Remitly has announced its expansion into the UK, the company`s third send market after the US and Canada.
Remitly offers UK customers two options: express — delivers money directly to a recipient abroad within minutes through direct integrations with banking and cash pickup partners around the world. Using a credit or debit card, customers can send money for a flat fee of 3 pounds (USD 1.25) or less.
Economy — leverages the UK Faster Payments Scheme, which enables customers to send money abroad at reduced cost depending on the recipient country. Customer transfers are delivered to recipients as the scheme enables nearly instant payments between participating banks.
Initially, Remitly will serve customers in the UK sending money to India and the Philippines, with additional recipient countries coming soon. India averages more than 2.8 billion pounds (USD 3.5 billion) in remittances received annually; the Philippines averages more than 454 million pounds (USD 568 million) per year.