Remitly vs Wise: Which app is better at sending money abroad from Canada?

Nowadays, banks are not the only way to send money abroad from Canada. Since November 2022, I have sent over CAD 20,400 abroad from Canada to support my loved ones, so I understand what a big impact transfer fees can have on the total amount your recipient receives. In this article, I will compare Wise and Remitly to help you choose the best platform to send money abroad from Canada.

How do Remitly and Wise work?

Remitly is a money transfer app that lets Canadians transfer money to more than 175 countries. Users can transfer money using debit cards, e-transfers, credit cards, bank accounts, or Apple Pay. Recipients can receive money using bank deposits, cash pickup, mobile wallets/mobile money, home delivery, debit-card deposits, or Interac e-Transfer if transferring money locally within Canada.

Similar to Remitly, you can use Wise to transfer money internationally from Canada using Direct Debit, Interac e-Transfer, debit card, credit card, bill payment, Apple Pay, and domestic wire transfer. Wise also goes beyond money transfers by offering a digital chequing account and digital debit card. Users can add money to a Wise chequing account and digital debit card for free and use them as the payment method for transferring for the lowest fee.

Remitly vs Wise money transfer fees

At the time of writing, Remitly’s money transfer fee is cheaper than Wise’s by around 80% or more. Besides, Wise’s fees increase significantly the more you transfer, while Remitly keeps fees unchanged no matter how much you transfer. Overall, Remitly offers cheaper fees when sending money, especially when sending high amounts of money.

Below is an estimated comparison of Remitly and Wise fees when sending CAD 1,000 abroad from Canada:

For example, when I send CAD 100 from Canada to Vietnam using Remitly, it costs me around CAD 1.99 when using Interac e-Transfer, bank account, or debit card. However, it costs me CAD 3.71 to CAD 8.35 when using the same payment methods on Wise.

When I increased the transfer amount to CAD 1,000, Wise’s fees increased significantly to CAD 12.72 to CAD 20.95, while Remitly’s fees stayed at CAD 1.99 regardless of the transaction amount.

The actual fees when sending money abroad from Canada depend on your destination, so make sure to check the app for the most updated fees.

Overall, if you are looking for the cheapest way to transfer money, Remitly is the best option.

Remitly vs Wise exchange rates

Wise offers slightly better exchange rates than Remitly, around 1% better at the time of writing. Wise’s model is the “mid-market rate,” which offers users the average rate at any given moment for money transfers. However, the difference between Remitly’s and Wise’s rates is very minimal.

Even though Wise offers an exchange rate that is around 1% higher compared to Remitly, Wise’s fees are around 80% or more expensive than Remitly’s.

If you’re looking for better exchange rates, then Wise is a better choice than Remitly. However, make sure that you account for the transfer fee when calculating the total transfer cost.

Remitly vs Wise transfer speed

Wise has faster transfer speeds compared to Remitly. Wise can transfer money in seconds when users pay using a bank account, debit card, or credit card.

Remitly’s debit card and credit card payment methods also transfer money instantly like Wise. However, Wise’s Interac e-Transfer payment method only takes 5 minutes to complete compared to 8 hours for Remitly.

Overall, if you are looking for fast transfer speeds, such as during an emergency situation, Wise is the best choice.

Remitly vs Wise supported countries and currencies

From Canada, Remitly supports more than 175 countries, while Wise only supports over 80 countries. Remitly provides more destinations for Canadians to transfer money abroad. Both platforms allow your recipients to receive money in their local currency without them paying for exchange rates or any other fees.

Remitly vs Wise promo codes for first transfer

If you are looking for a cheap money transfer option from Canada, Remitly is the better choice than Wise. You can use my referral link https://www.remitly.com/r/ze3bcgf3 to get a $35 discount after you send at least $50 on your first transfer.

If you are looking for the best exchange rate and fastest money transfer from Canada, Wise is the better choice than Remitly. You can use my referral link https://wise.com/invite/dic/hongphucl10 to get a free cross-currency transfer up to CAD 800 when you sign up.

FAQ

Which is better, Remitly vs Wise for international money transfer from Canada?

Remitly is better than Wise if you are looking for a platform with lower transfer fees. However, Wise is the better option if you’re looking for a better exchange rate and faster transfer speeds.

Is Wise and Remitly safe to use in Canada?

Wise and Remitly are both safe platforms for transferring money internationally from Canada.

What are typical fees for international money transfer from Canada?

The typical fees when using Remitly and Wise for international money transfers from Canada start at CAD 1.99, depending on your transfer amount, payment method, and the platform you choose. Transferring money using a credit card costs the most because Remitly and Wise charge a credit card processing fee of around 2% per transaction. Wise’s transfer fees increase significantly when your transfer amount increases, so if you are transferring a large volume of money, Remitly is the better option.

What are hidden fees for international money transfer from Canada?

Wise’s transfer fee increases as your transfer amount increases, while Remitly’s fee is fixed regardless of your transfer amount. Make sure to double-check your fee before transferring.