WorldRemit Review

WorldRemit is an online money transfer service that allows people to transfer money to their families in a secure, fast and affordable way.

Founded in 2010 in the United Kingdom by Ismail Ahmed, an economics student at the University of London, WorldRemit has grown its geographical coverage quite fast. You can now send to 150 countries around the world with thousands of well-placed payout locations. However, the company still has ground to cover in terms of partnerships with financial institutions and mobile money companies to strengthen its global footprint.

Sending money to Somaliland Ismail's home country was difficult. Most money transfer service providers and banks charged exorbitant rates and took longer to complete transfers. Convinced that technology would help cut transaction costs and send money faster, Ismail started WorldRemit.

    Date Founded:
    2010
    Provider Type:
    Forex Exchange
    HQ Location:
    London, UK
    Regulators:
    FCA, ASIC, FINTRAC, Fincen
    Mobile Friendly:
    Yes
    Mobile App:
    Yes
    Languages Available:
    English, French, German, Spanish
    Transfer Options:
    Online, Telephone
    Withdrawal Options:
    Bank, Cash Pickup, Debit Card
    Payment Options:
    Debit Card, Credit Card, Bank Transfer
    Regular Payments:
    No
    Supported Currencies:
    AED, ALL, AMD, ANG, AOA, ARS, AUD, BBD, BDT, BGN, BHD, BIF, BOB, BRL, BTN, BWP, BYR, CAD, CDF, CHF, CLF, CNY, COP, CRC, CUC, CVE, CZK, DKK, DOP, EGP, ETB, EUR, FJD, GBP, GEL, GHS, GIP, GMD, GTQ, HKD, HNL, HRK, HTG, HUF, IDR, ILS, INR, ISK, JMD, JOD, JPY, KES, KGS, KHR, KMF, KRW, KWD, KZT, LAK, LBP, LKR, LRD, LSL, LYD, MAD, MDL, MGA, MKD, MRO, MUR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SCR, SDG, SEK, SGD, SLL, SVC, THB, TJS, TND, TOP, TRY, TTD, TWD, TZS, UAH, UGX, USD, UYU, VND, XAF, XCD, XOF, ZAR, ZMK

    What are WordRemit's rates and fees?

    Sending money through WorldRemit much like other transfer services is subject to fees, exchange rates and other incidental costs. Before you make a transfer, it is crucial that you understand what you’ll pay in fees, how you will pay, and the exchange rate.

    WorldRemit Transfer Fees

    WorldRemit offers affordable transfers with lower-than-average fees to many destinations globally. The amount you are sending, the destination, and how you send the money will determine the fees you’ll pay. With that said, the fees are usually flat for most amounts.

    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.

    The transfer fees are normally displayed on the transfer interface so that you know in advance how much you’ll pay.

    WorldRemit Exchange Rates

    WorldRemit exchange rates have two components: the mid-market rate and a margin. The margin charged varies across the different currencies, but some currencies may have the same margin.

    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.

    WorldRemit Other fees

    WorldRemit doesn’t charge payment method fees. However, card issuers may charge you separately. For instance, paying for your transfer using a credit card may cost you about 3 % in fees.

    Using a credit or debit card from a country other than the country you are sending from may attract a foreign transaction fee. Your bank may also charge you a SWIFT transfer fee for international money transfers.

    It is crucial that you confirm all the fees and the rates before you send to avoid surprises. As the sender, you pay all the fees at the time of transfer.

    Pros and cons of WorldRemit

    WorldRemit, like other money transfer service providers, has its upsides and downsides. However, based on customer experience and forum reviews, the pros outweigh the cons.

    Pros

    • Easy to Use -It takes approximately 5 minutes to sign up for an account on WorldRemit and make a transfer.
    • Extensive Global Reach -You can send money to 150 countries on the WorldRemit platform. Irrespective of where your loved ones are, you can rely on WorldRemit to deliver the money to them in 30,000+ agent locations globally.
    • Reasonable Fees -Compared to other money transfer services, WorldRemit charges fair transfer fees. It allows you to independently handle third party fees thereby, giving you control of your transfer.
    • Flexible Payment Options-You can choose to pay for your transfer using a credit card, a debit card or a bank transfer.
    • Multiple Delivery Channels-The beneficiary can receive money through bank deposits, cash pickup or mobile money.

    Cons

    Limits on Large Transfers – WorldRemit offer a maximum of $10,000 per transfer. For some currencies, they even go lower than this ceiling.

    No Live Chat Option –WorldRemit only allows for online form submission, email and telephone support. These channels may not be as convenient as live chat.

    What type of transfers can you make?

    WorldRemit has several options you can use to send money to different destinations. The options vary per transfer remittance corridor hence you should find out the options available before sending.

    • Bank Transfer – The money is transferred directly from your bank to the recipient’s bank. Depending on the destination, the transfer can be instant, or it could take 2 to 3 days.
    • Cash Pickup- This method of money transfer allows the recipient to collect physical cash from an agent location within the local payout network. The transfer is instant, and the recipient can collect the cash in minutes.
    • Mobile Money -Through this electronic wallet service, the money gets deposited directly into the recipient’s mobile phone. It works on both smartphones and basic feature devices. The recipient may decide to withdraw the money or spend it right away.
    • Door-to-Door Delivery- This method is convenient as the money is delivered in cash at the doorstep of the recipient. Delivery times vary depending on the country and the address of the recipient.
    • Mobile airtime top-up – You can top up the recipient's prepaid cellphone to enable them to send text messages and make calls.

    How long will it take to receive money?

    Sending money through WorldRemit is relatively faster irrespective of the transfer corridor. With that said, there are timing differences depending on the transfer method you use, the destination, the currencies involved, the amount you are transferring and security checks. How you pay for your transfer also has an implication on transfer speeds.

    Cash pickup, mobile money, and airtime top-up are instant while bank transfers can take an average of 2 to 3 days to complete. Door to door deliveries takes anywhere between 24 hours to 7 days depending on the recipient's address.

    When you pay with a credit card or debit card, your transfer takes about an hour. Paying using a bank transfer can take up to 3 days for the recipient to get the money. According to WorldRemit, 50 per cent of its bank transfers are completed within 10 minutes.

    WorldRemit is a faster money transfer provider compared to MoneyGram, Western Union, Pangea, Tranferwise and Transfast. Even the slowest sending method WorldRemit uses is faster when compared to inter-bank transfers.

    In general, WorldRemit is one of the best money transfer service providers when sending money to your family for household expenses, medical care and treatment, education, social contributions and other personal reasons.

    What payment methods can I use?

    How you pay for your transfer will depend on the country you are sending from. The following are the payment methods accepted on 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 Account Transfer-You can send from your account to the recipient account through WorldRemit. This payment option is available in Hong Kong, Japan, Singapore, Somaliland, UK and South Africa.
    • 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.
    • Interac- This method is available to people 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.
    • Sofort – This payment method is available when sending from Germany, Austria, Belgium or the United Kingdom. The maximum per transaction is EUR 40,000 except in the United Kingdom where the limit is GBP 50,000.
    • Google Pay -This option is a replacement for Android Pay. For you to use Google Pay on WorldRemit, the Google Pay account has to be linked with a card.
    • 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 the USA, Canada, and the United Kingdom.
    • 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.

    However, WorldRemit, unlike Western Union and MoneyGram, doesn’t accept cash or check payments. It is purely an online money transfer provider that accepts debit cards, credit cards and bank transfers.

    Can I trust WorldRemit?

    Worldremit is a legitimate money transfer service with layers of proprietary safety measures to ensure your money gets to the recipient in time and safely. Looking at its history, what customers are saying, the investors who’ve put their money in WorldRemit and the level of regulatory compliance, the company has a high trust index.

    Customer Reviews-The number of unique users on the WorldRemit platform are well over 4 million. Many customers on Trustpilot (95 per cent) have rated the company ‘Great’ and ‘Excellent ‘. In total, the company has 29,700+ reviews.

    Investors and Fundings- WorldRemit has received different series of funding including Series A, Series B. Series C, Series C2, Series D, mezzanine and debt financing. Its main investors are 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 that the company always operates in the best interest of its customers.

    Security- WorldRemit safeguards their customers through Norton-certified technology and two-factor authentication (2FA) that authenticates connections from clients’ smartphones and computers before communicating with WorldRemit’s Apps and website.

    Transparency -WorldRemit is fairly transparent. The fees are displayed in advance when you key in the amount to send irrespective of whether you are registered on the platform or not. All customers have the same exchange rates and fees, there is no preferential treatment.

    Customer Support -The company has a good email and phone customer support system with an elaborate FAQ section.

    How to send and receive money?

    Sending money through WorldRemit is simple and fast. However, before jumping on 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).

      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 https://wrem.it/2EVf1Qb

      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, WorldRemit has a mobile app available as a free download on both Android and iOS operating systems. Below are some of the outstanding features of the app.

      • Track transfers- This feature helps you to know where your money is at any one time
      • Exchange Rate notifications- You receive exchange rate information daily to help you plan your transfers
      • Customer Service- You can access customer service 24/7 through the app
      • Contact management -You can add and/or remove people from your contact list as you please
      • Pickup locations -You can quickly check pickup locations near you through the app

      The app has an account referred to as a WorldRemit wallet that enables you to send and receive money including airtime top-ups. The app scores well on ratings on both Google Play, 4.4 / 5 (47,000+ reviews) and App Store, 4.8 / 5 (31,000+reviews).

      Frequently asked questions

      Do you have any questions about WorldRemit? Check out our knowledge base section

      Can I Cancel a WorldRemit Transaction?

      Yes, you can only cancel a transfer if it hasn’t already been paid out. Call the customer service on the numbers provided or contact them through the website. Depending on the reason given, the cancellation request may be approved or declined.

      Visit Cancelation Refund Page for more information on cancellation and refunds.

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