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WorldRemit vs. TransferWise
Don't overpay for your international money transfer.
We compare two top digital money specialists to help you narrow down which offers better rates, lower fees and more flexible transfers for sending cash worldwide.
Established in 2011, TransferWise uses the mid-market rate to send transfers of up to $199,999.
Compare WorldRemit to TransferWise
WorldRemit and TransferWise: How they work
Sign up for a WorldRemit account with your mobile number and government-issued ID.Indicate where your recipient lives, your state of residency and how you’d like to send your transfer — a bank-to-bank transfer, mobile money or cash pickup at one of WorldRemit’s 30,000 agents worldwide.
Agree to the fees and transfer amount, then enter your recipient’s contact info to complete your transfer. You’ll receive text confirmation, and WorldRemit converts your money and delivers it to your recipient.
WorldRemit emails you and your recipient when it’s both sent and received.
Create a TransferWise account or sign in with your Google+, Facebook or PayPal account.Indicate how much you want to transfer and your recipient’s details, then transfer the money to TransferWise. Once TransferWise receives your money, it converts the currency and sends it to your recipient’s bank account.
You and the recipient are notified when the transfer is complete.
Who offers lower fees?
WorldRemit’s transfer fees vary, but the fee for most countries is $3.99. Fees depend on your transfer destination and how you’re paying.
TransferWise charges a fee equal to a percentage of your transfer, though the exact figure depends on the currencies you’re exchanging. You may also pay an additional transaction fee.
The typical fees for most transfers are:
- $3 fee for transfers of up to $300
- 1% of the transfer amount up to $5,000
- 0.7% on any transfer of $5,000 or more
Costs for both companies come down to where you’re sending money. But WorldRemit offers a more transparent structure, charging a flat $3.99 for most transfers — cheaper than TransferWise overall.
Who offers better exchange rates?
WorldRemit’s respectable margins are sometimes less than 1% above the mid-market rate, depending on your transfer.
TransferWise exchanges currency at the mid-market rate, offering to lock in your rate for 24 hours.
Even given WorldRemit’s tight markups, it’s hard to beat the mid-market rate.
Bank transfers can take up to three days for delivery, although select banks offer instant transfers. Mobile Money is available immediately.
It can take up to two days for TransferWise to receive and convert your money, and another few days for delivery to your recipient. That two-step process can result in up to six days for delivery.
WorldRemit’s Mobile Money option can get it there up to six days faster than TransferWise. Even its slower option could save you a few days.
Who offers more options?
|Payment Methods||Minimum and maximum transfers||Delivery methods||Transfer speeds||Countries and currencies|
|WorldRemit||Bank account, credit or debit card, select digital wallets||$1 minimum; maximum varies by country||Bank transfer, cash pickup, Mobile Money, airtime top-up||Minutes to 3 days||145+ countries to send to, 50+ countries to send from|
|TransferWise||Bank transfers, credit or debit card, select digital wallets||$1 minimum; $50,000 maximum||Bank transfer||1 to 6 business days||50+ countries|
Case Study: Send $100, $1,000 and $10,000 to Mexico
Say you’re looking to transfer to your cousin in Mexico City. Here’s how WorldRemit and TransferWise compare at different transfer amounts.
$100: WorldRemit by a nose
|Exchange rate||1 USD = 19.02406 MXN||1 USD = 19.30750 MXN|
|Transfer speed||Same day||1–2 days|
|Total received||1,902.41 pesos||1,890.40 pesos|
It’s just about even across the two services. Though WorldRemit gets a few more pesos there faster.
$1,000: WorldRemit — again by a slim margin
|Exchange rate||1 USD = 19.02406 MXN||1 USD = 19.30750 MXN|
|Transfer speed||Within an hour||1–2 days|
|Total received||19,124.06 pesos||19,120.60 pesos|
Accounting for fees and exchange rates, WorldRemit narrowly wins on cost and speed.
$10,000: TransferWise — on a technicality
|Exchange rate||–||1 USD = 19.30750 MXN|
|Transfer speed||–||1–2 days|
|Total received||–||191,421.70 pesos|
WorldRemit’s maximum transfers to Mexico top out at about $3,000, leaving TransferWise your only choice.
The two digital specialists are about even for smaller amounts. But TransferWise’s higher limits give it an edge for those looking to send large amounts to Mexico — a major recipient of remittances from the States.
Compare to other services?
WorldRemit can get your money around the world at low fees and stronger rates than you find with other banks and even many online providers. TransferWise guarantees that you’ll get the mid-market rate — the rate banks use to trade among themselves — but a complicated fee structure can eat into your savings, depending on how much you’re sending.
No matter your needs, compare international money transfer specialists to find the cheapest fees and strongest rates you’re eligible for.
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