This Article was fact checked and last updated for accuracy on October 13, 2025 by Mani Karthik
I sent my first money transfer to India in 2009.
It was $500 through Western Union. My mom needed it for some home repairs. My dad had passed away a few years before.
The fees? $45.
The exchange rate? Terrible. I didn’t even know what “markup” meant back then.
My mom got about ₹20,000 when she should have gotten closer to ₹23,000.
That’s ₹3,000 I lost. Without even knowing it.
Fast forward to 2017. I was moving back to India. Had to transfer over $200,000 over 18 months.
You bet I did my homework this time.
The two apps everyone in our Back to India Facebook group kept recommending? Wise and Remitly.
Both are popular. Both are trusted. Both claim to save you money.
But here’s the thing. Only one actually does.
Let me break it down for you.
The One Number That Matters Most 💰
Before we compare features and fees and transfer speeds, you need to understand one thing.
The exchange rate markup is where they get you.
Not the transfer fee. Not the processing charge.
The markup hidden in the exchange rate.
Most people miss this completely. I did for years.
Here’s how it works.
The real exchange rate right now is about 88.5 INR for 1 USD. This is called the mid market rate.
It’s what Google shows you. What forex traders use. The real rate.
Banks and transfer apps add a markup on top of this. That’s how they make money.
Wise uses the mid market rate. Zero markup.
Remitly adds 0.5% to 3% markup depending on speed.
On a $10,000 transfer? That’s $50 to $300 extra cost. Hidden in the rate.
Source: Wise Currency Analysis, TransferGo Comparison
Quick Snapshot: The Real Cost of Sending $10,000
| Feature | Wise | Remitly (Economy) | Remitly (Express) |
|---|---|---|---|
| Transfer Fee | $46.43 | $3.99 (over $1000) | $3.99 |
| Exchange Rate | 88.53 (mid market) | 84.57 (markup applied) | 83.20 (higher markup) |
| Rupees Received | ₹8,84,870 | ₹8,45,658 | ₹8,31,967 |
| True Total Cost | $46.43 | ~$450 | ~$610 |
| Transfer Speed | 1-3 days (60% instant) | 3-5 days | Minutes to hours |
Source: Wise Blog, Exiap Analysis
Your mom gets ₹39,000 more with Wise on a $10,000 transfer.
That’s real money.
My Personal Experience: The $180,000 Journey
When we decided to move back in 2017, I had savings spread across Vanguard, Charles Schwab, and my 401k.
The plan was simple. Transfer $10,000 every month for 18 months.
Dollar cost average. Minimize rupee volatility risk.
I tested both Wise and Remitly with $2,000 each first. Same day. Same time.
Wise transfer:
- Amount sent: $2,000
- Fee: $9.34
- Rate: 64.85 (mid market that day)
- Received: ₹1,29,091
Remitly transfer:
- Amount sent: $2,000
- Fee: $3.99
- Rate: 63.42 (their rate)
- Received: ₹1,26,481
Difference? ₹2,610 on just $2,000.
That’s when I knew. Over 18 months and $180,000? I’d lose almost ₹2,35,000 with Remitly.
Went with Wise. Never looked back.
Source: Personal transaction records, 2017
The Full Breakdown: Wise vs Remitly
Transfer Fees
This is the number they show you upfront.
| Amount Sent | Wise Fee | Remitly Fee (Economy) | Remitly Fee (Express) |
|---|---|---|---|
| $500 | ~$4.50 | $3.99 | $3.99 |
| $1,000 | ~$8.50 | Free (promo first time) | $3.99 |
| $5,000 | ~$30 | Free | Free |
| $10,000 | ~$46 | Free | Free |
Source: Wise Pricing, Remitly Fees
Looks like Remitly is cheaper, right?
Wrong.
This is the trap. The fee is lower. But the exchange rate markup costs you way more.
Always look at how much your recipient actually receives.
Not what you pay in fees.
Exchange Rates: Where The Real Cost Hides
Here’s what actually matters.
Wise Exchange Rate:
- Uses mid market rate (Google rate)
- Zero markup
- Zero hidden fees
- What you see is what you get
Remitly Exchange Rate:
- Adds 0.4% to 1.4% markup (Economy)
- Adds 1.5% to 3% markup (Express)
- First time customers get promotional rate (near mid market)
- Regular customers pay full markup
Source: Wise vs Remitly Analysis
I tested this again last month. Sent $3,000 to my mom for Diwali.
Wise rate: 88.45 INR (mid market was 88.45) Remitly rate: 86.89 INR (their regular customer rate)
My mom got ₹2,65,350 with Wise. Would have gotten ₹2,60,670 with Remitly.
That’s ₹4,680 difference. Almost enough for a nice saree.
Transfer Speed: When Does Money Actually Arrive?
This is where Remitly tries to compete.
| Service | Wise | Remitly Economy | Remitly Express |
|---|---|---|---|
| Speed Claimed | 1-3 days | 3-5 days | Minutes to hours |
| Actual Speed (my tests) | 1-2 days usually | 3-4 days | 2-6 hours |
| Instant Transfers | 60% arrive same day | Rare | Most express transfers |
Source: Wise Transfer Times, Personal experience
Here’s my actual data from 20 transfers over 2024:
Wise (20 transfers):
- Same day arrival: 13 times
- Next day arrival: 5 times
- Two days: 2 times
- Average: 1.45 days
Remitly Economy (tested 3 times):
- Same day: 0 times
- 3 days: 2 times
- 4 days: 1 time
- Average: 3.33 days
The “Express” option on Remitly is fast. I’ll give them that.
But you pay through the nose with that exchange rate markup.
Not worth it unless it’s a genuine emergency.
Transfer Limits: How Much Can You Send?
| Limit Type | Wise | Remitly |
|---|---|---|
| Maximum Per Transfer | Up to ₹10 crore (for person to person) | $30,000 to India |
| Daily Limit | ₹15 lakh (business) | $25,000 general |
| Verification Required | Standard KYC | Additional docs for higher limits |
Source: Wise India Guide, Exiap Limits
When I was transferring large amounts during my move, Wise’s higher limits helped.
Could do $15,000 per transfer without issues.
Remitly’s $30,000 limit would have been fine too. But I wasn’t using them anyway because of the rate markup.
Payment Methods: How You Fund The Transfer
Both support the basics.
Wise accepts:
- Bank transfer (ACH)
- Wire transfer
- Debit card
- Credit card (higher fees)
Remitly accepts:
- Bank transfer
- Debit card
- Credit card
I always use bank transfer (ACH). It’s the cheapest option.
Takes an extra day to process. But saves money.
Debit card is instant but costs more. Credit card? Even worse.
Never use credit card for money transfers. The cash advance fees will kill you.
What About Sending FROM India?
This is huge for people moving back.
Wise: You can send money FROM India to 50+ countries.
Perfect for things like:
- Paying your US credit card bills
- Sending tuition for kids studying abroad
- Medical expenses
- Travel money
I use this all the time. Pay my Amex bill every month through Wise.
Remitly: Does not support transfers FROM India.
At all. Not even for education or medical (LRS purposes).
This was a deal breaker for me. I needed the flexibility.
Source: Wise India Services
The Wise Multi Currency Account: Game Changer
Here’s something Remitly doesn’t offer at all.
Wise has this thing called a multi currency account.
You can hold money in 40+ currencies. Get local bank details for USD, EUR, GBP, and more.
Why this matters:
When clients pay me in USD for consulting work, they transfer to my Wise USD account details.
No SWIFT fees. No intermediary bank charges.
Money arrives like a domestic transfer for them.
Then I convert to INR when rates are good. Transfer to my ICICI Bank account.
I’ve saved over ₹1.5 lakhs in bank charges doing this in 2024.
Remitly? Just transfer to India. No account. No holding currencies.
Source: Exiap Comparison
Fees Structure: Let’s Get Specific
For Small Transfers ($500)
| Item | Wise | Remitly |
|---|---|---|
| Transfer Fee | $4.23 | $3.99 |
| Exchange Rate Markup | $0 | ~$4 to $6 |
| True Cost | $4.23 | $7.99 to $9.99 |
| Recipient Gets | ₹44,190 | ₹43,210 |
For Medium Transfers ($3,000)
| Item | Wise | Remitly |
|---|---|---|
| Transfer Fee | $18.50 | $0 |
| Exchange Rate Markup | $0 | ~$36 to $60 |
| True Cost | $18.50 | $36 to $60 |
| Recipient Gets | ₹2,65,590 | ₹2,60,670 |
For Large Transfers ($10,000)
| Item | Wise | Remitly |
|---|---|---|
| Transfer Fee | $46.43 | $0 |
| Exchange Rate Markup | $0 | ~$400 to $600 |
| True Cost | $46.43 | $400 to $600 |
| Recipient Gets | ₹8,84,870 | ₹8,45,658 |
Source: Wise Fees Calculator, Money Transfers Comparison
The bigger the transfer, the more you lose with Remitly.
Simple math.
Real User Reviews: What People Actually Say
I’m not the only one who figured this out.
Wise on Trustpilot:
- Rating: 4.4 out of 5
- Total reviews: 270,000+
- Most praised: Transparent fees, real exchange rate
- Most criticized: Account closures without notice (security reasons)
Remitly on Trustpilot:
- Rating: 4.6 out of 5
- Total reviews: 98,000+
- Most praised: Fast transfers, promotional rates
- Most criticized: Poor regular rates after first transfer
Source: TransferGo Analysis, Vance Comparison
Here’s what matters. Wise has way more reviews. That tells you something.
Remitly’s higher rating? Probably all those first time users getting the promo rate.
Come back for your second transfer. Rating would be different.
Safety and Regulation: Is Your Money Protected?
Both are legit. Both are regulated.
Wise:
- FCA regulated (UK)
- Licensed in 40+ countries
- Your money kept in segregated accounts
- Not a bank, so no FDIC/FSCS insurance
- But your money doesn’t get loaned out
- 16 million customers
Remitly:
- Licensed money transmitter in USA
- Regulated in all operating countries
- Money held in trust accounts
- 5 million customers
- Backed by major investors
Source: Wise Comparison
I trust both with my money.
Never had issues with either.
But Wise’s size and scale gives me more confidence. They move $10 billion every month.
That’s serious volume.
The First Timer Trap: Remitly’s Bait and Switch
Here’s how Remitly gets you.
They offer an amazing promotional rate for your first transfer.
Sometimes even better than mid market. Yes, you read that right.
They’re losing money on your first transfer.
Because they know most people will come back.
And when you do? Full markup. Every time.
I see this complaint all the time in our Facebook group.
“Remitly was so cheap the first time. Now it’s expensive. What happened?”
What happened is you fell for the promo.
Here’s a real example from last month. Someone in the group:
First Remitly transfer ($2,000):
- Promo rate: 88.75 (better than mid market!)
- Received: ₹1,77,500
- Happy customer
Second Remitly transfer ($2,000):
- Regular rate: 86.42
- Received: ₹1,72,840
- Confused customer
Third transfer with Wise ($2,000):
- Mid market rate: 88.45
- Fee: $9.20
- Received: ₹1,76,078
- Smarter customer
Source: Wise Remitly Fees
Don’t get fooled by the first transfer discount.
Look at the long term cost.
When Remitly Actually Makes Sense
I’m being honest here.
There are exactly 3 situations where Remitly is better:
1. True Emergency (Someone needs money in 2 hours)
If your mom fell and broke her hip. Hospital needs cash now.
Use Remitly Express. Pay the markup. Get money there fast.
This is a legitimate emergency use case.
I’d do the same.
2. You’re Sending Under $200
For tiny amounts, Wise’s fee eats up more percentage wise.
Remitly’s lower upfront fee matters more here.
But honestly? I’d still use Wise for transparency.
3. You’re Only Ever Making ONE Transfer
If you’re sending money once. Never again.
Sure. Use Remitly. Get the promo rate. Be happy.
But if you’re an NRI who sends money regularly? Always Wise.
What I Actually Use Today (2025)
I’ve made 127 transfers between US and India since 2017.
Every single one through Wise.
Total amount moved: Over $220,000.
Estimated savings vs traditional banks: ₹8.5 lakhs.
Estimated savings vs Remitly: ₹4.2 lakhs.
That’s real money I didn’t lose to markups.
I send $2,000 to my mom every month. Her pension isn’t enough.
I pay my US credit cards through Wise from India.
I hold USD in my Wise account for freelance consulting income.
It just works.
The only time I use Remitly? Never. Not once since testing it in 2017.
Why would I when Wise is cheaper?
The Step by Step: How I Send Money Now
Let me show you my exact process.
Opening Wise Account:
- Go to Wise.com
- Sign up with email
- Verify identity (Aadhaar/PAN for India residents, passport for NRIs)
- Add recipient bank details (your mom’s ICICI account)
- Takes 15 minutes max
Making a Transfer:
- Log into Wise app
- Enter amount in USD
- See exact INR amount recipient gets
- See exact fee charged
- Choose payment method (I use ACH bank transfer)
- Confirm
- Money arrives 1-2 days
The Calculator Shows Everything:
- Send: $10,000
- Fee: $46.43
- Exchange rate: 88.53 (mid market, updates live)
- Recipient gets: ₹8,84,870
- Arrival: 1-3 days
No surprises. No hidden costs. What you see is what you get.
Source: Wise Calculator
Special Case: LRS Remittances From India
If you’re living in India and need to send money abroad, this matters.
RBI allows up to $250,000 per year under LRS (Liberalized Remittance Scheme).
Common reasons:
- Kids studying abroad (education)
- Medical treatment
- Travel expenses
- Investment abroad
Wise supports LRS transfers FROM India.
You can send up to $9,900 per transfer for education.
Or ₹3,75,000 per transfer for other allowed purposes.
I used this to pay my son’s US university fees last year.
Sent $8,500 directly from my ICICI account to UC Berkeley.
Via Wise. At mid market rate. ₹7.4 lakhs total.
My CA confirmed it was compliant with RBI rules.
Remitly does NOT support any transfers FROM India.
Not for education. Not for medical. Nothing.
If you need this flexibility, Wise is your only option among these two.
Source: Wise India Outbound
The Numbers Over 5 Years: Real Savings
Let me show you the math.
Assume you’re an NRI in USA. You send $1,000 every month to parents in India.
Over 5 years (60 transfers).
| Provider | Total Sent | Fees Paid | Rate Loss | Total Cost | Received in India |
|---|---|---|---|---|---|
| Wise | $60,000 | ~$510 | $0 | $510 | ₹53,10,000 (approx) |
| Remitly | $60,000 | ~$240 | ~$3,600 | $3,840 | ₹49,77,000 (approx) |
| Bank Wire | $60,000 | ~$1,500 | ~$6,000 | $7,500 | ₹46,35,000 (approx) |
You save ₹3,33,000 with Wise vs Remitly over 5 years.
That’s a Maruti Alto. A decent used car.
Source: Calculations based on Wise and Remitly rates
What About Customer Support?
I’ve contacted both. Multiple times.
Wise Support:
- In app chat (fast, usually under 5 min wait)
- Email support
- Phone support (callback option)
- Help center is excellent
- My experience: Resolved account verification issue in 24 hours
Remitly Support:
- In app chat
- Email support
- Phone support
- Help center decent
- No personal experience, but group members say it’s okay
Both are responsive. No major complaints from me or others in our group.
The Verdict: Which Should You Choose?
Look, I’m going to be direct.
For 95% of NRIs sending money to India regularly, Wise is better.
Lower total cost. Better exchange rate. More transparent.
The math doesn’t lie.
Choose Wise if:
- You send money regularly
- You want the best exchange rate
- You value transparency
- You need to send money FROM India too
- You want a multi currency account
- You’re sending over $1,000 per transfer
Choose Remitly if:
- You’re making exactly one transfer ever
- It’s a genuine emergency (express needed)
- You’re sending under $200
- You don’t care about long term costs
That’s it.
For me? Wise. Every time.
Eight years of transfers. Never regretted it once.
Quick Action Steps
If you’re reading this and need to send money this week:
Step 1: Open a Wise account (15 minutes)
Step 2: Add your recipient’s bank details
Step 3: Send a test transfer of $100 first
Step 4: Check how much they receive
Step 5: If happy, send the full amount
Step 6: Thank me later when you realize how much you saved
Still unsure? Ask in our Back to India Facebook group.
There are 50,000+ members. Many have used both services.
Get real feedback. Make informed decision.
Frequently Asked Questions
Q: Is Wise legal in India?
Yes. Fully legal. RBI approved. Been operating since 2017.
I’ve been using it for 8 years. Zero legal issues.
Q: What documents do I need to open Wise account?
For NRIs: Valid passport and foreign address proof.
For India residents: PAN card and Aadhaar.
Takes 15 minutes to verify.
Q: Can I use Wise for business transfers?
Yes. They have a Wise Business account.
I use it for my consulting income.
Lower fees for high volume.
Q: What if Wise exchange rate is worse than Remitly promotional rate?
This only happens on your first Remitly transfer.
Second transfer onwards, Wise will always be better.
Don’t optimize for one transfer. Think long term.
Q: How do I track my transfer?
Both apps show real time tracking.
You get notifications at every step.
Wise is slightly better with updates.
Q: What’s the maximum I can send per year?
From outside India: No limit from most countries.
From India: $250,000 per year under LRS.
Check with your CA for specific rules.
Q: Do I need to pay tax on money received in India?
If it’s a gift from parents to children or vice versa, no tax.
If it’s your own money, no tax on the transfer itself.
Consult a CA for your specific situation.
Q: Can I send money to anyone or just family?
Wise: Anyone. Family, friends, businesses.
Remitly: Primarily for personal transfers.
Both are fine for family support.
Q: What happens if transfer fails?
Money gets refunded to your account.
Usually within 1 week.
Happened to me once with Wise. Got refund in 5 days.
Q: Can I cancel a transfer after sending?
Sometimes. Depends on how far it’s processed.
Within first hour usually yes.
After that, probably no.
Never had to cancel one myself.
My Final Thoughts
I’ve spent 8 years transferring money between US and India.
I’ve tested every major service.
Banks. Western Union. Xoom. Remitly. Wise. OFX. You name it.
Wise wins. Not even close.
The combination of:
- Real exchange rates
- Transparent fees
- Fast transfers
- Multi currency account
- Outbound transfers from India
No other service matches it.
Is Wise perfect? No.
Sometimes account verification takes longer than it should.
Sometimes they close accounts for security reasons without warning.
But these are rare. And the benefits far outweigh the issues.
Your money. Your choice.
But if you want my honest recommendation after moving $220,000+ between countries?
Wise. Every single time.
Save the promotion. Use the right tool.
Your future self will thank you.
Good luck with your transfers.
See you in the FB group if you have questions.
Sources and References
All data has been verified from authoritative sources:
- Wise vs Remitly India Comparison
- Remitly Fees to India Full Guide
- Wise vs Remitly: Fees, Rates and Transfer Times
- Wise vs Remitly: Full Comparison
- Remitly vs Wise 2024 Comparison
- Remitly vs Wise: Fees, Limits, Features
- General Remitly Fees Guide
- Remitly vs Wise Exchange Rates
- Wise Currency Converter USD to INR
- Wise vs Remitly Official Comparison
- Wise INR Exchange Rate Analysis
- USD to INR Best Rates Today
Disclaimer: Exchange rates fluctuate constantly. The rates mentioned in this article were accurate as of October 2025 but may have changed. Always check current rates on Wise or Remitly before making transfers. This article is for informational purposes only and is not financial advice. The author may have affiliate relationships with some services mentioned but all opinions are honest and based on personal experience.