Remitly vs Wise: Which is Better? (2025)

Introduction

This tutorial provides a detailed comparison of two popular money transfer services: Remitly and Wise. By examining their fees, exchange rates, coverage, speed, user feedback, and usability, you can make an informed decision on which service best suits your needs for international money transfers.

Step 1: Compare Fees

• Evaluate the fee structures of both Remitly and Wise.
• Remitly typically offers two pricing options:
  • Economy: Lower fees but slower transfer speeds.
  • Express: Higher fees for faster service.
• Wise operates on a transparent fee model, usually charging a percentage of the transfer amount plus a fixed fee.
• Tip: Always check the total cost before initiating a transfer to avoid unexpected charges.

Step 2: Analyze Exchange Rates

• Compare the exchange rates offered by both platforms.
• Wise is known for providing the mid-market exchange rate, which is usually more favorable.
• Remitly may offer less competitive rates, especially with the Economy option.
• Common Pitfall: Don’t just look at fees; consider how exchange rates impact the total amount received.

Step 3: Assess Coverage

• Check the countries and regions served by each service.
• Remitly usually covers more locations, especially in developing countries.
• Wise has a broad network but may not support as many currencies.
• Practical Advice: If you need to send money to a specific country, verify that it is supported by your chosen service.

Step 4: Evaluate Transfer Speed

• Determine how quickly funds reach the recipient.
• Remitly’s Express service is generally faster, often delivering funds within minutes.
• Wise can take longer, especially for bank transfers, which may take a few days.
• Tip: Choose based on urgency; if speed is critical, Remitly may be the better option.

Step 5: Review User Feedback

• Look into user reviews and ratings for both companies.
• Remitly often receives praise for customer service and speed.
• Wise is frequently commended for transparency and ease of use.
• Advice: Check multiple sources for reviews to get a balanced view.

Step 6: Consider Usability and Security

• Assess the user experience of both platforms.
• Wise offers a straightforward interface that is easy to navigate.
• Remitly provides a mobile app that is user-friendly, especially for those sending money frequently.
• Both services employ robust security measures to protect user data.
• Tip: Explore both apps to see which one feels more comfortable to use.

Step 7: Explore Additional Features

• Identify any extra features that may be beneficial.
• Remitly offers options like cash pickup, which can be useful for recipients without bank accounts.
• Wise provides features like a multi-currency account for individuals who travel frequently or do business in multiple currencies.
• Advice: Determine what additional features might enhance your experience based on your needs.

Conclusion

In summary, both Remitly and Wise have their strengths and weaknesses. Remitly may be better for speed and coverage, while Wise excels in transparency and competitive exchange rates. Consider your specific needs—such as fees, transfer speed, and user experience—before choosing a service. For more personalized assistance, you can sign up for either service using the links provided in the description.