Why pick Wise instead?
- Mid-market rates and transparent around fees
- High daily sending limits of $1 million
- Easy to use and straightforward sign-up process
- Low minimum transfer limit
Remitly aims to offer quick and cheap international money transfers, with a focus on remittances throughout Asia. It's known for low minimums, cash pick-ups in destination countries and quicker express transfers, but isn't always the cheapest and doesn't always have the best rates.
Compare other sites like Remitly to see if there's a better option available for your transfer.
Wise is one of very few providers to offer money transfers at mid-market rates. Instead of benefiting from foreign exchange margins, its fees consist of a percentage of your transfer, plus a flat fee.
Send is an Australian-based company that specialises in larger transfers, so will often be better value than Remitly if you need to send a lot. There are no extra fees added on when you make a transfer, but there'll be a margin added onto the exchange rate.
TorFX is a digital money transfer service. It's different to Remitly in that it only allows bank-to-bank transfers, has higher limits and has no fees.
Western Union is the world's oldest and largest money transfer service. Like Remitly, it's known for low minimums and cash pick-up options and is largely focused on handling remittances.
Xe Money Transfers is focused on offering competitive rates across a wide range of currencies and countries, although there are some gaps in its offerings. It charges a $4 fee for transfers below $500.
OFX is a large and well-known transfer service, focused largely on business transfers. But you can also use it for personal money transfers to take advantage of its competitive rates. Its $250 minimum transfer size is larger than some, but still much more accessible than many other providers.
MoneyGram has almost the same range of countries and currencies as Western Union but tends to be cheaper, and it has a wider scope than Remitly. Much like Remitly, it's known for low minimums, cash options and fast transfers.
Instarem only offers zero-margin transfers for some currencies and during certain hours. The company doesn't make it clear which currencies and hours this applies to, but the fee schedule is clear and simple to understand. However, it has a limited range of currencies and offers bank-to-bank transfers only.
Alternatively, learn more about Remitly in our review.
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