Remitly Definition Explained in Simple Terms

Remitly is a financial technology company that specializes in providing international money transfer services. It was founded in 2011.

Remitly's main goal is to make international money transfers fast, reliable, and affordable for people worldwide.

Remitly's services are designed for individuals who need to send money abroad, often for family support, education, or business purposes.

Remitly is a company that offers a way to send money internationally. Remitly allows you to move money online, or by visiting one of their outlets across the globe.

To make a remittance payment with Remitly, you'll need to provide information such as the recipient's name, remittance address, and possibly the name and address of their bank.

You can choose Remitly as a service to make your payment, but it's worth noting that not all banks offer this service if you're moving money internationally.

Remitly is a specialist service provider that offers fair exchange rates and low transfer fees for sending money overseas. You can save up to 6x compared to traditional banks and other providers.

Remitly is a service that allows people to send money to 170 countries in approximately 100 currencies, as of July 2024. This is a convenient option for those who need to send money abroad.

The service operates electronically, which means you don't need to physically visit a location to send money. Recipients can receive funds via bank deposit, mobile money, or cash pickup in some countries.

You can send money with your bank by wire transfer, but not all banks offer this service for international transactions.

Remitly is a service that allows you to send money abroad, and it works by automatically converting the money to the recipient's home country's currency based on the current exchange rate.

You'll need to provide the recipient's name, remittance address, and possibly their bank's name and address to make a payment.

The payment method you choose will determine when the money arrives and how much you'll pay in fees.

Remittances are pretty simple, despite the name sounding complicated. You send money from your home country, and it's automatically converted to the recipient's home country's currency based on the exchange rate at the time.

To make a remittance payment, you'll need information such as the recipient's name, remittance address, and possibly the name and address of their bank.

The sender's first step is to choose a method that works for them, depending on when they want the money to arrive and the fees they're willing to pay.

You'll also need to consider any foreign remittance taxes that apply before making your payment.

In the 21st century, remittances have increased sharply worldwide, almost tripling to $529 billion in 2012.

By 2012, migrants from India and China alone sent more than $130 billion to their home countries.

The G8 met at the Sea Island Summit in 2004 and decided to take action to lower the costs for migrant workers who send money back to their families.

In 2008, the World Bank established the first international database of remittance prices, providing data on sending and receiving remittances for over 200 country corridors worldwide.

This database serves four major purposes: benchmarking improvements, allowing comparisons across countries, supporting consumers' choices, and putting pressure on service providers to improve their services.

The G8 heads of government and states endorsed the objective of reducing the cost of remittance services by five percentage points in five years at the 2009 summit in L'Aquila, Italy.

If the transaction costs on remittances worldwide were cut from 10% to 5%, it would unlock $15 billion a year in poor countries, stated Bill Gates at the 2011 G20 Summit in Cannes.

Remittances to low- and middle-income countries reached a record high of $529 billion in 2018, according to the World Bank.

12 CFR § 1005, also known as the Electronic Fund Transfer Act, is a federal regulation that governs electronic fund transfers, including those made through services like Remitly.

This regulation requires financial institutions to provide clear and concise disclosures to consumers about their electronic fund transfer services, including fees and terms.

Remitly, as a financial institution, must comply with these regulations to ensure transparency and fairness for its customers.

According to 12 CFR § 1005, consumers have the right to a free initial inquiry about the status of their electronic fund transfers, and any subsequent inquiries must be made available for a fee.

Remitly's online platform must also provide consumers with the ability to view their transaction history and account balances online or through a mobile app.

12 CFR § 1005 mandates that consumers be notified promptly if there are any issues with their electronic fund transfers, such as declined transactions or account freezes.

Remitly's customer support team must be able to assist consumers with any issues related to their electronic fund transfers, and provide clear explanations of any fees or charges.

At Remitly, we understand the importance of communicating with people from diverse backgrounds. Our Multilingual Translation Dictionary helps bridge the language gap, offering translations in multiple languages.

We have translations in several languages, including Spanish, French, Hindi, and many others. This allows our users to access our services without language barriers.

The dictionary includes translations such as "remitly" in Spanish, "avec remit" in French, and "दूर से" in Hindi. These translations are essential for users who may not speak the dominant language of the platform.

Here's a breakdown of the languages we support: