Looking for a platform to send money overseas from Singapore? Remitly is a popular option that you may have heard about – but is it the right one for you?
If you’re new to Remitly, don’t worry! We’ve put together a guide with everything you need to know about sending money overseas with Remitly, including its fees, exchange rates, features, and transfer speed. Keep reading to figure out whether it’s the right money transfer service for you!
🧐 Exploring your options? YouTrip’s new remittance service offers some of the best exchange rates with no hidden fees and low transfer costs. Find out how to send money overseas with YouTrip here!
All you need to know about sending money overseas with Remitly
What is Remitly?
Remitly is an online money transfer service that allows users to send money internationally with ease, speed, and competitive exchange rates. Founded in 2011 in Seattle, USA, Remitly was created to serve migrants and expats looking for a reliable way to send money back home. From Singapore, Remitly users can send money to over 100 destinations worldwide.
Key Features of Remitly
1. Wide coverage
Remitly allows you to send money from 17 countries, including Singapore. International transfers can be done to over 100 countries worldwide.
2. Transfer fees & speed
Remitly offers two main transfer speed options:
- Economy: A slower but more affordable option for cost-conscious users. Transfers typically take 3 – 5 business days and have to be done via bank transfer.
- Express: A faster transfer service for urgent needs. With Remitly Express, you can send money in minutes at a higher fee. Payment must be made via a credit or debit card.
In general, you can expect to pay a flat fee of S$1.99 – 5.99 for a Remitly transfer, depending on the destination of your transfer and preferred transfer speed.
3. Exchange rates
Remitly generally offers competitive exchange rates compared to traditional banks, though the platform may include a small markup compared to mid-market rates. Rates fluctuate based on market conditions and also the country corridor. You can check daily real-time rates for all available currencies on Remitly’s website.
4. Various payout methods
Recipients can receive international payments from Remitly through several methods, including:
- Bank deposit 🏦 (direct transfers to a local bank account)
- Cash pickup 💵 (available at partner locations like banks)
- Mobile wallet 📱 (local e-wallets like GCash, PayMaya, or bKash)
- Home delivery 🚚 (cash can be sent directly to the recipient’s address in certain countries)
How to use Remitly to send money overseas?
Sending money with Remitly is pretty easy! Here’s a step-by-step guide:
- Sign up: Create an account on the Remitly website or mobile app.
- Verify your identity: Complete the verification process by providing necessary documents.
- Set up your transfer: Choose your recipient’s country, enter the amount, and select a delivery method.
- Choose transfer speed: Select between Economy and Express options.
- Make payment: Use your preferred payment method (typically bank transfer or debit/credit card).
- Track your transfer: Monitor the progress of your transfer through the app or website.
Comparing Fees and Exchange Rates (YouTrip vs Remitly) ⚖️
How much local currency your recipient receives depends on the platform’s foreign exchange rate and transfer fees. For Remitly specifically, their exchange rate includes a small markup on the mid-market rate – this means an additional percentage fee is added to the rate you’ll receive. On top of that, you’ll be charged a fee for your transfer, which varies based on your recipient’s destination country.
We’ve put together a quick comparison of how much your recipient will receive when you send S$1000 to them via YouTrip vs. Remitly:
| Transfer destination | YouTrip | Remitly |
| Malaysia (MYR) 🇲🇾 | S$1,000 = 3,297 MYR 👑 | S$1,000 = 3,262 MYR |
| United States (USD) 🇺🇸 | S$1,000 = 744 USD 👑 | S$1,000 = 723 USD |
| Europe (EUR) 🇪🇺 | S$1,000 = 690 EUR 👑 | S$1,000 = 683 EUR |
| Australia (AUD) 🇦🇺 | S$1,000 = 1,178 AUD 👑 | S$1,000 = 1,154 AUD |
*Rates taken as of 27 March 2025
💡 Based on this comparison, your recipient will receive more local currency when you send money with YouTrip vs. Remitly due to more competitive exchange rates and lower transfer fees. Of course, the rates and fees depend on the currency and destination you’re sending to. ✨
Pros and Cons of Using Remitly in Singapore
Remitly is generally a pretty solid platform with reliable user reviews. Consider whether it’s the right remittance platform for you by evaluating its pros and cons 🕵🏻♂️
Pros:
- Generally competitive exchange rates, though with a small mark-up
- New user promo available – get a fee discount for your first Remitly transfer
- Option for fast transfers with Express service
Cons:
- Fees can vary and may be higher for certain destinations or amounts
- Exchange rates may not always be the best available
Alternatives to Remitly in Singapore
While Remitly is a good option for international transfers, you have many other remittance options in Singapore such as DBS Remit, Wise, Ria Money Transfer, Western Union, and YouTrip! 👀 Consider picking a money transfer service that best suits your needs.
You can now send money to 40+ countries with the best rates and no hidden fees with YouTrip! Enjoy fast, secure, and hassle-free overseas transfers in six simple steps 🌍💵
1️⃣ Sign up for YouTrip
Don’t have an account yet? Sign up now and use promo code <YTBLOG5> for free S$5!
2️⃣ Top up your YouTrip wallet with a Linked Bank Account (eGIRO) or PayNow
3️⃣ Click ‘Transfer’ > ‘Transfer Overseas’ > Select the desired currency you wish to transfer
4️⃣ Enter the amount you want to transfer in SGD > Choose your preferred transfer method (e.g. bank account, DuitNow, GCash, UPI)
5️⃣ Tap ‘Set Up Transfer’ > ‘+ Add Recipient’ and enter required details
6️⃣ Slide to transfer and voilà! Your recipient will receive the money in their local currency, hassle-free!
Ready to start sending money overseas?
We hope this guide gives you a clear understanding of all you need to know about sending money abroad with Remitly! In general, Remitly is a convenient and generally cost-effective platform for Singaporeans to send money abroad. However, as with any financial service, it’s crucial to compare options and consider your specific needs before deciding which platform to go for.
We’d recommend keeping a eye on the most current rates and fees, as well as considering factors like transfer speed and reliability when making your remittance service choice ✨
If you’re looking for a safe, secure, and affordable way to send money overseas – consider YouTrip! Send money to Malaysia, Indonesia, the Philippines, Europe, and more in a few easy taps 💜 We’re here to solve your international transfer headaches!
Ready to get started? Sign up for a YouTrip account in minutes – use code <YTBLOG5> to get FREE S$5!
More guides you may enjoy!
- How to send money to Malaysia from Singapore
- How to send money to Philippines from Singapore
- How to send money to the USA from Singapore
- How to send money to Europe from Singapore
- How to send money to India from Singapore
- How to send money to Indonesia from Singapore
Guides on money transfer services in Singapore:
- Guide to sending money overseas with YouTrip
- DBS Remit Money Transfer Guide
- Ria Money Transfer Guide
- Western Union Money Transfer Guide
