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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.

Compare Remitly to Wise Check fees
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By

Isabel Sandercock-Brown

Updated

Fact checked

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.

Remitly and Wise at a glance

RemitlyWise (TransferWise)
Overall rating★★★★★★★★★★
Arrange transfers online
Arrange transfers through app
Arrange transfers by phone
Founded20112011
BasedSeattle, USLondon, UK
FCA reference728639900507
LinkGo to siteGo to site

Compare Remitly to Wise

1 - 2 of 2
Updated regularly
Name Product Filter values Ratings Pay by Receiving options Fastest transfer Fee (pay by bank transfer) Key benefits
Wise (TransferWise)
OFFER
Wise (TransferWise)
Finder rating
★★★★★
Credit card, Debit card, Bank transfer
Bank account, Alipay (China only)
Within minutes
From 0.41%
Refer 3 friends to receive up to £50 referral bonus
Go to site
View details
Remitly
Remitly
Finder rating
★★★★★
Credit card, Debit card, Bank transfer
Cash pickup location, Bank account, Mobile wallet, Home delivery
Within minutes
From £0
Go to site
View details
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Which has lower fees?

The Remitly fee structure is varied. Fees change depending on whether you do an “economy” or “express” transfer, plus what currency you’re transferring and how much you’re transferring. Express transfers have higher fees, which tend to get higher the more you send. Slower economy transfers often stay quite low, around £1 to £3 no matter how much you send.

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

Trophy iconWinner: 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 £10,000 to the Philippines

Let’s put both providers to the test. We’ll look at sending £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.

Remitly £10,000Wise £10,000
Fee£1.99£60
Exchange rate1 GBP = 65.21 PHP1 GBP = 65.956 PHP
Transfer speedSame day2 days
Amount receivedPHP 652,100PHP 655,607

Wise is the clear winner as its Philippine peso exchange rate is better than the rate Remitly offers you. Even though Remitly offers a lower flat fee of £1.99 for all Philippine peso express transfers, it still doesn’t save you money.

Which offers better exchange rates?

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 GBP = 4.94 PLN
  • Remitly’s exchange rate: 1 GBP = 4.87 PLN

This is a margin of 1.4%.

Wise, meanwhile, 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 GBP = 4.94 PLN, that’s the rate you’ll get.

Trophy iconWinner: 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.

Coverage and payout

RemitlyWise (TransferWise)
Coverage rating★★★★★★★★★★
Number of available currencies130
(including: EUR, USD, CNY, INR, PHP, PKR, ZAR) 		52
(including: EUR, USD, CNY, INR, PHP, PKR, ZAR)
Number of supported countries103222
Cash pick-up facility
Speed rating★★★★★★★★★★
Fastest transfer speedWithin minutesWithin minutes
LinkGo to siteGo to site

Which is faster?

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 take between one and five business days.

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 iconWinner: 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.

Payment methods

RemitlyWise (TransferWise)
Bank transfer
Debit card
Credit card
LinkGo to siteGo to site

Forex features

RemitlyWise (TransferWise)
Facilities rating★★★★★★★★★★
Recurring transfer facility
Forward contracts facility
Limit orders facility
Stop loss orders facility
Customer servicePhone, Live chatPhone, Live chat, Email
Personal account manager
Price matching facility
LinkGo to siteGo to site

The verdict: Which is better: Remitly or Wise?

Remitly and Wise are both impressive services that can help you undercut the rates and fees from your bank. They’re neck and neck in several categories, but we think Wise has the overall edge.

Wise wins out when it comes to exchange rates while Remitly has slightly lower fees. Ultimately it’s always worth checking quotes from both providers, and depending on the currency, the fees and the amount, you may want to use either.

Remitly offers some more exotic currencies, but overall Wise has the greater selection.

Trophy iconWinner: Wise

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