WorldRemit vs Remitly (2024 Upd.) Which is Best for You?

Last Updated on June, 2024

Are you curious about efficient and cost-effective international money transfers?

I researched many platforms that simplify the process to make it more convenient for those who want to send money overseas. Among them, I have shortlisted and compared WorldRemit and Remitly here.

If you’re thinking, “How do they benefit users with diverse payout options?” Explore my review to know everything in detail.

Quick Summary

Both WorldRemit and Remitly offer competitive exchange rates and low fees for international money transfers.

WorldRemit has a wider global reach and offers unique features such as mobile wallet payments and multi-currency wallets, while Remitly focuses on speed and convenience for specific countries.

Both services are reliable and consistently rated highly on Trustpilot, but customers should consider individual preferences and specific service requirements when choosing between the two.

WorldRemit Vs. Remitly Review

WorldRemit and Remitly offer competitive exchange rates and low fees. WorldRemit is suitable for its wide range of countries and flexible delivery options, including bank deposits and mobile wallet transfers.

Remitly focuses on quick and reliable transfers, with options for cash pickups and mobile money transfers. While both services are user-friendly, WorldRemit provides a broader global reach, while Remitly emphasizes speed and convenience in international money transfers.

There are more; keep reading.

Key Features

WorldRemit

worldremit online money transfer

Basic Features

  • Foreign bank transfers
  • Cash pickups
  • Foreign bill payments (availability varies by country).
  • Prepaid mobile credit top-ups.
  • Support for recurring/regular transfers.

Unique Features

  • Mobile wallet payments for in-store shopping, online transactions, and cash withdrawals.
  • Receive money into a multi-currency wallet via WorldRemit Wallet.

Not Offered

  • Travel debit cards.
  • Access to a personal account manager (handy for large transfers).

Here’s my ultimate review of WorldRemit if you want to learn more.

Remitly

Remitly Logo

Basic Features

  • International transfer services to foreign bank accounts, cash pickup locations, and mobile money solutions (availability varies).
  • Regular transfer service for repeated international money transfers.

Not Offered

  • Personal account management.
  • Travel debit cards.
  • Digital wallet services.
  • Sending limits apply to customers for international money transfers.

WorldRemit and Remitly provide distinct features offering individual needs.

WorldRemit stands out with unique services like Mobile Money and WorldRemit Wallet, while Remitly focuses on easy overseas fund transfers with a regular transfer option. So, choose the right one based on your specific requirements and preferences.

Choose Wisely

Selecting between WorldRemit and Remitly depends on your needs. WorldRemit offers extensive payout options and global coverage, ideal for regular currency exchange and international business. Remitly is suitable for diverse countries and currency transfers but has limited functionality for Malaysians.

Both services are reliable, licensed, and consistently rated at 4.1 stars on Trustpilot. Your decision comes down to priorities.

Choose WorldRemit for a global reach and quick transactions, or choose Remitly for specific Malaysia-focused transfers.

Remitly Vs. WorldRemit: Side-By-Side Comparison

a screenshot of the worldremit website homepage
FeatureRemitlyWorldRemit
Support transfers to 170+ countries and 100+ currencies (Does not facilitate transfers from Malaysia currently)130+ countries and 70+ currencies
Sending money internationally to bank accountsYesYes
Sending money to mobile money accountsYesYes
Multi-currency accountNoNo
Airtime top-upNoYes
Delivery of cash to your doorYesYes
Fully licensed and regulatedYesYes
Debit cardNoNo
a screenshot of the remitly website homepage

Summary

  • Both Remitly and WorldRemit allow payments to various countries.
  • They support bank transfers, cash collection, and payments to mobile money accounts.
  • WorldRemit offers airtime top-ups, which Remitly does not provide.
  • Neither platform has a multi-currency account or a debit card option.
  • Both are fully licensed and regulated.

About Remitly and WorldRemit

WorldRemit was founded in 2010, and it emerged from the personal experiences of its founder, who sought to simplify the money transfer process for those living abroad. With 5.7 million customers, WorldRemit facilitates payments in 70 currencies to 130 countries.

Their diverse payout options, including cash collection and mobile wallet transfers, are offered to regions with limited banking facilities.

Remitly, established in 2011, envisions faster and more affordable remittance payments for immigrants living abroad. The company serves over 170 countries from 17 developed nations and invests in charities supporting global immigrant communities.

Remitly aims to provide a seamless global network when you send money home.

How Do They Work?

When you send money through Remitly and WorldRemit, it follows a remarkably similar and user-friendly process.

The basic steps for each service are identical:

  • Create or log into your account, either online or through the app. Confirm that your destination country is covered and choose a preferred payout method.
  • Input payment details, including the transfer amount and currency. With Remitly, you may also have the option to choose a delivery speed.
  • Provide recipient information.
  • Complete the payment, and you’re finished.

For cash collection payments, you’ll need to specify the agent your recipient will use to collect the money. The provider quickly notifies the agent once your payment clears, usually instant with card payments, making the funds available to your recipient almost immediately.

Bank account transactions with both providers typically take longer due to processing times and recipient bank systems.

Business Benefits

WorldRemit

a screenshot of the how transfer of worldremit works
  • While WorldRemit doesn’t specifically offer for businesses, it can be used for business transfers.
  • The Mobile Wallet, though available, might not be the most suitable choice for business transactions.

Remitly

a screenshot of the how transfer of remitly works
  • Remitly is designed and specialized for personal use.
  • It does not provide services designed for businesses.

WorldRemit Vs. Remitly: Transfer Fees

WorldRemit

WorldRemit charges transfer fees and applies an exchange rate markup. WorldRemit fees depend on payment and recipient collection methods displayed during setup.

For example, sending 1000 MYR to the UK via bank transfer incurs a 5 MYR fee, totaling 1005 MYR. While the transfer fee is transparent, the exchange rate markup, common among providers, might make understanding the total cost challenging.

Remitly

Remitly’s fees vary by destination and include reliable exchange rates. New Remitly clients enjoy an exchange rate of 5.8970 MYR for 1 GBP on their first transfer. The platform offers Express or Economy delivery, with Express being faster but costlier.

Express payments require cards, while Economy allows bank transfers, both incurring a standard exchange rate markup fee.

WorldRemit Vs. Remitly Exchange Rate

When it comes to exchange rates, both Remitly and WorldRemit apply markup fees to the mid-market exchange rate when you send money internationally.

WorldRemit

a screenshot of the payment methods for international transfers
  • Applies a markup ranging from 0.5% to 2.5%, depending on the specific currency pair.

For updated and transparent information, visit their website or app, which includes an easy-to-use calculator to determine the final transfer amount for the recipient.

Remitly

a screenshot of the banks to send money worldwide via remitly
  • Adds a markup fee to the mid-market rate used for international transactions, ranging from 0.5% to 2%.
  • Doesn’t use the mid-market rate.

You can usually check their website to find the Remitly exchange rate, but creating an account might be necessary to understand the applicable exchange rate and fee for your transfer.

WorldRemit vs. Remitly: Payment methods

Diverse payment options are essential for clients engaged in cross-border transactions, and fortunately, both WorldRemit and Remitly offer a range of methods to meet various needs.

WorldRemit

  • Depending on your registered country, WorldRemit allows several payment options, including debit, credit, and prepaid cards affiliated with Mastercard or Visa.
  • Additional methods vary by region, including Apple Pay, mobile money, Klarna (Sofort), and others.

Remitly

  • Payment methods with Remitly are also influenced by location. Apple Pay and Google Pay are widely available, with a few exceptions, such as Australia and New Zealand.
  • Visa and Mastercard bank and credit cards are accepted globally, while bank account payments are available in the US, Canada, and Australia.

WorldRemit Vs Remitly: Which is Cheaper?

When you send money abroad, preferring an established international payment service is often more cost-effective than using your bank. However, fees and exchange rates can vary between providers, making it crucial to conduct thorough research before deciding.

The comparison table below focuses on sending money to Malaysia from different countries, highlighting how WorldRemit and Remitly stack up against each other in terms of cost. The amounts are based on bank transfers.

Amount & CurrencyWorldRemitRemitlyWhich Is Cheaper?
1 AUD to MYR (through bank)3.10 MYR3,1109 MYRWorldRemit
1 GBP to MYR (through bank)5.84 MYR5.8970 MYRWorldRemit
1 USD to MYR (through bank)4.70 MYR4.6680 MYRRemitly
1 EUR to MYR (through bank)4.95 MYR5,0103 MYRWorldRemit

The table indicates that WorldRemit is the more cost-effective option for GBP, AUD, and EURO currencies, while Remitly is preferable for USD.

It’s essential to note that these costs apply to payments via bank transfer, and Remitly’s prices are based on offers for new customers. The choice between the two services depends on the amount being sent, the target currency involved, customer status, and the preferred funding method.

Which is Faster?

worldremit vs remitly

WorldRemit and Remitly, both effective in their own right, differ in the speed at which they send money.

WorldRemit showcases impressive delivery times, with over half of bank account deposits ready within 10 minutes, 95% of cash collection payments receive in 3 minutes, and 90% of mobile money transfers and airtime top-ups also accessible within the same 10-minute window.

While 90% of bank transfers are available on the same day, these times may vary depending on agent operating hours, public holidays, or the recipient bank’s internal processes.

On the other hand, Remitly offers customers the option of two delivery speeds, Express and Economy, each with different prices. Express deliveries, paid for only by card, ensure instant receipt of money.

If you want to save money, you can go for the Economy transfers, which deliver money within 3-5 business days and are payable via bank transfer.

Trust & Safety

Both WorldRemit and Remitly prioritize safety and are established and trustworthy money transfer providers.

WorldRemit

  • Regulation: Regulated by multiple financial regulators globally, including the FCA in the UK.
  • Company Structure: Customer funds are segregated from company accounts, reducing customer risk
  • Fee Structure: Includes hidden fees within the offered exchange rate, affecting transparency.
  • Trustpilot Rating: High rating, but an increasing number of poor reviews

Remitly

  • Transparency: There needs to be better transparency on fees charged, and the actual exchange rate needs to be reflected in the received amount.
  • Additional Fees: Clear information on additional fees is in the help center but is not displayed during the transfer process.
  • Service Fee Structure: It uses the real exchange rate plus an approximately 2% transfer fee, which needs to be clarified.
  • TrustPilot Rating: Many poor reviews related to transparency on fees, sudden account closures, and delayed funds arrival.

While both providers prioritize safety, users should be aware of differences in transparency, transfer fee structures, and TrustPilot reviews to make the right decisions based on their preferences and priorities.

Remitly Vs. WorldRemit User-Friendly

Both WorldRemit and Remitly offer user-friendly experiences, but some distinctions must be considered.

WorldRemit

a screenshot of the worldremit app
  • Registrations: Simple and accessible through the website or mobile app.
  • ID Verifications: If required, It’s an easy process via the mobile app or email, with document upload through phone photos.
  • Transfer Speeds: Ranges from instant to up to 2 days, depending on the destination and transfer method.
  • Payment Options: Convenient funding through in-country solutions or debit cards for instant transfers.
  • Mobile App: A dedicated mobile app for end-to-end transfer management.
  • Funding Options: Offers card payments and Apple Pays.

Remitly

screenshots of the remitly app
  • Registration: Registration is a smooth process on the website or mobile app.
  • ID Verification: Tiered verification levels; Tier 1 requires no ID verification, but higher tiers need increased proof.
  • Transfer Speed: Generally 2 – 3 days upon payment.
  • Transfer Limits: Tiered limits are based on ID verification, with initially lower limits.
  • Account Limits: After complete ID verification, a maximum sending limit of $60,000 within 180 days.
  • Customer Support: Chat in English, French, and Spanish, with phone service in English and Spanish.
  • Funding Options: Accepts bank transfers, credit or debit cards

Both platforms strive to offer simplicity, But you should consider individual preferences and specific service requirements.

WorldRemit Vs. Remitly: Customer Service

WorldRemit

  • 24×7 country-specific phone support is available for ongoing transfers.
  • Comprehensive country guides within FAQs, providing specific details on fees, limits, funding methods, regulations, etc.
  • Some TrustPilot and mobile app review reports mention poor wait times for customer service.

Remitly

  • It features a 24×7 live chat in English, French, and Spanish.
  • Provides 24×7 phone support in English and Spanish.
  • Offers country-specific guides in FAQs available in 15 languages.
  • Customer support can be contacted through the website’s online chat service. Phone support is available in English and Spanish from 3:00 a.m. to 7:00 p.m. PT.

Remitly Vs. WorldRemit Pros & Cons

RemitlyWorldRemit
ProsProvides options for cash collection, mobile money accounts, and home delivery.Covers 130+ countries with various payout methods.
Offers customizable delivery speeds.Allows payout methods through mobile wallet payments, airtime top-ups, and cash collection.
Covers popular remittance routes.Offers instant payments for 95% of financial transactions.
ConsExchange rates include a markup.Exchange rates include a markup.
Some significant countries may yet have all the services available.Not all services are available in every destination.

Other platforms we’ve compared WorldRemit and Remitly with:

Conclusion

Which one do you prefer now – WorldRemit or Remitly??

If you decide between these two services, it depends on what you need. You might choose based on lower fees, better exchange rates, or availability in specific countries. But if you ask me, my choice is WorldRemit.

Because it’s available in more countries, I can do my transactions without stress. However, if you want a consistently fair exchange rate, go for better options.

FAQs

Based on the fees and exchange rates, WorldRemit may be the cheaper option as they have transparent costs and only a small markup on exchange rates. However, the cost-effectiveness will ultimately depend on the specific transfer type and destination for both WorldRemit and Remitly.

The main difference between WorldRemit and Remitly is the number of countries and currencies available for money transfers and their associated licenses. While WorldRemit offers transfers to over 130 countries in 70+ currencies and is licensed by the Central Bank of Malaysia, Remitly offers transfers to 170+ countries and 100+ currencies but is not available for residents in Malaysia.

Remitly offers transfers in over 100 currencies, while WorldRemit supports over 70 currencies for payments to more than 130 countries.

WorldRemit is generally faster than Remitly. WorldRemit typically completes cash transfers within minutes, while Remitly may take up to 3 to 5 business days for its Economy option. However, Remitly also offers an Express option for instant delivery.

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Author
Allen Morning
I'm Allen Morning, with a background spanning over 15 years in international finance and education from Harvard and Stanford. I founded Currenciap with a vision to demystify and streamline global financial transactions. My journey in finance has fueled my commitment to creating a platform that is both user-friendly and efficient, making international finance accessible to everyone. You can find more about me here.

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