WorldRemit vs Remitly: Full Comparison [2024]

Need to make an international payment to or from Malaysia but are unsure whether you should choose WorldRemit or Remitly? We’ve got you covered with our WorldRemit Vs Remitly guide.

Quick summary: 

• Remitly is only available for sending payments to Malaysia from one of Remitly’s eligible send countries.

• WorldRemit sends payment to 130+ countries and 70+ currencies.

• Remitly sends payments to 170+ countries and 100+ currencies from the UK.

• Both providers are fully licensed and regulated.

Worldremit Vs Remitly: side by side

To summarise:

• WorldRemit supports more countries and currencies than Remitly.

• Remitly is only available for sending payments to Malaysia from one of Remitly’s eligible send countries. You can’t use Remitly to send payments from Malaysia.

• Both offer payments to bank accounts, as well as cash collection and home delivery.

• Both providers are fully licensed and regulated, providing their users peace of mind when making financial transactions.

WorldRemit and Remitly, two powerhouses in digital money transfers, offer unique advantages depending on your location and needs. WorldRemit, with its expansive reach across 130+ countries and 70+ currencies, is the go-to for those seeking flexibility when it comes to global transactions. If you’re a resident of Malaysia, it’s important to note that, unfortunately, Remitly doesn’t permit outgoing transfers, even though it serves 170+ countries from the UK. However, you can use Remitly to send money to Malaysia via various delivery options.

Both platforms provide direct payments to bank accounts as well as cash collection or home delivery and are fully licensed and regulated, giving peace of mind to their users.

Both companies bring different advantages to the table, and it all boils down to which provider best aligns with your specific needs and circumstances, but if you’re in Malaysia or transact with a wide range of currencies, WordRemit might be the better match.

The important bits

• Rates: Both WorldRemit and Remitly incorporate a markup on their exchange rates, meaning that the rate you see may be slightly higher than the actual mid-market rate.

• Fees: The fees for both providers vary based on the recipient’s destination. WorldRemit adds a service fee to the transfer amount, while Remitly's fee is influenced by the chosen delivery method alongside the destination.

• Speed: 95% of WorldRemit cash collection transfers are delivered in minutes, and 90% of bank transfers touch down the same day. Remitly, on the other hand, also offers express deliveries that can be instant, but their Economy payments might take up to 3 to 5 business days.

• Service: Both services are accessible online and via apps, as well as over the phone.

• Safety: Rest assured, your money's in good hands. Both WorldRemit and Remitly are fully regulated and licensed.

• Reviews: According to TrustPilot, both WorldRemit and Remitly hold a 4.1-star rating, labelled as 'Great'. WorldRemit so far has a total of 79,995+ reviews, while Remitly has 41,869, indicating a good level of customer satisfaction.

Pros and cons

WorldRemit Vs Remitly: The verdict

Choosing between WorldRemit and Remitly largely depends on your individual needs. WorldRemit stands out thanks to its extensive payout options, including bank and mobile money account transfers and boasts a broader global reach, extending its services to over 130 countries with over 70 currencies. This makes it an ideal choice for those who regularly exchange money or have frequent international business dealings.

On the other hand, while Remitly also allows customers to send money to a wide selection of countries and currencies, including over 90 from the UK, it provides somewhat limited functionality for Malaysian residents. Remitly is only available for sending payments to Malaysia from one of their eligible send countries, and you can’t send payments from Malaysia, narrowing its appeal to Malaysian residents.

Both services are trustworthy and are fully licensed and regulated, holding their grounds with consistent 4.1-star ratings on TrustPilot.

The real question is, where do your priorities lie? If a sweeping global reach and quick transactions from Malaysia are your main requirements, then WorldRemit might be the better choice. Or perhaps you only need to send money to Malaysia, in which case Remitly is also a great option. In the end, the winner will be the one that meets your unique needs and geographical considerations.

Click here for WorldRemit or here for Remitly to learn more about each service.

About WorldRemit and Remitly

Born from the personal experiences of its founder transferring money from London to his family in East Africa, WorldRemit entered the scene in 2010. WorldRemit’s aim was to simplify the lives of those living abroad by streamlining the process of sending money and helping the lives of loved ones.

Today, WorldRemit has a massive 5.7 million customers, facilitating payments in 70 currencies to 130 different countries. Their comprehensive payout options - including cash collection, home delivery, airtime top-up, and mobile money transfers - cater to those sending money to regions where banking facilities may be limited, bringing the founder’s mission to life.

Remitly had a vision to make remittance payments faster and cheaper for immigrants who were living abroad and wanted to send money home. Founded in 2011, Remitly also invests in charities that support immigrant communities around the world and allows their customers to send payments to over 170 countries from 17 larger developed countries as part of their global network.

How do they work?

The process of using WorldRemit begins with a quick registration and ID verification. Once your account is ready, you:

1. Choose your recipient's country

2. Specify the amount you want to send

3. Determine the payment type – how you want to fund the transfer and the delivery method

4. Enter the necessary recipient details, which will vary based on your selected delivery method

5. Pay for your transfer

With WorldRemit, you can easily track your payment online or via their app. Payments sent to a bank account are dispatched as soon as your payment is received. However, the time it takes to reach the recipient may vary based on their bank's processes. In contrast, if you opt for cash collection, the payment details will be sent to a local agent who can release the funds as soon as they're received, typically within minutes.

With Remitly, all you’ll need to do is provide your name and email address to create an online account or via the app. However, depending on the amount you want to send, you might need to provide some documents to verify your ID. Once you’re up and running you:

1. Open the Remitly app or sign in on the webpage

2. Selected send money or get started

3. Enter your chosen amount and delivery method

4. Add your recipient's information

5. Add your name and personal details to complete your profile

6. Connect your card or bank account, depending on your chosen method

7. Press Send money when you’re ready

WorldRemit vs Remitly fees

WorldRemit fees mainly include a transfer fee and an exchange rate markup. The transfer fee, which varies based on the payment and recipient's collection methods, is clearly displayed during the transaction setup. For instance, if you want to send 1000 MYR to the UK via a bank transfer, then the transfer fee will be 5 MYR, making the total cost 1005 MYR.

On the other hand, the exchange rate markup might be less obvious, as the rate shown during the setup might differ from the mid-market exchange rate you'll find on Google. While this markup practice is common across many providers, it might make it challenging to understand the total cost of your international transfer.

Remitly fees vary by destination and in most countries and offer dependable exchange rates from GBP to MYR. For new clients joining Remitly, the platform currently offers 5.8378 MYR for every 1 GBP when making their first transfer.

The platform also offers Express or Economy delivery times. While the Express option will cost you a bit more, your money will arrive almost immediately, compared to the Economy, which is usually cheaper but can take up to 3-5 business days. In addition, those choosing an Express payment will need to use a card, while Economy payments can be made using bank transfers; however, you’ll have to pay a standard exchange rate markup fee for both.

WorldRemit vs Remitly: Which is cheaper? 

When sending your hard-earned money abroad, selecting an experienced international payment service over your bank is usually much cheaper. However, fees and rates can fluctuate among providers, meaning it’s always a good idea to do your research before making your choice.

As you can only send money to, and not from, Malaysia, the following comparison table outlines how WorldRemit and Remitly compare to each other when sending money to Malaysia in different countries.

The table shows that WorldRemit is the cheaper option in GBP, AUD, and EURO currencies, while Remitly is the more affordable option for USD.

It’s important to note that these costs are for payments via bank transfer and that Remitly’s prices only show offers for new customers who sign up for their services.

Both services offer advantages, and the cheaper option will depend on various factors, including the amount you're sending, the currency involved, whether you are a new or current customer, and the preferred collection method.

WorldRemit Vs Remitly exchange rates

WorldRemit applies a modest markup ranging from 0.5% to 2.5% on the mid-market rate, depending on the specific currency pair. This method is clearly explained on their website or app, which provides an easy-to-use calculator showing the final amount destined for the recipient.

Remitly also adds a mark-up fee to the rate used for transferring money abroad ranging from 0.5% to 2% and doesn’t use the mid-market rate. The easiest way to find the Remitly exchange rate is usually on their website; however, you might need to create an account first to understand the exchange rates and fees that will apply to your transfer.

WorldRemit Vs Remitly: which is faster?

WorldRemit and Remitly, while both efficient, have different speeds when it comes to transferring funds. WorldRemit boasts impressive delivery times, with over half of bank deposits ready within 10 minutes, 95% of cash collection payments arriving in 3 minutes, and 90% of mobile money and airtime top-ups accessible within the same 10-minute window. For bank transfers, 90% are available on the same day. However, these times can fluctuate based on factors like agent operating hours, public holidays, or the recipient bank's internal processes.

Remitly gives customers the choice of two delivery speeds, Express and Economy, for different prices. Express deliveries can only be paid for by card, but your money will be received instantly. Customers who want to save money can choose the Economy service which will see your money arrive within 3-5 business days, but can be paid for via bank transfer.

WorldRemit vs Remitly: International transfer limits

WorldRemit vs Remitly: Payment methods

Diverse payment options are essential for clients who frequently transact across borders. Luckily, both WorldRemit and Remitly provide a variety of payment methods that cater towards various needs.

WorldRemit: Depending on the country you’re registered in, you can opt for several payment options, including debit, credit and even prepaid cards, as long as they’re affiliated with Mastercard or Visa. Other methods include Apple Pay, mobile Money, Klarna (Sofort), and others, depending on your region.

Remitly: Location also plays a crucial role when it comes to the payment methods on offer. Apple Pay and Google Pay are available in most countries, with a few expectations, including Australia and New Zealand. Visa and Mastercard debit and credit cards can be used for all countries, while the US, Canada and Australia can pay via bank account.

Ease of use

Creating an Account:

• Both WorldRemit and Remitly allow users to create their accounts via their websites or apps.

Making a Transfer:

• Users can initiate bank transfers and card payments for sending money with both providers.

Ways to Send Money:

• WorldRemit delivery options vary by destination and include cash collection, home delivery, transfer to a debit card, bank account or mobile money account transfer, and airtime top-ups.

• Remitly’s delivery options include transfers to bank accounts, cash pickups, and mobile money account transfers.

Languages:

• WorldRemit services are accessible in six languages: English, Dutch, Danish, Spanish, French, and German.

• Remitly provides services in fifteen languages, including: English, Dutch, Filipino, French, German, Italian, Korean, Polish, Portuguese, Romanian, Chinese, Spanish, Thai, Turkish and Vietnamese.

Minimum & Maximum Amounts:

• WorldRemit’s transaction limit is 150,000 MYR per transfer and a minimum of USD $30 (the MYR equivalent).

• Remitly’s sending limits can vary depending on the destination country as well as the country of origin.

Supported currencies

WorldRemit supports 70+ currencies and can arrange payments to 130+ countries, while Remitly transfers money internationally to 170+ countries, across over 100 currencies.

Safety

Remitly and WorldRemit are both regulated and meet the legal standards in Malaysia.

WorldRemit, operating as WorldRemit (Malaysia) SDN BHD, has its own regulation badge. They are approved by the Central Bank of Malaysia with a Class-B licence, which allows them to provide digital money remittance services.

Remitly isn’t regulated in Malaysia as it’s not available for Malaysian residents to send payments. However, Remitly is licensed and regulated across each of the 30 countries clients can send money from. For example, in the US, Remitly is licensed and regulated as a money transmitter by the New York State Department of Financial Services, whereas in the UK, they are regulated by the Financial Conduct Authority.

WorldRemit vs Remitly customer service

The best money transfer services offer reliable and accessible customer support. Luckily, both WorldRemit and Remitly are available for their customers 24/7, providing a seamless customer experience that’s never more than a quick click or call away. Remitly also gives the option of chat. If you’re a WorldRemit customer in Malaysia, you can call customer service directly at +60 1800 818 717 and use their live chat feature for real-time solutions available from their website.

Conclusion: Comparing WorldRemit and Remitly

Both WorldRemit and Western Union are great options for sending money internationally.

WorldRemit stands out for its transparency and ease of use. Their fees are transparent, and they apply a relatively small markup to their exchange rates. Their services are available in six languages, and their user interface is easy to use - plus, they support over 70 currencies and facilitate transactions to over 130 countries. However, while their transfer speeds are impressive, their services might be more expensive when transferring and exchanging large amounts.

Remitly has a wider reach compared to WorldRemit, with a range of 100+ currencies and 170+ countries. The platform also gives customers the option to choose from Express or cheaper Economy delivery times. Customers can also choose from a wide range of payment methods to suit their needs. However, Remitly isn’t available for sending payments from Malaysia, which is a big disadvantage if you’re a Malaysian or a Malaysian resident. Their exchange rate markups could also pose limitations for some of their users.