The main difference between Worldremit and Wise is that Wise transaction fees comprise payment method fee and the fee charged by the provider while WorldRemit charges a transfer fee of 3.99 USD to most countries.
When you want to send money abroad, some of the questions you ask yourself revolve around transfer fees, exchange rates, and turnaround time. In fact, the evaluation criteria you will use for picking your preferred money transfer provider is likely to be anchored on these three cornerstones.
In this comparison we’re comparing two money transfer giants, WorldRemit vs Wise, formerly TransferWise. This comparison guide looks at the two providers, how they work, their pros and cons, transfer fees and exchange rates to help determine the best pick for your next transfer.
WorldRemit is a leading online money transfer company incorporated on 22 December 2009 in the United Kingdom. It plays a key role in facilitating the transfer of billions of dollars that expatriates and immigrant workers send home to their families. With a customer base of more than 4 million, WorldRemit allows sending money from 50 countries to recipients in 150+ countries globally.
Compared to brick-and-mortar agents, WorldRemit gives its clientele a convenient, fast and low-cost alternative to sending money across borders.
Wise is another global brand in the money transfer industry. It claims a significant share of the $700 billion international remittance market. The company was incorporated in the United Kingdom on 31 March 2010. One of the standout features of Wise is that it processes international transfers at the mid-market rate. It doesn’t charge any exchange rate margin and its transfer fees are lower compared to most providers and banks.
On paper, it may look simple drawing the line separating the two providers. However, in real practice, WorldRemit vs Wise comparison have overlapping or compensating strengths that make it a little difficult to prefer one over the other.
Which brand has lower fees?
Money transfer providers charge their transfer fees based on the transfer destination, the transfer payment option and the payout method. Cash pickups are normally costlier than direct-to-bank transfers.
Wise transaction fees comprise payment method fee and the fee charged by the provider. Both fees are lumped together and change depending on the amount transferred. The fees are charged on a percentage basis and smaller transfers attract the highest fees in percentage terms. As the transfer amount increases to the regions of $5,000, the transfer fee settles around 0.42%.
WorldRemit charges a transfer fee of 3.99 USD to most countries. When sending from the United Kingdom, you will be charged 2.99 GBP and from Australia 3.99 AUD.
Both providers charge less when you send higher amounts but WorldRemit has lower fees at all levels of comparison.
Exchange rates for any given currency pair keep on rising and falling depending on market performance. For this reason, it makes much more sense to compare exchange rate margins instead. If you're just getting started, check out our guide on finding the best exchange rates.
Wise charges zero exchange rate margins. All transfers are processed at the mid-market rate for any currency pair. The exchange rates are guaranteed for a period of up to 48 hours depending on the currencies being exchanged.
WorldRemit makes money from exchange rate margins which depend on the currency pair. It can be as low as 0.5% or as high as 1%. On its website, the provider displays an exchange rate calculator widget than can help you figure out how much the recipient will get.
Between WorldRemit vs Wise, Wise is a clear winner because of the mid-market rate. Even the tight margins of WorldRemit cannot beat that!
Which Brand Covers More Locations?
The countries you can send money from and those you can send money to for any given provider are crucial. If a provider covers fewer countries, it may inconvenience senders from other regions when transferring money home.
With Wise, you can send money to 59 countries worldwide in 52 currencies both exotic and standard.
WorldRemit allows its customers to send money from 55 countries to 150+ countries and territories globally. It covers Africa, Americas, Asia, Australia Oceania, Europe and the Middle East.
Looking at the numbers above, WorldRemit carries the day. It serves more countries and territories than Wise.
Which is Faster?
There are two main components that determine the speed of funds transfers. The first component is the length of time money takes from the sender's payment method such as a bank account to the provider. The second component is the time it takes for the transfer from the provider to the recipient.
Wise can takes 0-3 days for the money to get to the recipient. When making larger transfers it may take a little longer but for smaller transfers, it can take minutes.
WorldRemit takes anything from minutes to about two days to get the funds to the recipient’s mobile, cash pickup location or bank account.
Although it is too close to call, transfers made through WorldRemit score the highest in speed. Compared to Wise, WorldRemit serves more mobile wallets and has cash pickups which guarantee faster delivery times than direct bank deposits.
Which Brand Offers More Transfer & Payment Options?
In WorldRemit vs Wise comparison, the speed of transfer discussed above is mainly influenced by the transfer payment option and the payout method.
Wise offers bank deposits as the main payout option. When paying for your transfer you can choose debit or credit card, bank transfer, Facebook messenger, ACH bank debit, or bank wire transfer. If you are sending money to Indonesia, Ghana, the Philippines, Kenya or Bangladesh, you can now opt for mobile money which is instant.
WorldRemit has six payout options which are mobile money, cash pickup, bank transfer, airtime top-up, door-to-door, and WorldRemit Wallet. Door to door cash delivery is only available when sending to Vietnam.
Depending on the country you are registered in, the provider allows you to pay for your transfer using any of the following payment methods. Debit or credit card, bank account transfer, Poli, Interac, iDEAL, Sofort, Google Pay, Apple Pay, and Trustly.
WorldRemit has more transfer payment and payout options compared to Wise thus WorldRemit carries the day.
What Users Have to Say About Each Brand?
Wise has a total of 77,365 reviews on Trustpilot. Out of these, 94% are rated as ‘Excellent’ or ‘Great’ or experiences. Below are a few of the comments from customers.
Faster transfers
A simple platform to navigate
Affordable transfer fees
Very good rates
WorldRemit has attracted a high percentage of positive customer reviews on Trustpilot and social media. On Trustpilot, WorldRemit has a total of 32,970 reviews 94% of which are rated either ‘Excellent’ or ‘Great’. This shows a high level of customer satisfaction. Most of the company customers cited the following experiences.
Faster transfers
Simple and interactive interface
Great exchange rates
Low transfer fees
Wise has a lot of positive reviews almost double that of Wise. For this reason, it carries the day.
What Brand Offers Better Ease of Use, Accessibility & Security
Wise supports 12 languages on its website: English (both US and UK versions), German, French, Portuguese, Turkey, Spanish, Japanese, Polish, Romanian, Italian, Hungarian and Russian. In case you want to contact customer care, they are available on live chat, email and telephone.
The provider also has a mobile application available as a free download both on android and iOS platforms. Through the app, users can check rates, send money, make transfers, check historical transactions among other functionalities. With bank-grade security, 3D secure feature and two-factor authentication, customers can be assured of maximum protection.
In the various countries Wise operates, it is regulated by the respective bodies. Below is a list of all the regulatory authorities by country.
Financial Transactions Reports Analysis Centre of Canada (“FINTRAC”) in Canada.
Financial Conduct Authority (FCA) in the United Kingdom
Financial Crimes Enforcement Network (FinCEN) in the United States
Australian Securities and Investments Commission (ASIC)
Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
Customs and Excise Department (CCE) in Hong Kong
Reserve Bank of India (RBI)
Kanto Local Financial Bureau in Japan
Bank Negara Malaysia
Department of Internal Affairs in New Zealand
The Monetary Authority of Singapore
WorldRemit has an easy to navigate website interface supporting 4 languages. You can browse in English, Danish, Spanish, French, and German. Apart from the FAQs, WorldRemit has an email and phone option to getting help from the customer helpdesk. The phone lines are grouped based on the region. WorldRemit also has an app available on Google Play and the App Store. The mobile application allows you to transfer money, track your transfers, check real-time exchange rates among other services.
WorldRemit takes customer security seriously. It has invested in industry-leading processes for screening transactions and has machine learning systems in place. It uses 3D Secure technology to ensure payment systems are protected. In addition, the provider is regulated by the Financial Conduct Authority (FCA) and expected to operate in accordance with the Electronic Money Regulations 2011 and Payment Service Regulations 2017.
Wise is the most regulated, has more customer support channels and the website is accessible in 12 languages, 7 more than WorldRemit. Therefore, Wise is the winner.
Additional Features
The Wise Borderless Account (TBA) is a gamechanger in cross-border money transfer. Through the TBA account, customers can spend, send, and receive money in 30+ currencies from around the world at real exchange rates. You get bank details for countries around the world so that you can receive local money directly into your account at zero transfer fees.
Wise also gives its customers the Wise debit Mastercard for free. Users can spend through the card at no cost and withdraw up to £200 per month for free.
WorldRemit doesn't offer any more additional featured other than the ones mentioned above.
Wise has a well-developed product portfolio and with clear provisions for freelancers, e-commerce entities, and enterprises.
Case Studies
To understand further the features discussed above for WorldRemit vs Wise comparison, here is a tabulated comparison of 3 scenarios involving transfers from the United States in USD to Belgium in EUR.
WorldRemit
TransferWise
Amount
$200
$1,000
$5,000
$200
$1,000
$5,000
Transfer fee
$3.99
$3.99
$3.99
$2.66
$9.02
$43.19
Exchange rate
0.88357
0.88357
0.88357
0.90155
0.90155
0.90155
Transfer speed
Same day
1 day
Total received
$176.71
$883.57
$4,417.85
$177.89
$893.32
$4,470.20
Bottom Line - Who Is Better?
To make this decision, we have to do a round-up of the different categories and see which of the two providers scores the highest.
Domestic Payments – Wise was originally designed to make international transfers. However, due to customer demand, it now processes domestic EUR to EUR and USD to USD payments. WorldRemit handles only international transfers.
Overseas Payments – Wise has the best exchange rate (mid-market). Even with the lower WorldRemit fees, Wise still delivers more money to the recipient.
Business Payments – Wise has customised its portfolio to cater for e-commerce entities and enterprises.
Large Transactions -Wise is best for large transactions of up to USD 1 million, GBP 1 million and EUR 1.2 million in addition to other currencies.
Smaller Transactions - For transactions below $100, WorldRemit is best suited for that. It delivers more money to the recipient than Wise.
Disbursement Network Coverage - WorldRemit covers 150+ countries and this gives the provider a clear lead over Wise which has listed 59 supported countries on its official page.
When sending small transfers to countries in Africa, Asia and South America, WorldRemit is the better option. But Wise might be a better option for other locations.
Yes, you are free to enjoy multiple money transfer accounts at the same time. This enables you to get the benefits and unique features to ensure you can get the best deals. For example, Xe is known for the quality of its currency conversion rates, which are among the best in the industry. Also, they provide Rate Alerts that can be used to learn about currency conversion rates that match your preferences.
Other money transfer companies will have benefits for business transfer. This includes options like TorFX and VertoFX. These industry-leading services offer advanced transfer features that enable businesses to control the FX rates they receive while sending money.
Which is cheaper for international transfers, Wise or WorldRemit?
Wise charges a percentage-based fee structure while WorldRemit charges a flat fee. Therefore, for smaller transfers, Wise is the winner, and WorldRemit is the better choice for medium size transfers. However, for large transfers, both services charge low fees compared to most other services.
Comparing the fees with banks, you will save significant sums of money when using Wise or WorldRemit. Wise does a great job of being transparent about the fees it will charge. Therefore, you can readily compare the fees compared with alternatives. You can learn more in our guide about the cheapest way to send money abroad.
Are there different money transfer providers by country?
Yes, the choice of money transfer providers varies based on the country you are sending money from and the desired destination. For example, the UK and the United States have an extensive list of available money transfer companies. While others are underserved and usually come with tight restrictions.
Ideally, you should choose a specialist transfer provider that has a large list of money transfer companies in their network. This enables you to stay with the same service as your transfer needs change around the globe. Examples of transfer providers with extensive global networks include VertoFX.
What is better than Wise?
Wise provides excellent, well-rounded services, but alternative money transfer companies do a better job in specific areas. For example, if you are a business owner that wants to enjoy advanced features like forward contracts and mass international payments, then Currencies Direct is a great choice.
On the other hand, if you want to enjoy a service with a bigger global network than Wise, consider going with WorldRemit. They serve over 150 countries while Wise sits at around 60. WorldRemit also has a mixture of fixed and percentage-based fee structures. This is ideal for getting the lowest fees for smaller and bigger transfers.
Do money transfer companies provide different deals?
The variety and quality of the deals provided by various money transfer companies differ significantly. For example, one might offer FX rates that match the mid-market rate for most currency pairs. Whereas another service takes pride in providing fee-free transfers.
Also, companies might provide complimentary services such as a travel-friendly debit card. Wise is an example of a company that offers such cards to provide customers with the best FX rates when shopping in physical stores around the globe. Looking out for those unique deals allows you to choose between money transfer companies that, on the surface, provide similar deals.
Is it better to use a challenger bank or money transfer provider for international transfers?
Money transfer providers are the better choice for international transfers when compared with challenger banks. That is because they focus on offering the best currency conversion rates, lowest fees, and fastest processing times. These are the factors that determine the competitiveness of their brand.
In comparison, challenger banks can afford not to offer industry-leading money transfers because they offer various services. Instead, they are trying to compete with traditional banks by offering a range of features.
Zelle and Venmo are popular payment providers for customers based in America. Both companies exclusively handles domestic money transfers, a deal-breaker for anyone hoping to send money overseas. If international money transfers are on the agenda, you will need to look elsewhere as both Zelle and Venmo handle US-only transactions. Find out How to Transfer Money Within the USA.
In a bid to find out which brand is the better option for sending international money transfers, we will be exploring each area of Zelle and PayPal’s financial services.
Yasmin is an accomplished Content Writer and Editor for MoneyTransfers.com, who specializes specializing in personal finance, student life, and business topics. Her reputation as a financial authority is acknowledged by top publications such as BBC Worklife, Cash Matters, Yahoo Finance, and CEO Blog Nation, which have featured her as a trusted source. She is also the founder of The Wallet Moth, a popular blog focusing on money and lifestyle.
Yasmin is an accomplished Content Writer and Editor for MoneyTransfers.com, who specializes specializing in personal finance, student life, and business topics. Her reputation as a financial authority is acknowledged by top publications such as BBC Worklife, Cash Matters, Yahoo Finance, and CEO Blog Nation, which have featured her as a trusted source. She is also the founder of The Wallet Moth, a popular blog focusing on money and lifestyle.
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