The era of expensive bank wires is over. Today, sending money overseas is a battle of fintech giants, each fighting to offer the lowest fees and fastest speeds. But with so many options, "cheap" can be a relative term.
A service might advertise zero fees but offer a terrible exchange rate. Another might have the best rates but take a week to deliver funds. Three of the biggest names in the industry—Wise (formerly TransferWise), Remitly, and WorldRemit—dominate the market. This article pits them against each other to help you decide which one deserves your business.
The Contenders at a Glance
Before diving into the math, it is important to understand the target audience for each platform.
Wise: Built for transparency. Best for bank-to-bank transfers where the sender wants the "real" exchange rate.
Remitly: Built for immigrants. Best for sending money to developing nations with options for speed vs. cost.
WorldRemit: Built for mobile accessibility. Best for sending smaller amounts, specifically for cash pickup or mobile wallet top-ups.
Round 1: Exchange Rates and Hidden Fees
The most critical factor in sending money cheaply is the Total Cost. Total Cost = Upfront Fee + Exchange Rate Margin.
Wise
Wise operates on a unique model: they use the mid-market rate. This is the rate you see on Google or Reuters. They do not add a markup. Instead, they charge a transparent variable fee (usually around 0.4% to 0.7%) plus a small fixed fee.
Verdict: Most transparent. Usually the cheapest for amounts over $1,000.
Remitly
Remitly makes money on the spread. They offer an exchange rate slightly lower than the mid-market rate. The markup varies depending on the currency corridor (e.g., USD to PHP vs. USD to MXN).
Verdict: Competitive, especially with "New Customer" promotional rates, but the rate drops after your first transfer.
WorldRemit
Similar to Remitly, WorldRemit charges both a transaction fee and an exchange rate margin. Their fees vary significantly based on the payout method (Cash Pickup vs. Bank Transfer).
Verdict: Generally higher margins than Wise, but often cheaper than Western Union for cash transfers.
Round 2: Transfer Speed
Sometimes, cheap isn't enough. You need the money there now.
Remitly: Offers two distinct tiers. "Express" uses your debit card and arrives in minutes. "Economy" uses your bank account and takes 3-5 days (but offers a better exchange rate).
WorldRemit: Extremely fast for cash pickups and mobile money. In many African and Asian countries, funds are available instantly.
Wise: Speed has improved significantly (now offering instant transfers on many routes), but bank-funded transfers can still take 1-2 days to clear ACH locally before moving overseas.
Round 3: Delivery Methods
How does your recipient need to receive the money?
Wise: Primarily Bank Deposit. They send money directly to the recipient's bank account. If your recipient doesn't have a bank account, Wise is not the right tool.
Remitly: Offers Bank Deposit, Cash Pickup, and Home Delivery (in select countries).
WorldRemit: The king of variety. Offers Bank Deposit, Cash Pickup, Mobile Money (M-Pesa, GCash, etc.), and Airtime Top-up.
Direct Comparison Scenarios
To help you choose, let's look at specific user needs.
Scenario A: Sending Rent Money (Large Amount)
You need to send $2,000 to a landlord in Europe or Australia.
Winner: Wise.
Reason: For larger amounts to developed banking systems, the percentage-based fee of Wise combined with the mid-market rate usually beats the exchange rate markups of Remitly or WorldRemit.
Scenario B: Emergency Cash for Family (Small Amount)
You need to send $200 to a family member in the Philippines or Mexico for immediate groceries.
Winner: WorldRemit or Remitly.
Reason: Wise does not offer cash pickup. WorldRemit and Remitly allow your family to walk into a partner location (like a pawn shop or bank branch) and pick up cash instantly.
Scenario C: Monthly Remittance to Mobile Wallet
You want to top up an M-Pesa account in Kenya.
Winner: WorldRemit.
Reason: WorldRemit specializes in mobile money integration and often has the smoothest interface for these specific transactions.
User Experience and Reliability
All three platforms are fully regulated financial institutions. Your money is generally safe with all of them.
App Quality: Wise and Remitly have exceptionally clean, modern apps. WorldRemit’s app is functional but can feel slightly more cluttered due to the sheer number of delivery options.
Customer Support: Wise is known for strong email support and detailed help centers. Remitly offers phone support in multiple languages (Spanish, French, etc.), which is a huge plus for non-English speakers.
Which is the Cheapest?
There is no single winner for every transaction, but there is a general rule of thumb:
Choose Wise if you are sending money to a bank account and want the absolute best exchange rate for amounts over $500.
Choose Remitly if you need speed or are sending to Latin America/Asia and want to take advantage of new-customer promotional rates.
Choose WorldRemit if your recipient does not have a bank account and needs Cash Pickup or Mobile Money.
To truly send money overseas cheaply, you should download all three apps. Before making a transfer, plug the amount into each calculator. The difference in the final payout might surprise you.