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Seattle Startup Remitly Adds India to its Network

Posted on Feb 03 by Trade Development Alliance

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Seattle Startup Remitly Adds India to its Network

Sending money to India just got easier thanks to Remitly!

The Seattle-based startup announced India as its new destination country today. Remitly is a licensed money transmitter currently operating in 39 states (including D.C.) It has a network of over 120 banks in India, allowing users to make an instant deposits to select banks like ICICI and PNB and, a four-hour deposit to others.

Over $12 billion is sent annually to India; unlike other international transfer processes Remitly doesn’t require forms, codes, agents or other fees. Customers are able to transfer money via their desktop or mobile app. The app also offers hassle-free re-authentication with Apple’s Touch ID and real-time exchange rates on Android.

Mentioned in Geekwire’s 2014 innovative startups list, Remitly is definitely altering how people send money. Low money transfer costs reduce inequality in developing countries. Globally, $400 billion in remittances is sent from developed to developing countries each year, which is over three times the amount of foreign aid sent every year.