Remitly vs CurrencyFair: Fees & Reviews Compared

Both Remitly and CurrencyFair are popular international money transfer services. But which one is better?

Below we compare them on their fees and reviews.

Fees

	Remitly	CurrencyFair
Homepage
Transfer Fee	$0.00 – $50 depends on the selected countries, the transfer amount, and the payment method ($3.00 – $7.00 on average).	£2.50 (UK) €3 (EU) Currency equivalent for other currencies.
Average Exchange Rate Markup	1% – 2.5%	0.0045
Minimum Transfer Amount	$1	£7 (or currency equivalent)
Maximum Transfer Amount	Depends on the sending and receiving country, the transfer amount, and the transfer method (from $3,000 to £150,000).	10,000,000 (same in every available currency).

Reviews

	Remitly	CurrencyFair
Trustpilot Rating	4.1	4.3
Number of Trustpilot Reviews	41,300	6,800
iOS App Rating	4.9	4.4
Number of iOS App Reviews	1,200,000	80
Android App Rating	4.8	2.6
Number of Android App Reviews	666,000	950

Features

	Remitly	CurrencyFair
App Transfers	Yes	Yes
Online Transfers	Yes	Yes
Phone Transfers	No	Yes
In-person Transfers	No	No
Available Countries	180	150
Number of Currencies	75	20
Payment Methods	Bank account Debit card Credit card iDeal Passbook Klarna	Bank account
Receiving Methods	Online wallet Bank account Cash pickup Home delivery	Bank account
Cash Pickup Option	Yes	No
Payments Flexibility	Web platform Mobile app	Web platform Mobile app Phone
Supported Languages	English, Spanish, French, Portuguese, Vietnamese, Dutch, German, Polish, Romanian, Italian, Turkish, Chinese, Korean, Filipino, and Thai	English, French, and German
Transfer Speed	Within minutes (express delivery) 3-5 days (economy delivery)	0-5 days
Dedicated Dealer	No	Only for business clients
Instant Custom Quote	No	Yes
Business Features	N/A	Spot contracts Forwards contracts Market orders Digital multi-currency wallet Rate alerts API integration
Debit Card	Passbook	None
Cancellation Policy	Only available for transfers that are still “in the hands” of Remitly. Once they are intercepted by a bank, transfers cannot be canceled.	Only possible as long as the money transfer hasn’t been matched
Suitability	Small money transfers	Small and large money transfers

Company Comparison

	Remitly	CurrencyFair
Year Founded	2011	2009
Headquarters	Seattle, WA, USA	Dublin, Ireland
Other Office Locations	Spokane (WA, USA), Cork (Ireland), Managua (Nicaragua), Manila (Philippines), Krakow (Poland), London (the UK), Amsterdam (the Netherlands), Tel Aviv (Israel), and Singapore	Newcastle (Australia), Nutfield (the United Kingdom), Singapore, and Kwun Tong (Hong Kong)
Annual Trading Volume	$20.4 billion	$300 million
Number of Employees	1600	156
Number of Clients	3 million	150000
Regulatory Institutions	Department of the Treasury in the USA FINTRAC in Canada FCA in the UK ASIC in Australia Central Bank of Ireland in EU	FinCEN in the USA FCA in the UK ASIC in Australia Central Bank of Ireland in EU MAS in Singapore CED in Hong Kong
Awards	Startup of the Year (GeekWire Awards, 2016) Game Changer Award (Tech Impact Awards, Seattle Business Magazine, 2017) Named one of the Deloitte Technology Fast 500 (Deloitte, 2017) Most Innovative Companies (Fast Company, 2018) FinTech 50 (Forbes, 2019) Named one of the CNBC Disruptor 50 (CNDC, 2019) Technology Pioneer (World Economic Forum, 2019)	Best of Show (Finovate Asia, Singapore, 2012) Most Insightful and Intriguing Internet Innovation (IIA Dot IE Net Visionary, 2013) TNW’s Irish Startups (2013) one of the Best Middleweight Start-ups (Europas, 2013) Excellence in Payments (FinTech Australia, 2017) Top 20 Fintech Companies in Ireland (Irish Tech News, 2017) Fintech Startups in Europe to watch in 2018 (2017) Mozo Experts Choice Awards (Mozo.com.au, 2018) Top 100 Startups to watch in 2018, Silicon Republic (2018) Top 10 Startup Winner for Best Employer (LinkedIn, 2018 and 2019) Spiders Award for Best in Fintech (2019) 5-Star Rating for Outstanding Value International Money Transfers (Canstar, 2019)

Remitly Pros & Cons

Remitly Pros

• Plenty of ways to fund your transfer
• Excellent customer service
• Decent Trustpilot rating
• Fixed transfer fees
• A knowledge base that’s a treasure trove of knowledge
• Extensive global coverage
• Trade 75 different currencies
• Top-tier mobile app
• No minimum transfer limit when sending
• Instantaneous money transfers
• Worldwide locations for cash pickup

Remitly Cons

• Not great for large money transfers
• Doesn’t provide dedicated account managers
• Exchange rates spreads can be large
• No option for instant custom quotes

CurrencyFair Pros & Cons

CurrencyFair Pros

• Competitive exchange rates
• Excellent customer service
• Instant personalized quotes
• Impressive Trustpilot score
• Wide-reaching service coverage
• Quick international transfers
• Alerts for exchange rate changes
• Fixed fee for money transfers
• Awards for superb performance in the financial sector
• Can handle both large and small money transfers

CurrencyFair Cons

• Lack of personal account managers for individual users
• Limited options for transfer funding
• No cash pickup service
• Narrow range of supported currencies
• Poor user rating for the Android mobile app

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