Last Updated on December, 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.
Contents
- WorldRemit Vs. Remitly Review
- Key Features
- Remitly Vs. WorldRemit: Side-By-Side Comparison
- About Remitly and WorldRemit
- How Do They Work?
- Business Benefits
- WorldRemit Vs. Remitly: Transfer Fees
- WorldRemit Vs. Remitly Exchange Rate
- WorldRemit vs. Remitly: Payment methods
- WorldRemit Vs Remitly: Which is Cheaper?
- Which is Faster?
- Trust & Safety
- Remitly Vs. WorldRemit User-Friendly
- WorldRemit Vs. Remitly: Customer Service
- Remitly Vs. WorldRemit Pros & Cons
- Conclusion
- FAQs
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
Basic Features
Unique Features
Not Offered
Here’s my ultimate review of WorldRemit if you want to learn more.
Remitly
Basic Features
Not Offered
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.
Also here’s my ultimate review of Remitly if you want to learn more.
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
| Feature | Remitly | WorldRemit |
| 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 accounts | Yes | Yes |
| Sending money to mobile money accounts | Yes | Yes |
| Multi-currency account | No | No |
| Airtime top-up | No | Yes |
| Delivery of cash to your door | Yes | Yes |
| Fully licensed and regulated | Yes | Yes |
| Debit card | No | No |
Summary
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:
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
Remitly
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
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
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
Remitly
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 & Currency | WorldRemit | Remitly | Which Is Cheaper? |
| 1 AUD to MYR (through bank) | 3.10 MYR | 3,1109 MYR | WorldRemit |
| 1 GBP to MYR (through bank) | 5.84 MYR | 5.8970 MYR | WorldRemit |
| 1 USD to MYR (through bank) | 4.70 MYR | 4.6680 MYR | Remitly |
| 1 EUR to MYR (through bank) | 4.95 MYR | 5,0103 MYR | WorldRemit |
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 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
Remitly
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
Remitly
Both platforms strive to offer simplicity, But you should consider individual preferences and specific service requirements.
WorldRemit Vs. Remitly: Customer Service
WorldRemit
Remitly
Remitly Vs. WorldRemit Pros & Cons
| Remitly | WorldRemit | |
| Pros | Provides 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. | |
| Cons | Exchange 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
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