Revolut vs Remitly: Which one is better to send money with?

If you’re looking to send money to relatives on holiday, pay for goods in other countries or buy a place abroad, then an online transfer service may be the perfect solution.

Among the most popular of these are Revolut and Remitly. Revolut is a UK-based digital bank established in 2015, while Remitly is a US-based financial service launched in 2011. But which is the best choice?

In this guide, it’s Revolut vs Remitly as we help you make an informed decision. There are of course alternatives to these such as Wise – but more on this later.

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Revolut vs. Remitly - Fees

One of the biggest sticking points when sending money anywhere is the additional fees you’ll be lumped with. It’s never fun to discover that you’ve failed to account for the cost of using the service. Or worse, that the service failed to make you aware of it.

Both Revolut and Remitly have fees for transferring cash around the globe. However, their pricing models are very different on account of their separate business models.

Remitly is first-and-foremost a money transfer tool, specifically designed for sending money around. Revolut is closer to a bank account that offers a money transfer service.

As such, Remitly works on a by-transfer basis. This means you’ll pay a small fee for each transfer you do. This is usually a set fee unaffected by the amount you’re sending, usually between $3 and $6. But sometimes the fee drops to nothing if you’re sending more than $1000 across the water.¹

Remitly is completely transparent with this fee and will show you before you send your money.

On the other hand, Revolut has a range of plans for a monthly fee. The basic plan is free, and with this international transfers cost between $4 and $6² depending on the currency. So, it’s not vastly different from Remitly’s offer. However, it also has the added advantage of 1 completely free transfer.³

With the Revolut ‘Metal’ plan (it’s most expensive at $16.99 per month) you’re offered 5 completely free international transfers every month.³

Revolut offers a range of other services alongside this to go with that hefty monthly fee. But if your only focus is sending money overseas, this might seem a bit steep. And while those 5 free transfers are a tempting offer, weighing up whether or not this is more or less costly than Remitly’s fee for 5 transfers will be down to you.

And of course, there are other options, such as Wise.

Send money worldwide for less with Wise

If you want a fast, convenient and low cost way to send money around the world, check out Wise. The UK-based financial tech company offers competitively low fees on international transfers. These start at 0.41% for major currencies, with no subscription fees to pay and never any hidden charges.⁴

Even if you’re transferring large amounts, this rivals the fees set by Remitly. The low fee could even trump Revolut’s single free transfer in the long run.

With a Wise multi-currency account, you’ll also get:

• Bank details in 10 currencies
• The option to hold, send, spend and convert 40+ currencies at once
• Send money overseas with low and transparent fees,
• Order a Wise card for a one time fee of just $9 - for use in 174 countries
• Mid-market exchange rates on all transactions.

So depending on your needs, Wise may be the easiest and simplest way to move your money across the globe.

See how much you can save with Wise:

Please see Terms of Use for your region or visit Wise Fees & Pricing: Only Pay for What You Use for the most up-to-date pricing and fee information.

Revolut vs. Remitly - Exchange Rates

Alongside transfer fees, you also need to look at the exchange rate each company uses to convert currency. This can make or break the deal, as a bad exchange rate can cost the sender way more. It can even be the case that you’re not aware of this until the money arrives at its destination.

Remitly is likely to add a mark-up or margin to the mid-market exchange rate, while Revolut offers a margin-free rate on weekdays. However, there is a catch, as Revolut adds a 1% fee for exchanging currency at the weekends.²

Fortunately, both sites are transparent with these extra costs. They allow you to check the exchange rate on their site before you hit the ‘send’ button.

This brings us to another big selling point for Wise, which adds no markup to the mid-market exchange rate - no matter what day of the week you set up your transfer. The only fee you’ll have to pay is the upfront one for using the service.

Revolut vs. Remitly - Transfer times

Once you’ve set your money on its journey across the globe, you’re going to be wondering how long until it arrives.

Transfer times can vary due to things like currency, bank holidays and security checks. But the service you use also has a say in how quickly your money makes it to its destination.

Revolut states that international transfers can take between 3-5 business days.⁵ So, it’s safe to say that your money is best sent at the start of the week.⁵

Remitly, on the other hand, offers a different transfer speed depending on what fee you’re willing to pay.

For the basic, or ‘economy’ fee, you’re looking at the standard 3-5 business days. But if you want your cash to arrive ahead of schedule, you can choose the ‘Express’ service. According to Remitly, this can deliver the money to its destination within minutes when you pay with a debit card.⁶

Revolut vs. Remitly - Supported countries

Revolut claims to support over 200 countries and regions. Plus, around 28 in-app currencies.⁷ However, the list of countries an account can be set up from is far more limited, although more countries are being added all the time.⁸

Remitly operates in over 170 countries worldwide. However, only around 28 of these are what the site calls “sending countries”. This simply means you can receive money from a lot more countries than you can send it from.⁹

This pales in comparison to one of Remitly’s main rivals Xoom, which is available in any country that supports PayPal, but you can find out more about that here.

Once again, Remitly’s list, which you can find here, is steadily growing over time so be sure to check the most up-to-date information on their website.

Revolut vs. Remitly - Payment and collection methods available

While the option to send money to the recipient’s bank account is likely to be your preferred way of doing things, both sites do offer alternatives.

Remitly offers cash pickup, but only in a very limited number of countries. These are:

• Colombia
• Dominican Republic
• India
• Guatemala
• Mexico
• Philippines

More information about pickup locations can be found here.

Revolut, on the other hand, doesn’t offer this service. This is due to its entirely digital nature. However, it does provides its users with a debit card so cash withdrawal from an ATM is a viable option.

Revolut vs. Remitly - Ease of use

Both Revolut and Remitly have a mobile app that’s free to use and easily accessible. They both also offer the option to confirm your transactions via the website.

Which of these you prefer entirely depends on your familiarity with the technology offered. But it’s good to know that neither service is difficult to use in any way.

Revolut vs. Remitly - Safety

And last, but definitely not least, how safe are these apps to use?

While Revolut is not a traditional bank, it uses its partnerships with several other banks across the US to secure your money and details in the same way as any other traditional bank.

Your account is secured with 2FA (two-factor-authentication) which has become the standard for web accounts so you can rest easy that your finances are secured.¹⁰

If you want to know more about how safe Revolut is to use, you can find that here.

Remitly is registered with the US Treasury Department's Financial Crimes Enforcement Network (FinCEN). It’s also authorized by the equivalent organizations for other countries, so it’s as secure as any bank you care to name.¹¹

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So, which is best - Revolut or Remitly? Deciding which of these services is the superior choice is entirely based on your needs.

If this is simply a transfer job, then Remitly is probably going to be an easy option. But if you want some extra banking features on top of that, then Revolut or another service like it might sound appealing.

Both services have their pros and cons to weigh up. But if it comes down to cost, it’s important to closely compare fees and exchange rates. But all things considered, neither of them outright overtakes the other.

To help you make your choice, you can find more in-depth details on Revolut and Remitly here.

However, if you want to get right down to sending your money and know for sure that you’re getting a great deal, then check out Wise. With a set, fully transparent fee and no markups on the exchange rate, you know exactly what you’re getting right from the jump.

Plus, if you’re seeking more from your solution than just the transfers, then it’s definitely worth considering Wise as an alternative to Revolut.

Learn more about Wise

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Sources used for this article:

1. Remitly - Pricing
2. Revolut - Standard fees
3. Revolut - Our Pricing Plans
4. Wise - Fees and Pricing
5. Revolut - International Transfer Page
6. Remitly - International Transfer Speeds
7. Revolut - About Us
8. Revolut - Supported Countries
9. Remitly - Supported Countries
10. Revolut - How they keep your money safe
11. Remitly - Account and Transaction Security
12. Remitly - Securities and Exchange Commission Certificate
13. Wise - Large Amount Transfers
14. Remitly - Send to UK Page
15. Revolut - Currency Converter

Sources checked on 25-Apr-2023.