Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Remitly vs Wise (TransferWise)

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

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 Wise side by side to give you all the facts before you commit.

The fees and rates used in this comparison are accurate as of 4 June 2020.

Name Product Minimum Transfer Transfer Time Transfer Fee
Wise (TransferWise) - Ireland
EUR 1
1-2 days
Varies
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
loading

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 Ireland.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder Ireland may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder Ireland” 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 a flat fee or a tiered fee. At the time of writing, Remitly is offering new customers zero fees to the transfer of up to €1,000.

Wise

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

Trophy icon
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 €7,000 to the Philippines to see whether Remitly or Wise 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 Wise.

Sending €1,000 to the Philippines
RemitlyWise
Transfer fee€2.99€10.06
Exchange rate1 EUR = 55.18 PHP1 EUR = 55.9366 PHP
Transfer speed1 day1 day
Total Philippine pesos receivedPHP₱55,015.00PHP₱55,373
Receiver getsPHP₱ 358 lessPHP₱ 358 more
Sending €7,000 to the Philippines
Remitly Wise
Transfer fee€2.99€37.04
Exchange rate1 EUR =55.18 PHP1 EUR = 55.9516 PHP
Transfer speedSame day1-2 days
Total Philippine pesos receivedPHP₱386,095PHP₱389,588
Receiver getsPHP₱ 3,493 lessPHP₱ 3,493 more

Wise 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 €2.99 for all Philippine peso express transfers, it doesn’t save you 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 Poland:

  • Mid-market rate: 1 EUR = 4.53 PLN
  • Remitly’s exchange rate: 1 EUR = 4.44 PLN

This is a margin of 1.9%.

Wise

Wise 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 EUR = 4.53 PLN, that’s the rate you’ll get.

Trophy icon
Winner: Wise

Both Wise and Remitly offer competitive exchange rates, but Wise 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, Wise 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 two to five business days, but it’s cheaper.

Wise

The speed of Wise 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 four business days.

Trophy icon
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 methodsReceiving optionsMaximum and minimum transfersTransfer speedsCurrencies
RemitlyBank transfer, debit card, credit cardBank account, cash pick-upMinimum: €1

Maximum: Varies

3 – 5 days30+ currencies
WiseBank transfer,
debit card,
credit card
Bank accountMinimum: €1

Maximum: Varies

1 – 2 days20+ 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.

Wise

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

Bottom line

Remitly and Wise are neck and neck in most categories, with Wise 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 Wise stack up against other providers, use our calculator below.

Name Product Minimum Transfer Transfer Time Transfer Fee
Wise (TransferWise) - Ireland
EUR 1
1-2 days
Varies
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
CurrencyFair - Ireland
EUR 5
1-2 days
Varies
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Azimo - Ireland
GBP 10
Instant
Varies
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.
XE Money Transfers - Ireland
EUR 1
Same day
EUR 2
XE has fast transfers with low fees and a range of foreign currency tools.
WorldRemit - Ireland
EUR 1
Same day
Varies
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
loading

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 Ireland.

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

More guides on Finder

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy Policy and Terms.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site