About WorldRemit
As is the case with many other leading money transfer operators, the story behind WorldRemit relates directly to the real-life experiences of the company’s founder, Ismail Ahmed. Having become frustrated by how difficult and expensive the options were to send money home, Ahmed came up with the idea for WorldRemit in a bid to solve this problem, thus creating a “better way to send money.”
Over the last decade, WorldRemit has grown exponentially and the company now boasts a network of over 5,000 transfer corridors. This network includes widespread coverage of almost every African country (except Algeria, Eritrea, Eswatini, Libya, Sudan and South Sudan). This is a particularly gratifying milestone for Ahmed who, although now based in London, is originally from Somaliland.
In order to provide a detailed rundown of this money transfer company, we will be investigating each of the key aspects of the WorldRemit business model; from transfer speeds, to foreign exchange rates, to mobile services.
WorldRemit exchange rates, fees and costs
A crucial aspect of any international transfer is understanding what you will pay in fees, how you will be asked to pay and the exchange rate you will be offered.
WorldRemit exchange rates can be dissected into two components: the true mid-market rate and a small profit margin; this margin varies depending on the currencies used for the international transfer.
The exchange rates also vary depending on the payout method. Cash pickups have a lower rate compared to bank transfers. The rate WorldRemit gives you at the time of transfer is guaranteed and locked with no variations along the way.
We conducted a number of tests to get a feel for the foreign exchange spread applied to WorldRemit transfers and our research found that popular currencies incur markups between 0.5 – 1.25% above the mid market rate. Less commonly traded, most exotic currencies, appear to incur slightly larger markups ranging between 3 – 5%.
WorldRemit offers affordable transfers to countries located in all four corners of the globe, applying a fixed, flat-fee structure to all transactions; this means customers are informed of all costs, upfront, ahead of payment. The price of these fees will be determined by the sending amount, the destination, and the type of transfer service requested.
For instance, customers sending $2,000 USD to Nigeria for cash pickup will be charged $16.99 in fees: however, this fee covers fast delivery, with funds ready for collection within 3 minutes.
We will present another example, this time using the more popular currency pairing of GBP to USD. Customers choosing to send money from the UK to the USA, via bank transfer, will incur a transfer fee of just $2.99. A lower fee is charged to this customer because they are paying for a slightly slower service (bank transfer) and the currencies are two of the most commonly traded forex currencies on the market.
All transfer fees are displayed throughout the transfer process, so customers are aware of the fees they will be charged, in advance.
WorldRemit is keen to advise customers that card issuers may apply their own charges, which are separate to any transfer fees. For example, customers paying for a transfer using a credit card may be charged up to 3 % in additional fees.
Funding an international transfer using a foreign credit or debit card may also attract a foreign transaction fee. Banks may also charge extra for payments sent via the SWIFT network. It is crucial that you confirm all the fees, as well as the agreed upon exchange rate, to avoid any surprises.
Top destinations for sending money with WorldRemit
WorldRemit supports international transfers in over 70 currencies, to more than 130 countries globally. From our research, the following destinations are the most popular with WorldRemit users:
Pros and cons of using WorldRemit
WorldRemit, like all money transfer companies, has strengths and weaknesses, but it is our job to help our users discover whether the pros outweigh the cons.
Pros
Quick and easy service: signing up with WorldRemit takes around 5 minutes and once registered, funds can be delivered within 3 minutes
Extensive global reach: WorldRemit customers can send money to over 130 countries using the online or mobile platform, with more than 30,000 agent locations dotted around the globe
Flexible payment options: WorldRemit transfers cater to all customers, all over the world, by accepting payment method via debit card, credit card or bank transfer
Multiple delivery channels: unlike banks, WorldRemit makes it easy for recipients to access funds through a range of pay-out options, such as bank deposits, cash pickup or mobile money
Cons
Limits on large transfers: WorldRemit impose a maximum sending amount of $10,000 per transfer; customers who wish to transfer funds in excess of $10,000 should explore alternatives such as TorFX or Key Currency
No live chat option: WorldRemit do not offer a live chat customer service channel; users must contact the customer service team via online form, email or phone instead
What type of transfers can you make with WorldRemit?
WorldRemit offers a diverse range of transfer options for customers sending money to different destinations around the world. The options vary per transfer remittance corridor, so it is important to weigh up all the options before initiating payment.
- Bank Transfer: Funds are transferred directly from the sender’s bank to the recipient’s bank. Depending on the destination, the transfer can be instant, but some payments take 2 to 3 days to arrive
- Cash Pickup: This method allows the recipient to collect physical cash from an agent location within WorldRemit’s vast local payout network. The transfer is instant and the recipient can collect the cash in minutes.
- Mobile Money: Through this electronic wallet service, funds are deposited directly to the recipient’s mobile account; compatible with all up-to-date iOS and Android devices
- Door-to-Door Delivery: Possibly the most convenient, this type of transfer sees WorldRemit deliver the funds in cash, dropping the money directly to the recipient’s front door. However, delivery times vary depending on the country and address of the recipient.
- Mobile airtime top-up: Users can top up the recipient’s prepaid phone to enable them to send text messages and make calls; check the country-specific availability of airtime top up here
How long will it take to receive money using WorldRemit?
WorldRemit money transfers are faster than sending money with your bank, irrespective of the transfer corridor. With that said, timing differs depending on the transfer method, the destination, the currencies involved, the amount you are transferring and security checks.
Cash pickup, mobile money, and airtime top-up are all instant transfers, while bank transfers can take between 2 – 3 days to complete. Door-to-door deliveries can take anywhere between 24 hours to 7 days, depending on the recipient’s location.
When you pay with a credit or debit card, your transfer funds will take about an hour to be deposited, and payment via bank transfer can take up to 3 days. According to WorldRemit, 50% of its bank transfers are completed within 10 minutes, which is differently a bank-beating statistic.
WorldRemit is a faster money transfer provider than other major remittance operators like MoneyGram, Western Union, Pangea and Transfast. Even the slowest sending method WorldRemit uses is faster when compared to interbank transfers.In general, WorldRemit is one of the best money transfer service providers for sending money to your family for household expenses, medical care and treatment, education, social contributions and other personal reasons. See how WorldRemit compares to Wise, another industry leading provider, in our comparison review of the two brands.
What payment methods can I use when sending money with WorldRemit?
How you pay for your transfer will depend on the country you are sending from. The following payment methods are accepted by WorldRemit:
- Debit, credit and prepaid cards: WorldRemit accepts most cards issued by Visa, Mastercard or Maestro. When you pay through a credit card, the transfer attracts a charge levied by the issuer
- Bank transfer: You can send from your bank account to the recipient account through WorldRemit. This payment option is available in Hong Kong, Japan, Singapore, Somaliland, the UK and South Africa
- Apple Pay: This is a digital wallet and mobile payment service that allows you to pay for your transfer using iPhone, Apple Watch, iPad or Mac. It is available in 16 countries, including Canada, the USA, and the UK
- Google Pay: This option is a replacement for Android Pay and the Google Pay account has to be linked with a card to be accepted as payment
- Interac: This method is available to customers sending from Canada; the maximum amount you can send per transaction is CAD 40,000
- iDEAL: This option is available for people sending from the Netherlands; the maximum per transaction is EUR 40,000
- Poli: This payment method is available if you are sending from New Zealand or Australia. It connects with your bank and transfers money online to the recipient so sending money from Australia to USA and other locations is a breeze
- Sofort: This payment method is available when sending from Germany, Austria, Belgium or the UK; the maximum per transaction is EUR 40,000 except in the United Kingdom where the limit is GBP 50,000
- Trustly: If you are sending from Denmark, Finland, Italy, Norway, Poland, Spain, or Sweden you can use Trustly to pay for your transfer. It links with your bank account and transfers money online to the recipient
What are the best reasons to use WorldRemit?
The first reason to use WorldRemit for your next international money transfer is the company’s far-reaching global network. Over 130 countries can receive money transfers in more than 70 different currencies, with WorldRemit; not to mention the thousands of agent locations across the globe that make it easy for money transfers to be collected as cash.
Further to this point, WorldRemit is equally as flexible about pay-out options as they are payment options, with debit and credit cards accepted as a payment method, along with bank transfers.
Finally, WorldRemit offers some of the fastest ways to send money overseas. The rapid speed of WorldRemit transfers are far more competitive than most other remittance providers in the industry, with instant transfers widely available.
Can I trust WorldRemit?
WorldRemit is a legitimate money transfer service with layers of proprietary safety measures in place, to ensure customers’ money gets to the recipient in a timely and safe manner. Looking at the company’s history, customer feedback and the investors who have put their money into WorldRemit, as well as the level of regulatory compliance, indicate this operator has a high trust index.
Customer reviews: The number of unique users on the WorldRemit platform amount to more than 4 million. Many customers on Trustpilot (87%) have rated the company ‘Great’ and ‘Excellent’, with over 53,000 reviews to date (2022).
Investors and funding: WorldRemit has received numerous series of funding including Series A, Series B, Series C, Series C2, Series D, mezzanine and debt financing. The company’s main investors include Leapfrog Investments, TCV, TriplePoint Venture Growth, Accel, Project A, Silicon Valley Bank and Future Fifty.
Regulation and authorisation: WorldRemit is authorised and regulated in the United Kingdom by the Financial Conduct Authority (FCA). This regulatory oversight means the company is obliged to operate in the best interest of its customers.
Security: WorldRemit safeguards all customers through Norton-certified technology and two-factor authentication (2FA) that authenticates connections from clients’ smartphones and computers before communicating with the WorldRemit app and website.
Transparency: WorldRemit is fairly transparent, displaying all fees in advance, irrespective of whether you are registered on the platform or not. All customers receive the same exchange rates and fees, no preferential treatment is given unlike with certain banks.
Customer support: The company extends customer service assistance via phone and email, with an elaborate FAQ section for online customers.
How to get started with WorldRemit to send and receive money
Sending money through WorldRemit is simple and fast. However, before jumping ahead to the process of sending and receiving money, ensure you have a valid payment method (credit/debit card or bank) and the recipient details (name, contact information, and bank information for bank transfers).
How to Send Money Using Worldremit?
How to Receive Money Using Worldremit?
WorldRemit allows you to send money through bank transfers, cash pickups, mobile transfer, door-to-door deliveries, and airtime top-up. On average, it takes about 5 minutes to set up and send money to family and friends. The following are the steps to follow.
Step 1-Click or tap on the Go to site button.
This will take you to the signup page where you’ll fill in the required personal information and submit to create your WorldRemit account.
Step 2-Indicate the ‘Send From’ and Destination Details
On the WorldRemit’s homepage, select the country you are sending from, the language you prefer, and the destination, then click “Get Started”
Step 3-Verify ‘Send To’ Country and Choose Sending Method
On the Send To interface, confirm that the system has picked the right destination and proceed to choose the method of transfer (cash pickup, mobile money, bank transfer, door-to-door delivery, or airtime top-up) to the recipient and click Continue.
Step 4 -Enter the Amount, Currency and confirm details
Enter the amount you’d like to send or what you’d like the recipient to get. The sending and receiving currencies are normally preselected based on the ‘Send To’ and Sending From countries you choose at the beginning.
Confirm the average transfer time, the exchange rate, the fees chargeable, and the total you are to pay. Click on Send
Step 5- Enter the recipient’s details
Fill in the recipient’s information including their name, address, phone number, bank details if doing a bank transfer and other bits of information you may be asked. Ensure everything is accurate.
Step 6- Pay for your transfer
There are several ways you can pay for your transfer. You can use a credit card, debit card, bank transfer or other country-specific payments methods. Once the payment is completed both the sender and the recipient will get an SMS confirmation.
Depending on your preference and country of residence, you can receive money through cash pickups, bank deposits, mobile money, door-to-door delivery, or as airtime top-up. For bank deposits or mobile wallet transfers, you don’t have to do anything.
Below is the process of receiving money sent through cash pickup or door-to-door delivery on WorldRemit.
Step 1- Notification for collection
When the money gets to the destination, the recipient will receive an SMS notification based on the phone number provided by the sender. The notification will also contain the transaction reference number.
Step 2- Documents Preparation
Depending on the receiving method, you’ll have to get the following information ready.
- Your government-issued I.D. -You could use a driving licence, passport, national identity card or refugee card.
- The transaction reference number- This is an 8-digit code unique identifier for your transaction. Here is a sample SMS notification.
WorldRemit: Hi! Alex sent you KES 25000.13 via WorldRemit (Ref:12345678). Please collect from JAMIA TMT, Money Fast exchange, NBK, or KCB branches listed here.
Step 3-Find a location
The SMS notification as seen above comes with a link to different locations you can collect your cash in your country. Globally, WorldRemit has over 30,000 cash collection points.
Step 4- Receive your funds
Give the agent your identification document and the transaction reference number for identity verification and completion of the transaction.
That’s it! You now have the money and can go ahead to sort out whatever obligations you may have.
Does WorldRemit have a mobile app?
Yes, the WorldRemit mobile app is available as a free download on both Android and iOS operating systems.
What is the WorldRemit app?
The WorldRemit app was rolled out globally in 2014, responding to the shift to mobile-based financial services. The app provides the same send and receive functions as the WorldRemit website, and is equally as safe and secure for users who want to send money internationally.
As an FCA approved UK-based company, this international money transfer service is globally revered. With multiple pay-out options and locations, customers all over the world choose to send money to family and friends via WorldRemit.
The app is easy to navigate and remittances can be arranged within minutes. It is free and available to download from the App Store and Google Play Store, where it has earned a 4.7 and 4.2 star rating, respectively.
Some of the key features of WorldRemit app include:
- Track transfers: This feature helps you know the status of your money transfer
- Monitor exchange rates: You can receive alerts about the forex currencies you wish to exchange, using this helpful notification feature
- Manage recipient details: You can add or remove contacts from your recipient list as and when you please
- Pickup locations: Quickly check the location of the closest WorldRemit agent through the app
- Mobile wallet: The app has an e-wallet feature that enables you to send and receive money including airtime top-ups
How do you add money to your WorldRemit balance?
Unlike money transfer apps like Google Pay and PayPal, the WorldRemit app does not provide digital wallet functions. Therefore, money transfers can instead be paid for via debit or credit card, bank transfer and other online payment services such as Klarna and Apple Pay. Google Pay is no longer accepted.
Who can you send money to with the WorldRemit app?
Money can be transferred to over 130 countries using the WorldRemit app and there are now thousands of locations around the world – 15,000 branches in the Philippines alone – making cash pick-up a viable option for many recipients.
Can I make international payments with the WorldRemit app?
The WorldRemit app facilitates international money transfers to over 140 destination countries, from 50 sending countries. This is the same amount of countries supported by the website.
How long does it take to send money with the WorldRemit app?
The transfer time of a WorldRemit remittance depends entirely on the way you send funds. Although the available services differ from country to country, the app offers customers the following pay-out options:
- Cash pickup
- Bank transfer
- Mobile money
- Airtime top-up
- Home delivery
Compared to its competitors, WorldRemit offers a broad range of pay-out options, however, this means transfer times can vary. The expected delivery time will be displayed to you before you make a payment. If sent via cash pick-up, mobile money or bank transfer, funds are expected to arrive within minutes.
However, most transfers, no matter where in the world both parties are, take approximately 24 hours to reflect in the recipient’s account. This is far quicker than the speed of an international bank transfer.
Another added bonus of using the WorldRemit app is the “View your transfer status” feature. This means customers can stay informed about the status of a transfer, tracking the status of the money without the need to follow up with WorldRemit customer services.
How much does it cost to send money with the WorldRemit app?
The cost of a WorldRemit money transfer is determined by the destination country, pay-out method (outlined in the previous section) and currency exchange.
WorldRemit is very transparent and any fees (usually a flat-fee) will be displayed at various times throughout the transaction, so you know in advance how much you will pay.
For instance, sending $2,000 through cash pickup to Nigeria from the United States will cost you $16.99 in fees. When you deposit directly to a bank in Nigeria, you’ll pay $23.99. Sending the same amount to the United Kingdom from the United States through bank transfer will cost you $2.99.
Stay connected with WorldRemit
Be notified of the real-time exchange rates as well as the latest promotions and news from WorldRemit, by setting up push notifications in the app. You can also receive notifications which alert you of the best time to send money for specific countries. Download the WorldRemit app today.
How to send money with the WorldRemit app?
In this next section we will take you through a step-by-step guide to sending a money transfer using the WorldRemit app.
Step 1. Get started with the WorldRemit app
Download the app for iOS or Android. Tap “Get started” on the home screen and if you are not yet a WorldRemit member, you will be able to register for an account by clicking “Sign up.”
The Sign up page will prompt you to enter your country, full name, email address, password and referral code (if applicable.) Click “Register” when complete.
You will also be given the option to set up a 4-digit Pin, touch ID or face recognition, for added security.
Step 2. Complete registration
Before sending your first money transfer, you will be asked to add some final details. Tap on the “Profile” icon in the bottom right hand corner and complete registration.
Enter your date of birth, gender, phone number and home address. You will receive an SMS from WorldRemit when this information has been saved and your account is registered.
Step 3. Choose the amount you want to send
Tap the “Send money” button at the bottom of the screen and select the country you will be sending funds to.
Once you have chosen your destination country, you can enter the amount you would like to send through the app.
To gauge a better understanding of exactly how much your recipient will get, the amount is presented in your currency as well as the amount the payee will receive, in their local currency. This allows users to review the exact conversion rate, before committing to the transfer.
Once you have entered the amount, you can “Choose how to send” from the available options, before tapping “Done” to move on to the next step.
Step 4. Add your recipient
At this point you will enter the details of your recipient. This information will differ from country to country but most transfers will require the full name, address, phone number and email address of the recipient, plus their bank details.
After you have entered all this information and clicked “Done” you will be prompted to review all the details in full, to avoid delays, before confirming the transfer.
The final screen will display the details of your international money transfer in full: the amount you are sending, the exchange rate, any fees, promo code, the amount your payee will receive and the total to pay. Select “Continue to payment” if you are happy with this data.
You will be asked “How would you like to pay?” and given the option of debit or credit card, or any interlinked digital wallets like Apple Pay or Google Pay. Charges may apply when using credit cards with WorldRemit.
Step 6. Track the status of your money transfer
When you have paid for your international money transfer and it has been sent, you will be issued a digital receipt, enabling you to check the status of your remittance.
Frequently asked questions
Is it possible to set up recurring payments with WorldRemit?
This is currently not an available feature of WorldRemit, however, you can save recipient details to make things easier and quicker when transferring money in the future.
Can I cancel a WorldRemit money transfer?
Customers are able to “request a cancellation” by logging into their WorldRemit account online or via mobile. Once a cancellation request has been made, the customer will need to wait to receive email confirmation about whether or not the request was successful. Not all transfers are refundable, it largely depends on whether the funds have been collected or withdrawn by the recipient at the time of the request.
April is a trained journalist and the Content Editor for MoneyTransfers.com. She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she’s not writing about global remittances she can be found daydreaming about her next holiday abroad.
Customer reviews
Does bank tranfer still effective while transfering directly into a bank from USA to Nigeria
By Aribaba moses
17 December 2020 - 05:36pm
My first two transactions worked well… but my third transaction was a disaster. After waiting 6 days and talking to 4 agents, always the same response “we are processing your transaction”. At first I thought it was a serious and efficient company but this bad experience made me go away. I decided to ask for a refund and this is still not over, I have to wait 7 more days. Please stay away from the WorldRemit company. Note: the same recipient that worked for me the previous two times.
By Silvia
26 October 2020 - 11:38pm
I am about to start using world remit, before that i have few questions .
What is average time to get credit beneficiary account for bank transfer in Pakistan?
I have IBAN No of beneficiary but not the SWIFT Code, can my transfer still be processed ?
What will be the transfer charges , after first 3 free transfers?
By Muhammad
30 July 2020 - 07:31pm
Dear Customer Service Attendance
Below are world remit transactions details sent on 14/07 of which find has not still reflected in my bank account up till now, my bank officials says there is no record of such transactions, I need your assistance to look into these transaction and resolve to rectification the needful so that funds will be credited in my bank account with GT bank Lagos Nigeria, see details below for evidence
………………………………………….
Hi Anthony,
We’ve got great news: your money from Stanley has arrived into your bank account!
Here are the full details again for your records:
Your transaction number: 66892413
You received: USD 54.99
Bank name: GT BANK
Bank account: 0019248331
Thank you!
Until next time,
WorldRemit Customer Service
By Anthony Ibeawuchi
17 July 2020 - 08:52am
Hello I live in Finland I want to send money in my country Rwanda but exchange is coming in GPB not in euro why this?try to correct because here in Finland we use euro
By Valens
2 July 2020 - 06:36am
Hello
I am in Malawi, Why do you normally send the confirmation message to the sender before the receiver and you tell the person that you have informed the receiver about the Transaction? It has been a bit challenge to me when the sender shew me the message while I received nothing yet and it always seems like i am lying to the Beloved sender, Please help us in that issue. Apart of that I love World Remit everyday. Peace
By Jimmy
7 June 2020 - 02:52pm
Hello how are you doing please I want to know how I can check your rates and by the way please what’s your rate to day dollars to naira . Or do you go with the normal market of dollars to naira
By Precious
4 May 2020 - 12:02am
my boy friend sent me money yesterday from US to Uganda in my mobile money wallet and he got a message that it would reach me within2hrs but up to know i have not received anything and i have an emergency! this had never happened before
By Sandra Nabulya
2 April 2020 - 06:51am
I have had difficulty in communication with WR. It seems they do not offer a user friendly platform. When I needed to reset my password and clicked on the button to have passwod info sent NOTHING every happens. No email is sent to me to accomplish this. ALSO, there is no direct line to communicate with them on. Everything is email or nothing happens when you attempt to get something done or sent.
By Barry Rice
26 March 2020 - 01:58am
Hi!
You are only talking about sending but not about receiving. How can I receive money from Rwanda please?
By Jean Claude Shyirambere
24 March 2020 - 07:35am
How do I send using my credit card, been trying still can’t get it
By Frank
11 March 2020 - 09:47am
Why there is no option to send Cuba.
Please fix this problem ASAP
By Nihal
17 February 2020 - 12:02pm
