“All roads lead to Rome” is an idiomatic expression, meaning there are many different ways to achieve the same result.
This sentiment resonates well with the world of money transfer apps. This blog aims to guide you through different apps (Wise, Remitly, and XE Money) to find the most efficient one for your needs.
What is money Remittance?
According to Investopedia
“A remittance is money that is sent from one party to another. Broadly speaking, any payment of an invoice or a bill can be called a remittance. However, the term is most often used nowadays to describe a sum of money sent by someone working abroad to their family back home.”
Wise vs Remitly vs Xe Money - Key Difference
Wise
- Formerly known as: TransferWise.
- Founded: 2011.
- Headquarter: London.
- Founders: Kristo Käärmann and Taavet Hinrikus.
Mission and Core Values: Money without borders - instant, convenient, transparent and eventually free. We’re powering money for people and businesses: to pay, to get paid, to spend, in any currency, wherever you are, whatever you’re doing.”
Remitly
- Established: 2011.
- Founders: Matthew Oppenheimer, Josh Hug, and Shivaas Gulati.
- Headquarter: Seattle, USA.
Vision and Core Values: “Remitly's vision is to transform lives with trusted financial services that transcend borders.”
XE Money
- Part of: XE.com, a well-known currency converter.
- Headquarter: Canada.
- Service Scope: Send money from the United States to over 130 countries.
- Additional Services: Provides money transfer services along with currency exchange information.
Mission: “Our mission isn't to rule the seven kingdoms, it is to empower our customers to live their best international lives.”
Wise Vs Remitly vs XE Money- Comparison
5. User Experience
Wise
- User-friendly interface.
- Mobile app features and usability.
Remitly
- Ease of setting up and tracking transfers.
- Customer service availability.
XE Money
- Online platform and mobile app usability.
- Additional tools and resources.
6. Security and Trustworthiness
Wise
- Regulatory compliance: It adheres to stringent regulatory standards in the countries where it operates. It is regulated by financial authorities such as the Financial Conduct Authority (FCA) in the UK, FinCEN in the US, and other relevant bodies globally.
- Security measures and customer protection: They have a dedicated fraud team. Every time a customer spends with a card, they get instant notifications, etc.
Remitly
- Licensing and regulatory oversight: Remitly is fully licensed and regulated in the jurisdictions it operates. It is overseen by regulatory bodies such as the FCA in the UK and is registered with FinCEN in the US. These regulatory bodies ensure that Remitly complies with financial laws and standards, providing a secure framework for its operations (MoneyTransfers).
- Security protocols and user safeguards: Use of secure sockets layer (SSL) encryption to protect data. End-to-end encryption for data protection during transfers.
XE Money
- Regulatory status: It is regulated by various financial authorities depending on the regions it serves. It ensures compliance with financial regulations and standards, which helps maintain the integrity and security of its services.
- Security features: It uses two factor authentication (2FA) and biometric verification systems to protect customer accounts and transactions by ensuring that only customers can access them.
7. Customer Reviews and Feedback,
Wise
- Common praises and complaints.
- Overall customer satisfaction.
Remitly
Positive feedback highlights.
XE Money
General sentiment and trust level.
8. Pros and Cons - Wise vs Remitly vs XE Money
Wise (formerly TransferWise)
Pros:
- Competitive exchange rates: Wise uses the mid-market rate. This means you get the best possible exchange rate and avoid hidden fees.
- Transparent fees: You see all the fees upfront before you confirm your transfer, so there are no surprises.
- Multiple transfer methods: Wise offers bank transfer, debit card, and credit card payments for sending money.
- Multi-currency accounts: You can hold and manage different currencies in a single Wise account, making international transactions easier.
- Business solutions: Wise offers features specifically designed for businesses, such as mass payments and virtual cards.
Cons:
- Slower transfer times: Transfers with Wise can take several business days, which may not be ideal for urgent needs.
- Limited cash pickup: Wise doesn't offer cash pickup as a payout option in many countries.
Remitly
Pros:
- Fast transfer speeds: Remitly offers same-day or next-day transfers in many corridors, making it a good option for urgent needs.
- Flexible payout options: Remitly offers bank deposit, mobile wallet top-up, cash pickup, and home delivery for cash in many countries.
- User-friendly interface: Remitly's app and website are easy to use, even for those unfamiliar with international money transfers.
Cons:
- Less competitive exchange rates: Remitly's exchange rates may not be as good as Wise's, especially for smaller transfers.
- Higher fees: Remitly's fees can be higher than Wise's, particularly for credit card transfers.
- Limited business features: Remitly is primarily focused on personal money transfers and doesn't offer business solutions.
XE Money Transfer
Pros:
- Transparent fees: XE Money shows you the total cost of your transfer upfront, including the exchange rate and any fees.
- Multiple transfer methods: XE Money allows you to send money via bank transfer, debit card, or credit card.
- Supports a wide range of currencies: XE can transfer money from the US to over 130 countries.
Cons:
- Less competitive exchange rates: XE Money exchange rates may not be as good as Wise's.
- Slower transfer times: XE Money transfers can take several business days to complete.
- Limited payout options: XE Money primarily offers bank deposit as a payout option, with cash pickup available in some countries.
- No business features: XE Money is focused on personal money transfers and doesn't offer services for businesses.
Conclusion
Wise is ideal for those looking for cost efficiency and transparency, particularly with its mid-market exchange rates and multi-currency accounts.
Remitly excels in providing fast and reliable transfers with flexible payout options, making it suitable for urgent remittances to family and friends.
XE Money offers a comprehensive platform with competitive rates and extensive currency support, great for those needing additional tools like market analysis and rate alerts.