Choosing between Remitly and Western Union can greatly affect your experience with international money transfers. Remitly, started in 2011, focuses on online transfers. It supports over 170 countries and more than 100 currencies. On the other hand, Western Union has been around for 170 years. It has a huge network of over 550,000 agents in 200 countries, serving more than 150 million customers.
This guide will help you understand the good and bad of both services. We’ll look at fees, exchange rates, how fast transfers are, and how reliable they are. This way, you can pick the best service for your needs. For more details, check out this review. Knowing the differences between Remitly and Western Union will help you make the right choice for your money transfers.
Overview of Remitly and Western Union
Remitly has quickly become a big name in sending money across borders. It offers easy-to-use online services. The Remitly overview shows it helps send money from 17 countries to over 150 places. You can pay with bank transfers or debit/credit cards.
With over 4.5 million users, Remitly is a hit for sending money to Mexico, India, and the Philippines. These countries make up about 70% of its business. It supports over 75 currencies and lets you send from £1 to £5,000. This makes it great for those who want easy and flexible money transfers.
Western Union, on the other hand, has a long history. It offers both old-school cash transfers and new online services. With over 500,000 locations worldwide, it’s easy to get cash. Despite facing competition, it remains a trusted name in sending money.
Both Remitly and Western Union have their strengths. Remitly lets you send money the same day for £1.99 under £1,000. It also has a slower option for the same price. Western Union has more locations but Remitly is more convenient for digital users.
| Feature | Remitly | Western Union |
|---|---|---|
| Transfer Options | Online, mobile app, cash pickup | Online, in-person, cash pickup |
| Countries Supported | 150+ | 200+ |
| User Base | 4.5 million | N/A |
| Agent Locations | N/A | 500,000+ |
| Transfer Limits | £1 to £5,000 | Varies by location |
| Average Rating | 3.9/5 | N/A |
Guide to Remitly vs Western Union
This guide compares Remitly and Western Union, two big names in sending money abroad. Each has its own way of working, meeting different needs in the market.
Remitly is great for those who love using digital tools. Its app and website make sending money easy and fast. It also focuses on keeping your money safe and making you happy, with many ways to get your cash.
Western Union, with over 500,000 locations, is perfect for getting cash quickly. It’s all about its huge network for those who like dealing with cash in person. If you need cash fast, Western Union might be your best bet, with its agents in over 200 countries.
Choosing between Remitly and Western Union depends on what you need. Remitly is fast and easy for digital users. Western Union is good for those who want to get cash right away. This comparison shows how these differences affect your choice in the remittance world.
| Feature | Remitly | Western Union |
|---|---|---|
| Accessibility | Primarily digital via app/website | Over 500,000 agent locations globally |
| Transfer Options | Bank deposits, cash picks, mobile money | Cash pickup, bank transfers, direct to mobile |
| Focus Area | Speed and convenience | Traditional cash-based remittances |
| Countries Served | 200+ countries | 200+ countries |
In short, looking at what Remitly and Western Union offer can help you choose the best service for you. Whether you want fast transfers or lots of cash access, both have something good to offer in the world of international money sending.
Fees and Exchange Rates
It’s important to know the costs of money transfer services. Remitly fees are usually between 0.5% and 2% per transfer. This depends on how much you send and how you pay. Western Union fees can be different, ranging from $0.00 to $61.00. This depends on the type and method of transfer.
For example, sending money from a bank account to another with Western Union costs between $0.65 and $3.76 for every $100. This shows that Western Union has a more varied fee structure.
Both Remitly and Western Union have different exchange rates. Western Union’s rates are about 1.6% higher for USD to GBP and up to 7% higher for USD to Indian Rupee. This means users should compare fees and rates carefully to make the best choice.
Here’s a detailed comparison of fees and exchange rates for each service:
| Service | Transfer Fees (%) | Exchange Rate Markup | Prominent Payment Methods |
|---|---|---|---|
| Remitly | 0.5% – 2% | Varies by destination | Bank transfer, debit/credit card |
| Western Union | 0% – 4% | 1.6% (USD to GBP), up to 7% (USD to INR) | Cash pick-up, bank transfer, online |
Transfer Speed and Reliability
Remitly and Western Union offer different ways to send money. Remitly has two main options: Economy, which takes 3-5 business days, and Express. The Express option is fast, arriving in minutes if you use a debit card. Western Union is known for quick cash pickups but bank transfers can take 0 to 2 days.
Both services focus on making transfers safe and fast. Remitly checks your identity carefully to keep your money safe. Western Union uses encryption to protect your data during every transaction.
Choosing between Remitly and Western Union depends on your needs. If you need money fast, Remitly’s Express is great. For reliable cash pickups, Western Union’s wide network is best. For more options, check out alternative options that offer new ways to send money.
