Wise vs Remitly vs Xoom: Which is Better?

Last Updated:
January 16, 2024

Wise vs Remitly vs Xoom: Which is Better?

Sending and receiving money from other countries can be difficult, and often comes with large fees attached. With so many providers, knowing which is better is overwhelming. After all, how do you know who has the lowest fees, or offers the widest coverage? In this guide we compare Wise vs Remitly vs Xoom to see which is better for your needs.

What is Wise?

Formerly known as TransferWise, this platform provides users with a simple, transparent way to transfer money internationally. Wise is proud to boast that they save their users over £3 million in bank fees every day.


Wise uses a smart money-transferring strategy to offer lower fees. This strategy involves shifting money around domestically rather than internationally. Thus, transfer times can vary as if a user wants to send USD to AUD, they must wait until Wise has another user looking to transfer AUD to USD. This way Wise is transferring USD to USD and AUD to AUD instead of across borders. As more users join Wise, transfers become faster.

Wise also allows users to transfer money to over 160 countries, with live fees and exchange rates. This allows users to see the entire cost of the transaction from beginning to end.

Users can also hold up to 40 different currencies in their Wise account and select countries can order a debit card to access those funds. Transferring funds within these accounts is usually instantaneous. This means Wise is a great choice for travelers or digital nomads as it can act as a standard checking account.

Finally, Wise gives users bank account details for 10 popular currencies including USD, CAD, GBP, EUR, and more.

What is Remitly?

Remitly is an alternative to traditional banking for monetary transactions. Started in Idaho, Remitly now offers services worldwide. With a bilingual app, fast, cheap, and simple services, sending money overseas has never been easier. The simple interface and remote staffing allow for lower fees than traditional banks.


Remitly allows users to send money using bank transfers, credit cards, debit cards, home delivery, or pickup. Money transfers have two options: Express and Economy. The Economy service takes 3-5 business days to transfer money, with lower fees. However, the Express option sends immediately but has much higher fees.

For receiving funds, Remitly users have several options, such as direct deposit into a bank account or onto a selected debit card. There is also the option to deliver funds to your address or pickup at one of the Remitly global retail partners.

New users also get a special new customer discount of $25 off $100 or more. This makes rates very competitive for the first transfer.

What is Xoom?

First launched in 2001, Xoom was an alternative to Western Union and was purchased by PayPal in 2015. This service allows users to move funds and transfer cash internationally using their bank or PayPal account. Thus, reducing fees for transfers.


Xoom offers a couple of unique features that help it stand out from other alternatives. These include the option to reload prepaid mobile phones and pay household bills directly from the app. The bill payment option allows users to pay bills for family or friends around the world with just a few taps.

Additionally, Xoom offers foreign currency pickup in a variety of countries, allowing users to send money to an Xoom partner location for pickup for themselves or others. Finally, cash can also be delivered directly to a recipient's door.

How the fees compare


Charges a set $4.99 fee if paying by bank transfer, and a 4.15% currency conversion spread to the exchange rate.


Charges a flat $0.99 fee and a 2.13% currency conversion spread to the exchange rate.


Charges a set fee depending on the amount users are sending and is clearly shown at the outset. There is no currency conversion spread amount, just the fee shown.

Sending and Receiving Countries


Can send from USD, GBP, EUR, and CAD right now. Offers over 150 receiving currencies.


Can send from 17 countries and can receive in over 100 currencies.


Offers 43 sending countries and 71 receiving currencies.

In conclusion, when it comes to Wise vs Remitly vs Xoom, all are great options. However, Wise is best for those who want to send funds internationally for the lowest cost, while being able to receive money directly into a bank account. Remitly is best for sending or receiving money for cash pickup, and can be cheaper than Wsie for bank-to-bank transfers, however, the fees are hidden so you won’t know until the money arrives or you do the calculation. Finally, Xoom is a great option for sending or receiving money via cash pickup if the currency is not available through Remitly.

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