Looking for a way to send money overseas? Find out which is the better option for you.
Trademark Disclaimer: Remitly is a trademark of Remitly, Inc., and Wise is a trademark of Wise, formerly known as TransferWise. RemitBee Incorporated (“We,” “Us,” “Our”) has no direct or indirect association with Remitly or Wise in marketing, sales, or customer service. The contents provided here are for informational and comparison purposes only.
Remitly Overview
Remitly is an American online money transfer service that allows users to send money internationally through a digital platform. It supports transfers from countries like the United States, Canada, the United Kingdom, and Australia to a wide range of destinations.
Due to its online and mobile-based system, Remitly offers fast and convenient transfers. Users can send money using their smartphone, tablet, or desktop through the Remitly website.
Wise Overview
Wise is a UK-based international money transfer service that allows customers to send money to over 70 countries worldwide. The platform is known for its transparency and competitive exchange rates.
Wise operates completely online, making it easy for users to send money directly to bank accounts across different countries. It has become a popular choice for users looking for cost-effective transfers.
Available payment methods
Remitly Payment Method
When sending money with Remitly, users can fund their transfers using:
- Bank transfer
- Credit card
- Debit card
- Prepaid debit cards
The available options may vary depending on the sending and receiving country.
Remitly typically allows users to send up to $999 per day initially, with higher limits available after verification.
Wise Payment Methods
Wise offers several ways to fund international transfers:
- Bank account transfer
- Debit card
- Credit card
- Wire transfer
Wise supports higher transfer limits depending on the method. For example, wire transfers can go up to $1 million per transaction.
Fees
Remitly’s fees
Remitly charges fees based on factors such as:
- Transfer amount
- Destination country
- Payment method
- Delivery speed
Economy transfers may have lower or no fees for higher amounts, while express transfers usually come with higher charges.
Wise’s fees
Wise follows a transparent pricing model:
- Fees start from around 0.33% of the transfer amount
- Costs vary based on currency and payment method
- No hidden charges in exchange rates
Exchange rates
Remitly’s rates
Remitly applies a markup on exchange rates, which can typically range between 0.5% and 2% depending on the transfer type and destination.
Wise rates
Wise uses the mid-market exchange rate (the same rate you see on Google), with no hidden markup.
This makes Wise a popular choice for users looking for better value on currency conversion.
Security
Remitly security
Remitly is a licensed money transfer provider and operates under regulatory authorities in multiple countries. It uses encryption and security measures to protect user transactions.
Wise security
Wise is regulated by financial authorities worldwide and is known for its transparency and security. It uses advanced security systems to ensure safe transactions.
Ease of use
Remitly Ease of Use
Remitly is fully digital, allowing users to send money anytime using its mobile app or website. Transfers can typically be completed in just a few steps.
Wise Ease of Use
Wise is also entirely online and provides a simple and user-friendly interface. Users can send money globally with minimal steps and track transfers easily.
Conclusion
Overall, Remitly and Wise are both strong options for international money transfers. Each platform has its own advantages depending on the user’s needs.
Remitly is ideal for users who need fast transfers and flexible delivery options, while Wise is better suited for those looking for lower costs and transparent exchange rates.
Why choose RemitBee?
While both Remitly and Wise are popular options, RemitBee offers a competitive alternative for users looking to maximize value.
- Competitive exchange rates
- Low or zero fees on eligible transfers
- Fast and secure transactions
- Transparent pricing
Before making a transfer, it’s always a good idea to compare providers to ensure you’re getting the best deal.
