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Remitly vs. TransferWise

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

TransferWise is usually the cheapest option, but Remitly may be faster for some currencies.

The fees and rates used in this comparison are accurate as of July 29, 2019.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 1 1 - 2 days USD 80.00 0.896 EUR
8,890
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

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 two 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 economy transfer with Remitly, which is the slower but cheaper option.

Sending $1,000 to the Philippines
Remitly TransferWise
Transfer fee $0 $10.65
Exchange rate 1 USD = 49.59 PHP 1 USD = 51.01 PHP
Transfer speed 3-5 days 1 day
Total Philippine pesos received PHP₱49,590.00 PHP₱50,466.74
Receiver gets PHP₱876.74 less PHP₱876.74 more
Sending $5,000 to the Philippines
Remitly TransferWise
Transfer fee $24.99 $41.65
Exchange rate 1 USD = 49.59 PHP 1 USD = 51.01 PHP
Transfer speed 3-5 days 1-2 days
Total Philippine pesos received PHP₱246,710.75 PHP₱252,925.43
Receiver gets PHP₱6,214.68 less PHP₱6,214.68 more

TransferWise is the clear winner, offering better rates and faster transfers. While Remitly offers a lower fee, it still costs more 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 USD = 43.7451 ARS
  • Remitly’s exchange rate: 1 USD = 43.23 ARS

This is a margin of 1.93%.

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 USD =43.7451 ARS, 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 two to five 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 four 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 pickup Minimum: $10

Maximum: $20,000

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

Maximum: $199,999

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 or compare money transfer providers.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 0 1 - 2 days USD 0.00 0.892 EUR 8,924 Offering no maximum and no minimum limit transfers with $0 fees. Go to site Show details
USD 1 1 - 2 days USD 80.00 0.896 EUR
8,890
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
GBP 1,000 1 - 2 days USD 0.00 0.893 EUR 8,926 Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
For larger transfers, get no transaction fees and no maximum send limits.
Go to site Show details
USD 1,000 1 day USD 0.00 0.893 EUR 8,926 No-maximum limit transfers with competitive exchange rates for 100+ currencies. Go to site Show details
USD 5,000 1 day USD 0.00 0.893 EUR 8,926 Venstar will support you through the entire process of your international transactions, from start to finish. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

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