WorldRemit Money Transfer Review
Founded in 2010, WorldRemit has been changing the face of international money transfers for over a decade. The company is known for its vast coverage, especially for less frequently used currencies. They are also renowned for flexibility in delivery and payment options like debit card. This WorldRemit review discusses the convenience, affordability, and speed of the service; read on to find out how it compares to other providers.
Much like other money transfer companies, WorldRemit is also a product of a struggle to find an easy way to send money home. After losing lots of time and money in fees to send money to East Africa from the UK, Ismail Ahmad envisioned a platform that would give ‘an offline industry an online future’. This underscores the company’s basic mission: accessible transfers for all.
After years of phenomenal growth, WorldRemit now boasts over 30,000 agent locations that are available in more than 130 countries — its vast network reaches corners of the world where banks are less accessible.
WorldRemit Review at a Glance
How WorldRemit Works
WorldRemit has a substantial banking network spread across multiple countries, with more than one partner in any given country. After you transfer your funds to a local WorldRemit bank account through the payment method of your choice, they pay out the same amount in the local currency of the destination to your recipient.
Top WorldRemit Features
Specialized in personal transfers, WorldRemit has a variety of functionalities in place to streamline its operations. Here are the leading features:
The mobile wallet allows users to receive, send, and store money in one convenient location. Transfers within wallets are also the quickest and cheapest option.
Airtime Top Up
Topping up a phone, by sending credit to a prepaid phone, will extend the use of the network’s services, such as mobile data or SMS. The majority of destinations accept top-ups and they are instantaneous.
WorldRemit can send you messages regarding the status of your transfer on WhatsApp, which is particularly handy if you are traveling and may not receive SMS and is more convenient than emails.
What We Like and Dislike About WorldRemit
WorldRemit is the go-to name for those who need flexibility in sending money abroad. There’s a range of options to choose from, and depending on the countries involved, transfer times can be very quick.
The company’s services are geared towards quick and occasional transfers, such as for holidays or sending money home. The platform does not seek to specialize in transferring large sums or answer to complex currency needs.
What Do Users Have to Say About WorldRemit?
WorldRemit has a Trustpilot score of 4.1/5 and has not received a significant amount of reviews elsewhere. Much of the positive feedback praises the company’s straightforward process, sleek mobile app, and delivery speed — even for rarely used currencies.
There are, though, quite a few negative feedback comments, especially on Sitejabber; complaining about delayed transfers, long refund waiting times, and arbitrary cancellations. Customers are particularly uncomfortable with the unhelpful customer service, which many regard as practically useless.
What Are WorldRemit Exchange Rates, Fees & Costs
Unlike Wise or Xe Money Transfer, WorldRemit doesn’t have a reference chart displaying the transfer fees, but luckily, it’s not too complicated.
If you would like to learn more, we created the following guide on how to find the cheapest ways to send money. It will save you time when comparing different options.
Exchange Rate Markup
Much like other operators, WorldRemit also adds a small profit margin on top of the real exchange rate, also known as the inter-bank or mid-market rate. It's very rare for operators to use the real exchange rate (Wise is one of the few), but online services are typically distinguished from banks by smaller margins.
WorldRemit’s margins depend on the currencies involved and payment methods. You are more likely to get better rates with the bank transfer option and popular currencies, which vary between 0.5% to 1.25%. With less frequently used currencies, markups can rise to 3% above the mid-market rate.
Transfer fees depend on the currency corridor, the amount, and the delivery method. Cash pickups are usually the costliest option, while the mobile money option is the cheapest. Service fees tend to go down as the transfer amount increases. Here’s a small case study (from the US to the Philippines) to illustrate the fee structure:
Besides WorldRemit’s own fees, some card providers may apply their own charges for payments made via credit cards, which can go up to 3% of total transfer. Similarly, banks may occasionally charge extra from either the sender or the recipient, which at times may come unannounced.
WorldRemit Fee Transparency
WorldRemit’s calculator clearly displays the fees and exchange rates before registration based on your transfer and choice of payment method. Users can conveniently check the difference between the rate they are given and the inter-bank rate to understand the margin.
The quoting is automatized, so there isn’t a case of customer bias with varied pricing.
Top Currencies and Destinations for Sending Money with WorldRemit
WorldRemit has a large reach, especially to destinations in Asia, Africa, and Latin America, which other money transfer providers rarely serve. Here are the top destinations to send money to with WorldRemit:
Additionally, WorldRemit is an ideal option for those who are looking for sending money from the USA to Nigeria, as they work with reputable Nigerian institutions.
What Type of Transfers Can You Make with WorldRemit?
WorldRemit supports a variety of transfer types, but availability is subject to change based on the destination.
Bank Transfer: Your transfer is directly deposited from your account to the recipients. While it's often the cheapest option, unexpected fees may arise, and transfers may take up to 2 working days. WorldRemit partnered with various banks at destinations for faster and cheaper transfers — but this means supported banks are limited.
Cash Pickup: The recipient can collect their cash from a specified agent location. According to the company, 95% of cash transfers are ready for collection within 3 minutes of the transfer order.
Mobile Money: WorldRemit partners with numerous mobile wallet agents around the globe, especially in countries where people are less likely to have a bank account. The recipient should have an account with the available agents to receive the money. It's generally one of the cheapest and fastest transfer methods WorldRemit supports.
Airtime Top Up: You can send credit to a mobile phone number via WorldRemit, which will add services to the user in a different country if required. Airtime top-ups are typically instant.
What are WorldRemit’s Payment and Withdrawal Options?
The variety of depositing and withdrawal options found in WorldRemit’s services is unique and exceeds industry standards.
How Long Will it Take to Receive Money Using WorldRemit?
Transfer times vary widely depending on the countries and transfer methods. Bank transfers typically take the longest, and waiting times can be up to 2-3 working days. However, that still beats the time of traditional banks; with the company noting that 90% of bank transfers are completed within the same day.
Cash pickups, mobile money, and airtime top-ups are almost always instantaneous; 95% of cash transfers are ready for collection in minutes, according to the website, while 90% of both mobile money transfers and airtime top-ups take only 10 minutes to arrive.
Is WorldRemit Safe to Use?
WorldRemit is regulated by the UK’s FCA in its activities of providing payment services and issuing electronic money. It also means that they are contractually obliged to ‘safeguard’ your money, either through storing the client's monies in a separate account or guaranteeing its safety with an insurance policy. Should a problem arise that the company can’t resolve, customers can file a complaint to their respective authorities; which are listed on the website.
WorldRemit also has a series of security systems in place to protect your data and operations, with a slightly tedious verification process to prevent unauthorized access. If you make a mistake, you can cancel your transfers until they are paid out, while in rare cases, WorldRemit may recall mobile money and bank transfers after they are delivered.
WorldRemit Support Options
At the time of writing this WorldRemit review, the company is working on a new and advanced live chat functionality, with phone lines busier than normal.
How to Get Started with WorldRemit to Send and Receive Money
WorldRemit’s transfer methods are easy to navigate and flexible. The ID verification takes between 24-48 hours, but the rest of the process takes around five-to-ten minutes.
How to Send Money with WorldRemit?
WorldRemit verifies all its customers at one point to safeguard the accounts and prevent money laundering. To verify an account, users need to provide a government-issued photo ID, such as a passport or driver’s license, and proof of address; such as a utility bill. All details must match those of your WorldRemit account. There’s an option to send documents at any time through the account.
Step 1: Sign up for an account
Step 2: Fill in the details of your transfer
Step 3: Pay for your transfer
How to Receive Money Using WorldRemit?
There are several ways to receive the funds transferred via WorldRemit. In any case, the recipient will receive an SMS when the funds are ready for collection or deposited with the information needed.
Bank Transfer: With this method, the funds are directly delivered to the recipient’s bank account. If there are any problems with the transfer, the recipient should contact their bank to reject the payment.
Mobile Money: If the recipient already has an active WorldRemit account, they will be sent an email and notification about the funds available. If not, they will receive an SMS detailing how they can download and sign up for a Wallet to withdraw their money.
Cash Pickup: The recipient will receive an SMS with a list of available local locations from which they can collect funds along with a transfer reference. They will need a government-issued photo ID also.
Does WorldRemit Have a Mobile App?
The WorldRemit mobile app is available on Apple Store and Google Play, with ratings of 4.7/5 and 4.4, respectively. Despite the high rating of the iOS version, the comments point out occasional crashes and bugs during transfers. Android users, in the meantime, are less than thrilled about the most recent update but the company is prompt to respond and take note of criticism. Yet, the overall sentiment among customers is that the browser version of the platform is much easier to use.
WorldRemit offers diverse services, but if there are areas where it falls short, these are some alternatives;
TorFX: WorldRemit doesn’t offer business services, which is where TorFX goes beyond industry standards with tailored services and support for business clients.
Wise: Wise has a simple and straightforward fee structure and uses a mid-market rate for all its transfers; which are things WorldRemit does not provide.
Xe Money Transfer: WorldRemit doesn’t have a regular payments function, as opposed to Xe, which offers to automatize regular payments and eliminate the need to arrange them each time manually.