Atlantic is just a little kid who is throwing tantrums. You can't take him serious.
He doesn't understand how things work. To me maybe Citibank copied HSBC.
But for the record TransferWise is very different concept from WorldRemit. Worldremit sends money like sending text (instantly). TransferWise can take up to three working business days. You also have to send/buy local currency for example you can only send USD to the US so what does that mean for countries in Africa who use USD?
That is big limitation and gap and that's why WR is growing faster.
WorldRemit has been crowned the UK's fastest growing tech company, having achieved an average four-year revenue growth rate of 20,385%.
WorldRemit offers online services that are designed to simplify sending money; it offers transfers to more than 125 destinations across the world, all from a smartphone, tablet or computer.
Also TransferWise charges you small fees but other hidden fees too including exchange, holding of certain amount, bounce back, and other fees.
WR is one fee and very clear amount.
I have tried both apps.
For example, I want to send US$500 to the US.
TransferWise
You'll save A$ 34.34 vs your bank
Estimated arrival: by Wednesday, December 16
Today is MONDAY. The money may clear Wednesday (US local time, that's like Thursday in Australia).
FEE
TransferWise charges as little as possible
A$ 4.87 + a refundable A$ 21.50 of exchange rate protection
What that means is they have to wait for someone sending USD to Australia---they then trade the two transactions.
If the rate changes then your $21.50 is gone.
On top of that they have other hidden fees and so many terms and papers to read through. Rules for credit cards, banks, etc.
TransferWise only sends USD to the US. ‘For further credit’ instructions can’t be included. See why
WorldRemit
No hidden fees, no holding of money, straight up small amount, in this case for the US$500, A$3.99
With WorldRemit the money will be received by the time my clock reads 4:12 (gotto enter few confirmation codes as you can see it's three steps; calculate, confirm, hit send, next they just slap you with two SMS (also goes into ur email), Processing, SENT thank you for using WR)
Another key factor difference is ESTIMATED EXCHANGE RATE and GUARANTEED EXCHANGE RATE.
Great app. While I'm having dinner in downtown my relative could ask for some and all I do is open my phone. Far superior than anything on the market.
Thanks Dr Ismail, you're a legend.
Download them and be your own judge.
The Haud
