Remitly vs TransferWise

We take a look at two money transfer services to see which one will get your money there cheaper and faster.

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When deciding on an international money transfer service, you want to compare fees and exchanges rates as well as features to ensure you’re choosing the provider that works best for you. We compare providers Remitly and TransferWise side by side to give you all the facts before you commit.

The fees and rates used in this comparison are accurate as of 22 July 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 1 1 - 2 days CAD 90.00 0.758 USD
7,513
Make online transfers with transparent exchange rates, low fees and low minimum amounts. Go to site Show details

Compare up to 4 providers

The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

Which has lower fees?

Remitly

Fees with Remitly depend on the currency, country, how much you’re transferring and if you want an “economy” or an “express” transfer. The faster express transfers will always cost more and can range from $3 to $99.99, while the slower economy option often only costs $2 to $4.

TransferWise

TransferWise charges 2 fees – a percentage of the transfer and a small flat fee that’s normally only a few dollars. The percentage fee ranges from 0.45% to 1.5% and can make the fee add up on larger transfers.

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Winner: Remitly

Although it’s a close call, Remitly’s transfers tend to be cheaper across the board, especially for economy transfers. This doesn’t necessarily mean your transfer will be cheaper with Remitly – each provider offers different exchange rates, which we’ll go into below.

Let’s crunch the numbers: Sending $1,000 and $10,000 to the Philippines

Let’s put both providers to the test. We’ll look at sending $1,000 and $10,000 to the Philippines to see whether Remitly or TransferWise gives you a better deal.

For the purpose of this comparison, we’ll look at sending the money via an express transfer with Remitly, which is the faster and more expensive option, but which transfers at the same speed as TransferWise. We’ll also assume payment is made by debit card.

Sending $1,000 to the Philippines
Remitly TransferWise
Transfer fee $6.99 $14.45
Exchange rate 1 CAD = 38.5300 PHP 1 CAD = 38.9766 PHP
Transfer speed Same day Same day
Total Philippine pesos received PHP₱38,260.68 PHP₱38,413.39
Receiver gets PHP₱152.71 less
(around $4 CAD)
PHP₱152.71 more
(around $4 CAD)
Sending $10,000 to the Philippines
Remitly TransferWise
Transfer fee $6.99 $93.20
Exchange rate 1 CAD = 38.5300 PHP 1 CAD = 38.9766 PHP
Transfer speed Same day 1-2 days
Total Philippine pesos received PHP₱385,030.68 PHP₱386,133.38
Receiver gets PHP₱1,102.70 less
(around $28 CAD)
PHP₱1,102.70 more
(around $28 CAD)

TransferWise is the clear winner as its Philippine peso exchange rate is better than the rate Remitly offers you. While Remitly offers a lower flat fee of $6.99 for all Philippine peso express transfers, it doesn’t save you money in the end.

Which offers better exchange rates?

Remitly

Remitly doesn’t have a standard rate rule, meaning its exchange rates can vary a lot. The margin normally ends up being 1% to 2% added to the exchange rate. For example, these are the rates for a transfer to Argentina:

  • Mid-market rate: 1 CAD = 32.3775 ARS
  • Remitly’s exchange rate: 1 CAD = 31.8700 ARS

This is a margin of 1.57%.

TransferWise

TransferWise converts money at the mid-market rate, meaning it never adds an additional margin on top. This means that, using the same example, if the mid-market rate is 1 CAD = 32.3775 ARS (Argentine pesos), that’s the rate you’ll get.

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Winner: TransferWise

Both TransferWise and Remitly offer competitive exchange rates, but TransferWise guarantees the mid-market rate on all currencies. Remitly’s exchange rates vary currency to currency.

Remitly often offers deals for first-time users with exchange rates that are slightly better than the mid-market rate, so it’s good to keep an eye out for that. In general, however, TransferWise has the best exchange rates. That won’t necessarily mean it’s best overall – fees have to be considered too.

Which is faster?

Remitly

Remitly offers two transfer options: economy or express. Express gets your transfer there on the same day, often in a matter of minutes, but you pay a higher fee. Economy transfers typically take 2-5 business days, but it’s cheaper.

TransferWise

The speed of TransferWise transfers depends heavily on the currency and the payment method. If you pay with a card, your money often arrives immediately. However, if transferring via a bank transfer, it can take up to 4 business days.

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Winner: Tie

There isn’t a clear winner as there are too many variables. Both services can get your money there within hours, depending on the payment method and the fees you’re willing to pay.

General features

Payment methods Receiving options Maximum and minimum transfers Transfer speeds Currencies
Remitly Bank transfer, debit card, credit card Bank account, cash pick-up Minimum: $10

Maximum: $18,000

3 – 5 days 30+ currencies
TransferWise Bank transfer,
POLi transfer,
debit card,
credit card
Bank account Minimum: $1

Maximum: $1,500,000

1 - 2 days 20+ currencies

Remitly

Once you’ve signed up for a free account, you just enter the amount you want to send, your recipient’s information and your payment information. You can do all of this using either the website or the Remitly app.

TransferWise

TransferWise also has a simple process. After you’ve created a free account, you input the transfer amount, send TransferWise the money, then TransferWise converts it and sends it to the recipient’s bank account.

Bottom line

Remitly and TransferWise are neck and neck in most categories, with TransferWise winning out when it comes to exchange rates, while Remitly has slightly lower fees. It’s always worth checking both providers, and depending on the currency, the fees and the amount, you may want to use either.

But be aware that the currencies Remitly offer are more exotic than most transfer services, so check whether Remitly has the currency you need.

Looking for more options?

If you want to see how Remitly and TransferWise stack up against other providers, use our calculator below.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 150 1 day CAD 0.00 0.755 USD
7,551
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
Go to site Show details
CAD 0 Within an hour CAD 3.99 0.755 USD
7,544
Use code FINDERCA and pay zero fees on your first transfer. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details
CAD 1 1 - 2 days CAD 90.00 0.758 USD
7,513
Make online transfers with transparent exchange rates, low fees and low minimum amounts. Go to site Show details
CAD 0 1 day CAD 0.00 0.755 USD
7,551
Send money in more than 60 currencies. Fee-free international money transfers with a global brand. Go to site Show details
GBP 5,000 1 - 2 days CAD 0.00 0.755 USD
7,549
Aimed at larger transfers, CurrencyTransfer is an online marketplace that lets you shop around for the best exchange rate. Go to site Show details
CAD 2,000 1 day CAD 0.00 0.755 USD
7,551
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies.
Go to site Show details

Compare up to 4 providers


The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

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