Personal Features

WorldRemit

67

67

WorldRemit offers

WorldRemit is tailored for individuals with account services that include:

  • Foreign bank transfers
  • Cash pick-up
  • Foreign bill payments (ie electricity, credit cards and television services)
  • Pre-paid mobile credit top-ups
  • Recurring / regular transfers are also supported

Note: bill payments and cash pick-up services are not available in all countries.

WorldRemit has two unique features. These are:

  • Mobile money - Shop in-store, online and withdraw cash at authorised agents
  • WorldRemit Wallet - Money can be received through their vast global network into a multi-currency wallet

 

WorldRemit does not offer

  • Travel debit cards
  • Access to a personal account manager (helpful when transferring large sums of money)

TransferWise

50

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

WorldRemit wins!

Quite simply. WorldRemit offers more ways to transfer money for the individual compared to TransferWise. WorldRemit may be better suited for some individuals who want to send cash, pay bills or top up mobile phone credit overseas. TransferWise may be more suited to global travellers who need the Borderless account and debit card to save money while travelling overseas.

WorldRemit
Ribbon Icon
Winner

Business Benefits

WorldRemit

0

0

WorldRemit does not provide a business service, although WorldRemit could be used for business transfers. The Mobile Wallet could be used for business, however it may not be suited for this purpose.


TransferWise

56

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 wins by default as WorldRemit does not offer international money transfer services for businesses. TransferWise Borderless account, business debit card and SaaS accounting integration can greatly benefit small to medium sized global businesses.

TransferWise
Ribbon Icon
Winner

Fees & Exchange Rates

WorldRemit

46

46

WorldRemit Fees

Most of the WorldRemit fees are within the exchange rate offered. The exchange rate offered can and does change depending on payment type, receiving option and the amount being transferred.

  • Bank deposit - 0.5% - 2% depending on the destination country and amount
  • Bill payment fee - 1% - 4%
  • Cash pick up fee - 1% - 4%
  • Mobile airtime top up - 1% - 4%
  • Additional fee - $1 - $5 per transfer

New customers signing up via iCompareFX receive 3 transfers fees for free using the code 3FREE


TransferWise

54

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 has lower fees across the board compared with WorldRemit. WorldRemit’s exchange rate margin and additional fees are lower than TransferWise’s zero hidden fees. WorldRemit’s cash pickup service naturally would be more expensive due to multiple third party’s required for sending money for cash delivery.

TransferWise
Ribbon Icon
Winner

Ease of Use

WorldRemit

86

86

Registration - Simple and easy through their website or mobile app.

ID verification -  If requested, it is a simple process that can be actioned through their mobile app or via email. Simply upload the requested documentation as photos from your phone. 

Transfer speed -  Speed ranges from instantaneous to up to 2 days. This depends on the country you are sending money to, and if it is a bank transfer or sending cash. 

Payment options - Uploading your funds to WordRemit is also a simple process. With in-country solutions such as Australia’s POLi or via debit card, you can instantly transfer your funds to WorldRemit. This speeds up the entire process of sending money overseas.

Mobile app - There is a WorldRemit mobile app to help manage your transfers end to end.


TransferWise

83

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.


WorldRemit wins!

WorldRemit and TransferWise score very well for customer ease of use. WorldRemit just beats TransferWise due to having more countries supported for instantaneous ID verification. It should be recognised that TransferWise’s design and user experience is excellent within the website and mobile app.

WorldRemit
Ribbon Icon
Winner

Support & Countries

WorldRemit

88

88

WorldRemit supported countries

WorldRemit has an impressive list of supported countries. 

  • Mobile Money - 23 countries
  • Cash pick up - 80 countries
  • Bank transfer - 150 countries
  • Bill payment -  Selected countries
  • Phone support - Multiple languages
  • Multilingual website
  • Local settlement accounts in dozens of countries.

Customer support

There are reports on TrustPilot and through its mobile app reviews of poor wait times to talk to a customer service representative.


TransferWise

88

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!

TransferWise and WorldRemit both support a large number of customer registration and destination countries. Their customer services are equally rated.

It's a draw!
Ribbon Icon
Draw

Trust & Transparency

WorldRemit

56

56

  • WorldRemit is regulated by multiple financial regulators globally including the FCA in the UK. 
  • Their company structure is sound and customers funds are segregated from their company accounts thereby reducing the risk for their customer.
  • The WorldRemit fee structure for money transfers includes a hidden fee within the offered exchange rate which reduces transparency. This is unfortunately common amongst most international money transfer companies.
  • High TrustPilot rating. However, there are an increasing number of poor reviews. This will be monitored by iCompareFX. 

TransferWise

63

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 marginally wins the Trust & Transparency category. Both have some work to do addressing customer concerns and reviews on platforms such as TrustPilot. TransferWise’s transparency on fees pushes TransferWise to achieve a higher rating.

TransferWise
Ribbon Icon
Winner

The Result

Winner ribbon iconWinner

 TransferWise

Which is better: TransferWise vs WorldRemit?

For local bank to international bank transfers, TransferWise is better than WorldRemit. If only for one reason. TransferWise’s lower cost of money transfers.

However, if you need to pay bills, send money for cash pick-up or top up mobile credit abroad, WorldRemit is better than TransferWise. This naturally would come at a higher cost per transfer due to the number of third parties and to support their network of agents.

Both are very good international money transfer options.