In today’s interconnected world, sending money across borders has become a frequent necessity. Thankfully, numerous money transfer services have emerged to meet this demand, with Remitly and Wise standing out as prominent players.
On that note, we’ll compare Remitly and Wise, exploring their features, fees and overall user experience. Whether you’re an expat, a digital nomad or simply sending money to a loved one abroad, read on to discover which platform might be the better choice for your international transfers.
Remitly vs Wise Comparison Chart
|Price||Check Price||Check Price|
|Exchange Rate||Markup ranging from 0.5 percent to 3 percent above mid-market rate||Mid-market rate|
|Fees||Fixed fees||Fixed and variable fees|
|Transfer Speeds||Instant or average of 3 to 5 days||Instant or average of 2 to 3 days|
Remitly Company Overview
Remitly is a financial technology company that aims to revolutionize the way people send money across borders. Founded in 2011 and headquartered in Seattle, Washington, it has quickly gained recognition as a trusted and efficient platform for international remittances.
With the vision of making the process of sending money abroad easier, faster and more affordable, the company offers a user-friendly digital platform that allows individuals to transfer funds to their loved ones in a secure and convenient manner. Also, it caters to a diverse customer base, including immigrants, expatriates and anyone who needs to send money internationally.
Remitly was founded by Shivaas Gulati, Matthew Oppenheimer and Brock Knoblich.
Wise Company Overview
Wise (formerly known as TransferWise) is a financial technology company that is changing the way people send, receive and manage money internationally. Founded in 2011 and headquartered in London, it has quickly grown into a global leader in cross-border payments.
What sets the company apart is its unique peer-to-peer model. Instead of using traditional banking systems, it matches users who want to send money from one currency to another and allows them to exchange funds at the mid-market exchange rate, the same rate you see on Google. This approach eliminates the need for intermediaries and ensures that users get the fairest and most transparent deal possible.
Wise was founded by Taavet Hinrikus and Kristo Käärmann.
Ease of Use
Both Remitly and Wise offer user-friendly platforms, designed to simplify the money transfer process. Remitly’s interface is straightforward, making it easy to navigate for users of all experience levels.
On the other hand, Wise prides itself on its intuitive design and seamless user experience, allowing customers to send money with just a few clicks.
While both platforms excel in this aspect, Wise’s sleek and minimalist design gives it a slight edge.
When it comes to exchange rates, Wise often comes out on top. After all, it employs the mid-market rate, which is the fairest rate you can find. To be exact, this refers to the rate you’d see on Google, and it’s arguably among the best selling points of the company. Additionally, it provides full transparency by clearly displaying their fees upfront. In other words, there are no hidden fees to look out for.
Meanwhile, Remitly offers competitive exchange rates, but depending on the currencies being exchanged, it may charge between 0.5 percent and 3 percent on top of the mid-market rate. Put simply, it may end up costing more compared to using the services of its counterparts, and that’s despite its relatively affordable fees (more on that in a bit).
Long story short, Wise takes the cake in this regard, since it doesn’t put a markup when converting currencies. In fact, it’s one of the few of its kind that offers this feature.
Fees, Speed and Delivery Options
It goes without saying that both Remitly and Wise strive to fulfill fund transfers and such promptly, but when it comes to fees and delivery options, they’re not the same.
First off, there are two transfer options with Remitly: Economy and Express. If you opt for Economy, it’ll take about three to five business days for the funds to arrive. The advantage here is it comes with lower fees. If you choose Express, you can expect the funds to arrive instantly, but at the risk of pointing out the obvious, the fees are higher.
Wise also provides fast transfers, but it mostly depends on the destination and payment method. Usually, it’ll take about two to three days. In its defense, it generally excels when it comes to delivery speeds, especially for popular currency routes. However, transferring funds involve two fees: a variable fee and a fixed fee. These vary depending on a few factors, namely the payment method, the amount and the currencies at play.
For a better idea of what to expect, we’ll take a look at an international transfer of €1,000 to USD with a mid-market rate of €1 to $1.0877 on a low-cost transfer. In this case, the fixed fee is €0.50 and the variable fee is €5.57, coming to a total of €6.07. To crunch the numbers real quick, the recipient will receive $1,081.10.
When it comes to global coverage, Wise has a significant advantage. It operates in over 80 countries and supports more than 50 currencies, making it an excellent option for individuals with diverse transfer needs.
Remitly, while expanding its services, currently has a narrower reach, primarily focusing on specific regions such as Asia, Latin America and Africa. If your transfer destinations align with Remitly’s coverage, it can be a reliable choice.
That said, Wise is the clear winner if you’re after a more extensive global coverage.
Notable Additional Features
Remitly and Wise offer additional features that enhance their services. Remitly provides tracking options and real-time updates, ensuring you stay informed about the progress of your transfer. Also, it offers a cash pickup option in select countries, catering to recipients who prefer to collect funds in person.
In comparison, Wise goes beyond money transfers, offering multi-currency accounts with local banking details, making it convenient for expats and freelancers who frequently deal with international payments.
Which is the best option for you?
Needless to say, the best service for you depends on your individual needs and preferences. If you’re looking for a fast and affordable way to send money to a friend or family member abroad, either Remitly or Wise would be a good choice. However, if you’re looking for a company that offers more payment options or has a higher transfer limit, Wise may be a better option.
Here are a few factors to consider when choosing an international money transfer service:
Fees: Make sure to compare the fees charged by different services before you make a transfer. Fees can vary depending on the amount of money you’re sending, the country you’re sending it to and the payment method you use.
Transfer speed: Some services offer faster transfer speeds than others. If you need the money to arrive quickly, make sure to choose a service with a fast transfer speed.
Transfer limits: Some services have limits on the amount of money you can send in a single transaction. If you’re sending a large amount of money, make sure to choose a service with a high transfer limit.
Customer support: If you have any problems with your transfer, you’ll need to be able to get in touch with customer support. Make sure to choose a service with excellent customer support.
Why should you use Remitly?
24/7 customer support: Remitly offers 24/7 customer support in multiple languages. This means that you can always get help if you have any questions or problems.
Flexible payment options: Remitly offers a variety of payment options, including bank transfers, debit cards and credit cards. This means that you can send money with Remitly no matter how you prefer to pay.
Why should you use Wise?
Multi-currency account: Wise offers a multi-currency account, which allows you to hold money in multiple currencies. This can be helpful if you frequently send money to different countries.
No hidden fees: Wise is committed to transparency, and it always shows you the total cost of your transfer upfront. This means that you won’t be surprised by any hidden fees.
Both Remitly and Wise are reputable and user-friendly money transfer services that excel in different areas. If you value a user-friendly interface and are looking for competitive exchange rates, Wise might be your best bet. In contrast, if you prioritize instant transfers and want to send money to specific regions, Remitly can be a solid choice.
At the end of the day, the decision between these two depends on your individual needs and priorities, but regardless of which you choose, Remitly and Wise are reliable for sending money securely and conveniently across borders.