Personal Features

Remitly

33

What Remitly offers

Remitly provides overseas money transfer services to:

  • Foreign Bank Accounts
  • Cash pick up locations
  • Mobile Money solutions (not available in all countries)

Remitly also offers a regular transfer service for people who need to do repeated international money transfers for the same amount each time. For example, monthly pensions.

Remitly does not offer

  • Personal account management
  • Travel debit cards
  • Digital wallet services

Sending limits apply to customers for international money transfers.


TransferWise

50

TransferWise provides a simple easy to use international money transfer service with digital wallet capabilities. Their digital wallet, or Borderless account also gives the individual local banking details in 6+ currencies including, EUR, SGD, NZD, USD, GBP and AUD. Their TransferWise Borderless debit card backs on to their Borderless digital wallet allowing you to spend directly out of your multi-currency account balances.

What TransferWise offers individuals

  • International money transfers
  • Borderless multi-currency receiving accounts
  • Borderless Debit Card - FX optimised debit card
  • Android and Apple apps
  • Send money to email address

What TransferWise does not offer individuals

  • Personal account management
  • Regular transfers
  • Cash pick up or international bill payments

TransferWise wins!

TransferWise scores better in the Personal Features category.

TransferWise
Ribbon Icon
Winner

Business Benefits

Remitly

0

Remitly does not offer services for businesses. Their service is specialised and tailored for personal use.


TransferWise

56

In addition to the services TransferWise offers the individual, there are some features only available for a business. Unfortunately, as TransferWise is online only, a business customer does not have support with currency fluctuations and trends. TransferWise does however offer easy to use transactional foreign currency receipts and payments.

What TransferWise offers businesses

  • Batch payments
  • Xero and Quickbook integration
  • FX optimised business debit card
  • Multi-user account access

What TransferWise for business doesn’t offer

  • Business account management
  • Risk management tools
  • Regular transfers

TransferWise wins!

TransferWise scores better in the Business Benefits category.

TransferWise
Ribbon Icon
Winner

Fees & Exchange Rates

Remitly

8

Remitly fees are hidden within the exchange rate plus an additional fee on top. The fees on the exchange rate can be up to 2% of the transfer amount.

Additional fees apply for the transfer of funds. These can be simple for some countries and complex tiered fees for other countries. 

Economy Transfer Fee - Up to US$3.99

Express Transfer Fee - Between US$4.99 and US$99.99 for larger transfer amounts when receiving in USD.


TransferWise

54

TransferWise offers the real time exchange rate at the time of your transfer. Therefore fees are visible in addition to the transfer amount. The fee structure is complex as it differs depending on the currencies you are sending from and to. Fees also apply to the type of Borderless account transaction. Fees can also apply on the use of the TransferWise Borderless debit card. Fees are briefly summarised below. Read the detailed TransferWise review for more details on TransferWise fees.

TransferWise ServiceTransferWise fee
Simple International Money Transfer

0.4% - 2% 

Varies on currency and payment type

Adding to TransferWise Borderless account0.4% - 0.5%
Converting between Borderless account0.3% - 0.6%
Sending money out of Borderless accountLess than 0.1% in most cases
Borderless Account Debit Card

No fee for card issuance

Fee free cash withdrawal limit of US$250, 2% thereafter

Zero cost on spend from existing currency balance, 0.24 - 3.69% fee if there is no existing balance


TransferWise wins!

TransferWise scores better in the Fees and Exchange Rates category.

TransferWise
Ribbon Icon
Winner

Ease of Use

Remitly

71

Registration - Remitly has a smooth account creation process. The website and mobile app are easy to use.

ID Verification - ID verification is not required for Tier 1 membership but this lowers the account sending limits. Tier 2 and 3 require increased proof of identification and source of funds. This can be a slower process. 

Transfer speed - Generally between 2 - 3 days upon payment.

Low minimum transfer limits - Send under $5

Low maximum transfer limits - Transfer limits are tiered based on your ID verification. Even with tier 3 ID verification. 

Low maximum sending limits - After full ID verification, you may only send up to $60,000 within 180 days. That’s low!


TransferWise

83

The TransferWise app design and user experience of their technology is great with simple, intuitive processes.

Registration - Fast and easy account creation

ID verification - Instant in some countries

Transfer speed - It can be instantaneous in some countries. Fast payments to TransferWise comes at an additional cost.

Minimum transfer amount - $1

Mobile app - Simple and easy to use. Probably the best designed app of the international money transfer companies.

Payment options - TransferWise has the broadest range of payment options. Local bank transfer, debit / credit card and country specific solutions such as POLi.


TransferWise wins!

TransferWise scores better in the Ease of Use category.

TransferWise
Ribbon Icon
Winner

Support & Countries

Remitly

63

Destination countries - Remitly specialises in sending to South American, Asian and African countries. Sending to more popular countries like the UK, USA and Canada is not supported.

Language support - Remilty supports 11 languages. They have local settlement accounts for sending funds to Remitly freely and easily in Singapore, Australia, Europe, UK and the USA.

Customer service - Customer support can be contacted by their website’s online chat service. Phone support is also available but only in English and Spanish between 3:00 a.m. to 7:00 p.m. PT.


TransferWise

88

TransferWise’s supported countries vary with different services having different supported customer countries and destination countries. These are detailed in the TransferWise Countries and Currencies article and is summarized below.

Send from - 23 countries plus the Europe SEPA countries

Send to - Over 60 currencies

Borderless account and debit card - Over 6 countries can sign up to their Borderless services.


It’s a draw!

Both equally compare in the Support and Countries category.

TransferWise
Ribbon Icon
Winner

Trust & Transparency

Remitly

25

Transparency - Remitly’s transparency on fees is quite poor. They show the real exchange rate below their money transfer widget but the ‘received amount’ in the widget does not use that rate. Remitly uses the real exchange rate plus approximately 2%.

The additional fees for sending to a country can be found clearly within the help center. However, it is not shown to the customer going through the money transfer process until after a few steps.

Remitly & TrustPilot - Remilty’s lack of transparency on fees can be quite confusing which is reflected in many poor reviews on TrustPilot. Many poor Remitly reviews are about transparency on fees and sudden account closures or funds not arriving at their destination. 


TransferWise

63

TransferWise is fully regulated by the FCA and their customer funds are segregated from their business banking activities.

TransferWise is rated on TrustPilot as Excellent. Unfortunately there have been some poor reviews on TrustPilot indicating sudden account closures with funds being returned with no explanation.

TransferWise continues to raise capital through private funding. This could be a concern for the future when the shareholders are looking for aggressive growth and / or a return on their investment.


TransferWise wins!

TransferWise scores better in the Trust and Transparency category.

TransferWise
Ribbon Icon
Winner

The Result

Winner ribbon iconWinner

 TransferWise

TransferWise is the clear winner against Remitly.  With far more transparency and cheaper fees and exchange rates, they also offer Business Benefits as well.  Both compete equally across Customer support and Supported Countries with TransferWise only slightly winning in the Personal Features and Ease of Use categories.