Wise Vs WorldRemit: A Full Comparison

Trying to choose Wise or WorldRemit for your next international transfer?

This Wise Vs WorldRemit review is for you, including:

  • A comparison of Wise Vs WorldRemit key features and fees
  • Which provider is cheaper?
  • Which is faster?
  • Which is safer?
  • Which do customers like more?

Summary: 

Wise (formerly TransferWise) is a specialist in international payments to bank accounts, with multi-currency account products for individuals and businesses. 

WorldRemit covers more countries than Wise and offers payments to bank and mobile money accounts, for airtime top up and cash collection. In our comparison, Wise offered cheaper overall fees for transfers to a bank account. 

Wise holds an Australian Financial Services licence (AFSL) and is regulated by the Australian Securities and Investments Commission (ASIC). WorldRemit is registered with AUSTRAC and fully regulated to trade in Australia.

Wise Vs WorldRemit: side by side

Wise

Send payments to: 80+ countries, 50+ currencies

Multi-currency accounts: Available for 54 currencies

Debit card available: Yes

Cash payout available: No

Airtime top-up: No

Mobile wallet payment: No

Fully licensed and regulated: Yes

Open a business account: Yes

WorldRemit

Send payments to: 140 countries

Multi-currency accounts: No

Debit card available: No

Cash payout available: Yes

Airtime top-up: Yes

Mobile wallet payment: Yes

Fully licensed and regulated: Yes

Open a business account: No

So, to summarise:

  • WorldRemit supports more countries and currencies compared to Wise 
  • Wise has a multi-currency account and card to support 50+ currencies.
  • WorldRemit offers payouts for cash collection, to mobile wallets and for mobile phone top-ups - Wise does not.
  • Wise has business account options - WorldRemit  is for personal use only
  • Both providers are fully regulated in Australia and the other regions in which they do business

Wise and WorldRemit both offer international transfer services. However, Wise is a specialist in payments to bank accounts, while WorldRemit has a broader range of payout methods including mobile wallet payments, cash collection and airtime top-up. WorldRemit covers more countries than Wise, although it’s worth noting that as WorldRemit was created to support popular remittance routes, payments can’t be sent to some major countries. Only 7 countries in Europe are available for example - most of which are relatively small economies.

The important bits

 

Wise

WorldRemit

Rates Mid-market exchange rate with no markup Exchange rates may vary according to payment type, and include a markup
Fees Low fees, varies by destination Fees vary by destination and payment delivery method
Speed 40% of payments are instant, 80% arrive in 24 hours 95% of payments are ready in minutes; bank transfers can take 1 - 2 days
Service Online, in app and by phone Online, in app and by phone
Safety Fully regulated and licensed Fully regulated and licensed
Reviews (TrustPilot) Trustpilot score: 4.6/5, Excellent rating, from 140,000+ reviews Trustpilot score: 4/5, Great rating, from 54,000 reviews

 

  • Rates: Wise uses the mid-market rate, whereas WorldRemit adds a markup to the exchange rates used. WorldRemit exchange rates may vary according to the specific details of the payment, including pay out method.
  • Fees: Both providers have variable fees which are based on the destination country. WorldRemit fees may also change based on how you fund the transfer and your preferred payout method.
  • Speed: WorldRemit payments may be ready in minutes - 95% are available instantly, but bank transfers may take a day or two. Wise payments can be instant, with 80% arriving in 24 hours.
  • Service: Both providers offer multilingual service in a range of languages, online, in-app and by phone. 
  • Safety: Both providers are fully licensed and regulated. 
  • Reviews: Wise scores an Excellent review rating on Trustpilot, WorldRemit  has a lower, Great rating, with fewer posted reviews.

Pros and cons

 

Wise

WorldRemit

Pros 
  • Mid-market exchange rates, and low, transparent fees
  • Multi-currency accounts available
  • Business services are provided including multi-currency accounts
  • Transfers to bank accounts for convenience
  • 140 countries covered
  • Great range of payout methods including mobile money, airtime top ups and cash collection
  • Arrange payments online and in app
  • 95% of payments available instantly
Cons 
  • No cash payments or branch network for in person service
  • Limited range of payout methods
  • Multi-currency accounts are not interest bearing
  • Exchange rates include a markup
  • Not all services are available in all destinations - some major countries are not served
  • Overall costs may not be market beating

Wise Vs WorldRemit: The verdict

Both WorldRemit and Wise offer a great service - which is better for you will depend on what you need.

WorldRemit’s strength may be in the range of countries covered, and the strong selection of payout methods available. You’ll be able to get money quickly - or even instantly - to a recipient who wants to collect in cash, even if they’re on the other side of the world.

Wise on the other hand is a specialist in transfers direct to bank accounts and multi-currency accounts. You’ll always get the mid-market exchange rate with low, transparent fees. 

In our comparison, Wise international transfers had better rates and lower overall costs compared to WorldRemit . If you want your transfer to be delivered to a bank account and Wise serves the country you’re sending to, they may be your best bet.

About Wise and WorldRemit

WorldRemit was set up in 2010, by a founder who had previously struggled with sending money home to his family. The 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.

Wise is an international payment provider which was launched as TransferWise back in 2011. Today, Wise has 10+ million customers, and also offers personal and business accounts to hold and manage currencies, accept payments and spend using a linked debit card.

With Wise you can send payments to 80+ countries, in 50+ currencies.

How do they work?

To use Wise you’ll need to create an account. Once your account is open you can make payments easily online and in the Wise app. Here’s how:

  1. Log into your account
  2. Type in how much you want to transfer, or how much you need the recipient to get
  3. Enter the recipient’s details - bank account number or email
  4. Check over the details
  5. Fund your payment using a card or bank transfer
  6. Confirm and your money will be on the move

Wise transfers don’t work like regular bank payments. To get money moving faster and cut out intermediary costs, Wise built a network of local bank accounts. When you want to pay for your transfer in AUD you’ll send the money to Wise’s local Australian account. Then Wise will transfer the equivalent amount to your recipient, from their account in the destination country. No money actually moves across borders, so it’s faster and cheaper than traditional international payments.

If you want to send a payment to a bank account with WorldRemit you’ll need to:

  • Log in or create a new account
  • Select the country you’re sending to
  • Add the amount you want to send, or the amount you want to recipient to get in the end
  • Enter the recipient's details, including bank account number and SWIFT code
  • Pay for your transfer and you’re done

Wise vs WorldRemit Fees

Wise uses the mid-market exchange rate with no hidden costs. Instead there’s a transparent fee you’ll be shown when you calculate your payment online or in the Wise app. This may vary according to the way you pay for your transfer, the destination country and the value of the payment overall.

WorldRemit includes a markup in the exchange rates available to customers, and may also charge a delivery fee. The delivery fee varies by payment type, and the exchange rate markup may change according to the country you’re sending to and the way you pay for your transfer. You’ll always see the delivery fee and available exchange rate before you confirm your WorldRemit payment. However, to work out the fee included in the exchange rate you’ll need to compare the WorldRemit rate against the mid-market exchange rate which you can get online.

Wise vs WorldRemit: which is cheaper?

 

Specialists in international payments are usually cheaper than using a traditional bank to send money overseas. However, the services, fees and exchange rates available from different specialists will vary - so comparing a few before you choose still makes sense.

Here’s how Wise and WorldRemit measure up on a payment sent to a bank account directly, to arrive in USD:

Amount & Currency Wise  WorldRemit  Winner?
AUD>1000 USD 1,399.52 AUD 1,407.16 AUD Wise
AUD>5000 USD 6.994.44 AUD 7,035.82 AUD Wise

*Rates and fees correct at time of research - 8th January 2022

As you can see in our comparison, Wise is cheaper each time. These payments assume a transfer from one bank account to another. WorldRemit also offers a range of other payout options like topping up airtime, sending to a mobile wallet, or having your recipient get their money in cash. If you’d prefer any of these options, it can still be worth comparing WorldRemit to other providers to see if you can save.

Wise Vs WorldRemit: which is faster?

 

Wise payments may take as little as seconds on some popular currency routes. Most transfers arrive within a day. You’ll always be able to see the estimated delivery time when you set up your transfer.

WorldRemit payments are generally fast. Transfers for cash collection, to mobile wallets and for airtime top up can arrive instantly. Bank transfers may also arrive in just a short while - but depending on the recipient bank’s processes, can take up to 2 days.

Safety

WorldRemit is registered with AUSTRAC and fully regulated to trade in Australia.

Wise is fully regulated by the Australian Securities and Investments Commission (ASIC), and also holds the required licenses in other countries it operates in. In Australia, Wise holds an Australian Financial Services licence and is authorised by the Australian Prudential Regulation Authority (APRA).

Ease of use

  • Creating an account: Both Wise and WorldRemit accounts are opened and operated online or using the provider’s app.  
  • Making a transfer:  Both Wise and WorldRemit international payments can be made online or in the company app.  
  • Ways to send money:  Wise transfers can be funded by bank transfer, credit or debit card.  WorldRemit offers card payments, POLI and Apple Pay.
  • Languages:  Wise offers global support in a range of languages, online, using the app, and by phone.  WorldRemit has a 24/7 service in 6 languages.
  • Minimum & maximum amounts:  Wise limits depend on which currencies you send to and from, and how you pay. However, you can make several smaller transfers if your ideal transfer amount exceeds the limit.  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.

Supported currencies

With Wise you can send money to 80 countries and hold and convert 54 currencies in your Wise account.

WorldRemit supports payments in 70+ currencies, to 140 countries.

Conclusion

Choosing between WorldRemit and wise may simply come down to where you’re sending money to, and how you want it to be received.WorldRemit offers a broader range of payout methods, including cash collection from agents around the world. You can also get your money to people in more countries with WorldRemit - 140 are covered.

Wise is a specialist in sending international payments direct to bank accounts, and also has multi-currency accounts for personal and business customers. You’ll often find Wise is cheapest if you want to transfer to a bank account because there are no extra fees added to the exchange rates used. Instead, you’ll pay a low, transparent fee which is shown prior to confirming the transfer.

In short, if you want to send a payment to a bank account in a country covered by Wise, that's probably the best bet for you. If you’re looking for a cash transfer, or a service like airtime top up or a mobile wallet payment, take a look at WorldRemit instead.

Frequently asked questions - Wise vs WorldRemit

Is Wise or WorldRemit cheaper?

In our comparison, Wise was cheaper for payments to a bank account.

Is Wise or WorldRemit faster?

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. Wise payments can arrive instantly, with most being delivered within 24 hours.

How many currencies do Wise and WorldRemit support?

Wise customers can send payments to 80+ countries, and hold and manage 50+ in their Wise accounts. WorldRemit covers a broader 70 currencies and 140 countries, although not all services are available in all areas.

Compare international money transfer providers

By Ileana Ionescu Updated January 28th, 2022