Introduction
Sending money abroad doesn’t have to be expensive. Or stressful. While Remitly offers a faster, more cost-effective alternative to traditional banks, many users find it limiting in terms of fees and exchange rates. So, before you select Remitly for managing your cross-border transactions, it’s a good idea to compare it against a few alternatives.
In this article, we'll understand some key criteria for choosing a remittance platform and look at the best Remitly alternatives out there.
Why you might look for alternatives to Remitly
Exploring Remitly alternatives can help you find an international payment platform that charges low fees and provides faster, transparent money transfers. It can also help you save on exchange rate markups and find payout options that suit your needs. Here are some other reasons why you might look for Remitly alternatives:
- Remitly sometimes charges more than necessary for transfers and currency conversions.
- Competitors like Xflow offer mid-market rates with no hidden markups. Some alternatives also provide faster delivery or next-day payouts, unlike Remitly.
- These competitors go beyond standard features, offering bank deposits, cash pickup, and mobile wallets.
- Remitly’s lack of clear, upfront fees brings surprises in the transfer process.
- Some competitors offer additional features like business payments, invoicing, recurring transfers, and higher limits.
Key criteria for choosing a remittance service
Take note of the remittance service's price, timeliness, security, and convenience when finalizing a suitable remittance service.
1. Total cost
Compare the exchange rates of the alternatives and ensure there are no extra charges that can surprise you later.
2. Transfer speed
You should also consider how quickly you need the settlement done. For some instant payments, additional charges can be applied. And standard options take up to five business days.
3. Security
The remittance platform should meet RBI guidelines, Know Your Customer (KYC), and Anti-Money Laundering (AML) rules. The service you're choosing should be able to protect your funds with strong encryption and fraud protection measures.
4. Payout options
Choose a service that gives your recipient flexibility - whether it's a bank deposit, cash pickup, or a mobile wallet transfer. Also, check if the platform supports popular local payout options in the country you’re sending money to.
5. User experience
The UI should be clear and simple. This helps in quick problem-solving and easy onboarding.
6. Customer support
24/7 support and a discussion forum can help you resolve issues quickly. Look for platforms that are responsive and available whenever you need help.
7. Reputation
Read what other users have shared about their experience. Real reviews can help you understand whether the platform is reliable and worth your trust.
Top alternatives to Remitly
There are several Remitly alternatives that you can explore. We’ll look at some top options like Xflow, Wise, WorldRemit, Western Union, MoneyGram, PayPal, Payoneer, OFX, Skrill, and Neteller.
| Platform | Key features | Pricing highlights | Rating |
|---|---|---|---|
| Xflow | Supports multiple currencies, automates invoicing, is RBI-compliant, and has no FX. | Starter package: < $3,500Growth package: $200 to $10,000 Scale package: > $10,000 | 4.9/5 (G2) |
| Wise | Transparent fees and tool integrations with multi-currency accounts. | Low flat fee + small % of transfer amount. | 3.9/5 (G2) |
| WorldRemit | Multiple payouts and quick delivery. | Varies by currency and destination. | 3.8/5 (Trustpilot) |
| Western Union | Operates in 200+ countries and supports bank and mobile wallet deposits. | Varies by route. | 4.2/5 (Trustpilot) |
| MoneyGram | Available across 200 countries and supports bank deposits and cash pickups. | Fees + exchange margin. | 4.2/5 (Trustpilot) |
| PayPal | E-commerce support and instant transfers. | 2.29% + $0.09 per transaction. | 4.4/5 (G2) |
| Payoneer | Multi-currency accounts and mass payouts. | Variable, depending on the service and region. | 3.2/5 (G2) |
| OFX | Rate-locking, 24/7 support, and account managers for big clients | Earns from exchange rate markups. | 4.4/5 (G2) |
| Skrill | Supports high-risk industries and facilitates instant transfers. | Free bank transfers. Card fees around 1% - 4.99%. | 3.4/5 (G2) |
| Neteller | Fast P2P payments and prepaid Mastercard. | Wallet transfers: 2.99% + $0.50. Bank transfers: $10. | 2.6/5 (Trustpilot) |
1. Xflow
Xflow offers transparent, cost-effective transfers with zero forex markup for Indian businesses, exporters, freelancers, and SMBs receiving remittances from abroad.
Key features:
- Supports multi-currency wallets.
- Automated invoicing.
- RBI-compliant remittance receiving platform.
- Zero FX markup.
Pros:
- Supports E-FIRC.
- Guaranteed settlement in 24 hours.
Cons:
- Strict compliance measures and requirements.
- Supports inbound remittances only.
Pricing:
- Starter (for invoices under 3,500 USD).
- Growth (for invoices from 2,00 USD to 10,000 USD).
- Scale for invoices above 10,000 USD.
G2 ratings: 4.9/5
Check out the Xflow site to know how it can help with your cross-border remittances.
2. Wise
Wise is an affordable international transfer platform that uses true mid-market rates and has transparent pricing. It is perfect for individuals and businesses who want to avoid hidden charges.
Key features:
- Transparent fees.
- Integration-friendly with common financial tools.
- Multi-currency accounts.
Pros:
- Transparent pricing.
- Faster settlements.
Cons:
- Not for high-risk industries.
Pricing:
Feature-dependent pricing. A low flat fee is applied with a small % of the remitted amount.
G2 ratings: 3.9/5
3. WorldRemit
WorldRemit offers transfers to more than 150 countries and has good transfer speed with options for mobile wallets, bank deposits, or cash pickups. It is a good alternative for personal transfers across many countries.
Key features:
- Multiple payout options.
- Quick delivery.
Pros:
- Versatile payouts.
Cons:
- Fees differ depending on the corridor.
- Limited bank support.
Pricing:
Variable pricing; differs with currency, destination, and amount.
Trustpilot ratings: 3.8/5
4. Western Union
Along with online transfers, Western Union also has one of the biggest global agent networks for cash pickups. This makes it easy for recipients to collect money almost anywhere. But it can be costlier than other online services.
Key features:
- Supports more than 200 countries.
- Bank deposits.
- Mobile wallet payouts.
Pros:
- Extensive payout network.
- Reliable service.
Cons:
- Higher fees.
- Low transparency.
Pricing: Varies depending on the route.
Trustpilot ratings: 4.2/5
5. MoneyGram
MoneyGram offers a wide range of payout options. For example, cash collection, bank deposits, and transfers to mobile wallet accounts. It’s got a strong network of agent locations and also supports in-person payments.
Key features:
- Supports over 200 countries.
- Bank deposits and cash pickups.
- Transfers and tracking via mobile app.
Pros:
- A large global agent network.
- Reliable cash pickup.
Cons:
- Higher fees, less transparency.
Pricing:
Fees plus exchange margin, based on the currency and destination.
Trustpilot ratings: 4.2/5
6. PayPal
PayPal is popular among online sellers and anyone who needs quick transfers within its network. For transfers on this global platform, both the user and the recipient should be PayPal users.
Key features:
- Supports e-commerce platforms.
- Instant P2P transfers and invoicing.
Pros:
- Easy to set up.
- User familiarity.
- Large user base.
Cons:
- High fees and FX markups.
Pricing: 2.29% + 0.09 USD per transaction.
G2 ratings: 4.4/5
7. Payoneer
Payoneer provides virtual accounts and local withdrawals for outbound and inbound remittances. It is a good Remitly alternative for freelancers.
Key features:
- Virtual currency accounts.
- Supports platform integrations.
- Enables mass payouts.
Pros:
- User-friendly.
- International payout network.
Cons:
- High FX fees.
- Verification issues.
- Transaction freezes.
Pricing: Varies depending on the service and region.
G2 ratings: 3.2/5
8. OFX
OFX is a remittance service for large money transfers. It also protects you from currency swings with helpful tools like rate-locking.
Key features:
- Rate-locking tools.
- No transfer fees.
- 24/7 customer support.
- Allots account managers.
Pros:
- Transparent FX rates.
- Risk management tools.
Cons:
- Not ideal for small transfers.
Pricing: Earns from exchange rates on transfers.
G2 ratings: 4.4/5
9. Skrill
Skrill is a digital wallet as well as an international money transfer platform that is mostly used by freelancers, online gamers, and e-commerce merchants. It supports quick transfers within its own network.
Key features:
- Suitable for high-risk industries.
- Instant transfers.
Pros:
- Easy set up.
- Instant remittances.
Cons:
- Prepaid Mastercard-linked wallet is restricted to the UK and the EEA.
- High currency conversion fees.
Pricing:
- Bank transfers: Free
- Debit card/PaysafeCash/Bank transfer (Klarna): 1% fee
- Credit cards: 2.99%
- International transfers (USD to USD): 4.99%
G2 ratings: 3.4/5
10. Neteller
Neteller is a trusted online wallet. It supports secure peer-to-peer payments and multiple currencies so you can easily move your money between wallets and bank accounts.
Key features:
- Fast P2P payments.
- Supports almost 40 currencies.
Pros:
- Accepted in risky sectors.
- Strong security features.
Cons:
- High FX and withdrawal fees.
- An inactivity fee is charged if not used for six months.
- Prepaid Mastercard is restricted to the EEA.
Pricing:
- Neteller to Neteller transfers: 2.99% fee + 0.50 USD minimum fee
- Bank transfers: 10 USD
- Card withdrawals: 7.5%
- Mobile wallets: 1.45%
Trustpilot ratings: 2.6/5
How to pick the right platform for your use case
To choose the right payment platform for your business, look at factors like cost, speed, payout options, and ease of use.
1. Consider the transfer cost vs speed trade-off
If you need fast remittance options, you might have to pay a premium on various Remitly alternatives. And if timing is flexible for you, choosing standard options can help you save money.
2. Match payout options with recipient preferences
Some users prefer bank deposits. Others need cash pickups or mobile wallets. Choose platforms that support your recipient's preferred payout method.
3. Test platform usability
Look for easy registrations, a straightforward process, and mobile apps for a smooth user experience.
4. Check transfer limits and currency coverage
If your business involves large transfers or unusual corridors, pick a platform that supports your size and destination.
5. Consider compliance and security
Verify if the platform complies with regulations and has strong security features to protect your funds.
6. Look for additional features
Some money transfer services do more than just send money. They may offer multi-currency accounts, automatic payments, or alerts for good exchange rates. These features are helpful if you send money often or run a business.
Conclusion
When you’re making international payments, a remittance platform that meets your company’s core demands can significantly improve cost, speed, and convenience. While Remitly is a popular option, many alternatives offer faster transfers and more flexible payout options.
Among these alternatives, Xflow stands out with its clear fees, zero forex markups, and fast settlements within 24 hours. It also simplifies compliance, automates payment tracking, performs invoicing, and integrates smoothly with your business workflows.
For an affordable and reliable remittance solution, sign up for Xflow today!
Frequently asked questions
Remitly facilitates quick and safe international transfers. However, it comes with certain limitations on fees and exchange rates. If you want more flexible payout options or better exchange rates, there are several better, more cost-effective alternatives that you can consider.
Remittance services like Xflow and Wise offer lower fees in comparison to Remitly. These platforms use mid-market exchange rates without markups.
Some platforms offer instant transfers, while some take around 1 to 2 business days. The exchange rate markups also vary by services. Depending on the platform, you can get different payout options, including bank deposits, mobile wallets, and cash pickups.
You should compare the total cost involved, exchange rates, transfer speed, payout options, compliance, and customer support when choosing a remittance service.
Yes. To prevent delays or frozen transactions, every platform must follow RBI regulations and anti-money laundering rules. Some Remitly alternatives handle this diligently, while others may have some restrictions.
Yes. Western Union, WorldRemit, and MoneyGram are a few alternatives that offer bank deposits and cash pickup services. While Remitly also offers these services, its alternatives have a stronger network for faster cash pickups.
Remittance platforms make money either through transfer fees or by adding a markup to the exchange rate. Some solutions, like Xflow, offer transparent fees at mid-market rates, while others can add higher markups or fees that can surprise you later in the payment process.
