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Remitly vs. Ria
Both specialize in small remittances, but which one will get you a better deal?
Which international money transfer service offers the lowest fees, highest exchange rates and fastest transfers? We put Remitly and Ria to the test to help you decide which provider is right for you.
The fees and rates used in this comparison are accurate as of April 22, 2019.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Which has lower fees?
Remitly
Fees can vary anywhere from $0 to $99.99, depending on the currency, country, how much you’re transferring and how you’re sending it.
In most cases, you’ll pay $3.99 for transfers under $1,000. For transfers over $1,000, there’s usually no fee. But sending to certain countries can cost significantly more, and you’ll generally pay a 3% fee if you use a credit card.
Ria
Similar to Remitly, fees change from currency to currency and also depend on the payment method. Credit card payments have higher fees, while direct bank payments have the lowest fees. The fees start from around $0 to $45.
Winner: Tie
Both providers offer such different fees depending on multiple variables. While the fees offered by Ria don’t go as high as the Remitly fees, Ria doesn’t let you transfer more than $2,999. Remitly allows you to transfer up to $20,000 and the higher fees are often for higher transfer amounts.
Let’s crunch the numbers: Sending $1,000 to Philippines and Mexico
Let’s do an international money transfer to put the two providers to the test. We’ll test two currencies, to see what the differences are.
Sending $1,000 to the Philippines
| Remitly | Ria | |
|---|---|---|
| Transfer fee | $5 | $0 |
| Exchange rate | 1 USD = 51.426 PHP | 1 USD = 50.906 PHP |
| Transfer speed | 3–5 days | 3–5 days |
| Total Philippine pesos received | PHP₱51,168.87 | PHP₱50,906 |
| Receiver gets | PHP₱262.97 more | PHP₱262.87 less |
Sending $500 to India
| Remitly | Ria | |
|---|---|---|
| Transfer fee | $5 | $0 |
| Exchange rate | 1 USD = 69.001 INR | 1 USD = 68.304 INR |
| Transfer speed | 3–5 days | 3–5 days |
| Total Mexican pesos received | INR₹34,155.50 | INR₹34,152 |
| Receiver gets | INR₹3.50 more | INR₹3.50 less |
Remitly offers a noticeably better deal when exchanging Philippine pesos, though the two are nearly identical when sending a smaller amount to India. To get the best deal, you’ll need to check the specific fees and exchange rates associated with your transfer.
Which offers better exchange rates?
Remitly
Remitly adds a margin to its exchange rates, but there isn’t a standard rule. It varies currency to currency.
For example, if you want to send money to Honduras:
- Mid-market rate: 1 USD = 24.440 HNL
- Remitly’s exchange rate: 1 USD = 24.192 HNL
Making it a margin of 1.0%.
Ria
Ria also adds a margin to the exchange rate, which can be anywhere from 0.3% and 4%.
For example, if you want to send money to Brazil:
- Mid-market rate: 1 USD = 24.440 HNL
- Ria’s exchange rate: 1 USD = 23.947 HNL
Making it a margin of 2.1%.
Winner: Tie
Again, both Remitly and Ria have a similar system. They both add a margin to the exchange rates, but it varies depending on the currency. Sometimes Remitly offers a better rate, sometimes Ria does.
Which is faster?
Remitly
Remitly offers two transfer options: economy or express. Express gets your transfer there on the same day, often quite quickly, but you pay a higher fee. Economy typically takes three to five business days but it’s cheaper.
Ria
If you pay by card, Ria transfers are done within minutes. However, it’s more expensive to pay by card. If you do a bank transfer, the cheaper option, it can take up to five days.
Winner: Tie
Both services have faster options that cost more, and both have slower options that take a similar time.
General features
| Payment methods | Receiving options | Max and min | Transfer speeds | Currencies | |
|---|---|---|---|---|---|
| Remitly | Bank transfer, debit card, credit card | Bank account, cash pickup | Minimum: $10 Maximum: $20,000 | 3–5 days Faster transfers available for a higher fee | 30+ currencies |
| Ria | Bank transfer, credit card, debit card, cash | Bank account, cash pickup, door delivery | Minimum: $1 Maximum: $2,999 | 3–5 days Faster transfers available for a higher fee | 95+ currencies |
Remitly
To use Remitly, you sign up for a free account on its website or app. Once you’ve signed up, you just enter the amount you want to send, your recipient’s details and your payment information. Remitly then sends the converted money where it needs to go.
Ria
Fill out the details of the receiver, add your payment info, select how you would like the recipient to get the money and then hit send. Ria will convert and transfer the money.
Bottom line
Remitly and Ria are very similar services and are structured the same way, charging varied fees and a margin on the exchange rate. Remitly often beats out Ria slightly, but it depends on the currency.
To get the best deal, compare other transfer providers against Remitly and Ria to find the one that fits your needs.
Looking for more options?
If Remitly or Ria don’t seem like the right providers for you, you can compare other services below using our calculator to ensure you make the best decision.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Image source: Supplied, Photographer: Ria, Remitly
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