WorldRemit vs Wise? Online money transfer services like WorldRemit and Wise have made sending money across borders easier than ever. These platforms allow you to send money internationally without the hassle of traditional methods.
Whether you want to help a friend in another country or support your family, these services aim to make your international money transfers simple and cost-effective.
In this comparison, we’ll explore the differences between WorldRemit and Wise so you can choose the one that suits your needs best.
Read also: Wise vs Payoneer.
WorldRemit vs Wise: Overview
WorldRemit:
WorldRemit is a convenient and secure service that allows people to send money to their loved ones in different countries. It offers a digital solution to send money abroad, and you can use your computer or phone to send funds.
The recipient can receive the money in various ways, such as in their bank account, as cash, or through a mobile wallet.
Wise:
Wise, formerly known as TransferWise, is also a service for sending money internationally. Due to its fair exchange rates, it can provide you with more money on the other end in comparison to traditional banks.
It is user-friendly and transparent about fees, which makes it a popular choice for people who want to send money abroad without hidden fees.
| Feature | WorldRemit | Wise |
| Supported Countries & Currencies | Over 130 countries | Over 70 countries & 50+ currencies |
| Fees | Varies depending on the route and payment method, can be higher than Wise for bank transfers | Generally lower fees than banks, uses mid-market rate with transparent upfront fee |
| Exchange Rates | Sometimes adds markup to mid-market rate | Uses mid-market rate, no markup |
| Transfer Speed | 90% of bank transfers delivered within a day | Some transfers instant, most within 1-3 business days |
| Payout Options | Bank transfers, cash pickup, mobile money | Bank transfers, multi-currency account, debit card |
| Transparency | Fees and exchange rates not always immediately clear | Upfront fees and exchange rates displayed for every transfer |
| Ease of Use | User-friendly website and app | User-friendly website and app |
| Customer Support | 24/7 support via phone, email, and online chat | 24/7 support via email and online chat |
WorldRemit vs Wise: Fees & Costs
WorldRemit:
When you send money with WorldRemit, they charge fees that can vary depending on different factors. These factors include the country you’re sending money to, the payment method you choose, and the amount you’re sending.
You have options for paying the fees, like using a debit or credit card. Before sending money, it’s important to check the specific fees for your transfer on the WorldRemit website or app.
Wise:
The fees charged by Wise are transparent. A small fee is usually charged when you use Wise to send money internationally.
Wise uses the real exchange rate (mid-market rate), which is the rate you see on Google, without adding a markup.
Due to this, Wise is typically more cost effective than traditional banks.
Also know about How To Send Money With WorldRemit.
WorldRemit vs Wise: Features & Functionality
There are a number of features and functionalities provided by WorldRemit and Wise to improve the user experience.
WorldRemit:
WorldRemit provides multiple payment options, such as bank transfers, debit/credit cards, and mobile money. Additionally, their user-friendly mobile app makes sending and receiving money convenient.
Wise:
Wise is unique because of its multi-currency account, which allows users to hold and convert funds into different currencies at the mid-market exchange rate. This feature is extremely useful for individuals or businesses involved in international transactions.
Suggested: Wise vs PayPal.
WorldRemit vs Wise: Speed Of Transfer
WorldRemit:
WorldRemit generally offers quick transfers, but the speed can vary based on the country and the method of receiving.
The transfer process can be completed within minutes in some cases, especially if you select cash pickup or mobile money as your method of payment.
Wise:
Wise is also known for its efficiency in transferring money internationally. In general, the platform processes transfers quickly, and the duration can vary depending on the currency and route.
When you initiate a transfer, Wise often provides an expected delivery time, allowing you to know when the recipient will receive funds.
Also read: Wise vs XE Money Transfer.
WorldRemit vs Wise: Safety & Security
WorldRemit:
WorldRemit uses various security measures to ensure the safety of your transactions. To protect your financial and personal information, they use encryption technology.
Additionally, they are licensed and regulated by financial authorities in different countries, which ensures compliance with security standards.
Wise:
Wise is also known for its commitment to security. To protect your data and transactions, they use advanced security protocols, including encryption and two-factor authentication.
The services offered by Wise are approved and regulated by financial authorities in multiple countries, making them more reliable.
Read also: How To Send Money With Wise.
WorldRemit vs Wise: Ease Of Use
WorldRemit:
WorldRemit offers a user-friendly platform for sending money. To initiate a transfer, you need to sign up, select the recipient’s country, choose the preferred delivery method (bank deposit, cash pickup, mobile money, etc.), and enter the recipient’s details.
The platform provides clear instructions, and you can even use their mobile app for convenient transfers on the go.
Wise:
The wise interface is also user-friendly. To make a transfer, create an account, choose the amount and location, and enter the recipient’s details.
Wise provides a transparent exchange rate and upfront fees. The platform also offers a multi-currency account feature for easy money management in different currencies.
Also take a look at How To Receive Money From WorldRemit.
WorldRemit vs Wise: Pros & Cons
1. WorldRemit
Pros:
- Fast transfer times, with many transactions processing within minutes.
- Wide range of destination countries and payout options.
- Several payment options are available, including bank transfers, cards, and mobile money.
Cons:
- Transfer fees can vary depending on the country and payment method chosen.
- Exchange rates may not always be as competitive as other providers.
2. Wise
Pros:
- Transparent and competitive exchange rates.
- Low fees, especially for large transfers.
- Multi-currency account options for managing balances in different currencies.
Cons:
- Transfer times may take longer compared to some other providers.
- Limited availability of certain currencies for certain countries.
Conclusion
WorldRemit and Wise are both good options for international money transfers. WorldRemit offers simplicity with easy setup and flexible delivery options.
Wise is user-friendly, providing transparent information on fees and exchange rates and even offering a multi-currency account.
The best choice depends on your preferences and the features that matter most to you. Both platforms aim to make international money transfers easy.
We hope that in this article you have got a lot of information about WorldRemit vs Wise.
Suggested: Review Of Wise Money Transfer.
FAQs
Is Wise safe for international transfers?
Yes, Wise (formerly TransferWise) is a safe and reliable option for international transfers.
Is Wise cheaper than Remitly?
For international transfers, Wise is usually cheaper than Remitly.
Does Wise transfer work in USA?
Yes, Wise definitely works in the USA. Sending and receiving money domestically and internationally is actually very convenient with this service.
Is Wise good for large transfers?
Yes, Wise is a good option for large transfers if you want competitive fees, transparent pricing, and fast transfers.
