Remitly In Sweden: Is This The Easiest Way To Send Money Abroad? (2023)

The old days when international money transfers were expensive and slow are almost gone. During the ’90s, Western Union became incredibly popular after they mined the world with branch offices to send and pick up money anywhere on Earth. But we live in an era of apps and digital services, and this is where Remitly comes in.

Remitly is a digital remittance service (money transfers) that lets you send money across the globe through their app in just seconds, for a fraction of the price that other services charge. It also gives the recipient several options to get the money, including bank deposits, mobile wallets, and even cash pickup. But how does it work in Sweden?

Sweden is a particularly interesting market for several reasons.

• It has its own currency. The Swedish Krona (SEK)
• Shops are not prepared for other currencies. Forget about paying in EUR or USD. Swedes are not used to that, and they would take only cards.
• It is extremely international. Thousands of students, workers, and migrants from all over the world come to Sweden every year. If you look at this data per capita, the volume of digital remittance transactions is massive (0.62bn). This number is set to increase to 0.75bn by 2024.
• There’s no cash! Most shops are cashless, money transfers only have a phone number, and Sweden is working on making cash disappear by 2024. Also, forget about having ATMs available or showing up at a bank with cash.
• Sweden is expensive. The cost of living is high, so eating out, gifts, and activities are expensive. This is true for most Nordic countries compared to the south of Europe. So, you want to make the most out of every penny and avoid fees at all costs.
• Very few cards have no foreign transaction fees. And most don’t cover the SEK. This means you’ll pay a small percentage for fees if you use your debit or credit card in Sweden.

When you combine all of these factors, it is a deadly combo for old-school solutions like Forex Bank and Western Union, and it only leaves room for modern services that are safe, broad, and quick.

In this post, we look at Remitly in Sweden, what it offers, and how it stands against its competition in 2023. Let’s get started!

Remitly In Sweden (2023)

Key Advantages

• Competitive exchange rates and fees: Remitly offers competitive exchange rates and fees on money transfers. Fees vary depending on the sending and receiving countries, but they are typically around 1-5% of the transfer amount.
• Fast transfer speeds: Remitly offers fast transfers, with many arriving within 24 hours. Express transfers can even arrive in minutes.
• Variety of transfer options: Remitly offers a variety of transfer options, including bank deposit, cash pickup, and mobile wallet transfers. This gives customers flexibility in choosing the best option for their recipients.
• Easy to use: Remitly is easy to use, both online and through its mobile app. Customers can create an account, enter their transfer details, and pay for their transfer in just a few minutes.
• Good customer service: Remitly has a good reputation for customer service. Customers can contact Remitly by phone, email, or chat if they have any questions or problems.

Brief History

Remitly was founded in 2011 by Matt Oppenheimer, Shivaas Gulati, and Josh Hug, and it began its operations by focusing on enabling US-based Filipinos to send money to the Philippines. Over time, the company expanded its services to many other corridors and countries.

Remitly operates primarily through its website and mobile app, allowing users to transfer money conveniently from their smartphones or computers.

How to send money with Remitly (Step-by-step)

To send money with Remitly, follow these steps:

1. Create an account. You can create an account on Remitly’s website or mobile app. You will need to provide your name, email address, phone number, and date of birth.
2. Select the countries and currencies. Choose the country you are sending from and the country you are sending to. Then, select the currencies you are converting.
3. Enter the amount you want to send. Remitly will show you the exchange rate and the estimated delivery time. You can then enter the amount you want to send.
4. Choose a delivery method. Choose between bank deposit, cash pickup, and mobile wallet.
5. Enter your recipient’s information. You will need to enter your recipient’s name, address, and bank account information (if applicable).
6. Review and send your transfer. Review all of the information and then click or tap “Send transfer.”
7. Pay for your transfer. You can pay for your transfer with a credit or debit card, bank account, or other payment method.
8. Once you have sent your transfer, Remitly will send you an email confirmation. You can also track the status of your transfer on the Remitly website or app.

• If you are sending money to a new recipient, Remitly may require you to verify their identity. This is to help protect your money and prevent fraud.
• Remitly offers a variety of discounts and promotions. Be sure to check the Remitly website or app for the latest offers before you send your transfer.
• If you have any questions or problems, Remitly has a customer support team that is available 24/7. You can contact customer support by phone, email, or live chat.

Pickup Options

Remitly provides different delivery options based on the recipient’s country, including bank deposit, mobile credit, and cash pickup. Users can also choose between different transfer speeds – Express for quicker transfers (often within minutes) and Economy for a more cost-effective but slower option.

Cost

One of Remitly’s selling points is its transparent fee structure. Before confirming a transaction, users can see the total cost and the exact amount the recipient will receive. The fees vary depending on the transfer amount, payment method, delivery option, and the recipient’s country.

For new customers, you can get a first transfer for free using this link. 

For existing customers. Use their pricing page or app to find out how much it costs to send a transfer. You’ll get an immediate quotation.

Security

Remitly emphasizes security and employs multiple layers of protection, including industry-standard encryption, to ensure that user funds and personal data are secure.

Supported Countries

Initially started with transfers between the US and the Philippines, Remitly has since expanded its services to support transfers from multiple countries like the USA, UK, Canada, and Australia to many countries worldwide.

Referral Bonus

One cool aspect about Remitly is that, on top of their first free transfer, they have a referral program where you can earn money to use towards discounts when you invite friends and family members. Your referrals also get a discount.

In Sweden, Remitly offers 150kr for each friend you refer that transfers at least 1000kr on their first transfer.

Remitly vs. Revolut

Revolut is the second-largest remittance service in Sweden. While both Remitly and Revolut offer competitive exchange rates and fees, the two services have some key differences.

Remitly is generally faster than Revolut, but Revolut offers more payment methods and additional features, such as multi-currency accounts and currency exchange.

Which one is better for you?

If you need to send money quickly, Remitly is the better option. If you need more payment methods or additional features, Revolut may be a better choice.

Feature	Remitly	Revolut
Speed of transfer	Typically within 24 hours	Typically within 1-3 business days
Fees	Variable, but typically around 1-3% of the transfer amount	Variable, but typically around 1-3% of the transfer amount
Exchange rates	Competitive	Competitive
Payment methods	Bank transfer, digital wallet, cash pickup	Credit/debit card, bank transfer, cash pickup
Customer service	Available 24/7 by phone, email, and chat	Available during business hours by phone and email
Additional features	Variety of transfer options, easy to use, good customer service	Multi-currency accounts, currency exchange, virtual and physical cards, investment options

Remitly vs. Forex Bank

Both Remitly and Forex Bank offer competitive exchange rates and fees for money transfers from Sweden. Remitly is generally faster than Forex Bank, but Forex Bank offers more payment methods and customer service hours.

Which one is better for you?

If you need to send money quickly, Remitly is the better option. If you need to send a large amount of money or have specific payment method requirements, Forex Bank may be a better choice.

Additional considerations

• Remitly is a digital-only service, while Forex Bank has physical branches in Sweden.
• Remitly offers a variety of transfer options, including express delivery, bank deposit, and cash pickup. Forex Bank offers a more limited range of transfer options.
• Remitly has a mobile app that makes sending money on the go easy.

Feature	Remitly	Forex Bank
Speed of transfer	Typically within 24 hours	Typically within 1-3 business days
Fees	Variable, but typically around 1-3% of the transfer amount	Variable, but typically around 3-5% of the transfer amount
Exchange rates	Competitive	Competitive
Payment methods	Bank transfer, digital wallet, cash pickup	Credit/debit card, bank transfer, cash
Customer service	Available 24/7 by phone, email, and chat	Available during business hours by phone and email

Remitly vs. Western Union

Some aspects you should consider:

• Remitly offers a first transfer fee waiver. Western Union does not offer any fee waivers.
• Western Union has a wider global reach than Remitly. If you need to send money to a recipient in a country Remitly does not support, Western Union can sometimes be the only option.
• Western Union has a larger network of agent locations than Remitly. If you need to send money to a recipient who does not have a bank account, then Western Union may be a better option, as they have more cash pickup locations.

Ultimately, the best way to decide which service is right for you is to compare the fees and features of each service and choose the one that best meets your needs.

Remitly is a good choice for you if:

• You need to send money to a recipient who has a bank account and lives in a country that Remitly supports.
• You want to send money quickly and easily using a mobile app.
• You want to take advantage of Remitly’s first transfer fee waiver.

Western Union is a good choice for you if:

• You need to send money to a recipient who does not have a bank account.
• You need to send money to a recipient in a country that Remitly does not support.
• You need to use a service with a wide global reach and a large network of agent locations.

Feature	Remitly	Western Union
Exchange rate	Uses its own exchange rate, which is typically worse than the mid-market rate	Uses its own exchange rate, which is typically worse than the mid-market rate
Fees	Charges a fixed fee for most transfers, plus a percentage fee for larger transfers	Charges a fixed fee for most transfers, plus a percentage fee for larger transfers
Transfer speed	Express transfers typically arrive within minutes, while Economy transfers can take up to 5 business days	Transfers typically arrive within 1-3 business days
Payment methods	Accepts debit and credit cards, bank transfers, and Apple Pay	Accepts debit and credit cards, bank transfers, and cash
Payout methods	Supports bank transfers, cash pickup, and mobile wallets	Supports bank transfers and cash pickup
Supported currencies	Supports over 100 currencies	Supports over 200 currencies
Business accounts	No	No

Remitly vs. Wise

Some key considerations:

• Remitly offers a variety of payout options, including cash pickup and mobile wallets. Wise only supports bank transfers.
• Remitly offers a first transfer fee waiver. Wise does not offer any fee waivers.
• Wise offers a multi-currency account and card. Remitly does not offer any multi-currency products.
• Wise offers business account options. Remitly is for personal use only.

Feature	Remitly	Wise
Exchange rate	Uses its own exchange rate, which is typically worse than the mid-market rate	Uses the mid-market exchange rate, which is the fairest rate available
Fees	Charges a fixed fee for most transfers, plus a percentage fee for larger transfers	Charges a low, transparent fee for all transfers
Transfer speed	Express transfers typically arrive within minutes, while Economy transfers can take up to 5 business days	Transfers typically arrive within 1-3 business days
Payment methods	Accepts debit and credit cards, bank transfers, and Apple Pay	Accepts debit and credit cards, bank transfers, and Google Pay
Payout methods	Supports bank transfers, cash pickup, and mobile wallets	Supports bank transfers only
Supported currencies	Supports over 100 currencies	Supports over 50 currencies
Business accounts	No	Yes

Remitly vs. World Remit

Some key aspects and differences between the two:

• Remitly offers a first transfer fee waiver. WorldRemit does not offer any fee waivers.
• Remitly offers referral bonuses, and WorldRemit offers a loyalty program that rewards customers for sending money. 
• WorldRemit offers a business account option. Remitly is for personal use only.

Feature	Remitly	WorldRemit
Exchange rate	Uses its own exchange rate, which is typically worse than the mid-market rate	Uses its own exchange rate, which is typically worse than the mid-market rate
Fees	Charges a fixed fee for most transfers, plus a percentage fee for larger transfers	Charges a fixed fee for most transfers, plus a percentage fee for larger transfers
Transfer speed	Express transfers typically arrive within minutes, while Economy transfers can take up to 5 business days	Transfers typically arrive within 1-3 business days
Payment methods	Accepts debit and credit cards, bank transfers, and Apple Pay	Accepts debit and credit cards, bank transfers, and Google Pay
Payout methods	Supports bank transfers, cash pickup, and mobile wallets	Supports bank transfers and cash pickup
Supported currencies	Supports over 100 currencies	Supports over 70 currencies
Business accounts	No	Yes

Remitly Alternatives (The Swedish Market)

Here’s more interesting data about the Swedish digital remittance market. According to Statista, Remitly is one of the leading players in the game. The top alternatives are (as of March 2023):

• Revolut: 24%
• Wise: 19%
• Remitly: 17%
• WorldRemit Money Transfer: 8%
• TransferGo: 6%
• Other: 26%. This is where Forex Bank and Western Union are.

Transaction volume and value:

Search trends and interest over time for Remitly according to Google Trends

Other Posts You’ll Love

• How To Send Money To Argentina In 2023 (Best Ways And Online)
• Using Revolut Abroad: 9 Things You NEED to Know (My Experience)
• Revolut Ultra: Is It Worth It? I Did The Math (2023)
• Unboxing My Wise Eco Card: How Long Did It Take To Arrive? (2023)