Remitly vs. Wise (TransferWise): Which has better rates? | finder.com

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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.

Remitly tends to offer lower fees, but Wise uses the mid-market exchange rate on all transfers. Both Remitly and Wise offers fast transfers, but Remitly’s cash delivery options make it a bit more diverse of a service. Overall, which company is best depends on the size of your transfer and your delivery needs.

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
$10 Within an hour USD 1.99 0.818 EUR 8,177 Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
$1 1 - 2 days USD 80.00 0.835 EUR
8,279
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. 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.

Wise

Wise 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.

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 $10,000 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 economy transfer with Remitly, which is the slower but cheaper option.

Sending $1,000 to the Philippines
RemitlyWise
Transfer fee$0$10.65
Exchange rate1 USD = 49.59 PHP1 USD = 51.01 PHP
Transfer speed3-5 days1 day
Total Philippine pesos receivedPHP₱49,590.00PHP₱50,466.74
Receiver getsPHP₱876.74 lessPHP₱876.74 more
Sending $5,000 to the Philippines
Remitly Wise
Transfer fee$24.99$41.65
Exchange rate1 USD = 49.59 PHP1 USD = 51.01 PHP
Transfer speed3-5 days1-2 days
Total Philippine pesos receivedPHP₱246,710.75PHP₱252,925.43
Receiver getsPHP₱6,214.68 lessPHP₱6,214.68 more

Wise 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%.

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 USD =43.7451 ARS, 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 frequently 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.

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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 methodsReceiving optionsMaximum and minimum transfersTransfer speedsCurrencies
RemitlyBank transfer, debit card, credit cardBank account, cash pickupMinimum: $10

Maximum: $20,000

Within an hour30+ currencies
WiseBank transfer,
ACH transfer,
debit card,
credit card
Bank accountMinimum: $1

Maximum: $1,000,000

1 - 2 days20+ currencies

Remitly

Once you’ve signed up for a free account, you simply 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 or compare money transfer providers.
Enter the amount you want to send, select your destination country and click Calculate to see how much your transfer could cost.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
$1,000 1 day USD 0.00 0.831 EUR 8,313 OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies. Go to site Show details
GBP 1,000 1 - 2 days USD 0.00 0.831 EUR 8,313 Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Go to site Show details
USD 1 Same day USD 0.00 0.831 EUR 8,312 XE has fast transfers with no fees and a range of foreign currency tools. Go to site Show details
$2,000 1 day USD 0.00 0.831 EUR 8,313 CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates. Go to site Show details
$10 Within an hour USD 1.99 0.818 EUR 8,177 Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
$1 1 - 2 days USD 80.00 0.835 EUR
8,279
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
USD 10,000 1 - 2 days USD 0.00 0.827 EUR 8,275 Dunbridge Financial offers diverse transfer options to more than 120 countries. Powered by Currencycloud. Go to site Show details
$1 Within an hour USD 8.00 0.816 EUR 8,152 MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide. 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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