Top 7 Remittance Alternatives to Remitly
Marty
30 Sep 2024
If you’ve moved abroad to earn a living and support your family back home, you’ll want to send money internationally. A popular way to achieve this is through an online remittance company.
There is a wide range of online remittance companies, one of the most popular being Remitly, operating out of the United States. While popular, there are several other options also available and an alternative to remittances altogether.
In this article, I’ll run through 7 great alternatives to Remitly, one of which is a bonus alternative to remittances completely.
Ding: An Alternative to International Cash Remittances
Sending support back home doesn’t always have to be cash. With Ding, you can send phone top-ups, plans, and data back home from anywhere in the world. This means you can help your family stay connected and able to communicate with you, no matter where you are in the world.
Sending a top-up is often considerably faster offering better value and costing less fees than cash remittances while also bringing the additional security of not having to collect physical cash anywhere.
Best of all, it can all be done from the comfort of your own home using Ding.com or the Ding App.
Ding now also offers the ability to send eGifts internationally. This allows you to send a digital gift card internationally. These eGifts can be used to help pay for groceries, restaurants, utility bills, and more.
Learn more about how Ding is the best international cash remittance alternative to send some support back home.
Western Union
When you think of international money transfers, the Western Union name and logo likely pop into your mind. Western Union has been facilitating international money transfers since 1861.
In recent years, Western Union has started to offer online services, but you likely know Western Union best for retail locations. These locations can be found worldwide, making the Wester Union logo extremely well-known globally.
Today, you can transfer money internationally with Western Union using these retail locations, direct to bank accounts online, and even mobile wallets. This is still one of the most popular ways to transfer money internationally today.
MoneyGram
Similarly, MoneyGram is another extremely well-known and popular international money transfer company. Founded in 1940, MoneyGram allows customers to send and receive money across more than 200 countries and territories, offering both online and in-person services through a vast network of agents. In addition to money transfers, the company provides bill payment services, money orders, and prepaid card reloads.
With a focus on speed, convenience, and security, MoneyGram is a popular choice for individuals seeking to transfer money internationally, often catering to those who need fast, reliable remittance solutions.
Wise
Wise is one of the more modern entries into the international remittance business after being founded in 2011. Back then, the company was known as TransferWise before becoming Wise in 2021.
Wise operates on a concept similar to the ancient Hawala system, which has been used for over a thousand years in the Middle East and South Asia. In this system, value is exchanged between networks of brokers who adjust balances for the parties involved, charging a small commission, with minimal actual movement of money across borders. Wise uses a peer-to-peer system to transfer money internationally, but it does so through bank accounts. The biggest difference between Wise and Hawala is that Wise operates within the formal banking system and is fully regulated.
Wise uses real exchange rates (mid-market rates) and charges a small, upfront fee, making it a popular option for those looking to send money abroad at a lower cost. Wise operates in over 170 countries and supports multiple currencies, offering services for individuals and businesses alike.
WorldRemit
WorldRemit is a global digital money transfer service that allows people to send money to family and friends abroad quickly and securely. Founded in 2010, WorldRemit focuses on offering convenient, low-cost remittance services through its user-friendly online platform and mobile app. It supports transfers to over 130 countries, with various options for receiving funds, including bank deposits, mobile money, airtime top-ups, and cash pickups.
By leveraging technology, WorldRemit provides a modern alternative to traditional money transfer methods, offering transparency, speed, and flexibility for both senders and recipients around the world.
Xoom
Xoom is a PayPal service and is a digital money transfer platform that allows users to send money and pay bills internationally. Launched in 2001 and later acquired by PayPal in 2015, Xoom provides fast, secure, and convenient ways to transfer money to over 160 countries.
Users can send funds directly to bank accounts and arrange cash pickups using the web or mobile app. With its integration into PayPal’s extensive network, Xoom offers a trusted and easy-to-use solution for those seeking to support family and friends abroad with low fees and real-time tracking of transactions.
XE
XE is a global financial services platform best known for its currency converter and international money transfer services. Established in 1993, XE initially gained recognition as a go-to source for live exchange rates and currency tools. Over time, it expanded to offer international money transfers, allowing individuals and businesses to send funds to over 130 countries.
XE provides users with competitive exchange rates, low fees, and secure transactions via its website and mobile app. The platform is valued for its reliability, ease of use, and transparent pricing, making it a trusted choice for those needing to convert currencies or transfer money abroad.
What is the Best Way to Send Money Internationally?
As you can see, there are a lot of ways to send value and support internationally. Choosing the best one for you will depend on your situation and what exactly it is your family needs. You should look at all available options but also, speak with the people you are sending support to.
Ask them what they need. You could find out that sending a mobile phone top-up for airtime or data or an eGift for groceries or bills might be all they need and sending that through Ding could be far more cost-effective.
In writing this article we used these websites:
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