TapTap Send vs. Wise: Which Remittance Method is Better?

The remittance industry has seen significant growth as people increasingly seek cost-effective and efficient ways to send money across borders.

TapTap Send and Wise (formerly TransferWise) are two prominent players in this space.

The main difference is that TapTap Send specializes in fast, low-cost transfers to select regions, particularly in Africa, while Wise offers broader global coverage with transparent mid-market exchange rates. TapTap Send excels in speed and targeted service, whereas Wise provides a more extensive international reach.

TapTap Send vs Wise: Key Features Comparison

Personal Note

I switched to TapTap Send because, despite Wise’s great global coverage and competitive rates, TapTap Send’s lightning-fast transfers to my preferred regions are unmatched. For sending money quickly to family in Africa, TapTap Send’s speed and targeted service have made a huge difference. It’s been a game-changer for me, offering a seamless experience where it truly matters, even though Wise has its strengths in global reach and transparent pricing.

What is TapTap Send and How Does It Work?

TapTap Send is a remittance service designed to facilitate money transfers to specific countries, mainly in Africa, quickly and affordably. It operates through a mobile app that allows users to send funds directly to the recipient’s bank account, mobile money wallet, or for cash pickup at designated locations. Its primary appeal lies in its simplicity and focus on lower transaction fees for transfers to targeted regions.

Pros and Cons of TapTap Send

Pros:

• Low fees for transfers to select countries
• Fast transfer times, often within hours
• Easy-to-use mobile app
• Various payout options including cash pickup
• Focused customer support for targeted regions

Cons:

• Limited to specific countries
• Higher fees for regions outside the focus area
• Less transparent fee structure
• Limited additional features compared to competitors
• Transfer speeds may vary by country

What is Wise and How Does It Work?

Wise is an international money transfer service known for its transparent fee structure and real exchange rate. It allows users to send money to over 80 countries with the actual mid-market exchange rate, making it a popular choice for those seeking cost-effective global transfers. Wise offers features such as multi-currency accounts, making it easier to manage multiple currencies and perform international transactions seamlessly.

Pros and Cons of Wise

Pros:

• Real mid-market exchange rates
• Transparent fee structure
• Extensive global reach
• Multi-currency accounts available
• 24/7 customer support

Cons:

• Transfer times can be longer (1-3 business days)
• Fees vary by amount and currency
• Limited cash pickup options
• Some countries have restricted services
• Not ideal for cash-based transactions

TapTap Send vs. Wise: A Side-by-Side Comparison

1. International Reach

TapTap Send focuses on specific regions, particularly in Africa. It is designed for sending money to countries such as Nigeria, Ghana, and Kenya. This targeted approach allows TapTap Send to offer tailored services and competitive rates for these countries but limits its global reach. Users looking to send money outside its focus regions might find the service less useful.

Wise boasts a broad international reach, supporting transfers to over 80 countries. It provides global coverage, making it suitable for users who need to send money across different continents. Wise’s extensive network includes major and minor financial hubs worldwide, ensuring that users can send money almost anywhere.

Verdict: Wise wins in international reach due to its extensive global coverage compared to TapTap Send’s regional focus.

2. Fee Structure

TapTap Send features a flat fee structure for its services, which can be cost-effective for its target regions. The fees are straightforward and lower for specific countries in Africa, making it an economical choice for sending money within these regions. However, this fee structure might be less transparent for transfers outside its focus areas.

Wise operates with a transparent fee structure, where fees are calculated based on the amount and currencies involved. It offers a detailed breakdown of charges before completing the transaction, including a small percentage of the transfer amount and fixed fees. This transparency allows users to understand exactly what they are paying for.

Verdict: Wise excels with its transparent fee structure, while TapTap Send offers cost-effective flat fees for targeted regions.

3. Exchange Rates

TapTap Send provides competitive exchange rates for its focus countries, often better than traditional banks. However, the rates may not always be the mid-market rates, which can affect the total value received by the recipient. Users benefit from the service’s targeted approach, but might encounter less favorable rates for non-targeted regions.

Wise is renowned for offering real mid-market exchange rates, which are the rates you see on Google or XE. This means users get a fair exchange rate without hidden markups. Wise’s commitment to transparency ensures that the rate you see is the rate you get, leading to potentially better value for money.

Verdict: Wise leads with real mid-market rates, offering more transparency compared to TapTap Send’s competitive but less consistent rates.

4. Transfer Speed

TapTap Send is known for its fast transfer speeds, often completing transactions within hours. This quick turnaround is particularly advantageous for urgent remittances. However, the speed can vary based on the destination country and the payment method chosen.

Wise typically takes 1-3 business days to complete international transfers. The transfer speed depends on various factors, including the countries involved and the payment method. While not as immediate as TapTap Send, Wise’s processing time is reliable and efficient for most international transactions.

Verdict: TapTap Send wins for its faster transfer speeds, making it ideal for urgent remittances.

5. User Experience

TapTap Send provides a user-friendly mobile app with a simple interface. The app is designed for ease of use, allowing users to send money quickly and manage their transactions with minimal hassle. The focused approach helps streamline the process for specific regions but lacks some advanced features.

Wise offers an intuitive app and website with a range of advanced features, including multi-currency accounts and real-time tracking. The user experience is designed for both casual users and businesses, providing a comprehensive platform for managing international finances.

Verdict: Wise provides a more feature-rich and versatile user experience, while TapTap Send excels in simplicity and ease of use for specific regions.

6. Customer Support

TapTap Send offers customer support tailored to its focus regions. The support is responsive but might be limited outside its primary countries. Users in targeted regions benefit from dedicated assistance, while those in other areas may face slower response times.

Wise provides 24/7 customer support with a global reach. The service includes multiple channels such as email, live chat, and phone support. Wise’s comprehensive customer service ensures that users from any part of the world can get assistance whenever needed.

Verdict: Wise stands out with its global 24/7 customer support, offering broader assistance compared to TapTap Send’s region-specific support.

7. Additional Features

TapTap Send offers useful features like cash pickup options in certain regions and a straightforward mobile app. However, it lacks some advanced features like multi-currency accounts or integrated financial tools, which limits its functionality for users with diverse needs.

Wise includes additional features such as multi-currency accounts, which allow users to hold and manage multiple currencies. It also offers borderless banking features and integrates with various financial tools. These advanced features make Wise a versatile option for frequent international transactions.

Verdict: Wise excels with its additional features, including multi-currency accounts and broader financial tools, compared to TapTap Send’s more basic offerings.

Use Cases for TapTap Send

1. Sending Remittances to Family: TapTap Send is ideal for expatriates sending money to family members in African countries. Its low fees and quick transfer speeds make it a convenient choice for these users.
2. Cash Pickup Services: For individuals needing to send cash to be picked up by recipients in specific countries, TapTap Send’s cash pickup option is highly valuable, offering flexibility for those without bank accounts.

Use Cases for Wise

1. Frequent International Travelers: Wise’s multi-currency accounts are perfect for travelers managing expenses in different currencies, offering real mid-market exchange rates and low fees on international transactions.
2. Business Transactions: Businesses with international clients can benefit from Wise’s transparent fee structure and global reach, making it easier to handle cross-border payments efficiently.

TapTap Send Pricing

TapTap Send typically charges flat fees that are lower for specific countries. The exact fee depends on the destination and amount being sent. The app usually provides competitive rates for remittances to African nations but may vary for other regions.

Wise Pricing

Wise charges fees based on the amount being transferred and the currencies involved. The fee structure is transparent, and users can see the cost before completing the transaction. Fees may include a fixed charge and a percentage of the amount transferred.

What to Consider When Choosing Between TapTap Send and Wise

When deciding between TapTap Send and Wise, consider the following factors:

• Destination: TapTap Send is tailored for transfers to specific countries, particularly in Africa. Wise offers a broader global reach, which is ideal if you need to send money to various countries.
• Fee Structure: Evaluate the fee structures of both services. TapTap Send has flat fees, which can be lower for its target regions, while Wise provides transparent fees that vary based on amount and currency.
• Exchange Rates: Wise uses real mid-market rates, which can result in better value for international transfers compared to TapTap Send, which may not always offer the same rates.
• Transfer Speed: TapTap Send generally offers faster transfers, often within hours, compared to Wise, which typically takes 1-3 business days.
• Additional Features: Consider whether you need features such as cash pickup (available with TapTap Send) or multi-currency accounts (offered by Wise).

FAQs

1. How quickly can I send money with TapTap Send?
TapTap Send is known for its rapid transfer speeds, often completing transactions within a few hours. This makes it ideal for urgent remittances, especially to countries in Africa where it specializes. The exact time may vary depending on the destination and payment method.

2. Does Wise offer competitive exchange rates?
Yes, Wise provides real mid-market exchange rates, which are the most accurate rates you see on financial news sites. This transparency ensures you receive the best value for your money without hidden fees or markups.

3. Are there any hidden fees with TapTap Send?
TapTap Send generally offers a flat fee structure, which is straightforward and often lower for its target regions. However, fees can vary for countries outside its focus areas, and it’s always best to check the app for specific costs before completing a transfer.

4. Can I use Wise for business transactions?
Absolutely. Wise supports both personal and business transactions, offering features like multi-currency accounts and integrations with financial tools, making it suitable for international business needs.

5. What customer support options does TapTap Send provide?
TapTap Send offers responsive customer support, particularly for its focus regions. Support channels include email and in-app messaging. For users outside these areas, support might be less immediate, so it’s good to review the available options based on your location.

Is TapTap Send Better Than Wise?

Choosing between TapTap Send and Wise depends on your needs. If you frequently send money to specific countries in Africa and need fast transfers with cash pickup options, TapTap Send is a solid choice.

However, if you require a global reach, transparent fees, and multi-currency features, Wise is the better option. Both tools excel in different areas, so select the one that aligns best with your transfer requirements.