Transferring funds overseas is no longer as complicated or time consuming as it was near the turn of the century. The dilemma people face now is choosing between the scores of specialist fund transfer companies. If you have made a shortlist and have to choose from TransferWise or Remitly, a little groundwork should help you arrive at a suitable decision.
Trustpilot, an online platform that lets real users leave reviews of prominent online businesses, gives you easy means to see where the Remitly vs. TransferWise comparison stands. While TransferWise averages at 9.6 out of 10, Remitly gets an average score of 8.8 out of 10. Given that not much separates the two, digging deeper becomes necessary.
Whether you select Remitly or TransferWise, you can expect high levels of customer service. When choosing between the two, consider:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Global Money Transfer Fees
This aspect requires particular attention as it can have a bearing on whether you should select TransferWise or Remitly. However, keep the exchange rate in mind as well.
- TransferWise charges a nominal percent of the amount you transfer in fees.
- The amount you transfer and the destination country affect the fee you have to pay.
- You can find more details about how the company’s fee structure works using the TransferWise fee breakdown table.
- The fee you pay also depends on the destination country and the transfer amount.
- The transfer speed you choose affects the fee. Select “Economy” or “Express.”
- Economy transfers made to some countries do not attract any fees.
- Making credit card payments attracts additional fees.
Ease of Use
Choosing Remitly or TransferWise is easy if you want the recipient to collect cash in person, because only the former offers this feature. However, TransferWise scores higher on other parameters. Registering with both companies is easy, and both verify your identity before you can start trading.
- You can register as a new customer using your Facebook or Google credentials.
- TransferWise provides services to individuals and businesses alike.
- TransferWise offers its website in English, German, Spanish, French, Italian, Hungarian, Polish, Portuguese, Russian and Japanese.
- You can pay for your transfer via electronic bank transfers, debit cards, and credit cards.
- You can use TransferWise apps with devices that run on iOS and android.
- Access to the Remitly website is offered in English, French, Spanish, and Vietnamese.
- This company lets recipients collect transferred money from cash pick-up centers in the Philippines as well as in countries from Central and South America.
- The company accepts payments via debit cards, credit cards, and electronic bank transfers.
- Remitly provides apps for Android and iOS.
Regular Overseas Payments
If you wish to schedule transfers in the future or make regular transfers, neither TransferWise nor Remitly will provide much help. Neither company offers this service currently. However, you can select from other top names such as Currencies Direct, OFX, TorFX, or HiFX.
- Easily compare CurrencyFair and TransferWise. Two titans in the market.
- Read about TransferWise features and their pro’s and con’s.
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