WorldRemit vs Wise

We compare WorldRemit against Wise (formerly known as TransferWise) to see who is best for international money transfers.

WorldRemit vs TransferWise Review

Key Points

  • Overall Wise is better at transferring money overseas due to their low fees and faster speed.
  • Wise offers very competitive exchange rates in USD, EUR, JPY, GBP, AUD and CAD.
  • WorldRemit offers a wider range of countries to send money and transfer methods.
  • Only WorldRemit offers instant cash pick-up overseas.

Wise (formerly known as TransferWise): 17 / 20
WorldRemit: 15 / 20

Both Wise and WorldRemit are trustworthy, reliable money transfer companies with good customer service and phone apps to send money overseas, so how do you choose?

It depends these factors:

Fees

WorldRemit vs Western Union for fees and exchange rates

Wise wins

WorldRemit vs TransferWise Fee Comparison

Wise charges of a percentage for bank deposit (ACH), debit card and credit card. The more you send the higher the transfer fee. Transfers over $300 are best sent with a bank deposit (ACH) rather than a debit card as the fees for using a debit card are higher than a bank deposit (ACH).

Bank wire transfers have a set fee of around $5 per transfer, so we recommend them for transfers over $2000, as it makes it more economical. They charge the highest fee for using a credit card and we do not recommend funding a international money transfer with a credit card. This is because the cash withdrawal is charged at a higher interest rate on your card and for the money transfer.

WorldRemit bank transfers can be as cheap as 0.99 per transfer in Africa and parts of Asia. In the main they generally charge $2.99 - $5.99 per bank transfer. Sometimes in countries like the UAE and Sri Lanka this can go up to $20 per bank transfer but those fees are not the norm.

WorldRemit cash pick up and mobile wallets transfer fees are generally between $0.99 - $4.99. Airtime top ups and bill pay is free. Alipay in China starts from $2.99 per transfer. Door to door delivery in Vietnam starts from $2.99 per transfer.

Exchange rates

WorldRemit vs Western Union for fees and exchange rates

Wise wins

Wise offers an exchange rate that is slightly higher than the mid market rate 0.25% - 2.70%. The mid market rate is the rate you in Google or Bing. They also guarantee the rate for a set period of time, which is very handy.

Wise also offer a guaranteed rate for a period of time, so as long as receive the money within that period, you will get the advertised rate. To find out how long guarantees are offered for read here.

WorldRemit offers an exchange rate that is higher than the mid market rate 0.50% - 4.0%. To put these into perspective, the bank's currency exchange rate starts from around 5% above the mid market rate.

Therefore even though sometimes WorldRemit transfer fee is lower, Wise overall costs (transfer fee plus exchange rate margin) are lower due to the lower exchange rate. Therefore person overseas will receive more local currency bank account most of the time with Wise.

WorldRemit vs TransferWise Exchange Comparison

Speed of transfer

WorldRemit vs Western Union for fees and exchange rates

Wise wins

Speed Comparison

While both Wise and WorldRemit offer services that send money within 10 minutes to 3 days, only WorldRemit offers instant international money transfers.

WorldRemit offers to send money instantly through cash pickup, mobile wallet and airtime top up. Cash pickups are available in over 70 countries, mobile wallets are available in over 20 countries and airtime top ups are available in over 80 countries.

Same day or within 1 working day delivery are offered by both Wise and WorldRemit. Wise offers same day or within 1 working day deliveries for bank transfers paid with a debit card or credit card in most countries. WorldRemit offers same day or within 1 working day deliveries for bank transfers for some countries like Bangladesh, Nepal and Uruguay.

Deliveries between 1 to 3 days are offered by both Wise and WorldRemit. Wise tends to offer these times when the money is being delivered by a wire transfer or bank deposit (ACH). WorldRemit offers deliveries between 1 to 3 days for bank transfers to some countries like Australia, Germany and Poland.

 

Transfer methods

WorldRemit vs Western Union for Ways to Pay or Receive Money

WorldRemit wins

Ways to receive

WorldRemit transfers to bank accounts, mobile wallets, cash pick ups, Airtime top ups, Bill pay, Alipay and door to door delivery.

Wise currently only transfers money to bank accounts.

Ways to pay

WorldRemit will accept bank transfers, debit cards, credit card, prepaid card, Poli, Interac, iDEAL, Klarna, Apple Pay and Trustly. Payment methods will vary by country.

Wise currently only transfers money to bank accounts. They do not accept cash or cheques.

 

 

Ways to receive and pay comparison

Where can I send money

WorldRemit vs Western Union - Comparsion of countries they send money to

WorldRemit wins

Wise delivers money to 70+ countries with good coverage in Europe, Asia and Africa. In Oceania, the Middle East and the Americas only the highly populated countries are available. Read here to read the full list of countries Wise sends to.

WorldRemit delivers money to 130+ countries with good coverage in Europe, the Americas, Africa, Asia, Oceania and the Middle East. Read here to read the full list of countries WorldRemit sends to.

Wise and WorldRemit send to 60+ of the same countries and there are 60+ countries that only Wise or WorldRemit send money.

Additional transfer services

WorldRemit vs Western Union for fees and exchange rates

Wise wins

Additional Services Comparison

Wise gives you access to a Borderless account which is great for people who travel regularly and need foreign currency. It allows you to send, receive and hold money in more than 40 currencies in 1 account. Fortunately, you can spend anywhere in the world where they accept Mastercard or Apple Pay.

The Borderless account gives you access to a Mastercard or Visa debit card which enables you to make payments and withdrawals wherever you are in the world with $0 international ATM fees up to $250 or £200 per month. In addition you gain access to foreign currency quickly and at a much lower conversion rate than banks, airports or prepaid travel cards.

Wise also offers business a range of services. This includes international batch payments, receiving money from overseas with no fees, automation with API and integration with Xero, individual international payments to contractors or employers with much lower foreign currency conversion fees.

WorldRemit gives you access to WorldRemit digital multi currency wallet. It costs nothing to receive money from overseas and to receive funds almost instantly. It's a safe, secure and convenient way to receive money from your cell phone. Furthermore it is available in over 50 countries including Ghana, Uganda and the Philippines.

 

Trust and safety

WorldRemit vs Western Union for fees and exchange rates

WorldRemit and Wise win

Wise have millions of customers around the world and they’re regulated in more than 10 countries. Most importantly, in the UK, they’re registered with the Financial Conduct Authority (FCA) and in the US they are independently regulated by the Financial Crimes Enforcement Network (FinCEN).

94% of TrustPilot reviewers describe Wise as “Excellent” or “Great”. In addition they have an average score of 4.7 / 5 out of with over 90,000 reviews.

WorldRemit is legitimate and safe. It is fully regulated in the UK by the Financial Conduct Authority (FCA), which means they have to meet strong rules and regulations. It has served over 2 million customers last year alone.

In addition WorldRemit has one of the highest overall review scores on Trustpilot, earning 4.5 out of 5 after 40,000 +reviews. To find out more read our full WorldRemit review.

WorldRemit is available for support or questions via an email form which they aim to respond within 48 hours, live chat or on the phone.

Trust and Safety Comparison

Summary

WorldRemit vs Western Union for fees and exchange rates

Wise (formerly known as TransferWise) wins

Overall Wise is better at transferring money overseas due to their low fees and faster speed. Furthermore Wise offers very competitive exchange rates to the major traded currencies throughout the world.

On the other hand, WorldRemit offers a wider range of countries to send money and transfer methods. In addition, it offers instant money transfers for cash pick ups and door to door delivery.

Although Wise is best overall, WorldRemit might be a better choice depending on the country you wish to send money to or if you want a cash pick up.

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By Arlene Mc Donnell Updated June 21st, 2021