When it comes to choosing a payment solution for sending money internationally, many people find themselves weighing the options between WorldRemit and Remitly. This article aims to provide a comprehensive overview of both services, comparing their prices, features, and overall suitability to help you make an informed decision.
A quick overview on Worldremit and Remitly
What is Worldremit?
WorldRemit is a digital remittance service that allows individuals to send money internationally. It operates entirely online and through mobile applications, offering a range of payment methods including bank transfers, debit or credit cards, and mobile payments.
WorldRemit stands out for its multiple payout options such as bank deposits, cash pickups, mobile money, and airtime top-ups. It is particularly useful for sending money to family and friends in regions with limited banking infrastructure, providing a user-friendly interface and rapid transfer speeds.
What is Remitly?
Remitly is a digital remittance service that enables individuals to send money internationally. It supports various payment methods for senders, such as bank accounts, debit cards, and credit cards. Recipients can receive funds through bank deposits, cash pickups, mobile wallets, or home delivery, depending on their location.
Remitly is particularly beneficial for individuals who need to send money to family or friends abroad. Its key strengths include a straightforward and easy-to-navigate platform, competitive exchange rates, multiple delivery options, and the ability to choose transfer speeds, including an express option for near-instant transfers.
Pricing of Worldremit and Remitly
WorldRemit charges a combination of flat fees and exchange rate markups. Flat fees range from $1 to $5, depending on the destination, transfer amount, and payout method. Exchange rate markups vary from 0.5% to 2% for bank transfers and up to 4% for cash pickups. These fees are displayed before confirming a transaction, ensuring transparency.
Remitly's fees depend on the destination, transfer amount, payment method, and transfer speed. For instance, sending money to India may incur a $3.99 fee for amounts under $1,000, with no fee for larger amounts. Credit card transfers from the U.S. have a 3% fee. Exchange rate margins range from 1% to 3.7% above mid-market rates.
Remitly generally offers better pricing for larger transfers, while WorldRemit may be more cost-effective for smaller amounts.
Features of Worldremit and Remitly
Worldremit features
WorldRemit offers several unique features that make it a compelling choice for consumers looking to send money internationally:
- Multiple Payout Options: Recipients can choose from bank deposits, cash pickups, mobile money, and airtime top-ups.
- Speed of Transfers: Approximately 90% of transfers are completed within minutes, ensuring quick access to funds.
- Global Reach: The service supports transfers to over 130 countries in more than 70 currencies.
- Regulatory Compliance: WorldRemit is regulated by the UK's Financial Conduct Authority (FCA), ensuring high standards of security and compliance.
- Transparent Fees: All fees are displayed upfront, with no hidden costs, providing clarity and transparency for users.
Remitly features
Remitly offers several unique features that make it a compelling choice for consumers looking to send money internationally:
- On-Time Delivery Guarantee: Ensures that transfers arrive on time, with a refund of fees if the guarantee is not met.
- Multiple Delivery Options: Recipients can choose from bank deposits, cash pickups, mobile wallets, and home delivery in select regions.
- Real-Time Tracking: Allows users to track their transfers in real-time, providing peace of mind and transparency.
- Advanced Security: Utilizes advanced encryption and security protocols to protect financial information.
- Transparent Fees: All costs are displayed upfront, ensuring users understand the fees before completing a transaction.
Comparing Worldremit, Remitly and OneSafe
Why choose one over the other?
- Why Choose WorldRemit Over Remitly: WorldRemit offers a broader range of payout options, including bank deposits, cash pickups, mobile money, and airtime top-ups, making it highly versatile for recipients in regions with limited banking infrastructure. Additionally, WorldRemit completes approximately 90% of transfers within minutes, providing rapid access to funds, which can be crucial in urgent situations.
- Why Choose Remitly Over WorldRemit: Remitly provides competitive exchange rates and a transparent fee structure, which can result in cost savings for larger transfers. Moreover, Remitly's real-time tracking feature allows users to monitor their transfers, offering peace of mind and ensuring that funds are delivered on time.
Considering OneSafe vs Worldremit and Remitly
- Why Choose OneSafe Over WorldRemit and Remitly: OneSafe offers seamless USD to USDC conversion on Polygon, making it ideal for Web3 companies needing instant, borderless transactions. Additionally, OneSafe provides end-to-end expense and payroll management, streamlining financial operations for global teams in the digital asset space.
What are the customers saying?
Worldremit reviews
Customer reviews of WorldRemit reveal a range of experiences. Users often express frustration with customer service, citing long wait times and difficulties in resolving issues. Additionally, some have reported problems with transaction reliability, including locked accounts and delays in receiving funds. Concerns about exchange rates being lower than expected are also common. Check out more WorldRemit reviews here.
Remitly reviews
Customer reviews of Remitly reveal a range of experiences. Users often express frustration with 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.
OneSafe reviews
Customer reviews of OneSafe highlight the platform's exceptional customer support, ease of payroll processing, and ability to simplify complex banking tasks for Web3 companies. Users consistently praise OneSafe for its reliability and the seamless integration of traditional and digital assets, making it an optimal choice for businesses in the digital asset space.
- “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.
Worldremit, Remitly, or OneSafe: Which is the best platform for you?
In conclusion, whether you choose WorldRemit, Remitly, or OneSafe, each service offers unique benefits tailored to different needs. However, for businesses operating in the digital asset space, OneSafe stands out with its seamless USD to USDC conversion, end-to-end expense management, and exceptional customer support. We recommend OneSafe for its innovative approach to neo-banking and its ability to simplify complex financial operations for global teams.
