Remitbee vs Wise for Sending Money to Ukraine

An efficient and reliable international money transfer service is vital for an interconnected world. And perhaps, twice as much for the people of Ukraine who bank on outside support and remittance to get through these challenging times.

While there are many platforms to get your money across to Ukraine, these avenues differ in the level of convenience and accessibility provided. The best among them minimizes your headaches and allows quick and affordable transfers with minimal hassle.

The article identifies two prominent contenders that handle money transfers to Ukraine– Wise and Remitbee. Both platforms offer users the convenience of transferring funds internationally but differ in their approaches, fees, and user experiences.

We delve into the key features and attributes of Wise and Remitbee, specifically focusing on Ukraine.

Why Ukraine?

Canada's Ukrainian diaspora needs reliable international money transfer services for remittances back home. This need has been compounded by the recent Russian invasion that has left many Ukrainian families reliant on outside help and contributions.

The Competitors

What is Wise?

Wise (formerly TransferWise) is a global payments platform specializing in international money transfers and currency exchanges. As they put it:

"Our dream is for people to live and work anywhere seamlessly. That means money without borders: moving it instantly, transparently, conveniently, and- eventually- for free."

How to Transfer Money with Wise

1. Sign up for free online or through the Wise app with an email address or a Google or Facebook account.
2. Choose an amount to send.
3. You'll be shown the fees and when the money should arrive.
4. Add the recipient's bank details.
5. Verify your identity.
6. Pay for your transfer with supported payment methods, including bank transfers, debit or credit cards, etc.
7. You can track your transfers in your account, and the recipient will be notified of the incoming transfer.

What is Remitbee?

Remitbee is a fintech startup that became a popular remittance option for many Canadians willing to challenge the exorbitant fees imposed by traditional financial institutions.

They similarly specialize in international money transfers and currency exchanges, with a mission to:

"Spark the financial revolution by connecting people and money- across borders, currencies, and cultures."

Does Remitbee Handle Money Transfers to Ukraine?

Yes, Ukraine has finally entered the list of countries serviced by Remitbee's money transfer services.

Benefits of Using Remitbee?

As a company founded and operated by immigrants in Canada, Remitbee has a deep understanding of remittances and a knack for identifying potential obstacles newcomers face. This translates to responsive service that addresses specific needs like affordability and speed.

All transfers over $500 are free, and transfers are instant!

And that's just the tip of the iceberg: Remitbee offers some of the best exchange rates for converting the Canadian dollar to Ukrainian Hryvnia- with live rate updates to keep you in the loop.

Savings are a priority for many newcomers, and Remitbee builds on this need with its quick, secure, and seamless money transfer for optimized savings. The entire process is highly transparent, with no hidden costs.

The UI and registration process are also maximized for speed and convenience, doing away with lengthy processes that are the norm with conventional services.

How do I Transfer Money with Remitbee?

Transferring money with Remitbee is accomplished in 5 easy steps:

1. Sign up for free using the website or the app.
2. Verify Your Identity.
3. Add Your Recipient in Ukraine or other countries supported by Remitbee.
4. Choose a Payment Method for your free money transfer from your bank account or a Visa Debit, Mastercard, or Interac E-transfer.
5. Confirm the up-to-date exchange rate and fees. Once confirmed, your money transfers can take as little as 5 minutes or up to 1 business day, depending on the transfer method.

Comparison of Fees

Below is a breakdown of fees for both platforms when transferring money to Ukraine.

Remitbee

Wise

The Customer Knows Best

That about covers it. The article should equip you with all the information to decide what platform suits your needs. After all, the customer is always right.