In August 2025, the exchange rate between the U.S. dollar (USD) and the British pound (GBP) experienced fluctuations, reaching a 13-day low of 1.3812 USD per CAD on August 14, following a surge in U.S. producer prices and weak Canadian labor data.  This volatility has prompted many individuals seeking to send money from the U.S. to the United Kingdom to explore cost-effective alternatives to traditional methods like Remitly.

Understanding Remitly's Transaction Holds

Remitly is a popular money transfer service that offers quick, affordable, and secure international transfers.  However, some users have reported experiencing transaction holds when sending money from the U.S. to the UK. These holds can occur due to various reasons, including:

• Large Transfer Amounts: Sending large sums may trigger additional security checks.

• Incomplete Recipient Information: Missing or incorrect details can delay the transfer process.

• Payment Method Issues: Problems with the payment method used can cause delays.

To avoid these holds, it's advisable to ensure all recipient information is accurate and complete, and to be aware of any potential issues with your payment method.

Panda Remit: A Cost-Effective Alternative

Panda Remit offers a more economical solution for transferring money from the U.S. to the United Kingdom:

• Competitive Exchange Rates: Panda Remit provides a fixed exchange rate of 1 USD = 1.3762 CAD, ensuring transparency and predictability in the amount your recipient will receive.

• Low Transfer Fees: Unlike traditional banks that charge high fees for international transfers, Panda Remit offers low transfer fees, making it a cost-effective choice for sending money to Canada.

• Fast Transfers: Transfers via Panda Remit are processed quickly, often within minutes, allowing your recipient in Canada to access the funds without delay.

• Secure Transactions: Panda Remit employs robust security measures to protect your financial information, ensuring peace of mind.

How to Use Panda Remit

1. Download the App: Available on both iOS and Android platforms.

2. Register: Create an account using your email or phone number.

3. Initiate Transfer: Enter the recipient's details and the amount to send.

4. Confirm and Send: Review the transaction details and confirm to complete the transfer.

Note: While exchange rates can be viewed on the Panda Remit website, all transactions must be completed through the Panda Remit mobile app.

Ready to Get Started?

Don't let high fees and unfavorable exchange rates eat into your hard-earned money. Experience the benefits of low-cost, fast, and secure transfers with Panda Remit. Register now and enjoy fee-free transfers on your first transaction!

In conclusion, while Remitly is a convenient option for domestic transactions within the U.S., its limitations make it unsuitable for international transfers. Panda Remit offers a more cost-effective and transparent alternative for sending USD to CAD, ensuring that your money reaches its destination quickly and securely.