Remitly, which has built its business on cross-border money transfers, is launching a companion debit card in the U.S., entering the growing market for international payments.
The Remitly Global Card integrates with Remitly’s cross-border payments platform, giving customers access to the company’s foreign exchange rates and transfer services. Remitly says the card provides access to its lowest-cost and fastest transfer options. The company positions the product as an alternative to traditional bank debit cards, which can charge foreign transaction and currency conversion fees for international spending.
The new product is issued through Lead Bank and operates on the Visa network. The account wallet is handled by Stripe, and the funds are held at Fifth Third Bank, giving customers FDIC insurance.
Customers can hold balances in U.S. dollars or the USDC stablecoin rather than converting funds into local currencies. The card builds on the Remitly Wallet, a multi-currency digital wallet launched last year that supports both fiat currencies and stablecoins. It also includes a peer-to-peer option that allows customers to send money instantly to other Remitly cardholders.
“This is a card built for international banking,” said Ben Danner, Senior Analyst, Debit at Javelin Strategy & Research. “It all works within a unified system instead of having to juggle multiple accounts for money transmitting, bank accounts, etc. It’s a one-stop shop.”
Beyond Remittances
The launch expands Remitly’s product lineup beyond remittances. Among its major U.S. competitors, MoneyGram does not offer a debit card, while Western Union’s offering is limited to a prepaid card for cross-border remittances. UK-based competitors Wise and Revolut already offer debit cards that are available across most of the U.S.
The new card is part of Remitly’s broader effort to expand into everyday financial services. It also aligns with the company’s focus on customers who send money internationally, including the underbanked.
Building Relationships
The card is initially available only in the U.S. Remitly says it plans to expand availability to the UK and Europe in the coming quarters, followed by a broader rollout to additional global markets.
“It’s a great product for bringing customers into the Remitly ecosystem and building a deposit relationship rather than relying on customers to fund their transfers only from outside accounts,” said Danner. “One strong benefit of the debit card is it being on the Visa network, which has a strong global presence and acceptance. I can see this being a useful product for immigrants and long-term international travelers needing to utilize the money transfer service.”
