If you’re planning to send money to friends or family in another country, you have several options to choose from. Two of the most popular choices are Remitly and Wise (previously known as TransferWise).
Both companies offer a secure and convenient way to transfer funds internationally. However, there are some significant differences between the two services that may make one a better fit for your specific requirements.
In this blog post about Remitly vs Wise, we’ll provide a detailed comparison of Remitly and Wise, covering their features, fees, speed, ease of use, as well as pros and cons.
Also take a look at WorldRemit vs Remity.
Remitly vs Wise: Overview
Remitly: Remitly allows you to send money to your family and friends who live abroad. By using Remitly, you can send money directly from your phone or computer, and it will reach your loved ones without any hassle.
It is a simple, fast, and easy way to help friends and family who live in another country.
With Wise, you get better exchange rates for your money. In addition to sending money, it can also be used to store money in different currencies.
|Varies depending on the transfer amount, speed, and destination. May include hidden markups on exchange rates.
|Transparent, upfront fees. Uses mid-market exchange rate with no markup.
|Generally fast, with options for instant transfers (fees apply).
|Often faster than Remitly for larger amounts.
|Competitive, but may not be the best for all routes.
|Uses mid-market rate, generally offering better rates than Remitly.
|Over 170+ countries
|Bank deposit, cash pickup, mobile money (depending on recipient’s country).
|Bank deposit only (no cash pickup).
|Mobile app, loyalty program, promotions
|Multi-currency account, local bank details in some countries, debit card for spending abroad
|Available 24/7, but live chat might not be available in all regions or languages.
|Available 24/7, multi-language live chat support.
Remitly vs Wise: Fees & Costs
Remitly: Remitly charges a transaction fee based on the payment method and delivery speed you choose. Its Express service charges higher fees for fast transfers, while its Economy service charges less if you wait some time.
Wise: Wise is known for its transparency, and it often charges lower fees than traditional banks. The platform uses the mid-market exchange rate without any markup, charging only a small upfront fee that’s shown before you make a transfer.
Read this: Wise vs Payoneer.
Remitly vs Wise: Features & Functionality
Both services offer a variety of features to make international transfers easier, but their functionality is different.
Remitly: Remitly offers several delivery options, including bank deposits, cash pickups, mobile money, and home delivery in some regions. In addition, it offers a variety of payment methods, such as bank transfers and debit cards.
Wise: Wise stands out with its multi-currency account feature, allowing you to hold and manage money in over 40+ currencies and send money to over 70+ countries. Additionally, Wise offers a debit card that allows you to spend in multiple currencies without having to pay high fees.
Suggested: WorldRemit vs Wise.
Remitly vs Wise: Speed Of Transfer
Remitly: The speed of your money transfer with Remitly depends on the type of transfer you select. If you choose the ‘Express’ option and use a credit or debit card, your money can be sent within minutes.
Alternatively, the ‘Economy’ option takes a few days to complete but usually comes with lower fees.
Wise: Wise transfers typically occur within a few hours or up to two days, depending on the currency routes and bank processing times.
However, Wise gives users an estimated transfer time in advance so they know when they’ll receive their funds.
Read also: Wise vs PayPal.
Remitly vs Wise: Safety & Security
Remitly: Remitly is licensed as a Money Services Business with the US Department of the Treasury. It is regulated by financial institutions worldwide and provides secure digital transfers while ensuring data protection.
Wise: Wise is licensed and regulated by the Financial Conduct Authority (FCA). The company uses robust security measures such as two-factor authentication and encryption. Wise also has a strong reputation for transparency and security controls.
Both platforms prioritize user protection, making them reliable choices for secure international money transfers.
Also know about Wise vs XE Money Transfer.
Remitly vs Wise: Ease Of Use
Remitly: Remitly has a simple and user-friendly interface, making it easy for users to navigate and send money abroad. The process is simple and can be completed within minutes.
Wise: Wise also has an easy process for transferring money with an easy-to-use online platform. Users can easily see the fees and exchange rates before initiating the transfer.
Also read: Zelle vs PayPal.
Remitly vs Wise: Pros & Cons
- Multiple delivery options, including cash pickup.
- Express service for faster transfers.
- Strong focus on remittance markets.
- Higher fees for Express transfers.
- Exchange rate markups on certain routes.
- Uses the real mid-market exchange rate.
- Low and transparent fees.
- Multi-currency account with a free debit card.
- No choice for instant cash pickup.
- Limited speed order for certain currencies.
Also read: Instarem vs Wise.
Deciding between Remitly and Wise depends on your requirements. If you need to send money rapidly, and the recipient wants cash pick-up, then Remitly might be the better choice.
On the other hand, if you prioritize efficiency and transparency, then Wise could be the ideal platform for you.
We hope that in this article you have got a lot of information about Remitly vs Wise.
Suggested: Zelle vs Venmo.
How legit is Wise transfer?
Wise (formerly TransferWise) is a legitimate and safe money transfer service.
Is Remitly safe in USA?
Yes, Remitly is generally considered to be safe and legitimate in the United States.
Does Wise refund money if scammed?
Wise can’t guarantee refunds for scams after transfers, but they do their best to assist. Make contact with them before transfers are completed to prevent them from taking place. If the transfer works, they’ll try to recover funds, report fraud, and return anything they’ve recovered.
Does Wise Bank have Zelle?
Wise offers international money transfer services and multi-currency features. However, it does not integrate with Zelle for domestic transfers.
Can I use a credit card on Wise?
Yes, you can use a credit card on Wise for most currencies.