While I love the slick look of TransferWise, I struggle to justify using it to make my transfers. To me, a transfer service should provide the following 3 things in that order:

  • Best Rate
  • Fast Delivery
  • Security

Here is a side-by-side comparison of TransferWise vis-a-vis 2 other services (Xoom & Remitly) that Iโ€™ve used in the past. The rates were sourced within minutes of each other so there shouldnโ€™t be any discrepancies.

Transferwise vs Xoom vs Remitly

As you can see, Transferwise is comparable to Xoom, but Remitly gives you a significantly better rate. That difference starts becoming even more apparent as your amount becomes larger.

So โ€” what is it that makes Transferwise such a revolutionary idea as opposed to the others? I understand and appreciate the transparency & using IBR rates, but in the end it doesnโ€™t really end up being cheaper, does it? Of course, these are rates to India. I didnโ€™t really look into transferring to other countries where it may potentially be cheaper than the others.

But for my specific use-case, I canโ€™t see it being the best option, yet.

Avid reader, serious wantrepreneur, plant-based foodie, digital health consultant, reluctant nomad.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store