Remitly Vs WorldRemit: A Full Comparison
Not sure whether to use Remitly or WorldRemit next time you want to send money home?
Check out this Remitly Vs WorldRemit review to help you decide. We'll cover all you need to know, including:
- A Remitly Vs WorldRemit feature comparison
- Which provider is cheaper?
- Which option is faster?
- Which is safer?
- Which do existing customers prefer?
Both Remitly and WorldRemit have a focus on supporting immigrants to send money back home to loved ones. They each have a range of payout options including mobile money transfers and payments for cash collection and delivery. WorldRemit also offers airtime top up and allows payments from Australia to a broader range of countries compared to Remitly.
Choosing between Remitly and WorldRemit may just come down to the country you're sending to, and the specific service you need. If you're looking for a transfer to a bank account, however, you may be able to get a cheaper service from a different provider.
Remitly Vs WorldRemit: side by side
Send payments to: 50+ countries from Australia
Cash payout available: Yes
Mobile wallet: Yes
Airtime top-up: No
Fully licensed and regulated: Yes
Send payments to: 140 countries
Cash payout available: Yes
Mobile wallet: Yes
Airtime top-up: No
Fully licensed and regulated: Yes
So, to summarise:
- WorldRemit supports payouts to more countries compared to Remitly.
- WorldRemit and Remitly both offer payouts for cash collection and to mobile wallets. WorldRemit also offers airtime top ups.
- Both providers are fully regulated in the regions in which they operate.
Remitly and WorldRemit have overlapping services, although WorldRemit allows customers to send to more countries than Remitly. In both cases you'll arrange and pay for your transfer online or using the provider's app; and can then choose from a selection of payout methods based on the destination country.
Both offer a great range of payout options, but not all options are available in all locations. That may mean that choosing between the two just comes down to which offers the specific service you need, in the country you're sending to.
The important bits
|Rates||Standard exchange rates may vary according to payment type, and include a markup||Exchange rates may vary according to payment type, and include a markup|
|Fees||Fees vary based on payment value and delivery speed selected||Fees vary by destination and payment delivery method|
|Speed||Delivery time depends on the service you select. Express payments may be available in minutes, Economy can take up to 5 days||95% of payments are ready in minutes; bank transfers can take 1 - 2 days|
|Service||In app and by phone||Online, in app and by phone|
|Safety||Fully regulated and licensed||Fully regulated and licensed|
|Reviews (TrustPilot)||Trustpilot score: 4.2/5 , Great rating, from 33,000+ reviews||Trustpilot score: 4/5, Great rating, from 54,000 reviews|
Rates: Remitly and WorldRemit both add a markup to the exchange rates used.
Fees: Both providers have variable fees which are based on the destination country. Remitly fees also change based on delivery speed.
Speed: WorldRemit cash collection payments may be ready in minutes - bank transfers may take a day or two. Remitly payment delivery time depends on your chosen service - express payments can be available almost instantly, economy payments may take several days to arrive.
Service: Both providers offer multilingual service in a range of languages in-app and by phone. WorldRemit also offers an online support service.
Reviews: Remitly and WorldRemit both score a Great review rating on Trustpilot, WorldRemit has more posted reviews but a marginally lower overall score compared to Remitly.
Pros and cons
Remitly Vs WorldRemit: The verdict
Choosing between WorldRemit and Remitly may simply depend on the specific services you need.
WorldRemit serves a broader range of countries and currencies compared to Remitly. However, in both cases not all services are available in all destinations. At the time of research, for example, it wasn't possible to send EUR payments with WorldRemit, and Remitly did not allow transfers to the US. Both providers have a focus on popular remittance routes which means that some major economies may not be covered by their services.
To help you decide which will work best for your specific transfer, take a look at the coverage of each. You can then see the fees and exchange rates available from WorldRemit without needing an account, although you'll have to register a Remitly account to see the exchange rate available there.
Compare your options - and if your destination isn't covered by either, or you're sending to a bank account, take a look at a few alternatives to make sure you're getting the best possible deal.
About Remitly Vs WorldRemit
Remitly was set up to help immigrants send money home more easily, and offers international payments on a selection of popular remittance routes. The focus here is on transfers for cash collection and other solutions like mobile wallet payments, which can reach people even in rural areas, or where access to bank accounts is harder. The company is also involved in charitable giving programs to support its mission.
Send Remitly payments from Australia to over 50 countries.
WorldRemit was set up in 2010, by a founder who had previously struggled with sending money home to his family. The WorldRemit company mission is to make it easier and cheaper for immigrants to remit money around the world. WorldRemit now has 5.7 million customers, and 1000+ staff around the world.
WorldRemit payments can be made to 140+ countries, in 70+ currencies.
How do they work?
Sending a payment with both Remitly and WorldRemit is actually a remarkably similar process - and pretty intuitive, too. The basic steps for each are the same:
- Create or log into your account, online or in the app
- Check your destination country is covered and choose a payout method
- Enter the payment details including the amount you want to send and the currency - with Remitly you may also be able to select a delivery speed
- Add your recipient's information
- Pay for your transfer and you're done
If you're sending a payment for cash collection, you'll have to confirm which agent your recipient will pick the money up from. The provider will then notify the agent as soon as your money has cleared - usually instant with card payments - so they can make the payment available to your recipient almost instantly.
Bank transfers with both providers typically take longer - this is due to the processing times, and the systems in place at the recipient's own bank.
Remitly Vs WorldRemit Fees
Both Remitly and WorldRemit use similar fee structures, which means you may come across several different charges:
- Transfer fee - this may vary based on how you pay, or how quickly you want your money to be received
- Exchange rate markup
- Third party fees
Both providers are transparent about the transfer fee you'll pay. This is often a pretty low charge, although credit card payments are often more costly.
Where things get a little trickier is with exchange rate markups. Here, an extra charge is added into the exchange rate that's provided.
You'll always see the available exchange rate before you confirm your payment. However, to work out the fee that has been added in you'll need to compare the rate you're offered against the mid-market exchange rate which you can get online.
Third party charges don't go to the provider, but may be charged by your own bank or card issuer, or the recipient's bank. You may pay a cash advance charge if you pay with a credit card for example, or SWIFT charges if you send a payment to a bank transfer and it's processed through the SWIFT network. These costs aren't always transparent, which may mean your recipient gets less than you expect.
Remitly Vs WorldRemit: which is cheaper?
As you've seen, the total cost of your payment with either Remitly or WorldRemit can vary based on a few factors:
- Where you're sending to
- How you pay for your transfer
- How you want the money to be received
- How quickly you need to payment to arrive
Let's take a worked example to illustrate. In this example, we'll assume we are sending 1,000 AUD to a friend in Thailand, funded by bank transfer and delivered to a bank account for convenience.
|Provider||Exchange rate (1 AUD = )||Fee||Arrival time||Recipient gets|
|Remitly||23.7600||0 AUD||0-2 days||23,760 THB|
|WorldRemit||23.0224||4.99 AUD||1-2 days||22,907.50 THB|
*Data correct at time of research - 18th January 2022
In this example, Remitly has lower overall fees so your recipient gets more in the end. However, which is cheaper usually comes down to the specific payment you want to make. Your best bet is to model your payment with each provider - and maybe check out a few alternatives too, to see which will work best for you.
Remitly Vs WorldRemit: which is faster?
Remitly offers different payment speeds in many destination countries. Express deliveries could be ready in minutes. Economy transfers are cheaper but can take 3 - 5 days to arrive.
WorldRemit payments are generally fast. Transfers for cash collection, to mobile wallets and for airtime top up can arrive instantly. Bank transfers may take up to 2 days.
Both WorldRemit and Remitly are safe, established and trusted providers.
Remitly is a registered money transfer service, and works in partnership with major financial institutions around the world to help keep customer money safe. WorldRemit is registered with AUSTRAC and fully regulated to trade in Australia.
Ease of use
Creating an account:
- Remitly and WorldRemit accounts are opened and operated online or using the provider app.
Making a transfer:
- Remitly and WorldRemit international payments can also both be made online or via an app.
Ways to send money:
- Remitly transfers can be funded by bank transfer, credit or debit card.
- WorldRemit offers card payments, POLI and Apple Pay.
- WorldRemit has a 24/7 service in 6 languages.
- Remitly has a chat service in English, French and Spanish, or phone service in English and Spanish.
Minimum & maximum amounts:
- WorldRemit has limits on single transactions, and on total payments in 24 hours. These limits vary by payment type. If you pay with a card, you can send up to 5,000 AUD in one transfer and up to 50,000 AUD in 24 hours.
- Remitly maximum payment amounts depend on your account tier. You can increase your maximum payment amounts by providing additional identification and verification documents.
From Australia you can send payment to 50+ countries with Remitly, in a range of currencies. In some destination countries you can choose between different currencies depending on which you'd rather your recipient get in the end.
WorldRemit supports payments in 70+ currencies, to 140 countries.
If you're looking to send money for cash collection, or to a mobile wallet, either Remitly or WorldRemit may suit your needs. The decision is likely to come down to which has an agent location in the most convenient place for your recipient.
You'll also need to check the coverage of each provider to make sure they serve the destination country you're looking for.
For payments made directly to a bank account overseas, you may find you can get a better deal with an alternative provider which specialises in this service. Because both WorldRemit and Remitly use an exchange rate markup for their transfers, the full cost of your transfer is less transparent, and can be high compared to providers which use the mid-market exchange rate.
Frequently asked questions - Remitly vs WorldRemit
Remitly and WorldRemit fees depend on the delivery type you need, as well as the destination country. Costs include an exchange rate markup. Which is cheaper for you may depend on the specific service you need.
Remitly express payments can arrive in minutes, but may cost more - economy payments are usually cheaper but can take up to 5 days to arrive. WorldRemit transfers sent for cash collection, to mobile money accounts, or as airtime top up are usually instant. Bank transfers can also be fast but may take up to 2 days based on the recipient bank's processes.
From Australia you can send a Remitly payment to 50+ countries, on common remittance routes. WorldRemit covers a broader 70 currencies and 140 countries, although not all services are available in all areas.