Sending money across borders is now a common need. This guide compares Remitly and Ria Money Transfer. It looks at fees, exchange rates, how fast transfers are, and what customers say. This helps you pick the best service, avoiding high costs and slow times seen with traditional banks.
International money transfers have changed a lot. Providers like Remitly and Ria offer different solutions. This review shows how each service works, based on where you send money and where it goes. It helps you choose the right option for your needs.
Overview
In this overview, we’ll explore Remitly and Ria, two platforms that could change the game for international money transfers. Remitly lets users pick between fast and standard transfers, balancing speed and cost. Ria, on the other hand, covers over 190 countries and offers competitive rates, with a significant $2.1 billion in revenue in 2024. It has been improving its services for over 35 years.
Each service has its own strengths and areas for growth. Remitly’s flat fees make it affordable and clear, but it faces competition from Wise and Currencies Direct. These rivals often have lower fees and better exchange rates.
Ria, a part of Euronet Worldwide, adds $3.3 billion to the company’s revenue each year. It uses various ways to make money, including fees and commissions. Ria also caters to tech-savvy users and businesses, making it more valuable.
The global digital remittance market was worth USD 19.65 billion in 2022. It’s expected to grow at 15.6% annually until 2030. The North American region, where Remitly and Ria are popular, made up over 28% of global revenue in 2022. With the market set to hit $1 trillion by 2026, both platforms are ready for growth. For more details, check out compare money transfer services.
Here’s a closer look at these services:
| Feature | Remitly | Ria |
|---|---|---|
| Coverage | Payments to over 160 countries | Payments to over 190 countries |
| Exchange Rates | Fluctuates based on market conditions | Generally decent, slightly higher |
| Fees | Flat fee structure | Variable, could be higher for smaller amounts |
| Speed | Fast and standard transfer options | Varies by transfer method |
| Annual Revenue | $1.5 billion valuation | $2.1 billion in 2024 |
Guide to Remitly vs Ria
This guide compares Remitly and Ria for money transfers. It’s based on 37 companies and over 15 million users. We look at fees, exchange rates, and transfer speeds to help you choose.
Remitly has a tiered fee structure for New Zealand residents. Fees vary by country. Ria has competitive rates but might not always be the cheapest.
Remitly transfers money to over 45 countries quickly. Ria is fast too, with over 350,000 cash pick-up locations. For more tips, check our money transfer guide.
Exchange rates are key. Remitly adds a margin, but Ria is competitive. Yet, Revolut often has better rates. Remitly is known for clear fees and promotions.
Here’s a detailed comparison:
| Feature | Remitly | Ria |
|---|---|---|
| Fee Structure | Tiered, varies by recipient country, promotional offers for new customers | Competitive but not always the cheapest |
| Transfer Speed | Instant transfers to over 45 countries | Fast, over 350,000 cash pick-up locations |
| Exchange Rates | Mid-market plus margin, varies by transfer type (Economy/Express) | Competitive but falls short compared to Revolut and other top services |
In conclusion, this comparison helps you decide between Remitly and Ria. Remitly is known for clear fees and fast transfers. Ria is great for reach and rates. Your choice depends on your needs and the recipient’s country.
Fees, Exchange Rates, and Transfer Speed
When looking at fees for money transfers, Remitly and Ria have different approaches. Remitly usually charges a flat fee, while Ria’s fees can change. For example, Ria’s fees range from $0.99 to $9, depending on where you send money and how you send it.
- Remitly charges a transfer fee of £1.99 for all transfers from GBP to USD.
- Ria offers a first transfer promotion with no fees if using the HELLORIA promo code.
- Ria Money Transfer does not have a minimum transfer amount, allowing transfers as low as $1.00.
Remitly gives a special exchange rate of 1.2376 USD for 1 GBP on the first transfer for new customers. But, Ria’s exchange rate markup can be between 0.26% and 4.81%, depending on the currency pair. This means Ria’s costs can change a lot based on the currency you send.
Ria is known for fast money transfers, delivering funds in 15 minutes to 3 hours with a debit card. Remitly also guarantees delivery but might not be as fast. Ria offers many ways to receive money, including cash pickup, bank deposits, mobile wallet transfers, and cash home delivery in some countries.
| Service | Fees | Exchange Rate Markup | Transfer Speed |
|---|---|---|---|
| Remitly | £1.99 from GBP to USD | 1.2376 USD 1st transfer promo | Varies, guaranteed delivery |
| Ria | $0.99 to $9 varied, $1 minimum, no fee 1st transfer promo | 0.26% to 4.81% | 15 minutes to 3 hours with debit card |
For a detailed look at how these factors affect Remitly and Ria’s services, check out this in-depth analysis.
Customer Experience and User Interface
The ease of use for any money transfer platform is key to user happiness. This is true for those who value easy-to-use money transfer services. Remitly shines with its simple interface, making it easy to navigate and understand. This design helps even new users to easily start and finish transactions.
When it comes to customer support, Remitly has a helpful support center. Yet, some users have faced delays in getting help. Ria Money Transfer has a different approach. Their support is usually quick, but sometimes it’s not as efficient. This can affect how users feel about the service, as quick help is important for solving problems.
Comparing these services to others like Wise (formerly TransferWise) and Azimo shows Wise’s strong user interface. It’s easy to use and avoids unnecessary complexity. Azimo uses new technology for fast and reliable transfers to over 200 countries. These features highlight the need for a good interface and strong support to improve the user experience in money transfers.
