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, Wise uses the mid-market rate to send transfers of up to $199,999.
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 Wise 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 Wise. Once Wise 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.
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.
Wise
Wise 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
Winner: WorldRemit
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 Wise overall.
Bank transfers can take up to three days for delivery, although select banks offer instant transfers. Mobile Money is available immediately.
Wise
It can take up to two days for Wise 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.
Winner: WorldRemit
WorldRemit’s Mobile Money option can get it there up to six days faster than Wise. Even its slower option could save you a few days.
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 Wise compare at different transfer amounts.
$100: WorldRemit by a nose
WorldRemit
Wise
Transfer fee
$2.99
$2.09
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
WorldRemit
Wise
Transfer fee
$2.99
$9.68
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: Wise — on a technicality
WorldRemit
Wise
Transfer fee
–
$85.63
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 Wise your only choice.
Winner: Wise
The two digital specialists are about even for smaller amounts. But Wise’s higher limits give it an edge for those looking to send large amounts to Mexico — a major recipient of remittances from the States.
Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
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. Wise 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.
Both WorldRemit and Wise accept payment by credit or debit card.
Both services advertise exchange rates at or close to the mid-market rate at fees that beat most banks.
No. WorldRemit offers cash pickups to more than 30,000 agents worldwide and even home delivery in select areas. Wise supports bank-to-bank transfers only.
The mid-market rate is the actual value of your money on the world market compared to another currency. It’s the midpoint rate between global supply and demand for that currency — and the rate at which banks and transfer services trade currency among themselves.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
Julius Hernandez, a software development manager for a commercial bank in a past life, works full time as a freelance finance writer and dabbles in software development. Jules is coauthor of an introductory book on Python programming.
How do you know if your international money transfer made it safely? Learn how to track or cancel, and find out what your rights are when it comes to sending money.
From bank transfers to specialist money transfer companies, there are several options available when you need to transfer money overseas from your bank account.
If you need to transfer money overseas using your credit card, you can do so via your bank, MoneyGram, Western Union and PayPal. This can be useful in emergency situations, but credit card transfers are usually not a cost-effective option.
If you’re looking for a secure way to send money overseas, an international bank draft could be for you — but if speed is important, consider using a money transfer service instead.
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