Quick answer: Smart Rate lets eligible customers send money at the exchange rate they review in the Remitly app while Remitly watches for a better rate afterward. If the rate improves enough during the time shown in your offer, you may earn a reward credit toward a future transfer. Your transfer doesn’t wait for the monitoring period to end before it can move forward.
Sometimes you need to send money now, even if you’re wondering whether the exchange rate might improve later. Smart Rate gives eligible customers another option. You can send your transfer at the rate you review in the Remitly app, and Remitly will watch the rate for a set period afterward. If the rate improves enough to meet the terms of your offer, you may earn a reward credit to use toward a future transfer.
Here’s how it works.
Look for Smart Rate when you start a transfer
Smart Rate is available to selected Remitly customers in the United States. If it’s available for your transfer, you’ll see the Smart Rate option as you prepare your send in the Remitly app.
Before choosing it, review the information shown with your offer. This will explain things such as:
- How long Remitly will monitor the rate
- How much of your transfer is covered
- The maximum reward you could earn
- Any other conditions that apply
These details can vary, so use the Smart Rate offer shown in your app to understand what applies to your transfer.
Send at the rate you review in the app
Choosing Smart Rate doesn’t mean waiting to see whether the exchange rate gets better before you send. You still review your transfer and send at the exchange rate shown to you.
Before you confirm, check the usual transfer details, including:
- Who you’re sending money to
- How much you’re sending
- The exchange rate
- Any fees
- How much your recipient will receive
- When the money is expected to arrive
Once you’re happy with the details, you can submit your transfer as usual.
Remitly watches the rate after you send
After you send with Smart Rate, Remitly monitors the exchange rate for the period shown in your offer. You don’t need to keep checking the rate yourself or cancel your transfer to wait for a different rate. Your original transfer continues based on the details you accepted when you sent it.
Smart Rate monitoring happens separately afterward.
Smart Rate doesn’t make your recipient wait
One of the most important things to know is that the Smart Rate monitoring period isn’t extra waiting time for your recipient. Your transfer can move forward without waiting for the monitoring period to end.
Smart Rate is about what happens after you’ve made your decision to send. It doesn’t hold your original transfer while Remitly waits to see whether the rate changes.
What happens if the rate improves?
If the rate improves enough to qualify under the terms of your Smart Rate offer, you may earn a reward credit toward a future Remitly transfer. The credit is issued after the monitoring period ends and your original transfer has completed, subject to the terms of your offer.
If you earn a reward, check the information provided with it to see how and when you can use it. The reward doesn’t change the amount you already agreed to send to your recipient.
What happens if the rate doesn’t improve?
A Smart Rate offer doesn’t guarantee that the exchange rate will improve. If the rate doesn’t improve enough to meet the terms of your offer, you may not receive a reward credit. That doesn’t change the exchange rate or recipient amount you agreed to for your original transfer.
Smart Rate simply gives you the chance to earn a future-transfer credit if the rate moves enough to qualify.
Know what a Smart Rate reward is
A Smart Rate reward is a credit toward a future Remitly transfer. It isn’t a cash refund to the card, bank account, or other payment method you used for your original transfer. It also doesn’t go back and change the amount your recipient receives from the transfer you’ve already sent.
If you earn a credit, check its terms to understand when it expires and how you can use it toward a future transfer.
Check your Smart Rate offer in the app
Smart Rate offers can have different terms.
Before choosing Smart Rate, check the offer shown in the Remitly app for details such as:
- Monitoring period: How long Remitly will watch the exchange rate after you send.
- Covered amount: How much of your transfer is included in the offer.
- Maximum reward: The most you may be able to earn if the rate improves enough.
- Reward terms: How and when an earned credit can be used, including any expiration date.
- Eligibility: Whether Smart Rate is available for your account and transfer.
Review these details before sending so you know how your particular offer works.
Send now while Remitly watches the rate
Smart Rate is designed for eligible customers who want to send money now while still having the chance to benefit if the rate improves afterward.
You send at the exchange rate you review in the app. Your transfer can continue without waiting for the monitoring period to end. Remitly then watches the rate for the period in your offer. If there’s a qualifying improvement, you may earn a reward credit toward a future transfer.
Look for Smart Rate when preparing an eligible transfer in the Remitly app and review the offer details before you send.
Frequently Asked Questions
What is Smart Rate in the Remitly app?
Smart Rate lets eligible customers send at the exchange rate they review while Remitly monitors the rate for a set period afterward. If the rate improves enough under the terms of the offer, you may earn a reward credit toward a future transfer.
Who can use Smart Rate?
Smart Rate is available to selected Remitly customers in the United States. If it’s available for your transfer, you’ll see the option when preparing your send in the app.
Does Smart Rate delay my transfer?
No. Your transfer doesn’t have to wait for the Smart Rate monitoring period to end before it can move forward.
How long does Remitly watch the rate?
The monitoring period depends on your Smart Rate offer. Check the information shown in the app to see how long Remitly will monitor the rate for your transfer.
What happens if the rate gets better?
If the rate improves enough to meet the terms of your offer, you may earn a reward credit toward a future Remitly transfer. The credit is issued after the monitoring period ends and your original transfer has completed, subject to the offer’s terms.
What if the rate doesn’t improve?
If the rate doesn’t improve enough to qualify, you may not receive a reward. Your original transfer still uses the details you agreed to when you sent it.
Is the Smart Rate reward a cash refund?
No. A Smart Rate reward is a credit toward a future Remitly transfer, not a cash refund to your original payment method.
