Remitly vs WorldRemit - How do they compare?

Tommy Buckley

01.03.23 (updated more than 1 year ago)

5 minute read

Want to send money overseas? For cost, convenience and speed, you might want to use an online money transfer service.

There are lots of options available, including popular services such as Remitly and WorldRemit. But which is best? Read on, as we’ve put together a guide comparing the two on key factors like fees, exchange rates, transfer times and security.

But first, a little background info on each provider.

What is Remitly & WorldRemit?

Remitly is a US-based online remittance service established in 2011, which currently offers transfers in over 170 countries worldwide¹.

WorldRemit is similar, except that it’s based in the UK and launched just a little earlier, in 2010. It now serves 5.7 million customers in 130 countries, supporting 70 different currencies².

And of course, these two aren’t the only money transfer providers out there. You can also send money worldwide with Wise, for low fees and the mid-market exchange rate. It’s fast, secure and super easy to use.

Learn More About Wise

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

But more on this later. For now, let’s get back to Remitly vs. WorldRemit.

Fees - Is Remitly cheaper than WorldRemit?

One of the first things you’ll want to know when choosing a money transfer provider is how much it costs.

Both Remitly and WorldRemit charge an upfront transfer fee. This can vary depending on where you’re sending from and to, along with the currency, amount and payment/collection methods.

Is WorldRemit the same as Remitly when it comes to fees? Not quite, but it’s very close - there isn’t much between them. You can find information on fees on each of the providers websites, fees vary on where you're sending but providers also can offer promotions for new customers.

However, Remitly may just come out on top, as it supports EUR transfers to countries like France, and gives you a choice of Economy or Express delivery.

While thinking about fees, you could find it useful to look at another provider in comparison.

International transfer specialist Wise makes all its fees available upfront, and you can see how much you’d pay for a transfer even before you sign up for an account. There are no monthly or annual subscription fees to worry about, and all transfer fees are as low as possible - starting from just 0.41%.

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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

Exchange rates - Remitly vs. WorldRemit

Before choosing a provider for your transfer, it’s important to check out the exchange rate you’re being offered.

Many providers add their own mark-up to the mid-market exchange rate for their transfers. This is the rate you’ll find on Google or currency sites like XE.com. You can use it as a benchmark to compare other rates to, so you can see how much extra you’re being charged.

Remitly⁸ adds a mark-up to the mid-market rate, and so does WorldRemit⁹. The margin usually varies depending on the currency.

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So as you can see, the exchange rate is just as important as the upfront fee. Here, all providers have similar fees, but more of your money reaches your recipient when you send your transfer with Wise - all because of that margin-free exchange rate.

Remitly vs. WorldRemit - Cash withdrawal options

If your recipient doesn’t have a bank account, cash pickup could be a good solution. But do both providers offer it?

Remitly does offer cash pickup in many countries with a number of banking partners or agents which are displayed on the transfer page of the country you want to transfer to. You can use Remitly’s pickup locator for each of the following countries These are¹¹:

India
Colombia
Mexico
Philippines
Guatemala
Dominican Republic.

You can find more information on Remitly cash pickup locations here.

WorldRemit also offers cash pickup to dozens of countries worldwide¹². You can check whether it’s available for your recipient’s country here.

Remitly vs. WorldRemit - What countries are they available in?

Remitly offers transfers to over 170 countries worldwide¹. However, you can only open an account and transfer from 28 countries, including the UK, Australia, USA, Singapore, Ireland, Canada and a number of European countries.¹³

With WorldRemit, you can send to over 130 countries¹⁴ and send from more than 50 countries¹⁵. You can find more details here.

Remitly vs. WorldRemit - Transfer times

Now, how quickly will your transfer arrive? Let’s compare Remitly and WorldRemit on average transfer times.

Remitly offers two different options when sending an international transfer - Economy and Express.

Economy is the cheapest, and delivers your funds within 3-5 working days. If you need the money to arrive more quickly, go for the Express service as it offers delivery in minutes (if you use a debit card to pay for your transfer)¹⁶. However, bear in mind that this is usually the most expensive option.

Remitly vs. WorldRemit - Safety

Security is another important factor to consider when choosing a transfer provider. The good news is that Remitly and WorldRemit both offer impressive safety features to keep your money safe.

Remitly uses account verification processes to maintain high standards of security, protection and trust. Plus, a secure, encrypted server connection. It’s regulated in the UK by the Financial Conduct Authority (FCA), and is also registered with HMRC as a money service business¹⁷.

WorldRemit is also regulated by the FCA. It uses strict verification processes to authenticate real users, along with measures within its app and website to protect against unauthorised logins. There’s also a dedicated team monitoring customer accounts and transactions for signs of unusual activity¹⁸.

Ease of Use

Lastly, there’s convenience and accessibility to consider. So how easy to use are Remitly and WorldRemit?

To compare this, let’s take a look at the different ways you can access each service:

Website

The Remitly and WorldRemit websites work in very similar ways. You’ll need to open an account in order to send a transfer.

You can also check transfer fees and exchange rates for your chosen currency pair (e.g. GBP to USD). You can do this anywhere on the Remitly site, and on the calculator page on the WorldRemit site.

Mobile app

Remitly and WorldRemit both offer mobile apps, available from the Google Play store and Apple App store.

Remitly’s app offers all the same features as the website. This includes:

Sending transfers
Viewing the latest exchange rates
Adjusting sending limits
Setting up transfer notifications
Checking your transfer status²⁰.

You’ll login to the app using your fingerprint, so it’s both secure and convenient.

The WorldRemit app is similar, offering fast, secure and convenient transfer services wherever you are in the world.

Want the same convenient transfer service whether you send money online or via a mobile app? Sign up with Wise, which offers an easy-to-use website and app. It’s easy to get started, and you can send your first transfer in just a few taps.

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Remitly vs. WorldRemit - Which one is best?

So after comparing them feature by feature, which comes out on top - Remitly or WorldRemit?

These two services are so similar, which one you’ll choose all depends on what you’re looking for. It may come down to a slightly lower fee or slightly better exchange rate. Or perhaps it’ll be which provider offers transfers to or from a particular country.

But if you want to be sure of getting a fair exchange rate every time, go for an alternative such as Wise.

Send money with Wise to 80 countries in 50 currencies, for low upfront fees and mid-market exchange rates. There are no hidden costs, and it couldn’t be easier to send your first transfer.

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

Sources:

Sources last checked on date: 05-May-2023

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.