim of fraud when using Remitly services, you can contact them by telephone:
- Within the US: 1-888-736-4859
- Outside the US: (206) 535-6152
Additionally, in less urgent situations you can contact Remitly by email:
- Report anyone using Remitly inappropriately on email@example.com
- Report phishing emails by forwarding them to firstname.lastname@example.org
Is your personal data safe on Remitly?
To comply with US law, and the laws which apply in your destination country when sending a payment, Remitly must ask for and retain some personal data.
Remitly will also gather data to be able to process transactions and resolve issues, and for marketing purposes. Here’s a rundown of the reasons Remitly may need to access your personal data:
- To collect and process payments
- To verify your identity and comply with relevant laws and regulations
- To improve the services offered and troubleshoot problems
- To detect and prevent fraud and scams
- To market services to you
Remitly is legally obliged to keep your personal data safe. Some data has to be collected due to legislation – so you can’t opt out of this and still use Remitly’s services. However, you may be able to manage and remove some other data, like information used for marketing – log into your account to update your preferences, or email email@example.com if you need any support.
What personal data does Remitly collect?
Remitly collects personal data for reasons mentioned above. In some cases, data must be held for a fixed period of time under law, or for practical reasons to process your transactions safely. Data which has to be retained by law may be kept for 6 – 10 years. Here is the type of data Remitly may collect about you:
- Personal information like name, address, e-mail address, telephone number, date of birth and SSN
- Financial information like your bank and credit card details
- Third party information Remity gets from outside sources like credit checking and identity verification agencies
- Third party information about people you send money to, like their name and contact details
- Business related information about your account
- Information accessed indirectly like your IP address and other sites you may visit
How to get started on Remitly?
You can set up an account with Remitly online or in the Remitly app:
- Download the Remitly app or open the desktop site
- Click Join Now
- Enter the country you’re sending to, your name and email, and create a strong password
- Follow the onscreen prompts to add the rest of your required details
- You may need to complete a verification step depending on the type of account and payment you want to make
How to verify a Remitly account
If you’re asked to verify your account you may need to upload documents to show your identity or address. This can happen when you first create your account, based on the type of transfers you’re making, or because Remitly is concerned about fraudulent activity on your account and needs to keep you safe.
Remitly ID verification
If you need to verify your identity, documents you can use include:
- Passport or Green Card
- US Military ID or other official state issued ID card
- Drivers license
To verify your address you may pick:
- A utility bill in your name
- A pay stub
- A lease agreement
- A bank, credit card or mortgage agreement
If you have any problems providing the documents required, get in touch with Remitly customer service directly for help.
Conclusion: Is Remitly safe and secure?
Remitly is a popular provider with a great range of services, particularly if you’re sending money for cash collection or to a mobile wallet. It’s also safe and fully regulated in the US and elsewhere in the world, as required according to its services. While the rules about how money service businesses are regulated does vary from one place to another, you can rest assured that Remitly is a safe service to use as long as you stick within their recommended usage guidelines. This means making personal payments only, and taking sensible precautions like only sending to people you know and trust.
Remitly safety FAQs
Is Remitly safe?
Yes. Remitly is safe to use in the US and overseas. In the US Remitly is fully regulated and licensed, and uses automatic and manual processes to keep customers and their accounts safe.
How is Remitly regulated?
Remitly is licensed and regulated in the various countries around the world where it offers services. Remitly is registered by the US Department of Treasury as a Money Services Business, and also holds local licenses in any US state where a license is required, as a money transmitter.
Is Remitly good for bank transfers?
Remitly offers international transfers which have different fees and rates depending on where you’re sending money to. Compare your options against your bank to see which works best for you.
Is it safe to link bank account to Remitly account?
Yes, it’s safe to link a bank account to Remitly to fund a payment. Whenever you do this, your financial information will be securely stored.
How good is the Remitly service in the US?
Remitly offers payments to 170+ countries from the US. Check out the full Remitly website or download their app to learn more.
Is the Remitly app safe?
Yes. The Remitly app is popular, and regularly updated to make sure any vulnerabilities or glitches are ironed out.