When it comes to choosing a payment solution for either personal or business needs, many find themselves weighing the options between Remitly and Wise. This article aims to provide a comprehensive overview of both services, comparing their prices and features to help you make an informed decision.
A quick overview on Remitly and Wise
What is Remitly?
Remitly is a digital remittance service that facilitates international money transfers to over 170 countries. It supports various payment methods for senders, including bank accounts, debit cards, and credit cards, while recipients can receive funds through bank deposits, cash pickups, mobile wallets, or home delivery.
People commonly use Remitly to send money to family or friends abroad. Unique features include competitive exchange rates, multiple delivery options, and the ability to choose transfer speeds, including an express option for near-instant transfers.
What is Wise?
Wise is a financial technology company that offers international money transfer services and multi-currency accounts. It allows users to send, receive, and hold multiple currencies at real exchange rates with low, transparent fees.
Wise is used by individuals for sending money internationally and managing funds in different currencies. Businesses utilize Wise to pay international suppliers, receive payments from global clients, and manage payroll for employees in different countries.
Pricing of Remitly and Wise
Remitly's pricing structure includes fees that vary based on the destination country, transfer amount, payment method, and transfer speed. For instance, sending money to India may incur a fee of $3.99 for amounts under $1,000, with no fee for amounts over $1,000. Additionally, Remitly applies a 3% fee for some transfers sent by credit card from the U.S. Exchange rate margins typically range from 1% to 3.7% above mid-market rates.
Wise operates on a transparent fee structure, charging a fee that varies by currency, starting from 0.33%. Holding money in your account is free, and receiving domestic payments in certain currencies is also free. However, receiving USD wire and Swift payments incurs a fixed fee of $6.11 per payment. Spending with the Wise debit card is free when using funds in the same currency, but ATM withdrawals over £200 per month per account are subject to a 1.75% fee plus £0.50 per withdrawal.
Overall, Wise generally offers lower and more transparent fees compared to Remitly.
Features of Remitly and Wise
Remitly features
Remitly offers several unique features that cater to the needs of consumers looking for reliable and efficient international money transfer services:
- On-time Delivery Guarantee: Remitly promises to refund fees if the money transfer is not delivered on time.
- Multiple Delivery Options: Users can choose from bank deposits, cash pickups, mobile wallets, or home delivery, depending on the recipient's location.
- Competitive Exchange Rates: The service provides favorable exchange rates, ensuring more value for the money sent.
- Real-time Transfer Tracking: Senders can track their transfers in real-time, providing peace of mind and transparency.
- Advanced Security Protocols: Remitly uses high-level encryption and security measures to protect financial information and transactions.
Wise features
Wise offers several unique features that cater to the needs of consumers looking for efficient and cost-effective international money transfer services:
- Multi-currency account: Users can hold and manage over 40 currencies, making it easier to operate internationally.
- High-speed, low-fee transfers: Over half of transfers are completed in under 20 seconds, ensuring quick and affordable transactions.
- Wise card: The Wise debit card allows users to spend and withdraw cash worldwide without foreign transaction fees.
- Global account details: Users receive local bank account details in multiple countries, enabling them to receive payments like a local.
- Interest-earning options: Users can earn interest on balances in multiple currencies with passthrough FDIC insurance up to $250,000 through their Program Bank.
Comparing Remitly, Wise and OneSafe
Why choose one over the other?
- Why Use Remitly Over Wise: If you need to send money to family or friends abroad and prefer multiple delivery options, Remitly is a better choice. It offers bank deposits, cash pickups, mobile wallets, and even home delivery in select regions, providing flexibility that Wise does not. Additionally, Remitly's on-time delivery guarantee and real-time transfer tracking offer peace of mind, especially for urgent transfers.
- Why Use Wise Over Remitly: For those who need to manage funds in multiple currencies or make frequent international transactions, Wise is more advantageous. It allows users to hold and manage over 40 currencies and offers local bank account details in multiple countries, making it easier to receive payments like a local. Moreover, Wise's transparent fee structure and real mid-market exchange rates can result in significant cost savings compared to Remitly.
Considering OneSafe vs Remitly and Wise
- Why Use OneSafe Over Remitly and Wise: OneSafe is uniquely designed for businesses operating in the Web3 and crypto sectors, offering seamless USD to USDC conversion on Polygon for instant, borderless transactions. This feature, combined with end-to-end expense and payroll management, makes OneSafe an optimal choice for companies needing reliable, adaptive banking solutions that cater specifically to the digital asset space.
What are the customers saying?
Remitly reviews
Remitly has received a mix of positive and negative reviews. Users have reported issues such as delays in transfers, difficulties with customer support, and challenges in resolving problems. These mixed experiences suggest that while many customers are satisfied with Remitly's services, there are areas where the company could improve, particularly in customer support and transaction reliability. Check out more Remitly reviews here.
Wise reviews
Wise has received a mix of feedback from its users. Common issues include problems with account access, document verification, and occasional delays in transfers. Some users have also expressed concerns about the level of customer support when problems arise and about increasing fees. Check out more Wise reviews here.
OneSafe reviews
OneSafe has garnered positive feedback from its users, who appreciate the platform's ability to simplify complex banking tasks for Web3 companies. Customers have highlighted the quality of customer support, ease of payroll processing, and the platform’s seamless conversion from USD to USDC on Polygon as particularly useful features.
- “OneSafe has the best customer support I've ever experienced from a bank.” - Amit Chu, Investments @ Celo Foundation
- “OneSafe is a game-changer. They solve so many headaches for our company. Finally a banking solution that gets it.” - Marco, CEO of Ensuro
Want to learn more? Check us out here.
Remitly, Wise, or OneSafe: Which is the best platform for you?
In conclusion, whether you choose Remitly, Wise, or OneSafe, each platform offers unique benefits tailored to different needs. However, for businesses operating in the Web3 and crypto sectors, OneSafe stands out with its seamless USD to USDC conversion and comprehensive financial management tools. We recommend OneSafe for its innovative approach to modern banking solutions.
