Whenever you want to transfer money abroad, you have several options. You can use TransferWise, WorldRemit, PayPal, N26 and Revolut. In this article, we are going to compare TransferWise versus WorldRemit.
International Money Transfer Fees
While using TransferWise, their website will show you the transfer cost before you can complete the transfer. The fee charged to transfer money is the nominal percentage of the amount you are transferring. Some countries attract fewer charges compared to others. TransferWise charges are as follows, $3 for transfers of up to $300 and 1% for transfer amount of up to $5,000 and 0.7% on any transfer of $5,000 or more.
WorldRemit transfer fees depend on the transfer method you choose. For instance, transferring money to pick up points is expensive compared to bank account transfer. However, the website will notify you the fees you will incur before confirming the transfer. However, in most countries, fees are $3.99.
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 and Facebook. The company offer services to individuals, businesses and online sellers.
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.
Several regulators regulate the two companies and both use high encryption to secure transmission of data. They also hold clients money in segregated bank accounts.
Financial Conduct Authority (FCA) regulates TransferWise. Using Google account o sign in to your TransferWise account adds up to more security since it has two-factor authentication process. It makes your account more secure.
The Financial Conduct Authority (FCA) regulates WorldRemit. All people using their services must adhere to their strict guidelines aimed at ensuring data protection.
Foreign Exchange Rates
TransferWise home page usually has a calculator where one can check the current exchange rates. The company uses mid-market rates that are very close to the prevailing market rates. Before you can initiate a transaction, the page will show you the guaranteed exchange rate. Also, their website allows you to track the exchange rate changes between any two currencies. They also offer fee-free rate notifications.
WorldRemit, on the other hand, allows one to view the current exchange rates using a calculator on the homepage. The page will also show you the confirm exchange rate before you can finalize on your transfer.
Frequent Overseas Payments
It is better to open an account with TransferWise when you have a transfer to make. You may not enjoy their discount when you schedule a transfer on a later date. You can save money by checking out for their promotional offers and updates.
For new customers, you get the TransferWise fee-free up to 3000 Euros coupon. On the other hand, WorldRemit customers enjoy a discount of free fee on their first transfer.
Speed of Money Transfer
Bank transfers using TransferWise can take up to two days so that the money is received and converted. However, it will take some few other days for the delivery to be complete because of the two-step verification process involved.
On the other hand, WorldRemit can take up to three days for the delivery to take place. However, some banks have instant money transfers. However, mobile money is usually immediate.
Checking at the ease of use, transfer exchange rates, transfer fees and security between TransferWise and WorldRemit, we consider TransferWise to be better.