WorldRemit vs Remitly

Looking to choose between WorldRemit and Remitly for your international money transfers? Both seem to offer similar services and fees, but the devil is in the details.

In this comprehensive comparison, we’ll examine the services, features, fees, and availability of WorldRemit and Remitly. As both companies share similarities, this analysis will equip you with the necessary information to determine which remittance company best aligns with your specific needs.

Let’s dive into the comparison below.

Overview

WorldRemit vs Remitly Company Comparison

WorldRemit:

Ismail Ahmed co-founded WorldRemit in 2010. He was inspired by his own struggle to send money back home from London to East Africa. As a result, he helped create WorldRemit so that people could transfer money internationally more conveniently.

WorldRemit provides its 5.7 million global users with affordable and fast payment transfers in over 130 countries. It allows payments in 70 currencies and offers better exchange rates than conventional banks.

The company also supports instant payments to mobile wallets and airtime top-ups, whereas a bank transfer can take up to 2 days. 

New customer incentives: First three payments are free, using the code 3FREE. WorldRemit also has a referral program that can be activated once you’ve made your first transfer. After your first transfer, go to the “refer a friend” section and send the referral code to others. Once they’ve signed up and transferred £75 in total, you’ll be sent a £25 voucher. These vouchers can be used on reducing the cost of transfers for up to 12 months. 

See our review of WorldRemit.

Remitly:

Matt Oppenheimer, the CEO of Remitly, co-founded the company in 2011. Much like Ahmed, he got the idea for the company after living abroad and experiencing how much remittance companies would take as fees from immigrants transferring money back home.

The company supports transfers in 47 currencies and has 24/7 customer support for its users. The company also donates to organizations that provide immigrants with a higher quality of life.

New customer incentives: Remitly offers bonuses, promotional rates, and discounts on transfer fees for new customers. These offers are always changing and may vary depending on when you create an account. The current offer for new customers will be automatically applied when you make your first transfer. 

Remitly has a higher maximum limit of $10,000 per day compared to WorldRemit’s $9000 daily limit. However, WorldRemit supports more currencies and serves more countries than Remitly.

See our Review of Remitly.

Fees and Costs Comparison

WorldRemit

WorldRemit’s money transfers are, on average, 41% cheaper than most banks. The company also lets customers use a discount code to waive the service fee for their first three transfers. 

WordRemit charges U.S. customers a fixed fee ranging from $1.99 to $4.99 to send money to other countries. For international customers, the fixed fee can go well over the above-mentioned range, depending on the recipient country. A variable exchange rate margin is also charged in both cases.

Remitly

Remitly charges a transfer fee depending on the destination country, transfer amount, transfer speed, and payment method. For transfer amounts under $1000, the company charges $3.99 on average, while transfers above $1000 are free.

A 3% added fee is charged for credit card transactions, and the fees can be higher if you choose an express transfer over the economy option.

WorldRemit’s transfer fees are cheaper than Remitly. They also allow users to make their first transfer for free. 

Exchange Rate Comparison

WorldRemit

WorldRemit charges a variable exchange rate margin which isn’t disclosed. This often results in a significant markup being charged which can make international transfers more expensive. 

Remitly

Remitly’s exchange rate includes a margin of 0.5% to 3.0% above the mid-market rate. This mid-market rate is inconsistent and depends on the currencies involved in the payment transfer. 

Both companies add a markup to the exchange rate, but Remitly is more transparent about the margins that they charge compared to WorldRemit. 

Safety Comparison

WorldRemit

WorldRemit is licensed as a money transmittance service in all 50 states of America and is regulated by the Financial Conduct Authority (FCA) in the UK. It is registered with several financial institutions worldwide, including the Financial Service Providers Register (FSPR) in New Zealand and AUSTRAC in Australia.

If WorldRemit fails to address your complaint properly, you can file a complaint to your respective jurisdiction.

The company uses top-notch encryption methods and two-factor authentication to secure your information.

Remitly

Remitly is licensed in the United States by the Financial Crimes Enforcement Network (FinCEN) and the Department of Financial Institutions (DFI). This ensures that the company meets all the optimal safety and security standards.

Advanced encryption is also used to guard sensitive information against any security breach.

Both companies are properly licensed with security measures and meet strict safety standards. They also have dedicated teams to detect fraudulent activity. 

Ease of Use Comparison

• Account Setup:  WorldRemit and Remitly have simple sign-up processes. Sign up with your email on the provider’s app or website. After verifying your identity, you can enter the recipient’s information to make transfers.

• Payment Methods: Both companies allow multiple payment methods depending on your location. Remitly’s payment methods include credit/ debit cards, prepaid cards, bank transfers, maestro cards, and bank accounts. WorldRemit lets you pay through debit/credit cards, bank transfers, Apple Pay, and Mobile Money. It doesn’t accept Google Pay.

• Associated App: Each company has its own well-secured app to make payment transfers convenient when you’re on the go.

• Transfer Limits: WorldRemit lets U.S. customers transfer up to $9000 per day and $5000 per transaction with their debit, credit, or prepaid card. Remitly limits are different for 24 hours, 30 days, and 180 days and depend on the three tiers of information needed. The daily limit for the first tier is $2,999, $6,000 for the second, and $10,000 for the third.

• Customer Support: Remitly’s 24/7 customer support is available via phone chat and email. The company’s help center is available in 15 different languages. WorldRemit doesn’t offer email support but phone support is available in 6 languages.

• Currency Options: Remitly supports 47 currency options, while WorldRemit supports over 70 currencies.

Customer review comparison

WorldRemit

WorldRemit has 4/5 stars on Trustpilot, 4.8/5 stars on the Apple store, and 4.7/5 stars on the Google play store.

Users deemed the app a reliable and fast way to transfer international payments at great rates. However, users have been disappointed with WorldRemit’s customer service. 

Remitly

Remitly has users impressed with 4.8/5 stars on the Google play store, 4.9/5 on Apple Store, and 4.1/5 stars on Trustpilot.

Users liked that the company is reliable for delivering transfers within their promised timelines. Reviewers were also pleased with the app’s easy-to-use interface and prompt help from customer support.

On the downside, some users complained about the company blocking and suspending their accounts without giving any reason.

Remitly has more ratings than WorldRemit on all three platforms and users were more pleased with Remity’s app compared to WorldRemit’s.

Availability Comparison 

You can use Remitly to send payments from 28 countries to over 100 receiving countries. The company has over 350,000 cash pickup locations worldwide and offers home delivery services to send cash to the recipient’s address. 

WorldRemit lets you send money to over 130 countries. These countries include Canada, Australia, Mexico, India, Pakistan, China, and Turkey, among others. 

Remitly’s widespread cash pickup locations and home delivery service make it stand out compared to WorldRemit. However, WorldRemit offers its service in more countries than Remitly which is more beneficial for some people. 

Final verdict

Remitly and WorldRemit are inspired by similar stories and work for the same cause: to help immigrants seamlessly transfer money back home without the burden of a high transfer fee. 

Both companies have pros and cons, but we feel WorldRemit’s lower fees and fast transfer times without additional fees make it a clear winner.

Paying for Remitly’s express delivery option seems like a waste of money when you can get 95% of WorldRemit’s payments in minutes without paying extra charges for speed. WorldRemit also offers services in more countries than Remitly and supports more currency options. 

Hopefully, the details above have created a clearer insight into what each of these services has to offer so that you can make the most informed decision. 

FAQs

Sources

1. https://www.worldremit.com/en/pricing-comparison
2. https://help.remitly.com/s/article/paying-for-your-transfer?language=en_US
3. https://www.remitly.com/us/en/users/increase_limits
4. https://www.worldremit.com/en/about-us#:~:text=Our%20Story,of%20people%20exactly%20like%20him.
5. https://help.remitly.com/s/article/available-countries?language=en_US