Remitly vs Wise Comparison

Remitly, established with the mission to simplify remittances, focuses on providing immigrants a reliable way to send money back home, offering options like bank transfers, cash pickup, and mobile money.

Wise, formerly known as TransferWise, disrupts traditional banking fees with its transparent, low-cost money transfer service, leveraging the real mid-market exchange rates and a multi-currency account that appeals to travelers, expats, and businesses alike.

Both companies have carved their niches by prioritizing affordability, speed, and convenience, making international transactions more accessible than ever.

This comparison aims to delve into their offerings, highlighting their strengths and suitability for different user needs.

Customers

Company NameRemitlyWise
Logo
wise new logo
Remitly ReviewWise Review
Customer rating4.1/54.6/5
# Rating Customers34,681195,000+
Top 3 Pros
  • Fast transfers
  • Multiple delivery options
  • Transparent fees
  • Mid-market exchange rates
  • Low and transparent fees
  • Multi-currency account
Top 3 Cons
  • Limited to certain countries for sending
  • Maximum transfer limits
  • Fees can be high for certain routes
  • No dedicated dealer
  • Not suitable for cash pickup
  • Some bank transfers can be slow

Availability

Company NameRemitlyWise
Logo
wise new logo
Office locationsUSA, Nicaragua, PhilippinesUK, USA, Estonia, Hungary, Ukraine, Singapore, Japan, Australia
# Currencies6550+

Security

Company NameRemitlyWise
Logo
wise new logo
Regulated byFCA, FinCEN, ASIC, and othersFCA, FinCEN, ASIC, and others
HTTPS SecuredYesYes
Segregated Customer AccountsYesYes
2FAYesYes

Limits and Fees

Company NameRemitlyWise
Logo
wise new logo
Min transfer$1Β£1 / $1 equivalent
Max transfer$30,000 (higher tiers available)$1,000,000+
Fixed feesVaries by routeVaries
See rates before you log in?YesYes

Customer Support

Company NameRemitlyWise
Logo
wise new logo
Dedicated DealerNoNo
EmailYesYes
PhoneYesYes
Live ChatYesYes
24/7YesYes

Ways to Transfer

Company NameRemitlyWise
Logo
wise new logo
Online SystemYesYes
Online AppYesYes
Multi-Currency AccountNoYes
Cash PickupYesNo
Card Top-UpNoYes

Additional Functions

Company NameRemitlyWise
Logo
wise new logo
HedgingNoNo
Mass paymentsNoYes
Cash chequesNoNo
Multi-Currency Debit CardNoYes

Conclusion

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

  • Offering mid-market exchange rates with no markup.
  • Providing a multi-currency account with the ability to hold, manage, and convert 40+ currencies.
  • Offering a multi-currency debit card for easy access to funds in multiple currencies.

Wise is better for individuals and businesses looking for the best exchange rates for bank-to-bank transfers, managing multiple currencies through a single account, and those who need a debit card for spending in multiple currencies.

Remitly is better for sending remittances to over 100+ countries, offering flexible delivery options including cash pickup, and providing express transfer options for those needing to send money quickly.