Remitly vs Wise 2026: Which Is Better for Filipinos?

Quick Comparison Table

Feature	Remitly	Wise
Fees	Higher on express transfers	Low and transparent
Payment to Philippines	Best for cash pickup and fast delivery	Best for low-cost bank transfers
Ease of Use	Very user-friendly	Slightly more complex
Best For	Quick remittances	Cost-effective transfers

When to Choose Remitly

In my 6 years of freelancing, there have been specific situations where Remitly shined: - **Urgent Family Needs**: If your family in the Philippines needs money quickly, Remitly's express service can deliver cash within minutes to various pickup locations. - **Cash Pickup Preferences**: Many Filipino families prefer cash pickups. Remitly has extensive partnerships with local banks like BDO, BPI, and pawnshops such as Cebuana Lhuillier. - **Promotional Rates**: Occasionally, Remitly offers promotional rates for first-time users, which can be advantageous if you need to send a substantial amount. - **Ease of Use**: Remitly's app is straightforward, making it easy to use even for those less tech-savvy. During a family emergency, I used Remitly to send PHP 15,000, which was available for pickup in less than 15 minutes. This speed was crucial as it was a medical emergency, illustrating the importance of quick transfers.

When to Choose Wise

Wise, formerly TransferWise, is my go-to for different scenarios: - **Low-Cost Transfers**: When sending significant amounts for savings or investments back home, Wise’s low fees save me substantial money. - **Bank Transfers to the Philippines**: Wise offers competitive exchange rates and low fees for bank transfers to accounts in BPI, UnionBank, and others. - **Freelance Payments**: I often receive payments from international clients through Wise due to their transparency and favorable rates. - **Currency Conversion**: Wise's real exchange rate conversion is beneficial when managing multiple currencies. I once saved around $50 on a $1,000 transfer compared to other services by using Wise, thanks to their competitive exchange rates and low fees. This adds up significantly over time, especially when sending remittances regularly.

Detailed Comparison

Fees and Costs (Philippines-specific)

For Filipino freelancers, understanding fees is crucial. Remitly charges higher fees for faster transfers, while Wise is known for its transparent, low-cost structure. For instance, sending $500 via Remitly's express service might cost around $10 more than Wise, which uses a small percentage of the transfer amount plus a fixed fee.

Payment Methods (GCash, Maya, bank transfer)

Remitly supports various payout methods, including GCash GCash guide, Maya, and direct bank deposits to major banks like BDO and BPI. Wise primarily focuses on bank transfers, which are excellent for direct deposits but may not cater to those without bank accounts.

User Experience

Remitly's app is designed for ease of use, catering to users who may not be familiar with digital services. In contrast, Wise offers a more detailed interface, which might be overwhelming for beginners but provides more information on exchange rates and fees.

Client Quality

Both platforms are reputable, but Wise is often favored by businesses and freelancers who prioritize cost savings. Remitly is more popular among personal users who prioritize speed and convenience.

For Beginners vs Experienced

Beginners might find Remitly's straightforward app and customer support more reassuring. Experienced freelancers, on the other hand, might appreciate Wise’s transparency and cost-effectiveness, especially for larger transactions.

My Personal Experience

In my first year of freelancing, I primarily used Remitly for its quick service. However, as my income grew, I realized that the frequent transfers and higher fees were cutting into my earnings. Switching to Wise saved me approximately $500 annually due to its low fees and favorable exchange rates. This experience taught me the importance of evaluating not just the immediate convenience but also long-term cost implications.

Common Mistakes to Avoid

- **Ignoring Exchange Rates**: Always compare the offered rate with the current market rate. Over time, small differences can lead to significant losses. - **Not Verifying Recipient Details**: Double-check all recipient details to avoid delays or failed transactions, which could incur additional fees. - **Overlooking Transfer Speed**: Choose the right balance between cost and speed. Not all situations require express transfers, which are more expensive. - **Failing to Track Transfers**: Use the tracking features both services offer to ensure your money reaches its destination without issues.

Frequently Asked Questions

Which is cheaper, Remitly or Wise?

Wise is generally cheaper due to its transparent fee structure and mid-market exchange rates. However, Remitly can be competitive during promotional periods.

Can I use Wise for cash pickups in the Philippines?

No, Wise primarily facilitates bank transfers. If you need cash pickups, Remitly is the better choice.

Is it safe to use these services for large amounts?

Yes, both Remitly and Wise are secure and regulated, making them safe for transferring large sums.

Do these services offer customer support in Filipino?

Remitly offers Filipino customer support, which can be beneficial for local users. Wise primarily offers support in English.

Can I receive freelance payments through these platforms?

Yes, both platforms support receiving payments, but Wise is often preferred by freelancers for its lower fees and better exchange rates.

Final Verdict

For Filipino freelancers, Wise is the ideal choice for those focused on minimizing costs and making regular bank transfers, while Remitly is better suited for urgent cash remittances and users who value speed. Each platform has its strengths, and your choice should align with your specific needs and circumstances. more guides