Wise vs Remitly: Which Money Transfer Service Suits Your Cross - border Payment Needs Better?

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If you prioritize low fees and transparent exchange rates, Wise is more suitable for you. If you value delivery speed and diverse payment methods, Remitly may be more appropriate. According to the latest data, Wise processed cross-border transactions worth 128.6 billion USD in 2024, while Remitly has expanded to over 170 countries, handling over 50 billion USD in transfers. You can refer to the table below to quickly understand the global business scale of both:

In the Wise vs. Remitly comparison, you need to consider your actual needs for remittance amount, destination, and delivery speed to choose the service that best suits you.

Key Takeaways

• Wise is ideal for users seeking low fees and transparent exchange rates, offering mid-market rates without hidden markups.
• Remitly provides diverse payment methods and fast delivery options, suitable for urgent transfer scenarios.
• When choosing a remittance service, it’s recommended to use both platforms’ fee calculators to compare actual costs in real-time.
• Wise’s delivery speed is stable, typically completing within a day, while Remitly’s Express service can deliver within minutes.
• Understanding each platform’s fee structure and exchange rate markups helps you make more informed remittance decisions.

Wise vs. Remitly Comparison: Fees and Exchange Rates

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Wise Fees and Exchange Rates

When you use Wise for international transfers, you can clearly see every fee. Wise charges a fixed fee plus a percentage-based service fee. For example, when paying via wire transfer, Wise charges a 0.33% variable fee plus a 6 USD fixed fee. If you transfer directly from a Wise account, the system displays low Wise fees before confirmation. Receiving a wire transfer to a Wise account incurs a 6.11 USD fee. The table below outlines Wise’s main fee structure:

Wise’s exchange rate advantage is significant. You can access the mid-market exchange rate, which is the real rate used between banks. Wise updates exchange rates in real-time, sourced from independent channels. You won’t encounter hidden exchange rate markups. Traditional banks often add fees on top of the mid-market rate, reducing the amount you actually receive. In the Wise vs. Remitly comparison, Wise offers higher exchange rate transparency and clearer fee structures.

• Wise uses mid-market exchange rates, updated in real-time
• No hidden exchange rate markups
• Transparent fee structure

Remitly Fees and Exchange Rates

When you use Remitly, you can choose fee plans based on different transfer methods and payment channels. Remitly offers two main methods: Economy and Express transfers. Economy transfers typically have lower or no fees, suitable for non-urgent scenarios. Express transfers are ideal for urgent needs but come with higher fees. The table below shows Remitly’s common fee scenarios:

If you choose credit card payment, Remitly charges an additional 3% or higher fee. Remitly’s exchange rates typically include a 0.5% to 3.0% markup on the mid-market rate. You need to note that the actual amount received is affected by exchange rate markups and third-party fees. Remitly’s fee structure is flexible with diverse payment methods, but the exchange rate markup is higher, and actual costs may exceed Wise’s.

• Economy transfers have low fees, suitable for non-urgent needs
• Express transfers have higher fees, suitable for rapid delivery
• Credit card payments incur additional fees
• Exchange rate markups of 0.5%-3.0% affect the amount received

Actual Cost Comparison

When choosing a remittance service, you care most about actual costs and the amount the recipient ultimately receives. In the Wise vs. Remitly comparison, Wise has lower fees and better exchange rates but slower delivery. Remitly’s Economy transfers have low fees, while Express transfers have higher fees and noticeable exchange rate markups. Below is a cost comparison for transferring 1000 USD from the US to India:

You can see that, despite Wise charging an 11.72 USD fee, it uses the mid-market rate, resulting in a slightly lower amount received compared to Remitly. Remitly’s Economy transfer has no fee, but the exchange rate markup leads to a slightly higher amount received. If you choose Remitly’s Express transfer or credit card payment, fees increase further. In the Wise vs. Remitly comparison, Wise suits users prioritizing exchange rate transparency and low fees, while Remitly is better for those needing diverse payment methods and flexible delivery speeds.

Tip: Before transferring, use both platforms’ fee calculators, enter the specific amount and destination, and compare actual costs in real-time to avoid reduced amounts received due to exchange rate markups or hidden fees.

Delivery Speed

Wise Delivery Time

When you use Wise for cross-border transfers, the delivery speed is generally stable. Wise automatically optimizes the transfer process based on the destination country and currency type. You can refer to the table below for average transfer times to major countries:

If you transfer from the US to India, funds can arrive within seconds. Wise’s delivery speed is influenced by factors such as payment method (e.g., wire transfer or ACH), destination country regulations, bank processing times, weekends, holidays, and time zone differences. Different payment methods affect delivery speed; for example, wire transfers are typically faster than ACH but may have higher fees.

Tip: When choosing a transfer time, avoid weekends and holidays to reduce delivery wait times.

Remitly Delivery Methods

Remitly offers multiple receiving methods, including bank deposits, cash pickups, and cash delivery. You can choose the most suitable method based on the recipient’s actual needs. The table below shows how different methods affect delivery speed:

If you choose Remitly’s Express service, funds typically arrive within minutes, ideal for urgent transfer needs. Economy service suits non-urgent scenarios, with processing times of 3-5 business days.

Scenario Comparison

In the Wise vs. Remitly comparison, you can choose the appropriate delivery speed based on your needs. The table below summarizes their processing speeds for different transaction types:

If you need urgent transfers, Remitly’s Express option is more advantageous. If you prioritize stable delivery speed and exchange rate transparency, Wise is a good choice. Delivery experiences vary by country and region, so it’s recommended to choose based on the recipient’s location and actual needs before transferring.

Service Coverage

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Wise Supported Countries and Currencies

When using Wise for cross-border transfers, you can cover multiple major countries and regions globally. Wise currently supports remittance services to 73 countries and handles 40 different currencies. You can quickly understand Wise’s coverage through the table below:

When choosing Wise, note that some countries and regions are not supported. For example, Wise does not support transfers to Afghanistan, Belarus, Cuba, Iran, North Korea, Russia, and others. Specific restrictions are as follows:

Before transferring, confirm whether the recipient country is within Wise’s supported range. Wise’s extensive currency support makes it suitable for multi-currency needs.

Tip: If you need to transfer to unsupported countries, consider other international remittance services.

Remitly Service Coverage

Remitly has broader coverage, reaching over 170 countries. You can choose from multiple payment and receiving methods, including bank transfers, mobile wallets, and cash pickups. The table below outlines Remitly’s key service features:

When using Remitly, you can select the most suitable receiving method based on the recipient’s needs. Remitly supports not only bank account deposits but also cash pickups at numerous global locations, with mobile wallet and cash delivery services available in select countries.

However, Remitly has restrictions for certain high-risk industries and specific uses. For example, Remitly does not support transactions related to adult entertainment, alcohol, tobacco, cannabis, gambling, or cryptocurrency trading. Specific restrictions are as follows:

When choosing Remitly, review the service terms in advance to ensure your transfer purpose complies with platform requirements. Remitly’s global coverage and diverse payment methods suit scenarios with special receiving needs or flexible receiving options.

Operational Process

Wise Transfer Process

When transferring via the Wise platform, the process is very straightforward. Wise offers a user-friendly interface for new users, helping you complete transfers quickly. Follow these steps:

1. Online Registration: Visit the Wise website or download the Wise app, click the register button, and enter your email address. Registration requires uploading a passport (photo page only), national ID (both sides), or driver’s license (both sides).
2. Create a Personal Profile: Complete identity verification (KYC process) before your first transfer, with the system guiding you to upload relevant documents.
3. Set Up Payment: After account verification, enter the USD amount to send or the amount the recipient should receive, with the system displaying the exchange rate and estimated delivery time instantly.
4. Create Recipient Account: Enter the recipient’s bank details, and Wise automatically saves frequent recipients for future use.
5. Confirm and Pay: Choose bank transfer or other payment methods, with Wise clearly displaying all fees and exchange rates before the transfer.

The Wise platform supports API creation of new accounts or linking existing accounts, ideal for bulk transfer needs. You only need to complete identity verification once, making subsequent transfers more efficient.

Remitly Transfer Process

When transferring via the Remitly platform, the process is equally simple, but verification requirements are stricter for large transfers or specific scenarios. The table below summarizes the main steps and required documents:

When using the Remitly mobile app, you can experience the following benefits:

• Easy to Use: Complete transfers in a few simple steps, suitable for frequent transfer scenarios.
• High Security: The platform provides security assurances for every transaction, ensuring fund safety.
• Strong Tracking: Track transfer status in real-time, keeping you informed of fund progress.

Before transferring, prepare relevant documents and information to ensure a smooth process. Remitly automatically prompts required documents based on your transfer amount and destination, helping you complete verification quickly.

Wise vs. Remitly Comparison: Pros and Cons

Wise Pros and Cons

When choosing Wise, you’ll find it excels in fees, exchange rates, and operational convenience. The Wise app supports fingerprint login, eliminating the need to enter a password each time, enhancing user experience. The dashboard is user-friendly with a short learning curve, allowing you to quickly navigate and search all currencies. Wise provides mid-market exchange rates, transparent fee structures, and supports holding “bank accounts” in different countries, making multi-currency asset management convenient.

However, Wise has some drawbacks. Some features are complex, requiring additional help and training materials. Integration and setup processes can be cumbersome, involving coordination of multiple components. Customer support response times are slower, and you may need to wait longer to resolve issues.

Refer to the table below for a clear overview of Wise’s main pros and cons:

If you prioritize fees and exchange rate transparency, Wise is a worthwhile choice. In the US market, Wise’s fees typically range from 0.26%-2%, with received amounts higher than some traditional providers. Wise does not support cash transactions, making it suitable for bank account receiving scenarios.

Tip: When using Wise, check the destination country’s support status in advance to ensure the recipient can receive funds smoothly.

Remitly Pros and Cons

When using Remitly, you can experience diverse payment and receiving methods. Remitly has strong brand recognition and a robust technical platform, supporting bank transfers, mobile wallets, and cash pickups, suitable for special receiving needs. Flexible service options allow you to choose Economy transfers (lower fees for non-urgent transfers) or Express transfers (higher fees for urgent transfers). Remitly clearly displays fees before transactions, with competitive but marked-up exchange rates, and transparency is a key part of its customer service.

However, Remitly has some drawbacks. Fees are higher, especially for Express services or credit card payments. Coverage is limited in some markets, and you may not access all features in certain countries. Heavy reliance on technology can affect the transfer experience during system issues. Customer service ratings are low, with potential account suspensions, delayed transfers, and refunds. Strict security measures raise concerns about fraud and exchange rate discrepancies. Technical issues and communication challenges may also impact your experience.

Refer to the table below for a quick overview of Remitly’s main pros and cons:

You may encounter the following issues in practice:

• Slow customer service response and poor communication
• Potential account suspensions, affecting fund flow
• Delayed transfers and refunds
• Exchange rate discrepancies, fluctuating amounts received
• Technical issues causing operation failures
• Regional restrictions limiting access to all features

In the Wise vs. Remitly comparison, weigh the pros and cons based on your needs. If you prioritize delivery speed and diverse receiving methods, Remitly is more suitable. If you value low fees and exchange rate transparency, Wise is the better choice.

Tip: When choosing a remittance service, consider fees, exchange rates, delivery speed, and convenience. Use the platforms’ fee calculators for actual cost calculations to ensure the recipient receives the expected amount on time.

Security

Wise Security Measures

When using Wise for cross-border transfers, you can feel the platform’s strong emphasis on security. Wise employs multiple security protocols and compliance measures to ensure the safety of your funds and personal information. The table below summarizes Wise’s main security assurances:

You can rest assured that Wise is licensed for specific activities in multiple countries. The platform complies with regulatory requirements from the U.S. Financial Crimes Enforcement Network (FinCEN) and the Consumer Financial Protection Bureau (CFPB). Wise also adheres to regulations from the UK’s Financial Conduct Authority (FCA) and the National Bank of Belgium (NBB). During transfers, all data is encrypted, and only authorized employees can access sensitive information. Wise conducts regular security audits to identify and address potential risks promptly.

Tip: When registering and transferring, use strong passwords and regularly update account information to further enhance security.

Remitly Security Measures

When using Remitly for international transfers, the platform provides multiple layers of protection for your funds and personal data. Remitly is committed to security and is recognized by multiple regulatory bodies, adhering to strict compliance and security standards. You can review Remitly’s main security measures:

• Remitly uses advanced encryption protocols to ensure your financial information is not compromised during transmission or storage.
• The platform implements multi-factor authentication and strict verification processes, effectively reducing the risk of fraud and unauthorized transactions.
• Remitly regularly updates its security systems to prevent fraud and cyberattacks, safeguarding your account.
• During transfers, all operations require multiple verifications, ensuring only you can complete critical steps.

You can rest assured that Remitly is regulated globally, with a commitment to protecting user funds and data. If you encounter any security issues during use, you can promptly contact the customer service team for professional support.

Tip: When setting up your account, enable multi-factor authentication to avoid risks due to password leaks.

User Reputation

Wise User Reviews

When choosing Wise, you can find many users sharing their experiences on major review platforms. Wise has received over 200,000 reviews on Trustpilot, with an average rating of 4.3 out of 5. You can understand Wise’s user feedback from the following aspects:

• Many users praise Wise’s fast service, low fees, and user-friendly interface. When transferring, you can experience a simple and efficient process with smooth transactions.
• Wise’s fees are highly competitive in the market, especially for handling multiple currencies during travel. You can easily manage different currencies, reducing transfer costs.
• Some users report account freezes, which may cause inconvenience. Customer service response times are also a challenge for some users.
• On the Product Review platform, Wise has a lower rating of 1.9 stars, mainly due to strict account security measures leading to some account freezes.

When using Wise, you can enjoy an efficient and convenient transfer experience but should also pay attention to account security and customer service performance.

Remitly User Feedback

When considering Remitly, you can refer to user ratings and comments on major review platforms. The table below shows Remitly’s user satisfaction on Trustpilot:

You can see that Remitly has high user satisfaction. Many users find Remitly’s delivery speed fast and receiving methods diverse, suitable for urgent transfer needs or cash pickup scenarios. When using Remitly, you can flexibly choose services based on the recipient’s needs. Some users note that Express service fees are high, and Economy transfers are slower. Before transferring, you can combine your needs and platform ratings to make a more suitable choice.

When choosing a cross-border remittance service, focus on the actual transfer amount, destination, and delivery speed. In the Wise vs. Remitly comparison, Wise suits scenarios prioritizing low fees and exchange rate transparency. Remitly is better for those needing diverse payment methods or urgent delivery. It’s recommended to use both platforms’ fee calculators based on your situation to make the optimal decision.

FAQ

Which is better for Mainland China users, Wise or Remitly?

If you’re receiving funds in Mainland China, neither Wise nor Remitly supports direct transfers to personal accounts in Mainland China. You can consider using a licensed bank account in Hong Kong as a receiving option.

Can I use a credit card for transfers with Wise or Remitly?

You can use a credit card with Remitly, but fees are higher. Wise primarily supports bank transfers and debit cards, not credit card payments.

How long does it take to transfer to a US bank account?

With Wise, transfers to US bank accounts typically arrive within one day. With Remitly’s Express service, funds arrive within minutes, while Economy service takes 1-3 days.

Are there significant exchange rate differences between Wise and Remitly?

With Wise, you get the mid-market exchange rate with no hidden markups. Remitly’s rates include a 0.5%-3.0% markup, affecting the amount received.

Are there transfer amount limits?

When transferring with Wise or Remitly, platforms set limits based on country and verification level. You need to complete identity verification to increase transfer limits.

The comparison between Wise and Remitly highlights two distinct approaches: Wise champions transparent mid-market exchange rates and low fees, appealing to cost-conscious users, while Remitly excels with diverse payout options and lightning-fast transfers, catering to urgent financial needs. Both platforms serve important roles in the cross-border payments landscape.

Yet, for users in North America frequently sending money to the Philippines or other Asian countries, is there a third option—one that balances cost-efficiency with speed, while also expanding beyond basic remittance?

BiyaPay is redefining what cross-border finance can be. We offer not only competitive fees (as low as 0.5%) and same-day transfers—send and receive on the same day, but also seamlessly integrate global investing into the remittance experience.After supporting your family, you can immediately invest in U.S. and Hong Kong stocks on the same platform—no need for complex overseas accounts. This allows your money to not only reach loved ones but also grow within global markets.

This is more than just adding features; it’s an evolution from a “remittance tool” to a “wealth management platform.” Choosing BiyaPay means building a smarter, forward-looking global financial ecosystem.

Sign up at BiyaPay today and experience the next generation of cross-border finance, where every dollar works harder for you.