WorldRemit Vs TransferWise: Which is Better for Money Transfer?

WorldRemit-Vs-TransferWise-Which-is-Better-for-Money-Transfer

Both the WorldRemit and TransferWise are known as digital money specialists that help individual and businesses send money overseas. Both of them offer new technologies to help us transfer money with ease, but which one could drive a better deal?

User Rating 9.2 9.2
Transfer Type
    Online
    Online
Coupon First £3,000 Fee Free! First Transfer Fee Free
Fee ~0.5% $3 - $4
Speed 1 - 2 days 1 to 3 days
Regular Payments
Mobile App
Min Transfer Amount

WorldRemit and TransferWise Overview


When a new user signs up for a WorldRemit account, you will need your mobile number and a valid government-issued ID. Choose where you want to send and how you’d like to send your transfer (Bank deposit, Cash pickup, Mobile money, WorldRemit Wallet, or Airtime top-up). Add the amount you are sending and the required personal information of your recipient.
Expect to receive a confirmation SMS. The WorldRemit will then transfer your funds. WorldRemit will also email you and your recipient once the funds have been sent and received.

How TransferWise Works


If you are a first time user, you should create a TransferWise account with your Google+, Facebook or PayPal account.
Indicate how much you want to transfer and the recipient’s details. Transfer the funds to TransferWise. Once the TransferWise receives your funds, it will convert it to your required currency and send it to the recipient’s bank account. Both you and your recipient will receive a notification.

Money Transfer Fees

The fees WorldRemit charges may vary depending on your desired transfer methods, how the recipient will receive it and the destination.

The usual fee for most countries is $3.99.

Transferring funds top pick up centers will attract higher fees compared to bank-to-bank option.

The fees WorldRemit charges may vary depending on your desired transfer methods, how the recipient will receive it and the destination.

The usual fee for most countries is $3.99.

Transferring funds top pick up centers will attract higher fees compared to bank-to-bank option. On the other hand, TransferWise fee is based on a percentage of the amount that is converted.

The percentage varies depending on the currency you are sending. This means some destination countries attract higher fees compared to others.

Expect additional bank fee when you pay by debit or credit card.

It’s a good thing that TransferWise website lets you check the actual fees before initiating the transfer process.

WorldRemit and TransferWise similarly charge their customers depending on how much they are sending. In addition, it is hard to see how TransferWise decides on the percentage it charges the customers.
WorldRemit offers a more transparent structure as it charges a flat $3.99 for most transfers. Overall it is cheaper than TransferWise.

Sending and receiving options

You can pay WorldRemit via:
  • Bank account,
  • credit or debit card,
  • select digital wallets

Then your recipient will receive the funds through:

  • Bank transfer
  • Cash pick up
  • Mobile wallet
  • WorldRemit Wallet
  • Airtime top-up (reload)
  • Door-to-door

You can pay TransferWise via:

  • Bank transfers,
  • credit or debit card,
  • select digital wallets
Then your recipient will receive the funds through:
  • Bank transfer

WorldRemit offers far more option in this section than TransferWise. Aside from a bank transfer, recipients can receive the money through cash pickup, mobile wallet, and airtime top-up. This is a great way to send money to recipients who do not have a bank account. We have to consider that there are some countries where many people still do not have a bank account or opening a bank account is not easy.

Transfer limits

Money transfer service providers limit the amount of money you can send within a specific period of time to comply with its regulatory requirements. WorldRemit and TransferWise also have their transfer limits.

WorldRemit Transfer Limits

The maximum amount you can send via WorldRemit will depend on the country you are sending to. This is because each country has its own regulations that money transfer companies must comply with.
Minimum Transfer Amount: $1
Maximum Transfer Amount: $9,000

TransferWise Transfer Limits

TransferWise, on the other hand, also has limits. Aside from the regulations, TransferWise also puts limits especially when the exchange rate is likely to be volatile. Other countries have an unstable economy which may be due to political uncertainty and economic instability. The limit is one way to minimize the impact to the customers.
If you are over the limits, TransferWise will send an error message on your screen upon setting your transfer request.
Minimum Transfer Amount: $1
Maximum Transfer Amount: $ 199,999
As you can see here, TransferWise has a higher funds limit compared to WorldRemit. If you a business owner who needs to send a higher amount, then TransferWise is your safer bet.

Transfer time

In most cases, money transfers through WorldRemit are instantaneously, however, some transfers take time too. The expected delivery time will be displayed before you make a payment so you can decide for a better option.

  • Bank Transfer – Instant transfers depending on the bank you are transferring from and to, the day of the week, and the time you have made your transaction.
  • Cash Pick up – Instantly available for collection
  • Mobile money – Instant money transfer
  • Airtime top-up – Instant money transfer
  • Home delivery – 1 to 7 days depending on the location of the recipients.
TransferWise’s turnaround time will highly depend on the location you’re sending from and to, your chosen payment method, the time you made s transfer, and verification process.

Once your account has been verified, your money will then be converted. It will take a few days to be sent to your recipient.

WorldRemit has faster options than TransferWise. If you are sending money for an urgent reason, WorldRemit can be of more help to you.

Exchange rates

It is interesting to note that most people compare money transfer companies based on the exchange rates they offer. They think that the higher the exchange rate, the better deal it is for them.
The truth is this is not always the case.
When you are comparing exchange rates, it is best to check them against the current mid-market rate that is shown on Google and currency exchange platforms.
The mid-market range is a more reliable basis since it is the rate in which banks trade two currencies among themselves.
So how would you know which offers a better exchange rate?
Consider these exchange rates on April 1, 2019.

Mid-market rate: 1 USD = ₹ 69.33

WorldRemit’s rate: 1 USD = ₹ 68.470

The current margin is at 1.24%

Mid-market rate: $USD = ₹ 69.33

TransferWise’s rate: 1 USD = ₹ 69.185

The current margin is at 0.21%

It is easy to know which has a better exchange rate. Simply know the margin between the provider’s rate and the mid-market exchange rate. The narrower the margin or the lesser the difference, the better deal you will get.
Though you might see that the rates vary slightly, this could be translated into hundreds of dollars lost from your pocket.
Sometimes the provider has a cheap transfer fee but a wide exchange rate margin. Money transfer companies make money by adjusting the currency.
Money transfer companies may show an exchange rate but you almost never get the same exchange rate with the mid-market rate. The difference between the converted transferred money to the amount should it be converted to the actual mid-market rate will be their profit.
When it comes to comparing the exchange rate, the TransferWise proves to be a better choice since it has a very narrow exchange rate margin.

WorldRemit operates in accordance with all appropriate obligations, rules, and regulations set by the Financial Conduct Authority (FCA) of the UK. TransferWise is regulated by various institutions around the globe:

  • TransferWise Ltd Australia is registered with the Financial Intelligence Unit (AUSTRAC)
  • TransferWise Canada Inc. Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
  • TransferWise Ltd Hong Kong is licensed as a Money Service Operator (MSO) and regulated by the Customs and Excise Department (CCE) of Hong Kong.
  • TransferWise Ltd. is approved by Reserve Bank of India (RBI).
  • TransferWise Japan K.K. operates under the regulation of Kanto Local Financial Bureau.
  • TransferWise Singapore Pte Ltd is regulated by The Monetary Authority of Singapore (MAS).
  • TransferWise Ltd is authorized and regulated by the UK Financial Conduct Authority.
  • TransferWise is regulated by the Department of Internal Affairs (DIA) in New Zealand.
  • TransferWise Inc. is registered with the Financial Crimes Enforcement Network (FinCEN).

WorldRemit and TransferWise claim to have a strict authentication and verification process to avoid unauthorized use of your account and access to your information.

Discounts and special offers

Both the WorldRemit and TransferWise have promotional offers and discounts available every once in a while. Be sure to check this article, our individual reviews and their website to get the best promotional deals.

Peoples’ rating (TrustPilot User Rating)

WorldRemit garnered a TrustScore of 9.2 from 25,645 reviews while TransferWise got a TrustScore of 9.2 from 61,952 reviews.

Overall Ease of Use
  • WorldRemit’s website can be set in in English, French, and Spanish.
  • The payments can be made through bank transfer, credit or debit card, and select digital wallets.
  • Depending on the availability in the recipient’s location, you can transfer funds to bank accounts and cash pick up centers.
  • You can instantly top off electronic wallets and mobile airtime.
  • The TransferWise Website can be set in various languages: English, Hungarian, Spanish, French, German, Italian, Russian, Polish, Japanese, and Portuguese.
  • You can register faster with your Google and Facebook account.
  • TransferWise serves individuals, businesses, freelancers, and e-commerce.
  • The app is accessible in iOS and Android devices.
  • Payments through bank transfer, credit and debit cards are accepted.

Final Thought

WorldRemit has better coverage in many developing countries. Many people in developing countries do not have a bank account for various reasons. Fortunately, it also has the options to deliver the funds door-to-door or have the recipient collect the money via cash pick up.
On the other hand, TransferWise offers the best exchange rate to the customers. It takes pride to offer the closest if not the exact mid-market rate. Additionally, it has a higher daily sending limit compared to WorldRemit.
The option you choose will highly depend on your need. If you want an instant transfer to a developing country, WorldRemit will be your top option. If you need to transfer a higher amount with a better rate, TransferWise will be your best option,

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