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This review looks at every aspect of Small World’s services; from the transfer fees and exchange rates to the payment options, the speed of transfer, and customer service provision.
Every month, Small World handles over 1 million transactions, and the company has a customer base of 15 million people around the world. Transfers can be initiated through the online platform, mobile app, or through one of Small World’s over 5,000 affiliated agent locations.
Recipients also have a variety of payment collection methods with Small World, including home deliveries, direct credits to local accounts, mobile money transfers, and cash pickups at over 253,000 locations worldwide.
Small World Exchange Rates and Fees
Unlike banks and other money transfer companies that charge hefty international transfer fees, Small World charges small fees and exchange rates margins in order to ensure more of your money gets to your intended recipient.
Exchange Rates
The exchange rate you will get from Small World includes a markup from the mid-market rate. The rates vary based on your currency pairing and transfer payout method. To give you an indication of the margins typically charged by Small World, here are 2 examples using rates as of 9th August 2022:
Sending GBP 1,000 to Kenya
Bank Deposit: The provider gives a KES/GBP rate of 141.6902 KES against the interbank rate of 142.30. This translates to a margin of 0.43%. These are also the same rates that you would pay for the cash pick-up option.
Mobile Wallet: You will get a KES/GBP rate of 142.3120 compared to the interbank rate of 142.30. The margin here is 0.008%.
Sending GBP 1,000 to India
Bank Deposit: If you deposit directly into a bank account, you will get an INR/GBP rate of 95.8818 against the market rate of 96.20. This gives you a margin of 0.33%
Mobile Wallet: Small World does not offer mobile wallet pay-outs to India.
Cash Pickup: If you choose this pay-out method, you will get an INR/GBP rate of 95.9391 against the mid-market rate of 96.20 This translates to a margin of 0.27%.
From this we can see that exchange rate margins with Small World are usually less than 1% below the interbank, which makes them extremely competitive. They may be higher for specific transfer corridors and currencies, so be sure to double check the exchange rate you’re being charged before making a transfer.
Fees
In addition to a small markup on the exchange rate, Small World charges flat fees for making transfers, which depend on your transfer destination. Below are some simulations to give you an idea of the fees to think about:
Sending £1,000 to the Philippines: The fee you will pay is £4.99
Sending £1,000 to Spain: You will pay fees of £1.50
Sending £1,000 to Brazil: You will be charged £2.99 in fees
Additional Costs
If you pay using a credit card, you may be charged a cash advance fee on top of Small World’s fees and margins. Small World is not in control of these fees, so check with your bank before making a transfer.
Small World Pros and Cons
Whether you are sending money to a bank, cash pickup location, cash card, mobile airtime top-up, or mobile wallet, Small World offers its customers a seamless transfer experience. However, as with any service there are some downsides. Here are some pros and cons of using Small World:
- Fast transfers: Small World delivers instant or same-day transfers to more than 90 countries around the world.
- Several payout options: You can transfer money to bank accounts, cash cards, pickup locations, mobile wallets, or have it delivered at recipients’ doorsteps.
- Mobile app: You can make transfers on the go using a mobile app available on both Android and iOS platforms.
- Real-time payment tracking: You can track your transfer to establish where it is for peace of mind.
- Secure and trusted: Over 15 million customers use the service and more than 1 million transactions are processed on the platform monthly.
- Fixed fees: Transfer fees are fixed irrespective of the amount. While this is advantageous for people making large transfers, fees on small transfers can add up quickly.
- Customer support: There is an online chat service, but it can take about 25 minutes or even more for you to be attended to.
- Limited sending network: You can sign up for an account and send money from only 21 countries. This limits people from other countries from using the service to send money.
What Kind of Payments Can I Make With Small World?
The provider has an advanced technology that ensures customers payments are safe and recipients get funds in ways convenient to them. Here’s a summary of the payment methods available with Small World.
Payment Methods Available
You can pay for your transfer using the following two options:
Bank Transfer: You can transfer money from your bank to Small World’s client account to pay for your transfer.
Card Payments: You can use your debit or credit card to pay for your transfer. However, ensure you factor in the cash advance fee that some card issuers charge.
Withdrawal Options Available
Beneficiaries can receive funds in one of the following ways:
Bank Deposit: The money is transferred directly into the recipient’s account.
Cash Pick-up: There are over 253,000 locations worldwide that recipients can get their money from.
Mobile Wallet: For countries that support this payout method, you can send directly to your recipient’s mobile wallet
Home Delivery: If your recipient is in the Philippines, Vietnam, or any other country that supports home delivery, transfers can be delivered at your recipient’s doorstep.
Cash-card Reload: You can load your beneficiary’s prepaid cash card directly from Small World’s platform.
Mobile Top-up: If you want to send mobile airtime to your loved ones, you can top-up their prepaid phones directly.
Does Small World Have a Mobile App?
Small World has a mobile app available as a free download on both the Play Store and App Store. The app has several functions including:
Sign Up: You can sign up for an account using the app.
Manage Beneficiaries: You can add, delete and change beneficiary details.
Money Transfer: You can make your transfer in simple steps right from the palm of your hand.
Track Your Transfer: Using the app, you can check the status of your transfer and browse through your transfer history
The app has a 3.8/5 rating on Play Store with 6.48k reviews. On the App Store, it has a rating of 4.6/5 with 5.4k reviews.
How Fast Are Small World’s Transfer Speeds?
Transfer speeds depend on the destination and payout methods. Cash pickup, mobile wallet deposits, and cash-to-card transfers are delivered instantly or on the same day. A typical Small World bank deposit or home delivery takes about 1-3 days to be delivered.
Are There Maximum and Minimum Transfer Amounts?
There is no minimum or maximum transfer amount overall, but there are limits for certain payment types and destinations. For instance, if you pay using a debit or credit card, the maximum you can send at a time is $2,000. Restrictions on how much you can send to certain counties vary and so it is important to check the Small World website to see if it can facilitate the size of transfer you wish to make.
How to Send and Receive Money With Small World
Small World has several different ways that customers can send and receive money. These depend on both the location that you’re sending money from and the location you’re sending money to. To get started read our simple guides:
How to Send Money Online
Sending money online with Small World is simple and, once you’ve registered, it should take less than 10 minutes to send your first transfer. Just follow these four simple steps:
Sign Up for an Account
Select Destination and Amount
Enter Recipient's Details
Track Your Transfer
How to Send Money Through the Small World App
The Small World app works in much the same way as the website, but conveniently allows you to make transfers whilst on the move. To get started, follow these simple steps and you’ll find your first transfer can be sent in minutes.
Register for an Account
Choose Destination
Enter Your Recipient's Details
Track Your Transfer
How to Send Money From an Agent Location
With over 5,000 agent locations worldwide, it’s not hard to find a Small World agent if you’d rather make your transfer in person or by cash. Once you’ve found and arrived at your agent, the process is straightforward and should take less than 15 minutes. Our simple steps break it down for you.
Search for the Nearset Agent
Provide a Government-issued ID
Go to the Agent Location
How to Send Money via the Phone
Small World is one of the few money transfer companies that still facilitate remittances by phone, and this is ideal if you’d like to be guided through the process. You’ll find that it takes just under 10 minutes to complete the transfer – just follow these easy steps:
Provide a Copy of Your Government-issued ID
Send the Transfer
Confirm Your Transaction
How to Receive Money With Small World
Small World has a variety of different pay-out methods, with something to suit all circumstances. While some methods are instant, others can take up to three days to arrive, depending on your location.
Receiving Money by Bank Transfer
Small World facilitates bank transfers in 90 different countries and whilst it is usually instant, getting transferred digitally to the account, in some instances a bank transfer can take up to three business days to arrive. To get started follow these simple steps:
Provide the Sender With Your Bank Account Details
Receive Funds
Receiving Money by Cash Pick-up
If you’d rather receive your money transfer in cash, Small World has over 523,000 locations in which you can pick-up a transfer. In most cases, your cash should be ready within 24 hours, although this can vary with location. Simply follow our helpful steps:
Search for the Nearest Agent Location
Receive Order Number
Fill in a Money Transfer Form
Present Your ID Then Receive the Funds
Receiving Money by Home-delivery
It isn’t always easy to leave your house and if you’re located in Vietnam or the Philippines, home delivery is one of the options available to you. Transfers can take up to three days to arrive. Simply follow these steps:
Inform the Sender of Your Details
Receive the Order Number
Present Your Government-issued ID to the Courier
Receive Funds
Receiving Money by Mobile Top-up
In certain countries, Small World allows users to send mobile airtime to a phone. This can be used for a host of different mobile activities. In most instances, mobile top-up is instant. Follow these steps to receive your remittance:
Inform Your Sender of Your Mobile Phone Number
Receive Funds
Receiving Money by Cash Card Reload
A cash card reload simply involves loading money onto a prepaid cash card and it is ideal if you don’t have a bank account but want the convenience of a fast transfer. Most remittances arrive instantaneously. These steps will help take the hassle out of receiving your remittance.
Inform the Sender of Your Personal Details
Receive Funds
Receiving Money by Cash Card Reload
A cash card reload simply involves loading money onto a prepaid cash card and it is ideal if you don’t have a bank account but want the convenience of a fast transfer. Most remittances arrive instantaneously. These steps will help take the hassle out of receiving your remittance.
Inform the Sender of Your Details
Receive Funds
Can I Trust Small World?
Small World has attracted lots of positive reviews and its customers base keeps on growing. Here are some of the trust factors worth looking at as you consider using them for your next transfer.
History
The company was founded in 2005 and headquartered in London, United Kingdom. Initially, it was incorporated as Hexagon Partners Limited company number 5405279. Later, in 2008, it changed its name to Small World Financial Services Group Limited.
For the 15 years, the company has been in business, Small World has grown its client base to over 15 million, and now processes more than 1 million transactions to more than 190 countries monthly. Other than the UK, the company operates in different countries under the following entities:
LCC- Transcending Ltd
LCC Trans-Envio SPRL
Swiss Transfers GmBH
Small World FS, Ireland Ltd.
Small world Fs Norway AS
Small World FS, Spain SAU
Small World FS, Sweden AB
Small World Financial Services Spain S.A.
Small World Exchange Services, SLU
Trans-Envio Agencia de Cambios Unipessoal LDA
Small World Financial Services Bulgaria Ltd EOOD
Regulatory Compliance
Small World is authorised and regulated by the Financial Conduct Authority (FCA) in the UK reference number 504482. It is also independently regulated in the different countries in which it operates.
Key Industry Partnerships
To better its services and expand its sending and disbursing reach, the company has entered partnerships with the following industry players.
Mi-Pay: This 2009 partnership helped in creating and expanding the company’s mobile money distribution network.
Ingenico Group: Ingenico is a payment processing partner that linked up with Small World in 2018 to expand the provider’s global footprint.
Kumari Bank Ltd: In 2019, Kumari Bank Ltd, a leading commercial bank in Nepal signed an agreement with Small World to expand remittances services throughout the country.
Investors
Small World has had 5 funding rounds led by investors such as MMC Ventures, Future Fifty, FF&P Private Equity, FPE Capital, and Equistone Partners Europe. In 2018, Equistone Partners Europe acquired Small World Financial Services Group and made it a subsidiary.
Customer Satisfaction
On Trustpilot, Small World has a total of 22,012 reviews with 85% of them rated 4 and 5 stars. This is what customers had to say.
- Great exchange rate: The exchange rate offered almost mirrors the mid-market rate in some transfer routes.
- Fast: Transfers are delivered instantly or same day in over 90 countries.
- Simple: The platform is easy to use, and transfers take a few steps to initiate.
- Delayed customer service: Emails take long to be answered making transfer disputes hard to resolve.
Can I Cancel My Transfer?
You can cancel your order if it has not been paid out. Simply, get in touch with the customer support team by phone, chat or email.
Top Destinations for Using Small World
Small World allows transfers to over 190 countries, with some of the most popular being:
When you transfer money to Bangladesh with Small World, the Government of Bangladesh adds an extra 2.5%.
There are 2,587 Small World pick-up locations situated within Colombia, which include many of the country’s top banks.
When you transfer money to Nigeria with Small World your pay-out will be in US Dollars. This is because in 2020, the Central Bank of Nigeria introduced regulations that money transfers could only be paid in US dollars and not Nigerian Naira.
Customer support
If you need help with a transfer or any other query, you can reach out to the customer helpdesk through the following channels.
Email: You can email them through the website or at [email protected].
Live Chat: The online chat service is available during office hours.
Telephone: Choose your country on the ‘contact us’ page and call the number available. For the U.K., it is +44 2031980387, available from Monday to Friday from 9am - 7pm and on Saturday from 9am - 4pm.
Physical Visit: You can also visit a Small World agent or branch near you for additional assistance.
Summary
Small World is a cross-border money transfer service supporting transfers to over 190 countries (but only from a list of 21 countries). Over 15 million customers use the platform to move more than 1 million transactions monthly.
Customers can initiate their transactions through the online platform, mobile app, over the phone or by visiting a Small World agent - and Small World can facilitate transactions made with bank transfers and debit or credit cards.
On the payout end, recipients can get their funds deposited into their bank accounts, sent to mobile wallets or prepaid cash cards, sent to cash pickup locations, and even delivered at their homes in some countries. Beneficiaries can also have their phone airtime topped up, giving Small World a great range of different delivery options.
Before using Small World to make a payment, however, it is important to check around for alternatives to see if you’re getting the best possible deal. Through our money transfer comparison tool, we can help you make simple and quick comparisons on who is cheaper and faster.
Small World often features at or near the top of our recommendations, but every transfer is unique and so there’s always a chance you can save money by using another service.
