Remitly vs Wise: Which is Better for Sending Money to India in 2024?
Choosing between Remitly and Wise (formerly TransferWise) for sending money to India can save you time and hundreds in fees. As an NRI or frequent sender, here's exactly how these top apps compare.
Key Differences at a Glance
| Feature | Remitly | Wise |
|---|---|---|
| Fees | ₹0-₹3,000 | ₹50-₹2,500 |
| Exchange Rate | 0.5-1.5% markup | Mid-market rate |
| Speed | Instant-3 days | 1-2 days |
Transfer Fees: Where You Save More
Remitly offers:
- First transfer free (up to ₹8,000)
- Economy transfers: ₹0 fees
- Express transfers: ₹300-3,000
Wise charges:
- 0.3-1.7% of transfer amount
- ₹50 minimum fee
Exchange Rates: Hidden Costs Exposed
On a ₹1 lakh transfer:
- Remitly: Gives ₹0.97-₹0.985 per $1
- Wise: Always matches Google's rate (₹0.9935 as of 15/7/24)
Wise saves ₹600-₹2,300 on large transfers through better rates.
Real User Experience
Remitly Pros:
- Hindi/regional language support
- Cash pickup alerts via SMS
Wise Pros:
- Multi-currency wallet
- Transparent fee breakdown
Which Should You Choose?
Pick Remitly if:
- You need cash pickup in rural areas
- Want instant transfers
Choose Wise if:
- Sending over ₹2 lakhs
- Need recurring transfers
FAQ
Q: Is Wise legal in India?
A: Yes, RBI-approved since 2018.
Q: Can Remitly send to Paytm?
A: Direct bank transfers only.
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