When it comes to transferring money internationally, two popular options you can consider are Wise and WorldRemit. In this article, we will compare the features and services of TransferWise (now known as Wise) and WorldRemit.
- 1 Is WorldRemit or Wise cheaper?
- 2 Ease of Use
- 3 Wise Verification vs WorldRemit Verification
- 4 How to Pay for Wise Transfer and How to Pay for WorldRemit Transfer
- 5 How to Receive WorldRemit Transfer vs How to Receive Wise Transfer
- 6 How Long Does Wise Take To Transfer Money? How Long Does WorldRemit Take To Transfer Money?
- 7 How Many Countries Use TransferWise? How Many Countries Use WorldRemit?
- 8 Wise Supported Currencies vs WorldRemit Supported Currencies
- 9 Is Wise Secure? Is WorldRemit Secure?
- 10 What Is Wise Exchange Rate? What Is WorldRemit Exchange Rate?
- 11 Wise Reviews vs WorldRemit Reviews
- 12 A Comparison of WorldRemit vs Wise: Choosing the Right Money Transfer Service
Is WorldRemit or Wise cheaper?
Wise charges a percentage fee based on the currency you’re transferring, the amount, and the method of funding your account. This fee can range from 0.43% to 1.45%. Wise also uses the real mid-market exchange rate, which is the same rate that banks and financial institutions use to trade currencies. This means that you’re less likely to lose money on exchange rate margins with Wise.
WorldRemit, on the other hand, charges a flat fee for each transfer. This fee typically ranges from $3.99 to $24.99, depending on the currency and payout method. WorldRemit also uses a slightly less favorable exchange rate than Wise because it makes money from exchange rate margins. This means that you may lose a little bit more money on exchange rate margins with WorldRemit.
In general, Wise is a more cost-effective option, but the best service for you will depend on your specific needs. If you’re transferring a small amount of money, the flat fees charged by WorldRemit may be lower than the percentage fees charged by Wise. However, if you’re sending money to a pick-up point, the fees for pick-up points are higher than the fees for bank account transfers. Wise does not support pick-up points, so if you need to send money to a pick-up point, WorldRemit may be an expensive option.
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Ease of Use
Deciding whether to use TransferWise or WorldRemit will depend on the language you prefer. You can access TransferWise website in English, German, Spanish, French, Italian, Hungarian, Polish, Portuguese, Russian and Japanese. You can speed up the time spent to register by using Google, Apple and Facebook. The company offer services to individuals and businesses.
WorldRemit website services are in English, French and Spanish. International transfers use electronic bank transfers, debit cards and credit cards. The service allows one to transfer funds to bank accounts and cash pick up centers depending on the destination country. Both offer mobile apps, available from the Google Play Store and Apple App store.
Wise Verification vs WorldRemit Verification
WorldRemit uses a process to verify your mobile phone number using a one-time password (OTP). They may also ask you to provide identification proof and a selfie image for identity verification. The process usually takes up to 4 minutes. Wise, on the other hand, may ask you to verify your identity depending on where you’re sending money from and the amount you’re sending. They usually require photo identification, proof of address, and sometimes a picture of you holding your ID
How to Pay for Wise Transfer and How to Pay for WorldRemit Transfer
Both Wise and WorldRemit offer a variety of payment options. For example, with Wise, you can fund your transfer with a credit card, debit card, or bank transfer in most countries. However, in some countries, you may also be able to fund your transfer with other methods, such as SOFORT or iDEAL. Similarly, with WorldRemit, you can fund your transfer with a credit card, debit card, bank transfer, Poli, Interac, iDEAL, Klarna, Apple Pay, or Trustly. The specific methods that are available to you will depend on your country of residence and the country you are transferring money to.
How to Receive WorldRemit Transfer vs How to Receive Wise Transfer
Wise only supports bank to bank transfers, which means that the recipient of your transfer will need to have a bank account in the country where the money is being sent. WorldRemit, on the other hand, supports a wider range of payout methods, including bank transfers, cash pick-ups, mobile money transfers, and door-to-door delivery. You can also send mobile top-ups to your recipient with WorldRemit.
The specific payout methods that are available will depend on the country where the recipient is located and their preferred method. For example, door-to-door delivery is only available in Vietnam.
How Long Does Wise Take To Transfer Money? How Long Does WorldRemit Take To Transfer Money?
Wise and WorldRemit have different transfer speeds depending on various factors. With Wise, transfers funded by credit or debit cards are typically processed within a few hours, while bank account transfers may take 2–3 days. On the other hand, WorldRemit offers almost instant transfers for credit card-funded transactions, while bank account transfers may also take a couple of days. With WorldRemit, money transfers involving major currencies like USD, GBP, AUD, and others are usually processed at a faster pace. However, transfers with restricted currencies such as the Chinese Yuan may require a longer processing time.
How Many Countries Use TransferWise? How Many Countries Use WorldRemit?
Iwht Wise, you can send money to over 160 countries worldwide. They have a broad coverage that includes popular destinations across Europe, Africa, North America, and Asia.
WorldRemit, on the other hand, boasts a wider coverage with services available in over 130 countries. Their extensive reach includes regions such as Africa, the Middle East, and Latin America.
Wise Supported Currencies vs WorldRemit Supported Currencies
Wise supports international transfers to over 160 countries and local transfers in 30 other currencies. This means that you can send money to almost anywhere in the world, and you can also receive money in local currencies. If you sign up for Wise Multi-Currency Account, you will also get local bank details in GBP, USD, EUR, AUD, etc., as well as hold and manage over 40 currencies. WorldRemit supports international and local transfers in over 100+ currencies.
Is Wise Secure? Is WorldRemit Secure?
Wise and WorldRemit both use a variety of security features to protect your money, including SSL encryption, two-factor authentication, and fraud protection. They are both regulated by reputable financial institutions such the FCA in the UK, ASIC in Australia and the EEA.
What Is Wise Exchange Rate? What Is WorldRemit Exchange Rate?
Wise uses the mid-market exchange rate, the same rate used by banks and financial institutions, to facilitate currency trading. This means that you’re less likely to lose money on exchange rate margins using Wise.
In contrast, WorldRemit adopts a different approach with their “dynamic exchange rate.” The exchange rate offered by WorldRemit fluctuates based on various factors, such as the transfer amount, currency, and selected payout method. Additionally, WorldRemit adds a markup to their dynamic exchange rate, enabling them to generate profit from each transfer, even if the offered rate remains competitive.
Wise Reviews vs WorldRemit Reviews
At the time of writing this article, Wise has a strong reputation with an overall rating of 4.3 out of 5 stars on Trustpilot based on over 190,000 reviews. Users appreciate Wise for its good exchange rates, low fees, convenience, and helpful customer service. Some concerns raised include transfer duration, occasional unclear fees, and slower customer support for non-UK customers.
As of the time of writing, WorldRemit has a strong overall rating of 4.1 out of 5 stars on Trustpilot based on over 70,000 reviews. Users appreciate WorldRemit for its convenient and easy-to-use platform, wide range of payout methods, and good customer service. Some concerns raised include high fees, unfavorable exchange rates for certain currencies, and longer transfer durations compared to other services
A Comparison of WorldRemit vs Wise: Choosing the Right Money Transfer Service
Both Wise and WorldRemit offer convenient and secure options for international money transfers. Wise stands out for its transparent pricing, low fees, speed, and user-friendly experience, making it a popular choice for those seeking cost-effective transfers with competitive exchange rates. On the other hand, WorldRemit provides a wide range of payouts and receiving methods, offering flexibility for recipients.
Is WorldRemit or Wise cheaper?
Wise charges a flat fee for transfers, while WorldRemit charges a percentage fee plus a small markup on the exchange rate. Wise is generally considered cheaper than WorldRemit.
Is Wise the same as WorldRemit?
No, Wise and WorldRemit are separate money transfer services with different pricing structures, exchange rates, and payout methods. Each platform offers its unique features and benefits.