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With the rise of digital remittance services, sending money abroad has always been challenging. Among the many options available, Remitly has emerged as a popular choice for those who need to send money quickly and securely across borders.
However, as convenient as Remitly is, it comes with certain limits that users need to be aware of to avoid surprises.
In this blog, we'll delve into the limits imposed by Remitly, explore how to work within these constraints, and encourage you to consider Vance, an alternative solution that may better suit your needs.
Remitly - Transaction Limits
One key aspect of using Remitly is understanding its transaction limits, which can influence your overall experience with the service.
Category
Details
Daily, Monthly, and Yearly Limits
Remitly has specific caps for the amount of money you can send daily, monthly, and yearly. New users may start with lower limits, which can increase over time with additional verification
Tiered Limit System
Remitly uses a tiered system to increase your sending limits as you verify more details about your identity and transfer purpose. This ensures security but may be time-consuming for sending large sums quickly. Services like Vance, with higher base limits that don’t require as many steps, can be advantageous for frequent or large transfers.
Currency and Destination Specifics
Limits may vary based on the currency and destination country, with stricter regulations potentially reducing the maximum amount you can send. This is particularly important if you frequently send money to countries with tighter financial controls.
Remitly - Fees and Exchange Rates
Beyond transaction limits, it’s essential to consider the fees and exchange rates offered by Remitly, as these can significantly impact the amount your recipient receives.
Fees: When sending money from the US to India, Remitly charges a flat fee of $3.99 if the transfer amount is below $1,000. If you send $1,000 or more, the fee is waived. The fee can also vary depending on the transfer speed, with Express options potentially incurring higher costs.
Exchange Rates: The exchange rate is another critical factor. For a transfer from the US to India, Remitly might offer a rate of approximately ₹82.83 per $1. However, Remitly applies a markup to the mid-market exchange rate, typically ranging from 0.5% to 3.0%. This markup reduces the amount your recipient ultimately receives.
Platforms likeVance, with a flat £3 fee, offer a more predictable cost structure. This could be especially beneficial for smaller transfers, and Vance might provide a more favourable exchange rate with lower markups, directly impacting the amount your recipient gets.
It’s always wise to compare these elements across different services to ensure you get the best deal.
Managing Your Remitly Experience
To make the most out of your experience with Remitly, here are some tips:
1. Verify Early:
If you know you’ll need to send a large amount, it’s wise to complete the necessary verification steps as early as possible. This can help you avoid delays when transferring funds.
2. Monitor Your Limits:
Check your current sending limits within the app regularly to ensure you know how much more you can send during a given period. This helps you plan your transfers better and avoid any last-minute surprises.
3. Explore other Alternatives:
If you often find yourself close to or exceeding Remitly’s limits, exploring other options like Vance, which could offer a more flexible approach to international transfers, might be worthwhile. With features designed for ease of use and higher base limits, such platforms can be valuable to your financial toolkit.
Enjoy Higher Transfer Limits with Vance
If you're looking to send money internationally without the hassle of hitting transfer limits, Vance is your go-to solution. Offering real-time Google rates and no hidden fees, Vance ensures you get the best deal every time.
Plus, you can easily manage your international transfers with higher base limits and exclusive rate alerts.
Join a savvy community of over 100,000 users who have collectively saved more than ₹50 Cr in transfer fees. Download the Vance app today!
In Conclusion
While Remitly is a powerful tool for sending money internationally, understanding its transaction limits is essential for ensuring smooth and efficient transfers.
Considering these limits and options like Vance, which may offer greater flexibility, you can better optimise your transfers to suit your needs. Ultimately, the best service is the one that aligns with your specific requirements—whether it's limits, fees, or convenience.
This content is for general informational purposes only and should not be taken as financial, legal, or professional advice from Vance or its affiliates. While we strive for accuracy, the information may change over time. Vance makes no representations, warranties, or guarantees, whether express or implied, regarding the information's accuracy, completeness, or reliability. The comparison is based on publicly available data and is intended to assist users in making informed decisions. It is not a substitute for professional advice or consultation with financial experts. Please review the terms of use and product availability for your region or visit the service provider's website for the latest pricing and service information.
FAQs
Q1. What security features does Remitly offer to protect my transactions?
Remitly uses encryption, secure servers, and fraud detection systems to safeguard your transactions.
Q2. How does Remitly ensure compliance with financial regulations?
Remitly complies with global financial regulations by working with licensed partners, adhering to anti-money laundering (AML), and knowing your customer (KYC) policies.
Q3. What is two-factor authentication (2FA), and how does it help secure my Remitly account?
2FA adds an extra layer of security by requiring a second verification form, such as a code sent to your phone, to access your account.
Q4. How does Remitly detect and prevent fraud?
Remitly employs advanced algorithms, machine learning, and 24/7 monitoring to identify and block suspicious activities.
Q5. What should I do to keep my Remitly account secure?
Use strong passwords, enable two-factor authentication, and regularly review your account activity to ensure its security.
Rupali enjoys writing about everything related to money (in India and around the world). A MICA graduate in Communications, she has over seven years of experience in content creation and communication strategy for various user touchpoints, from CRM to UX for apps and websites, especially in fintech and healthcare. Outside of work, you'll find her binging on true crime documentaries or cooking up a storm.
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