Wise and WorldRemit are both popular and claim to offer low-cost and convenient transfers, but how do they really stack up against each other?
- Wise lets you save on fees, offers a mid-market exchange rate, has a multi-currency account, and a debit card perfect for travelling overseas.
- WorldRemit provides more delivery options, faster transfers, and cash pickups.
Which one is right for you?
In this article, we will review Wise vs WorldRemit and see how they perform in various aspects such as fees, exchange rates, speed, and customer reviews. We will shed light on their pros and cons, helping you find the perfect fit for your specific needs.
Let’s get into it!
Disclosure: This post contains affiliate links and savings on transfers if you use some of the links! For more information, see my disclosures here.
1. Quick Comparison
Wise (was Transferwise) and WorldRemit are both reliable for sending money overseas. WorldRemit is “Great” at 4.1/5 (79k+ reviews) on Trustpilot while Wise is slightly higher at 4.3/5 (194k+ reviews). Wise has low fees for transfers, while WorldRemit has various methods to send money abroad.
|Trust||High – Excellent Trust pilot reviews and regulated service||High – Great Trustpilot rating and mandatory photo ID for cash pick-up|
|Clients||Personal and Business||Personal|
|Currencies and Countries||40+ global currencies, transfer to 160+ countries||Transfer to 130 countries in many global currencies|
|Multi-Currency account||Yes – supports 40+ currencies||No|
|Types of transfer||Bank-to-bank, card-to-bank, mobile wallet-to-card/bank||Bank-to-bank, card-to-bank, Cash, Mobile wallet top-up, Airtime transfer.|
|Fees||Low percentage fees||Service fee, other fees (if applicable)|
|Exchange rate||Mid-market exchange rate||Adds margin on the mid-market exchange rate|
|Trustpilot rating||Excellent – 4.3/5 with over 194,000 reviews (as of August 2023)||Great – 4.1/5 with over 79,000 reviews on Trustpilot (as of August 2023)|
|Full review||Wise (review)||WorldRemit (review)|
Also see our top 7 WorldRemit alternatives.
2. Pros and Cons
- Transparent fees with no margin on the exchange rate
- Available worldwide support transfers to over 160 countries
- Affordable transfers at the mid-market rate
- Many ways to fund transfers – bank, cards, local methods
- Bank details in all supported countries to keep transfer costs low
- Multi-currency wallet (with Wise multi currency account (review)
- Debit card (free ATM withdrawals up to $200 and available in UK, USA, Europe, Australia and New Zealand)
- Licensed and regulated service
- No cash transfers
- Very fast transfers
- Affordable cash remittance
- Many payment methods – cash, bank, mobile wallets, Airtime top-ups
- Send money to 150 countries in 100 currencies
- Fund transfers with bank transfer, debit card, or credit card
- Licensed and registered service
- No multi-currency account or debit card
- No business transfers
3. What Others Say – Third-Party Reviews
Excellent – 4.3/5 with over 194,000 reviews (as of August 2023
Many reviewers have said that Wise is easy and efficient for sending money abroad affordably.
People also love their multi currency wallet which is great for handling their international money.
Blocked accounts / verification
As a licensed financial services provider, Wise does this if they spot something unusual or if someone breaks their service terms accidentally.
In practice this can mean transfers or accounts are frozen while things get sorted out.
Wise’s customer service is online or by email and in recent months seems to be slipping with longer email response times, generic responses, and no real person to call leaving Wise users frustrated especially when they’re facing problems with their transfer.
What They Say
“Wise is convenient, well-priced and secure. I have been travelling a lot recently between Europe, the UK and Australia. I use my Wise card for all my transactions, and I can get paid and make payments directly through whichever country’s banking system is relevant to my transaction. Wise is just so great!”– John C on Trustpilot
Great – 4.1/5 with over 79,000 reviews on Trustpilot (as of August 2023)
Many reviewers have been loyal customers of WorldRemit and love their easy, fast, and cost-effective service.
They’re especially happy with the fast cash and mobile wallet transfers.
Most reviewers refer to WorldRemit as “always dependable” for efficient international transfers.
While WorldRemit is usually very prompt, sometimes users experience delays – this is usually if the transfer has been set up over a weekend or on a public holiday.
Delays may also be caused if WorldRemit requires more ID or verification.
Unresponsive customer service
WorldRemit is a great service when things run smoothly – however, support from their customer service team can leave you wanting according to many reviewers.
It’s difficult to reach WorldRemit by phone, chat, or email during peak hours in each country or over the weekend.
What They Say
“I’ve been sending money with Worldremit for 8 years now and never had a problem once, so very I found this remittance early, better rates and I’m always sure my money’s there before a minute’s passed after i pressed the send button…yey!”– Noah Ellazar on Trustpilot
4. Costs and Fees (Including Hidden Fees)
- Affordable bank transfers at the mid-market exchange rate
- Low percentage service fee (0.66 % of the amount on average)
- No margin on the exchange rate or sending and receiving fees
- Local bank accounts in many countries to remove additional fees
- Volume discount for a business account
Receiving fees applicable for some locations (for example, wire transfer fees in the US)
- Fees depend on payout method, funding method, amount and currency
- Service fee starts from $1.99 USD (for bank transfers – cheapest)
- The margin on the exchange rate applicable
- Fees can be high if funding with a credit card
Sending and receiving bank fees as well as agent fees for cash pick-ups may be applicable
5. Transfer Speeds
- Transfers funded by a debit or credit card: from a few hours to a day
- Transfers funded by Apple Pay or Google Pay: Near-instant
- Bank-to-bank transfers: 0-5 days (a lot depending on the countries involved and their banking systems)
- The transfer speed depends on the payout method and funding method
- Cash, Airtime, and mobile wallet transfers: Near-instant
- Transfers funded by cards are very fast – received in minutes or a few hours
- Transfers to bank accounts – 2-5 days
6. Safety and Security
- Regulated by financial authorities in the US (FinCen), UK (FCA), Canada (FINTRAC), Australia (ASIC), and more
- Encrypted website and two-factor authentication
- Regular audits for transfer red flags, fraud, or money laundering
- Customer funds are held separately in high street bank accounts for safety
- Mandatory KYC and regular re-verification to prevent unverified transfers
- WorldRemit is regulated by the financial institutions of the countries where it operates. For example, the company is licensed as an Electronic Money Institution and is regulated by the Financial Conduct Authority (FCA). Even in other countries, WorldRemit is registered with relevant financial regulatory bodies. In New Zealand, WorldRemit is registered with FSPR and in Australia with AUSTRAC. It is also registered with all states in the USA which makes it up being a great service for American residents.
- Customer funds held separately
- All connections between the WorldRemit website and app are encrypted, they even use machine learning to detect money laundering activity.
- Regularly audit user accounts and activities to prevent unlawful activities on their platform.
- Mandatory KYC to maintain a healthy pool of users.
Wise vs WorldRemit: Verdict – Which is Better?
With 3 ties, 2 wins for Wise, and 1 for WorldRemit – the competition’s pretty close but it all comes down to your needs.
Wise is better for you if you want a real mid-market exchange rate, want to save on fees, are a frequent traveler who wants to spend like a local, or want to transfer money to a bank or debit card. With the Wise calculator, you can immediately see the exact amount your recipient will receive with no sign-up required.
WorldRemit is better for you if want to send money to a cash pickup location, don’t mind the additional margin on the exchange rate and fees, or more delivery options. You can enjoy your first three transfers without any fees if you sign up here (use the code ‘3FREE‘)*
Both services are efficient and reliable. However, the best way to decide which one is right for you is to compare their features (above), fees (above), speed (above) and real customer reviews (above) to get a sense of their service quality and reliability.
*Offer is only available in selected countries – click “sign-up” for details.