Choosing a money transfer service to send funds to friends, loved ones, and work associates abroad can be a bit overwhelming since there are so many options on the market. You want to make sure you’re getting the best rate, the fastest transfer time, and an all-around pleasant user experience.
The best way to find the perfect fit is by comparing the top options. In this post, we will compare Remitbee and Remitly, two powerful money transfer platforms.
When comparing money transfer services There are several important factors to consider such as:
Let’s compare Remitbee to Remitly!
Founded in 2015, Remitbee is a Canadian- FinTech firm based in Mississauga. Built by immigrants for immigrants, its goal is to make international remittances as fast, seamless, secure, and affordable as possible. In 2019, Remitbee was named as one of the leading fintech companies along with Shopify and WealthSimple by Toronto Finance International (TFI).
Remitbee offers online international money transfers as well as online currency exchanges including USD. Currently, Remitbee is only available to people with Canadian bank accounts and phone numbers who need to send money abroad or exchange currency between their own accounts.
You can access Remitbee online at www.remitbee.com or use their mobile apps on apple and android.
Remitly is an international money transfer service that operates in over 15 different countries including Canada and the US. Remitly has been operating out of Seattle, Washington since 2012. Remitly’s founder created Remitly because he realized the importance of online money transfers while living abroad. You can use Remitly online through their website, or via their mobile apps.
Remitbee’s fees are straightforward and transparent and all transfers over 500$ are free! Running costs are covered by charging a small margin, usually 0.3-0.6% on the exchange rate. Which is approximately 3-5$ dollars on every 1000 CAD. This money goes towards business and staff expenses.
Remitbee fees are based on your payment method and the transfer amount. All transfers of 500$ are free. What you see is what you get no matter what country you’re sending to!
Check out the chart below:
Remitly’s fees are more complicated. They depend on which country you are sending from and to. There is also a difference in fees depending on which speed of transfer you pick. Generally speaking Remitly charges $6.99+ for express delivery and $2.99+ for a slower delivery (3-5 days).
The exchange rate shown on Remitly’s website shows an estimated exchange rate. When you calculate the math of sending and receiving amounts, the Remitly money transfer rate is different from the actual exchange rate shown. Remitly also adds a margin over the existing exchange rate. This can result in you paying up to 2% in extra fees. Remitly offers competitive rates but rates may be different from user to user and whether or not you already have an account with them.
Remitbee prides itself on its transparency! You can see check out all fees on its fee calculator and track the progress of your transfers easily through your account. Remitbee has no hidden charges or secret promotional rates... what you see is what you get!
According to Remitly’s website, transparency is a part of Remitly’s core values. Users are made aware of the cost of their transfer before they make it but there have been complaints of hidden fees and different exchange rates as mentioned above. Remitly usually offers a better rate to new users at the beginning and will lower the rate as a user continues to use their service.
With Remitbee you can start sending money in a matter of minutes. It offers a quick and straightforward registration process. You can start via the web or mobile app easily.
Remitly offers a simple and fast registration and transfer process. Their website and app have been described as user friendly.
With a 100% money-back guarantee, Remitbee has been rated 5 Stars on Facebook and 4.5 on TrustPilot and Google. Here are some customer reviews on Remitbee.
“Remitbee is one of the best if not the best service out there, I have tried almost every other money transfer service available and I found Remitbee most reliable in terms of rates and transfer speed. Always got my questions answered by their Customer Service team. No deals No scams!” 5 Stars, Google review - Shashi K
“I tried many services, but Remitbee is so far the best with rates and faster deposits. The bill payment way to pay is very helpful when you want to send larger amounts. They ask for documents to verify the account which is a negative part but that is normal now with all. Keep up the good work” 5 stars, Google reviews - Venkatesh Mishra
Remitly is rated 4.5/5 on TrustPilot and Google. Their Facebook page doesn’t feature a rating. Here are some of Remitly’s customer reviews
“Easy and convenient. Service charges were not waived when they were supposed to be.” - Tiffany, via TrustPilot
“Good incentives for new members to sign up. The rates are lower for current members. The steps for sending a transmission could be simplified. I tried to use an American Express card and it is not allowed.” - Roy, via TrustPilot
“Whilst I can't say their transfer fees are the lowest on the market, the exchange rates are great.” - Eli, via TrustPilot
Remitbee has amazing features for customers making transfers, easy, secure, and fast!
Here are just a few:
Remitbee is available on the web, apple, and android.
Transfers within hours (Express fee)
Remitly is available on the web, apple, and android.
Remitbee offers a variety of payment methods. Here they are:
Remitbee’s bill payment option gives users the option to pay with cash at their bank location.
Remitly payment methods differ depending on which country you are in. Here they are here:
Remitbee transfers are usually received within hours if not minutes! If a transfer takes longer it will be within 1 business day.
Remitly offers two options to send international money transfers. The first is Express which is their faster but more expensive way to send money. These transfers take a few hours. The second option is the economy which is their cheapest option. This transfer takes 3- 5 days.
Remitbee is FINTRAC certified and accredited by the better business bureau online business program. All your data with Remitbee is SHA-256 RSA encrypted, for dependable privacy and security.
Remitly follows all laws and standards required by the countries they operate in. They also offer an SMS security feature that texts you if there is unusual activity on your account.
Remitbee is the Canadian choice! With Remitbee you can send transfers from Canada to 40+ countries including:
Remitbee offers different delivery methods based on delivery location. These include:
Remitly operates out of 17 countries. You can check out their full-service areas here
Remitbee offers world-class customer support. Customers can reach Remitbee customer care via phone, email, instant chat, and social media.
Customer support is available Monday – Saturday from 10 a.m. – 8 p.m. Sunday 10 a.m. – 6 p.m. All email and social media requests will be responded to within 24 hours.
Remitly offers 24/7 customer support by phone and instant chat in french, Spanish, and English.
Remitbee offers a 15$ credit to all new users. Just use the coupon HELLO15. Remitbee has a great referral rewards program. Users can earn unlimited rewards for inviting friends. At this time, users can earn 50$ for every 3 friends they invite that send a transfer. Rewards sometimes increase during special occasions.
Remitly offers a special promotional exchange rate to new customers! They also have a reward program where you get money to refer a friend.
Both Remitbee and Remitly offer great solutions to users who want to send money abroad. However, the Remitly platform can get a bit confusing since each sender/recipient situation is unique since fees and transfer times depend on the location combination. With Remitbee, all users use the same calculator to determine the fees which makes it easy to see exactly how much transferring the money will cost you. This transparency is truly valuable.
Remitly may have a larger coverage area, currency pairings but Remitbee is the better choice for Canadians who want to send money abroad. Remitbee offers users full transparency, consistently high rates, and speedy transfers. Furthermore, they will be adding more corridors and recipient countries in the near future.
Ready to transfer money with low costs and maximum efficiency? Initiate a transfer on Remitbee in minutes. All you have to do to get started is to create a free account today!
Please note that all of the information in this post is accurate as of December 2020. Exchange rates fluctuate regularly, so please be sure to check with the money transfer service for the most current rates.