Remitly vs TransferWise
Speeds of transfer: Remitly offers economy money transfers that usually take up to 3-5 working days and the express time that could be completed in minutes. TransferWise completes almost 90% of its transfers in a span of 1-2 working days. Both the two options pose competitive speeds and are thus both good choices.
Minimum transfer limit: Remitly has a minimum transfer limit of $0. TransferWise likewise has no minimum limits on the amount of money you can transfer to Vietnam in a day.
Pricing: Remitly has fees apportioned into two, the flat fees and the exchange rate margin. For the flat fees, the higher the amount you send, the less the fee you pay. Above certain limits, the fee is reduced to Zero. TransferWise charges fees based on a 0.4% to 0.6% percentage range on the amount of money you are transferring. Remitly thus has an upper hand on this.
Other transfer options that you can use when sending your money from Canada to Vietnam are WorldRemit, Travelex, Skrill and Western Union.
3 Things to consider when you want to send money from Canada to Vietnam
When sending money from Canada to Vietnam, you have to look at the following factors that will ensure your transfer of money is maximized and that you get the most out of your transfer:
1. Exchange rates
It is a part of the fees imposed by most transfer options, you have to be careful of any hidden fees embedded in the exchange rates. Choose a transfer company that offers a real exchange rate that is closer to the standard rate.
2. Speeds of transfer
Your money transfer from Canada to Vietnam can take as short as 30 minutes with transfer options like Remitly Express to up to one week with other service providers. So in case of an emergency, you know where to go for fast transfers.
3. Transfer limits
The minimum and maximum transfer limits vary among different service providers. It can be a good selection criterion for a transfer option based on your transfer plan.