Remitly and Wise are leaders in money transfer services. They offer many options for sending money across borders. Remitly started in 2011 and is based in Seattle. It helps send money from 17 countries to over 50 places, serving about 3 million users each month.
Wise, based in the UK, reaches 59 countries and sends money to 80 places. It has over 16 million customers worldwide. Both companies have grown a lot in their reach and ability.
When looking at money transfer services, it’s key to look at fees, how fast transfers are, and how users feel about them. Remitly charges a flat fee of $3.99 for transfers under $1,000. Wise’s fees are between 0.35% and 1.65% of the amount sent.
Remitly’s Express option sends money instantly, while Wise is known for clear fees and wide coverage. The international money market was worth $607.43 billion in 2023. It’s vital to pick a service that’s both reliable and affordable. This guide helps compare Remitly and Wise to help you choose based on your needs.
Overview of Remitly vs Wise
Remitly and Wise are big names in sending money across borders. They cater to different needs. Knowing their differences helps pick the right service for sending money abroad.
Remitly started in 2011 by Matthew Oppenheimer, Josh Hug, and Shivaas Gulati. It has helped over five million people worldwide. Remitly offers many ways to send money, like bank transfers and cash pickup. But, it might have hidden fees and less competitive rates.
Wise, known as TransferWise at first, was also founded in 2011 by Taavet Hinrikus and Kristo Käärmann. It now supports over 16 million customers. Wise is known for clear fees and rates, saving users money. It doesn’t offer cash pickup but is great for smaller transfers.
Both Remitly and Wise follow strict rules to keep your money safe. Remitly has partnerships for cash pickup in some places. Wise focuses on bank transfers and digital wallets, avoiding cash pickup.
Wise and Remitly serve many countries. Wise supports 130 countries with 100 currencies. Remitly is known for its easy-to-use services worldwide.
When choosing between Remitly and Wise, look at their offerings and reach. Comparing them shows Remitly is cheap for transfers, but Wise is better for clear rates.
Wise is great for small to medium transfers because of its low fees. [Monito](https://fxpal.com/guides/top-alternatives-to-remitly-your-essential-guide/) shows Wise’s benefits. Users have saved over $75 million with Monito, highlighting the importance of choosing wisely.
Exploring Remitly and Wise in the Remitly Wise services overview helps find the best for your needs.
Features and Services Comparison: Guide to Remitly vs Wise
Looking at the features of Remitly and Wise, we see some key differences. Both started in 2011 but serve different needs. Wise sends money to over 160 countries, while Remitly reaches over 170 countries, mainly from Australia.
A big difference in the service comparison Remitly vs Wise is multi-currency accounts. Wise can hold over 40 currencies for personal and business use. On the other hand, Remitly doesn’t offer multi-currency accounts or services for businesses. This makes Wise great for those handling many currencies or running international businesses.
Both Remitly and Wise have high TrustPilot ratings, showing they make customers happy. Wise has a 4.2 rating from over 204,000 reviews, and Remitly has a 4.0 from over 43,000 reviews. This shows strong trust in these platforms.
When it comes to fees, the money transfer features guide shows Wise is upfront with fees starting at 0.43%. Remitly’s fees change based on how you pay and what you transfer. Wise uses the mid-market exchange rate, which is competitive. Remitly sometimes adds a markup, which can make smaller transfers more expensive.
Wise is fast, with about 50% of transfers instant and 90% in 24 hours. Remitly has options too: instant transfers are more expensive, but slower transfers are cheaper.
Here’s a detailed look at the features of Remitly and Wise:
| Feature | Wise | Remitly |
|---|---|---|
| Number of Countries Supported | 160+ | 170+ from Australia |
| Multi-Currency Accounts | Available (40+ currencies) | Not Available |
| Transfer Fees | Starting from 0.43% | Varies by payment details |
| Exchange Rates | Mid-market rate | Uses a markup |
| Transfer Speeds | 50% instant, 90% within 24 hours | Depends on service option |
| TrustPilot Rating | 4.2 (204,000 reviews) | 4.0 (43,000 reviews) |
Pros and Cons of Using Remitly and Wise
When comparing Remitly vs Wise, it’s key to look at the good and bad of each. Both services have strengths that meet different needs for sending money abroad. Knowing the advantages and disadvantages of Remitly and Wise helps users pick the best option for them.
Remitly is known for quick money transfers, with its Express service sending funds in minutes. This is great for urgent needs. It supports over 100 currencies in 170 countries and offers various ways to receive money, like bank deposits and mobile wallets. First-time users get special exchange rates, which is a big plus. But, Remitly’s fees can be high, and some users have had issues with speed and customer service.
On the other hand, Wise is all about clear costs and value. It starts fees at 0.43% and uses the mid-market exchange rate. Wise is good for businesses, with features like multi-currency accounts and API integration. It also has a high Trustpilot score of 4.2 out of 5. Yet, Wise might not be the best for instant transfers or a wide range of payout options. Its transfer times are usually 2-3 working days, which might not be fast enough for some.
In short, choosing between Remitly and Wise depends on your specific needs. Remitly is perfect for fast, urgent transfers to developing countries with many payout options. Wise, on the other hand, is great for those who want clear costs, lower fees, and features for managing multiple currencies. By weighing the pros and cons of each, users can find the service that suits their needs best.
