Imagine being able to share $50 with a loved one halfway around the world and they can withdraw the full amount in the currency of their choice — no transfer fees, no hidden extra fees, just $50, seamlessly ready for their use. Instead of a boring bank account with fees and slow transfers, you can have fast, fee-free digital delivery with real-time information in Remitly Circle’s new mobile app. Even if your loved ones are thousands of miles away, they can access the shared USD account and transfer funds to either a bank account, cash pick up or digital wallet in their local currency whenever they need it (note that cash pick-up is only available during local partner business hours).
Who Can Benefit From USD Savings?
Families Sending Money Internationally
If you’ve ever sent money overseas or are considering it, you probably check the exchange rate, you know how important it is that your money arrives on time and when it’s needed, and how it can be difficult to keep your loved ones informed of everything. We have a solution for that - Remitly Circle’s global shared account.
Low Exchange Rate Seekers
If you like to check foreign exchange rates to shop for the best one, load your money into your Remitly Circle account and it will always be ready to send with Remitly Circle’s best rates whenever you want. That way, you can send money when the rates are most favorable and avoid losing the value of your hard-earned US dollar savings.
Why Is It Important to Preserve the Value of Your Money?
Real Customer Story
Take the story of Aanya, who moved from India to the U.S. in search of a better life for herself and her family. Her parents and siblings still live in India, and every month, she sends them money to cover essential expenses like education and healthcare while helping them save for the future. However, because the Indian Rupee (INR) is less stable than the U.S. dollar (USD), Aanya has faced the challenge of watching the value of her transfers fluctuate due to currency exchange rates.
Consider this example: if Aanya sends $5,000 to her family today and the INR weakens over the next year, that same $5,000 will hold significantly less value than when she first sent it. What if she had loaded $5,000 into her Remitly Circle account? Her money could stay in dollars until her family needs it. And, more importantly, her family can access the shared account to withdraw any amount of the $5,000 in Indian Rupee, transferring it to their bank, digital wallet, or via cash pickup, when the exchange rate is favorable or when they need the financial support. Aanya wouldn’t have to worry about the INR fluctuations. If Aanya uses Remitly Circle, she can stop worrying about monitoring the exchange rate for her family and they can do it themselves. Moreover, her family will always be able to check the status of the account as well as transactions in one app.
How to Preserve the Value of Your Money
Many people who regularly send funds abroad use USD savings accounts and various exchange strategies to protect the value of their money. By adopting these strategies, you can safeguard US dollar savings and make sure your hard-earned money retains its value when sent home.
Open a USD Savings Account
Some choose to keep a portion of their savings in a USD savings account or other stable currencies rather than converting to local currencies immediately to shield from fluctuations in exchange rates.
Closely Watch Exchange Rates
Others, like Aanya, personally monitor the foreign exchange market closely, waiting for favorable rates before making large transfers—though, as we’ve seen, this approach isn’t always foolproof. Sometimes, people use complex forward contracts or other difficult to understand financial tools to lock in a specific exchange rate for future transfers, ensuring they won’t lose out if their home country’s currency weakens. By adopting these strategies, they can safeguard their US dollar savings and make sure their hard-earned money retains its value when sent home.
A Simple Solution: Remitly Circle Account1
Here’s how to get started and make everyone’s life a little bit easier:
- Download the new Remitly Circle Mobile App (another great product from a company you trust).
- Load any amount of money in USD that you like (for example $500).
- Send an invite to your loved ones and give them access to a special Remitly Circle account just for them.
- Your loved ones can see the USD at all times and withdraw it via a transfer to any of Remitly’s local partners, which include digital wallets, bank accounts, and cash pick up locations.
- Your money is stored in USD and ready when your family needs it.
A Smarter Way to Send Money Abroad
When it comes to sending money internationally, protecting the value of your hard-earned money is essential. While traditional methods like monitoring exchange rates and holding savings in stable currencies can help, they require time, effort, and constant attention. With Remitly Circle, you get a simple, effective solution to support your loved ones with less stress and more real-time information. You can share money instantly, fee-free, and securely —no matter where your family is located.
For people like Aanya, Remitly Circle offers peace of mind that their hard-earned money will make the greatest impact exactly when it matters most.
1 Remitly Circle’s global account allows you to store value and share access permissions globally. It is not a bank account. Currently available in select markets. Terms and Conditions Apply (link).