Remitly.com, a Seattle-based remittance company backed by Amazon.com’s CEO Jeff Bezos, is now offering free bank-to-bank money transfers to the Philippines.
Remitly is offering its customers two ways to send money to the Philippines. The first one is FREE for bank-to-bank transfers with a minimum of $100 to a maximum of $2,999. However, the recipient has to wait three business days before receiving the money. If you don’t want to wait three days there’s the second option which lets you do instant transfers via Visa or Mastercard for a fee of $4.19, or around Php170 in today’s conversion.
According to CEO Matt Oppenheimer, Remitly offers better rates compared to competitors in the market like Western Union, Moneygram and Xoom. As of writing, Remitly has an exchange rate of Php40.36 per $1.
Remitly customers can send money to over 10,000 locations in any bank in the Philippines including Allied Bank, BPI, BDO, China Bank, Citibank and HSBC. For more info you can visit Remitly’s FAQ page here.