Remitly Triples Global Coverage, Launches New Product Enhancements

Today Remitly, the largest independent digital remittance company in North America, announced a dramatic expansion of its global reach and the rollout of new service enhancements in the Philippines.

The service, which allows users to send money via its mobile app, has helped overseas Filipino workers (OFWs) save over US $9 million in transfer fees compared to traditional remittance channels. Remitly has achieved this savings by making the process of sending money internationally faster, easier, more transparent, and less costly by eliminating codes, agents and other fees typical of traditional remittance channels.

The company has now multiplied its presence to 40 countries across Africa, Asia, Europe, the Middle East and South America, and is now serving nearly 600 send-to-receive corridor combinations. The expansion enables Remitly to serve an additional US $168 billion of the global remittance market. Remitly currently holds approximately 16 percent market share of the Philippines remittance market, an industry currently valued at US $28 billion.

Remitly’s highest priority is to create the best customer experience and most trusted financial service products to make it easier for OFWs to send funds home. Based on customer feedback, Remitly now offers the most options in its global platform.

• More Delivery Options. Remitly lets customers choose how they want money delivered to their recipients: Senders can do fund transfers with their bank account or card payment and allow recipients to receive funds directly in their bank account or at more than 50,000 cash pick-up locations. Remitly has also recently added additional delivery options in select countries: mobile wallets such as M-Pesa and home delivery.
• Speed Options. Remitly gives customers the power to send money within minutes with their Express option or customers can get a better rate with Remitly’s Economy option and money can arrive within three (3) business days.
• Dual Currency. Remitly has unlocked the ability for customers to send money in the currency their loved ones need. Once a customer funds a transfer, the money they send can be picked up in the recipient’s country in USD or in local currency. This option is available at cash pick-up locations, select bank accounts, or through home delivery.

Local areas covered by Remitly include Cavite, Cebu, Bulacan, Davao del Sur, Negros Occidental, Laguna, Rizal, Metro Manila, Pampanga and Pangasinan. While its disbursement network includes over 10,000 cash pick-up points across the nation, all major banks and retail outlets such as SM Department Store, Globe and Bayad Centers.

These custom choices are all backed by Remitly’s Perfect Delivery Promise that ensures the exact date, time, and location a customer and their recipient can expect the money to arrive. Once the Perfect Delivery Promise is provided to a customer, Remitly tracks the movement of funds as it approaches the destination and updates customers each step of the way.