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!
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 scores better in the Ease of Use category.