The 8 best WorldRemit alternatives in 2023

Want to send money to a family member in Europe, or buy something from Australia? You’re likely to need a money transfer service, as it usually works out much cheaper (and quicker) than using a bank.

One option you might have come across is WorldRemit. However, it’s far from the only transfer service out there. It also has its limits, such as not letting you send money to Europe.¹

So, it’s well worth shopping around and comparing fees, rates, transfer times and supported countries. There could be a better deal waiting for you.

Here, we’ll show you 8 of the best alternatives to WorldRemit, including the likes of Wise, Western Union, OFX and MoneyGram.

What is WorldRemit and how does it work?

Based in the UK, WorldRemit is an international online money transfer service. It claims to have 5.7 million countries worldwide, and supports 70+ currencies.²

It also offers transfers to 130 countries,² although strangely this doesn’t include Europe or EUR payments.¹

With WorldRemit, you can set up and send online transfers once you have an account. There’s also a dedicated WorldRemit money transfer app, so you can manage transfers on the move.

How much does WorldRemit cost?

Like other similar services, WorldRemit charges upfront transfer fees. These vary depending on where you’re sending from and to, the currency, amount and payment/delivery method.

However, WorldRemit claims to be 46% cheaper than most banks on average.³

On top of the transfer fee, WorldRemit is also likely to add its own mark-up to the mid-market exchange rate. This can add to the overall cost of the transfer, potentially making it more expensive.

You can see the fee and exchange rate before you send though.

The best WorldRemit alternatives

Not happy with the transfer fees, rates or available delivery methods on offer with WorldRemit? Or need to be able to send money to Europe?

Whichever’s the case, the good news is that there are plenty of alternatives to WorldRemit out there. We’ll look at a few of the most attractive contenders here.

1: Wise

Based in the UK but operating worldwide, Wiseis an international money transfer specialist. With a Wise Account, you can:

• Send, receive, convert and spend in 40+ currencies at once.
• Make international transfers to 174 countries for low, transparent fees
• Take advantage of the mid-market rate for currency conversion with no mark-up added on top and never any hidden fees.
• Open a Wise multi-currency account for free
• Transfer on the move using the handy Wise app.

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.

2: Remitly

Based in Seattle, Remitly is a digital remittance service which lets you send to over 85 countries worldwide (including Europe). It supports around 47 currencies.⁴ You can send online, or in the Remitly mobile app. The company doesn’t have any physical locations.

You can create a Remitly account for free, although it does charge fees for transfers. Good to know - Remitly often has new customer transfer offers, so you might get a discount or preferable rate on first-time transfers.

3: MoneyGram

Headquartered in Dallas, Texas, MoneyGram is a cross-border money transfer company which operates worldwide. It has around 150 million customers, and supports payments in major currencies to 200+ countries and territories (including Europe).⁵

MoneyGram offers lots of ways to send and receive money. You can do it online, via the mobile app or even in person at one of over 380,000 locations.⁵

4: XE

Next up is XE, an online foreign exchange specialist based in Canada. It lets you send money online or in the XE App to over 170 countries (including Europe). More than 100 currencies are supported.⁶

You’ll have a choice of delivery methods with XE, including bank deposit, cash pickup and mobile wallets.

5: Western Union

You’re likely to have heard of Western Union, as it’s a leading money transfer service that’s been around since 1861.

It’s commonly used for transfers involving cash payment or pickup, as it has a huge network of agents worldwide. This makes it a useful option for those who don’t have a bank account.

But WU also offers a range of delivery options, including bank deposits and mobile wallets. You can use Western Union to send money across the US, or to one of 200+ countries.⁷ There’s also a WU mobile app.

6: Xoom

A PayPal service, the US-based Xoom offers easy, secure online transfers to over 160 countries.⁸

You’ll have a choice of payment methods, including of course PayPal. And you can also choose from delivery options such as bank deposit and cash pickup. There’s a dedicated Xoom app too.

Also useful to know - Xoom offers a money-back guarantee, so you’ll get a full refund if your money doesn’t arrive.⁹

7: OFX

Lastly, there’s OFX. Launched in 2001, the Australian money transfer service offers transfers to 170+ countries in over 50 currencies.¹⁰

It offers a seamless digital platform, along with a dedicated OFX mobile app. The app also offers useful features like exchange rate alerts, and you can also see live rates and prices 24/7. See how OFX compares to other providers like Wise here.

Bottom line

So, which service is best for international transfers? It all comes down on your needs, including where you want to send and how much you’re prepared to pay.

It can be helpful to compare prices for your transfer here at Wise, to see the fees and exchange rates for all providers at any given time.

Learn more about Wise

FAQs

What is better than WorldRemit?

WorldRemit falls down on country coverage, as it doesn’t support transfers to Europe. So, many of its competitors are better if you want to send money to Europe in particular. This includes most of the companies in this guide.

Who is the competitor of WorldRemit?

WorldRemit has lots of competitors for international transfers, whether it’s digital banks like Revolut or fellow transfer services like Western Union.

Is WorldRemit better than Remitly?

WorldRemit and Remitly are comparable when it comes to the service they offer. You’ll need to compare fees and rates to see which is cheapest. When it comes to coverage, WorldRemit supports more countries - but European destinations are notably absent on its list.

Which is better - Wise or WorldRemit?

Wise (formerly known as TransferWise) it could work out to be the cheaper option for many transfers. This is mostly because Wise uses mid-market exchange rates, with no margins added on top. Wise also supports transfers to more countries (170+) including Europe.

Sources used for this article:

Sources checked on 02-May-2023.