Wise vs Remitly: Which Money Transfer Service Offers Better Value?

When you’re sending money internationally, choosing the right cross-border payments platform can save you a lot of time and money. Wise and Remitly are two leading options for international money transfers. Both are fast, secure and user-friendly. But each has its own strengths and specific use cases.

In this article, we’ll compare Wise vs Remitly to help you find which offers better value, especially for Indian users.

Wise, Remitly and Xflow are popular money transfer platforms that expedite cross-border payments for businesses, startups, and freelancers. 

Wise

Formerly known as TransferWise, this payments platform is a leading money transfer service known for using real mid-market exchange rates with minimal fees. It supports personal and business accounts with an international reach across more than 70 countries. Wise also offers:

• Multi-currency accounts
• Fast bank-to-bank transfers
• Transparent pricing

These features make it popular among freelancers, businesses, and individuals seeking cost-effective cross-border payments.

Remitly

Remitly specializes in international remittance services. It provides a fast and convenient money transfer experience, specifically for individuals sending money back home. Remitly has a network of over 170 countries, and it offers multiple payout options, such as:

• Bank deposits
• Cash pickups
• Mobile wallets

Xflow

Xflow is a fintech platform designed for Indian businesses, startups, and freelancers who want a simple, scalable cross-border payment solution. It focuses on:

• Collecting overseas payments
• Simplifying cross-border money movement
• Providing transparent pricing with zero hidden fees

Xflow ensures seamless international transactions with automation features tailored for businesses. This makes it a compelling, cost-effective alternative to Wise and Remitly for cross-border payment needs.

Wise and Remitly offer different core money transfer services addressing the distinct needs of businesses and startups. Wise provides versatile business and personal payment solutions with bulk payouts, multi-currency accounts, and API integrations for streamlined cross-border transactions. Remitly focuses mainly on personal remittances with multiple payout options, including cash pickup.

Here’s a feature-by-feature comparison of Wise and Remitly:

Wise and Remitly differ significantly in their fees and exchange rate policies, and this directly affects the total cost of your international money transfers.

Wise is known for its transparent fee structure and uses the real mid-market exchange rate with a small upfront fee. On the other hand, Remitly charges variable transfer fees and applies a markup on exchange the rates. This can often make transfers more expensive, especially for smaller amounts or faster delivery options.

For Indian users, Wise often provides better net value for USD to INR transfers due to lower fees and exchange rates, while Remitly is preferred for cash pickup and other payout features, irrespective of the higher costs.

Wise and Remitly offer different global reach, currency support, and payout options, depending on the user’s location and transfer needs. Wise’s broad bank integration and transparent pricing make it popular worldwide. And Remitly’s expansive payout options enable cash availability in remote areas. 

Here’s a comparison of Wise vs Remitly to know the currency, country, and respective payout coverage:

If you value speed, transparency, and control, Wise is the best fit for your business. But if you want flexible delivery options and ease of remittance for family support, Remitly might be a better choice.

Wise is perfect for freelancers, businesses, and startups that want transparent fees and mid-market exchange rates. 

Remitly is for personal remittances, especially for workers sending money home. It suits individuals who are looking for ease of sending smaller amounts and diverse payout methods over business functionalities.

Let’s go through the breakdown for each key segment, keeping Wise vs Remitly in mind: 

Freelancers

Freelancers using Wise can receive payments from clients worldwide with multi-currency accounts. This means they can get paid in various currencies and hold balances without any recurring conversion fees. These benefits include local account details in currencies such as USD, EUR, and GBP, help freelancers receive payments like locals, reducing international fees.

Wise also offers invoice management and batch payments options. These further make it a good choice for freelancers who juggle between multiple clients and projects. On the other hand, Remitly isn’t very suitable for freelancers. This is because it is more focused on personal remittances and lacks business-first payment tools.

Businesses

Wise is ideal for small and medium businesses as it provides bulk payment capabilities, API integrations for seamless workflows, multi-user access, and automated reconciliation features, all at one stop. Its transparent fee structure and mid-market exchange rate help businesses forecast costs reliably.  Again, Remitly is more focused on personal transfers and hence has limited features.

Startups

Wise’s transparent pricing helps startups control cash flow in early stages. Its flexible platform supports multi-currency wallets, fast international transfers, and team account management. Such aids in the initial years of a startup make it easy for the team to handle expenses, payroll, and client payments across borders. 

While Remitly lacks startup-specific features, Xflow is made exclusively for startups and businesses in India who wish to scale in global business operations.

For Indian businesses, startups and freelancers, Wise provides better value due to its low fees and use of the mid-market exchange rate without any markups. Remitly charges a flat transfer fee for amounts under $1,000 plus a markup on the exchange rate. This scenario results in higher costs and less INR received by the recipient.

So between Wise and Remitly, which one is better? Here’s a direct comparison to help you decide for your business:

Note: Remitly waives the transfer fee for amounts exceeding $1,000 but still includes an exchange rate markup. Rates fluctuate daily, so always check live rates before transferring.

Xflow is a cross-border payments platform that focuses exclusively on receiving business payments and cross-border collections. When we compare Remitly and Wise with it, Xflow stands out with its scalable and automated payment solutions tailored for enterprises and startups.

Unlike Wise and Remitly, which serve a mix of personal and business users, Xflow is designed to simplify complex cross-border payments for businesses and freelancers with seamless API integrations. 

If you are looking to optimize cash flow or introduce automation in your international payments operation, Xflow proves to be a valuable asset. It adds value through:

• Advanced multi-currency payment acceptance that includes cards, UPI, and wallets.
• End-to-end automation for reconciliation and reporting through smart integration with third-party tools.
• Bulk payment processing with dedicated tools for payroll and vendor payments.
• Real-time settlement tracking and customizable payment workflows. 
• Free eFIRA (Foreign Inward Remittance Advice) for every transaction.
• KYC/AML checks to ensure compliance.

The table below covers all key advantages and drawbacks of Wise and Remitly:

Once your business needs are clearly prioritized, it becomes a lot easier to select the right money transfer service. Wise is ideal if you prioritize low fees, transparent pricing, and versatility for both personal and business transfers. And Remitly works well if you’re looking for quick personal remittances.

However, for businesses and startups looking for a comprehensive and scalable cross-border payment facilitator, Xflow is a better choice. Sign up today to simplify global payments!