Paysend vs remitly: A Comprehensive Comparison of Services and Fees

Why you can trust us: Our recommendations are unbiased, based on personal experience, and regularly updated to ensure accuracy. We personally test every provider we review. We may earn a commission if you sign up for a platform using one of our links. Learn more.

Overview of Remitly and Paysend

Remitly is a digital remittance service that allows users to send money internationally. It was founded in 2011 and is headquartered in Seattle, Washington. Remitly operates in over 50 countries and offers two delivery options: economy and express. The economy option is cheaper but takes longer to deliver while the express option is more expensive but delivers funds faster. Remitly offers a mobile app and a website for users to send money.

Paysend is a UK-based money transfer service that allows users to send money abroad. It was founded in 2017 and is headquartered in London. Paysend operates in over 70 countries and offers competitive exchange rates and low fees. Paysend offers a mobile app and a website for users to send money. Paysend also offers a Global Account that allows users to hold and manage multiple currencies in one place.

Both Remitly and Paysend are digital remittance services that allow users to send money abroad. While Remitly has been in operation for longer than Paysend, Paysend operates in more countries and offers a wider range of services. Remitly offers two delivery options while Paysend offers competitive exchange rates and low fees. Ultimately, the choice between the two services will depend on the user’s specific needs and preferences.

Services Comparison

Remitly and Paysend are both online money transfer services that allow users to send money internationally. However, they differ in the services they offer.

Remitly offers two types of transfers: Express and Economy. Express transfers are faster and cost more, while Economy transfers are slower and cost less. Remitly also offers a mobile app for iOS and Android devices, making it easy for users to send money on-the-go.

Paysend, on the other hand, offers two types of transfers as well: Standard and Express. Standard transfers take 3-5 business days to arrive, while Express transfers arrive within 24 hours. Paysend also offers a multi-currency global account that allows users to hold and manage multiple currencies in one account.

Both Remitly and Paysend offer competitive exchange rates and low fees. However, it’s important to note that fees and exchange rates may vary depending on the destination country, payment method, and transfer amount.

Overall, both Remitly and Paysend offer reliable and convenient money transfer services. It’s important for users to compare their specific needs and preferences when choosing between the two.

Fees Comparison

When it comes to fees, both Remitly and Paysend offer competitive rates for their services. However, there are some differences between the two.

Remitly charges a fee based on the transfer amount and the delivery speed. For example, sending money to Mexico with Express delivery will cost $19.89 plus a $3.99 charge for amounts under $500. On the other hand, sending money to India with Express delivery for less than $1,000 will cost ₹73.22 (≈$0.99 at the time of writing).

Paysend, on the other hand, offers a flat fee of $2.99 for all transfers, regardless of the amount or destination. However, there may be additional fees depending on the payment method used. For example, using a credit card may incur an additional fee of up to 2.5% of the transfer amount.

Ultimately, the choice between Remitly and Paysend will depend on your individual transfer needs and preferences. It’s important to compare fees and other factors, such as delivery speed and payment options, to determine which service is the best fit for you.

Transfer Speed

When it comes to transfer speed, both Remitly and Paysend offer fast and reliable services.

Remitly’s Express service promises to deliver money within minutes, while the Economy service can take up to 3-5 business days. However, the speed of the transfer may vary depending on the destination country and the payment method chosen.

Paysend also offers fast transfers, with most transactions being completed within a few minutes. However, the speed of the transfer may depend on the payment method and the country of the recipient.

Overall, both Remitly and Paysend offer fast and efficient transfer services. However, it’s important to note that the speed of the transfer may vary depending on the destination country and the payment method chosen.

Customer Support

Both Remitly and Paysend offer customer support via email and phone. Remitly also provides a live chat option for immediate assistance. Paysend, on the other hand, offers a chatbot feature that can help customers with basic inquiries.

Remitly provides customer support in multiple languages, including English, Spanish, and Tagalog. Paysend also offers support in multiple languages, including English, Spanish, French, and Russian.

In terms of response time, both companies strive to respond to customer inquiries within 24 hours. However, some customers have reported longer wait times with Paysend’s customer support.

Overall, both Remitly and Paysend offer decent customer support options. However, Remitly’s live chat feature and support in multiple languages may be more appealing to some customers. Paysend’s chatbot feature may be helpful for basic inquiries, but customers with more complex issues may have to wait longer for a response.

User Experience

Remitly and Paysend both offer user-friendly interfaces that make it easy to send money abroad. Both services allow users to initiate transfers using their mobile devices or desktop computers. Remitly offers a mobile app that is available for both iOS and Android, while Paysend offers a mobile app for iOS only.

When sending money with Remitly, users can choose between two delivery options: Express and Economy. Express transfers are typically delivered within minutes, while Economy transfers can take up to three business days. Paysend, on the other hand, offers instant transfers to select countries, with most transfers being delivered within 24 hours.

Both services offer a variety of payment options, including bank transfers, debit cards, and credit cards. However, Paysend also allows users to fund their transfers using Apple Pay.

Overall, both Remitly and Paysend offer a smooth and intuitive user experience that makes it easy to send money abroad. Users can choose between different delivery options and payment methods, and both services offer mobile apps that allow for convenient transfers on the go.

Security Measures

When it comes to money transfer services, security is a top priority. Both Remitly and Paysend take security measures seriously to ensure that their users’ transactions are safe and secure.

Remitly uses bank-level security to protect its users’ personal and financial information. It also offers two-factor authentication to add an extra layer of security to user accounts. Additionally, Remitly is regulated by financial authorities in the countries where it operates, ensuring compliance with local regulations.

Paysend also prioritizes security by using bank-level encryption to protect user data. It also offers two-factor authentication and real-time transaction monitoring to detect and prevent fraudulent activity. Paysend is authorized and regulated by the Financial Conduct Authority in the UK, providing users with added peace of mind.

Overall, both Remitly and Paysend take security seriously and offer robust measures to protect their users’ transactions and personal information.

Availability and Accessibility

Remitly and Paysend are both online money transfer services that allow users to send money to different countries across the world. However, there are some differences in their availability and accessibility.

Remitly is currently available in 16 countries, including the United States, Canada, Australia, and several European countries. They offer transfers to over 50 countries, with some countries having multiple options for receiving money, such as bank transfers, cash pickup, and mobile wallet transfers. Remitly also has a mobile app that allows users to send money on-the-go.

Paysend, on the other hand, is available in over 70 countries and supports transfers to over 90 countries. They offer a variety of receiving options, including bank transfers, card-to-card transfers, and mobile wallet transfers. Paysend also has a mobile app that allows users to send money quickly and easily.

Overall, both Remitly and Paysend offer a wide range of options for sending money internationally, with Paysend having a slightly larger global reach. However, Remitly may be a better option for those in the countries where it is available, as it offers multiple receiving options and has a user-friendly mobile app.

Pros and Cons of Remitly

Pros of Remitly

  • Low or no fees for transfers to certain countries
  • Ability to receive money via bank account, mobile device, cash pickup, or home delivery
  • 24/7 customer service
  • Fast transfer times for certain countries
  • Offers rewards program for frequent users
  • Available in over 90 countries

Cons of Remitly

  • High fees for some countries
  • Credit card fees may apply
  • Mark-ups on the mid-market rate may result in higher costs
  • Limited payment options compared to competitors
  • Some users report issues with customer service and transfers being delayed or cancelled

In summary, Remitly offers competitive pricing and fast transfer times for certain countries, making it a good option for those sending money to specific locations. However, users should be aware of potential high fees, credit card fees, and mark-ups on the mid-market rate. Additionally, some users have reported issues with customer service and transfers being delayed or cancelled.

Pros and Cons of Paysend

Pros of Paysend

Paysend offers a number of advantages to its users. Some of the key benefits include:

  • Fast and Convenient: Paysend allows users to send money quickly and easily to friends and family around the world. The service is available 24/7, and transfers can be completed in just a few minutes.
  • Competitive Fees: Paysend offers competitive fees for its money transfer services. Users can send money to over 90 countries at a flat fee of just $2.50 per transfer.
  • Multiple Transfer Options: Paysend provides users with a range of transfer options, including card-to-card transfers, direct transfers to digital wallets, and PaysendLink. This allows users to choose the transfer method that works best for them.

Cons of Paysend

While Paysend offers many benefits, there are also some drawbacks to consider. Some of the cons of using Paysend include:

  • Limited Currency Support: Paysend only supports a limited number of currencies, which may be a disadvantage for users who need to send money to countries outside of this list.
  • No Cash Pickup Option: Unlike some other money transfer services, Paysend does not offer a cash pickup option. This means that recipients must have a bank account or digital wallet to receive the funds.
  • No Mobile App: Paysend does not currently offer a mobile app for its users. While the service can be accessed through a web browser on a mobile device, some users may prefer the convenience of a dedicated app.

Customer Reviews and Ratings

Both Remitly and Paysend have received positive reviews from customers. On Trustpilot, Remitly has a 4.7 out of 5 star rating based on over 36,000 reviews. Customers praise Remitly for its fast and reliable service, competitive exchange rates, and easy-to-use platform. Some customers have reported issues with account verification and long transfer times, but these seem to be isolated incidents.

Paysend also has a high rating on Trustpilot, with a 4.6 out of 5 star rating based on over 14,000 reviews. Customers appreciate Paysend’s low fees, fast transfer times, and user-friendly interface. Some customers have reported issues with account verification and occasional delays in transfers, but these are relatively rare occurrences.

Overall, both Remitly and Paysend have a strong reputation for providing reliable and affordable money transfer services. Customers should carefully consider their individual needs and compare the features and fees of each service before making a decision.

Final Verdict

Both Remitly and Paysend are reliable and secure money transfer services that offer competitive fees and exchange rates. However, there are some key differences to consider when choosing between the two.

Remitly is a great option for those who need to send money quickly and easily, as their transfer speeds are faster than Paysend’s. Remitly also offers better exchange rates for certain currencies, such as the Philippine peso.

On the other hand, Paysend may be a better choice for those who want more flexibility in their payment options. Paysend allows users to send money using a bank account, debit card, or credit card, while Remitly only accepts bank transfers and debit cards.

Ultimately, the choice between Remitly and Paysend will depend on your specific needs and preferences. We recommend comparing the fees, exchange rates, and transfer speeds of both services to determine which one is the best fit for you.

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments