Remitly allows Filipino freelancers to transfer funds directly to Security Bank with competitive exchange rates and low fees. The typical fee ranges from $3.99 to $6.99, depending on the speed of the transfer, and funds usually arrive within minutes to one banking day. Security Bank accounts can be linked for seamless withdrawals, making it an efficient choice for receiving international payments.
Quick Facts
| Feature | Details |
|---|---|
| Fees | $3.99 - $6.99 depending on speed |
| Processing Time | Minutes to 1 banking day |
| Minimum Withdrawal | No minimum |
| Supported Banks | Security Bank, BDO, BPI, UnionBank |
Step-by-Step Process
To efficiently transfer money from Remitly to a Security Bank account, follow these steps: 1. **Sign up or Log in to Remitly**: Visit the Remitly website or app. If you haven't already, sign up for an account using your email address or mobile number. 2. **Choose 'Send to Philippines'**: On the main dashboard, select the option to send money to the Philippines. 3. **Enter Transfer Details**: Specify the amount you want to send. Remitly will show you the exchange rate and applicable fees. 4. **Select Security Bank as the Receiving Bank**: From the list of banks, choose Security Bank. You will need the recipient’s bank account number and full name as it appears on their bank account. 5. **Choose Delivery Speed**: Remitly offers different delivery speeds. For immediate transfers, choose the Express option, which might cost more, or opt for the Economy option for reduced fees. 6. **Provide Payment Information**: Enter your debit card, credit card, or bank account information. Note that using a credit card might incur additional fees. 7. **Review and Confirm**: Double-check all details to ensure accuracy. Confirm the transaction to initiate the transfer. 8. **Track Your Transfer**: Use the Remitly app or website to track your transfer's progress. Notifications will be sent to both the sender and recipient.Fees Breakdown (Philippines 2026)
Understanding the costs associated with using Remitly is crucial: - **Express Transfer Fee**: $6.99 for immediate transfers. - **Economy Transfer Fee**: $3.99, which typically takes up to one banking day. - **Exchange Rate Margin**: Remitly offers competitive rates but slightly marked up from the mid-market rate. Expect about 1-2% difference. For context, the $6.99 fee is around P380, which is less than a Grab car ride across Manila during rush hour. This makes Remitly a cost-effective option for quick transfers.Best Banks to Use
When selecting a bank to receive your Remitly transfers, consider these options: - **BDO**: Offers extensive branch and ATM networks across the Philippines, making cash withdrawals convenient. Known for reliability but may have higher fees for non-account holders. - **BPI**: Provides great online banking features and a strong customer service reputation. They also offer competitive foreign exchange rates. - **UnionBank**: Known for its excellent digital banking services, UnionBank is a solid choice for tech-savvy freelancers who prefer managing their finances online. - **Security Bank**: Offers competitive fees and flexible account options, ideal for receiving international remittances with ease. For those without bank accounts, **GCash** and **Maya** offer alternatives. Both platforms allow you to receive money directly into your mobile wallet, which can be withdrawn at partner outlets nationwide.Common Problems
Despite its efficiency, users might face some issues when using Remitly: - **Verification Issues**: Ensure all personal information is accurate, and provide any required identification documents promptly to avoid delays. - **Transfer Delays**: While rare, delays can occur due to bank processing times. Contact Remitly customer service if your transfer takes longer than expected. - **Incorrect Bank Details**: Double-check the recipient's bank account information to prevent sending funds to the wrong account. Mistakes here can cause significant delays. For any issues, Remitly's customer service is accessible through their website and app, providing support in multiple languages, including Filipino.Frequently Asked Questions
How long does a Remitly transfer take to Security Bank?
Transfers can take from minutes to one banking day, depending on the selected delivery speed.
What is the maximum amount I can send with Remitly?
The maximum amount varies based on your account level. Verify your account to increase limits.
Are there any hidden fees with Remitly?
Remitly is transparent about fees, but check for any credit card charges or exchange rate margins.
Can I cancel a Remitly transfer?
Yes, you can cancel a transfer if it hasn't been completed. Visit your transaction history for options.
What if the recipient doesn't receive the funds?
Contact Remitly customer service for assistance and provide transaction details for a quicker resolution.
My Recommendation
In my 6 years of freelancing, I've used various payment platforms, including Remitly, to manage my international earnings. While Remitly is efficient for direct bank transfers, I highly recommend considering Payoneer for broader financial flexibility. With Payoneer, not only can you receive payments from multiple international clients, but you also have the option to withdraw funds to any local bank, including Security Bank, at competitive rates.Start Receiving International Payments
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