CurrencyFair vs Remitly
CurrencyFair
currencyfair.com
Remitly
remitly.comSide by side
| Figure | CurrencyFair | Remitly |
|---|---|---|
| Price from | €3/mo | Free |
| Free plan | — | Yes |
| Free trial | — | — |
| Open source | — | — |
| Web | Yes | — |
| iOS | Yes | Yes |
| Android | Yes | Yes |
| API | Yes | — |
| Plans published | 3 | 3 |
| Spec score · Money Transfer Apps | 8.6 (#14) | 9.1 (#2) |
| Exchange-rate model | markup | variable |
| Upfront fee display | Yes | Yes |
| Founded | 2010 | 2011 |
| Headquarters | Dublin, Ireland | Seattle, Washington, USA |
| Mobile platforms | both | The app is available on iOS through the App Store and on Android through Google Play. |
| Recipient methods | bank | Recipients may receive money by bank account, mobile wallet, cash pickup, mobile money, home delivery, or debit card deposit. |
| Transfer speed | Many international transfers are completed within 24 hours, and GBP Faster Payments can arrive within one hour with participating banks. | instant |
| Transfer tracking | Yes | Users can follow transfers in real time through the app, website, email, or SMS notifications. |
Plans
CurrencyFair
- International transfer€3 a month
- Business account€3, paid once
- Personal account€3, paid once
Remitly
- Bank depositFree
- Cash pickup$2.99, paid once
- New customer promotional ratePrice not published
In their own words
CurrencyFair
CurrencyFair provides online cross-border payments and foreign-exchange services through web, iOS, Android, and an API for approved business and institutional partners. Users can send and receive money to and from more than 150 countries in more than 20 currencies, with bank recipients and same-day transfer speed listed. Quick Trade supports instant exchanges; Marketplace Trades let users set a desired rate and wait for a match. Users can also set rate alerts, track transfers, and schedule them. Business customers can pay overseas workers, suppliers, and contractors, or receive international payments. UK-based business customers can hold more than 20 currencies and convert when market conditions suit them. CurrencyFair lists a free plan. Charges include €3 a month for international transfers, billed at €3 or currency equivalent when sending or transferring out after exchange, plus an exchange margin. Personal and business accounts list a €3, paid once charge per send or transfer out after exchange. Identity verification is required and may involve identification and up to two proofs of address. The company is based in Dublin and was founded in 2010.
Remitly
Remitly is a mobile app for sending money internationally, available on Android and iOS. It serves more than 175 countries and offers several ways for recipients to receive funds: bank account, mobile wallet, cash pickup, mobile money, home delivery, or debit card deposit. Senders can pay by bank transfer, debit or credit card, Apple Pay, or Google Pay. Before sending, the app displays the exchange rate, fees, and total cost; exchange rates are variable, and transfer speed is listed as instant. Transfers can be tracked, and recipients do not need to install the app or sign up. The app is free to download, and a free plan is listed. For transfers from the United States to France, bank deposit is free and cash pickup is $2.99, paid once. A new-customer promotional rate applies to the first 1,500.00 USD sent. Sending limits vary by sender and recipient location and apply over 24 hours, 30 days, and 180 days. Remitly says it refunds fees if a transfer is not delivered on time.