Considering Remitly and Wise for your international money transfers? Both offer fast, secure, and cost-effective services to customers worldwide, but which one does it better?
Remitly stands out with its cash pickup and home delivery options, giving customers added flexibility compared to Wise. However, Wise compensates with lower fees, high transfer limits, and a commitment to transparency, which are key factors to consider when comparing the two.
In this comprehensive comparison, we’ll delve into the features, services, fees, customer experience, and more of Remitly and Wise.
Let’s dive into the comparison below.
Overview
| Remitly | Wise | |
|---|---|---|
| New user incentive | – | – |
| Fees and costs | ⚪ | 🟢 |
| Safety | 🟢 | 🟢 |
| Transfer speed | 🟢 | ⚪ |
| Transfer limits | 🟢 | ⚪ |
| Ease of use | ⚪ | 🟢 |
| Customer reviews | 🟢 | 🟢 |
| Availability | 🟢 | 🟢 |
| Try Remitly | Try Wise |
Remitly vs Wise Company Comparison
Remitly
Remitly has over three million customers and processes over $10 billion in annual transfers. It offers customers a fast, secure, and easy-to-use platform, with 24/7 customer support and a range of transfer options, including bank transfers, cash pickups, and mobile money transfers.
Remitly offers a minimum transfer of $1 and a maximum transfer of $20,000. It also allows for transfers in 47 currencies.
New customer incentives: Remitly regularly provides new customers with offers that change. These include bonuses, discounts, and promotional rates. Any one of the current offers that are available will be automatically applied to your account when you make your first transfer.
See our review of Remitly.
Wise
Wise operates in over 60 countries with 57 currencies and has processed over $8 billion in transfers. It has a focus on low fees, fast transfer times, and transparency. It provides a minimum transfer of $1 and a maximum transfer of $1,000,000.
The company has received numerous awards and accolades for its innovative approach to money transfers.
New customer incentives: When you invite someone to signup for a Wise account, they’ll receive a discount code that reduces or removes the fee on their first transfer. This first fee-free transfer is available across all currencies and is applied automatically.
Remitly offers cash pick-ups and home delivery options which Wise lacks. This is great for users who want to send money for people to receive in cash. However, Wise is the better choice for most people due to its higher transfer limits, low fees, and fast transfer speeds.
See our review of Wise.
Fees & Costs Comparison
| Remitly | Wise | |
|---|---|---|
| Flat Fee | 3% of withdrawal amount | $1-$2 |
| Amount % Deduction | N/A | 0.5%-1% |
| Credit Card Withdrawal Fee | 3% of the withdrawal amount | $0.60 |
Remitly
Remitly charges a transfer fee for its services, with the exact fee depending on the amount being transferred, the destination country, and the transfer speed selected. Express transfers tend to have higher fees than economy transfers.
The cost for transfers under $1,000 is $3.99. Transfers of more than $1,000 are free of charge. This fee applies to both the Express and Economy transfer options. There is an extra 3% fee added for credit card transactions.
Wise
Wise charges a nominal transfer fee which varies depending on the transfer amount, currency, and location.
If the conversion involves a different currency, you’ll be charged a fee of between 0.5% and 1% of the total transferred amount. You’ll incur an additional flat fee of $1-$2. Using a debit card or credit card to pay for transfers may also result in more fees.
Remitly is cheaper when transferring cash, which is something Wise doesn’t offer. However, for direct bank transfers and credit card withdrawal fees, Wise provides the cheapest rates.
Exchange Rate Comparison
Remitly
Remitly calculates its exchange rate by including a margin ranging from 0.5% to 3.0% above the mid-market rate, which varies based on the specific currencies involved in the transfer. The exchange rate markups are included in the overall transfer cost.
Wise
Wise provides the mid-market exchange rate. This is the rate seen on reputable sources like Google or Reuters. This means that the rate you see on Wise’s platform is the same rate that banks use regularly. Furthermore, Wise doesn’t add a markup to the exchange rate.
Wise doesn’t add a profit margin to the exchange rates that it offers you, unlike Remitly. Therefore, Wise is overall better for affordable exchange rates.
Safety Comparison
Remitly
Remitly uses advanced encryption technology to protect its customers’ sensitive information and offers 24/7 customer support.
Remitly is also licensed and regulated by various government bodies, such as the Financial Crimes Enforcement Network (FinCEN) and the Department of Financial Institutions (DFI) in the United States. This ensures that they adhere to strict safety and security standards.
Wise
Wise is a licensed and regulated financial services company that operates under various governmental regulations and licensing requirements. The company operates in several countries and is required to adhere to local regulations, including anti-money laundering (AML) and know-your-customer (KYC) regulations, to ensure the safety and security of its customers’ funds.
Wise is also a member of the Financial Conduct Authority (FCA) in the United Kingdom and is subject to FCA regulations and oversight. In the US, Wise is licensed in various states by the Department of Financial Services (DFS) and is subject to DFS regulations.
Remitly and Wise have strictly regulated safety measures in place which makes them both secure.
Transfer Speed Comparison
Remitly
Remitly offers two transfer speed options: Economy and Express.
Economy transfers typically take 2-5 business days to arrive, depending on the location of the recipient and the recipient’s bank processing times. This option is the slowest and is meant for people who don’t need their funds immediately and are looking for a more cost-effective option.
Express transfers are much faster and can arrive in as little as 15 minutes. However, this is dependent on the recipient’s location and bank processing times.
Wise
Wise transfers are generally completed within 24 hours. However, in some cases, transfers can take up to 2-3 business days to complete, especially if there are any additional checks or regulatory requirements in the recipient’s country.
Whilst most of Wise’s transfers are completed in 24 hours as standard, it’s not guaranteed like it is with Remitly’s paid Express delivery feature. Therefore, Remitly is the winner for reliable transfer speeds.
Ease of use comparison
- Creating an Account: Wise and Remitly both provide the option of opening an account online or through the app.
- Funding Methods: Both Wise and Remitly offer multiple ways to fund your transfers, including bank transfers, credit cards, or debit cards.
- Making a Transfer: You can make international payments with Wise and Remitly online or through their app.
- Languages Supported: Both Wise and Remitly provide global support in a variety of languages, which can be accessed through the app, online, or by phone.
- Debit Card: Wise account holders have the option of using a linked debit card for global ATM withdrawals. Remitly does not offer this feature.
- Transfer Limits: Remitly has limits that can be increased by providing additional verification documents. Wise limits vary based on the currencies being sent and the payment method used, but multiple smaller transfers can be made if needed.
- Receiving Money: Wise typically delivers payments directly to the recipient’s bank account, while Remitly offers several options for receiving funds, including bank account, cash collection, delivery, or mobile money accounts.
Customer Review Comparison
Remitly
Remitly has a 4.1/5 rating based on over 38,000 reviews on Trustpilot. The majority of consumers commend the user experience and quick transfer times offered by Remitly. However, some users have expressed frustration with the higher rates.
Remitly has received around 548,000 reviews and has a 4.8/5 rating on Google Playstore. It also has a 4.9/5 rating on the Apple store. Customers have been pleased with Remitly’s live chat customer support and how easy it is to set up an account.
Wise
Wise has received a rating of 4.5/5 from over 187,000 reviews on Trustpilot, with the majority of users praising its competitive exchange rates and speedy transfer times. However, some have also expressed dissatisfaction with occasional delays.
Wise boasts a rating of 4.6/5 based on around 247,000 reviews on the Google Play store. It also has a 4.6/5 rating in the Apple store. The swift transfer times, app management features, and responsive support team are the standout points from customer reviews.
Wise has received more positive reviews than Remitly on Trustpilot. However, Remitly’s Apple store and Google Play store ratings are higher. This is largely due to Remitly’s faster transfer times and excellent live chat customer support feature.
Availability comparison
Wise multi-currency accounts allow you to hold and manage over 50 currencies. There are also 75+ countries available.
Remitly is available in 28 sending countries with over 100 receiving countries. It has an impressive number of 350,000 cash pick-locations around the world as well as home delivery options for recipients to receive funds to their address in cash.
Wise allows for more currencies to be managed which is best for users looking to transfer funds between a wider selection of countries. Remitly, on the other hand, is best for those wanting to transfer funds overseas for recipients to receive the money as cash with home delivery or cash pick-up options.
Final verdict
In conclusion, both Wise and Remitly are well-established and reputable international money transfer companies, each with its own set of benefits and drawbacks.
The wide range of home delivery and cash pick-up options from Remitly is a significant benefit if your recipients prefer to receive cash payments. Cash pick-ups and home delivery aren’t available with Wise. The fast transfer option is also useful for customers who need to send money quickly.
Having said that, Remitly users incur an additional cost for faster transfers. Furthermore, Remitly isn’t as transparent about its exchange rate fees compared to Wise.
Wise is ideal for users wanting to transfer money with transparent fees and lower costs. Most transfers are completed within 24 hours with others being delivered within two days. If you don’t need to transfer funds immediately, Wise is a more affordable option.
It also has much higher transfer limits which are more beneficial for those wanting to send large amounts of money overseas.
FAQ
Is there a better solution than Wise?
Revolut is a great alternative to Wise. Similar to Wise, Revolut also offers a multi-currency account. However, it has 150+ supported currencies which is more than Wise has to offer. This is ideal if you need to transfer funds in more currencies.
Which is cheaper, Remitly or Wise?
Wise is cheaper due to its lower transfer speeds and better exchange rates.
How many currencies do Remitly and Wise support?
Wise allows you to hold and manage over 50 currencies whilst letting you transfer funds in 21 currencies. Remitly supports 47 currencies.
