Remitly vs CurrencyFair Comparison

Remitly, established in 2011, has carved a niche in the remittance market, facilitating quick and easy transfers primarily aimed at individuals sending money to family and friends abroad. With a strong focus on mobile usability, Remitly offers a variety of delivery options, including bank deposits and cash pickups, across a broad network of countries.

CurrencyFair, on the other hand, launched in 2009, introduces a peer-to-peer (P2P) exchange mechanism that allows users to achieve competitive exchange rates, potentially lower than traditional banks. It caters to a more diverse audience, including individuals and businesses looking for cost-effective ways to manage and transfer funds internationally.

Both companies have garnered positive customer feedback for their reliable and efficient services.

Customers

Company NameRemitlyCurrencyFair
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Remitly ReviewCurrencyFair Review
Customer rating4.3 / 5 (Trustpilot)4.5 / 5 (Trustpilot)
# Rating Customers33,000+ (Trustpilot)6,000+ (Trustpilot)
Top 3 Pros
  • Seamless user experience
  • Quick transactions
  • Easy to use
  • Excellent online platform
  • Great exchange rates
  • Quick transfers
Top 3 Cons
  • Slow customer service
  • Limited to three transfers per week
  • KYC delays
  • Issues with registration
  • Unhelpful customer service
  • Withdrawal fees in some locations

Availability

Company NameRemitlyCurrencyFair
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Office locationsUSA, Nicaragua, Ireland, UK, Poland, Singapore, PhilippinesIreland, UK, Australia, Singapore, Hong Kong
# Currencies6522

Security

Company NameRemitlyCurrencyFair
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Regulated byFCA, FINTRAC, FinCEN, AUSTRACCentral Bank of Ireland, ASIC
HTTPS SecuredYesYes
Segregated Customer AccountsYesYes
2FANoNo

Limits and Fees

Company NameRemitlyCurrencyFair
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Min transferΒ£1€8 / Β£7
Max transfer3 transfers per week limitNo upper limit
Fixed feesVaries by country€3 for EUR, Β£2.50 for GBP, etc.
See rates before you log in?YesYes

Customer Support

Company NameRemitlyCurrencyFair
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Dedicated DealerNoNo
EmailYesYes
PhoneYesYes
Live ChatNoNo
24/7NoNo

Ways to Transfer

Company NameRemitlyCurrencyFair
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Online SystemYesYes
Online AppYesYes
Multi-Currency AccountNoYes
Cash PickupYesNo
Card Top-UpNoNo

Additional Functions

Company NameRemitlyCurrencyFair
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HedgingNoNo
Mass paymentsNoNo
Cash chequesNoNo
Multi-Currency Debit CardNoNo

Conclusion

On MoneyTransferComparison, CurrencyFair has received a higher editorial score. The advantages of CurrencyFair over Remitly are these:

  • CurrencyFair offers a lower overall markup on transactions, with fees reported between 0.4% to 0.6%, providing potentially better value for money on currency exchanges.
  • The peer-to-peer (P2P) marketplace allows users the opportunity to beat the market rate, offering a unique advantage for those willing to wait for a match.
  • CurrencyFair supports multi-currency accounts, enabling users to receive, hold, and manage money in different currencies, which is particularly beneficial for businesses or individuals dealing with multiple currencies.

Remitly is better for users looking for quick and straightforward remittance services, especially for those needing cash pickup options and who are sending money to family and friends abroad.

CurrencyFair is better for individuals or businesses looking for cost-effective transfers, the ability to potentially beat the interbank rate through a P2P exchange, and those who require multi-currency accounts for managing or receiving money in various currencies.