If you’re looking for any easy way to transfer money internationally, this WorldRemit review may be for you. With the world moving to a digital era, transferring money has become a little easier than before. With the traditional money transfer services, money pickup options were quite limited.
Getting money was expensive and challenging in the past, especially for people living in remote areas. Today’s online money transfer industry has allowed people to have much better access to the funds that have been sent to them.
WorldRemit is an online money transfer service started in 2010 to make a difference in the money transfer industry. Over the last ten years, the company has grown to serve over 5.7 million customers and support 70 different currencies across 130 countries. This international payment service offers multiple options to transfer money overseas, including mobile money, bank deposit, and cash pickup.
In our WorldRemit review, we’ll take an in-depth analysis of what the service is all about and its primary features. We’ll also explore how to get started with this application and what makes WorldRemit a popular choice to transfer money to your loved ones.
What is WorldRemit?
WorldRemit is an online money transfer company that offers a better way to send your money overseas. Sending money abroad through this application is much faster and cheaper than the traditional money transfer methods. It allows you to send money across international borders at the click of a button via your bank account.
WorldRemit was launched in 2010 by Ismail Ahmed. He wanted to make a difference in the industry that supports millions of people every day. With the help of his company and other co-founders, he was able to bring an offline industry to an online future. The company focussed on reducing the costly fees charged by legacy transfer firms like Western Union. WorldRemit is headquartered in London and has offices in Poland, the Philippines, and the United States.
WorldRemit has grown to serve more than 5.7 million users worldwide in the last ten years. The platform supports 70 different currencies and can make payments across 130 countries globally. According to the WorldRemit team, 90% of their online transactions get processed and completed within minutes of initiation.
This online money transfer firm allows people to collect the money transferred to them through a wide range of options. It includes bank to bank transfers, cash pickups, mobile wallets, WorldRemit wallets, Ali Pay, top-up mobile credit or data allowance, and door-to-door delivery. This service is perfect for people who live in remote areas and do not access everyday banking services.
WorldRemit is based in the United Kingdom and is thus authorized and regulated by the Financial Conduct Authority (FCA). This ensures that you have stringent regulatory oversight, keeping tabs on the company at all times.
What Makes WorldRemit a Good Option?
This section of the WorldRemit review will discuss why this online money transfer service might be the best option to send instant transfers to your loved ones. And how this can be done across international borders.
WorldRemit is the perfect choice for anyone looking to send money to family or friends abroad. The platform supports over 70 currencies in more than 130 countries. All the locations are strategically chosen worldwide to facilitate money transfer in remote areas. The transfer service makes sending and receiving money easier. It charges lower fees than legacy transfer firms, including MoneyGram, Ria, or Western Union.
WorldRemit offers flexible transfer and funding methods. It’s best known for sending cash. But you can transfer your money via other options, including mobile wallet transfers, bank transfers, bill payments, and prepaid mobile top-ups as well.
Along with this, the platform also offers flexible funding options for your transfer like bank transfers, Apple Pay, and other country-specific methods, including Klarna or iDeal. You can also pay your gas, water, or electricity bills overseas if you are traveling. It saves you the trouble of transferring the money to someone else and relying on them to make your bill payments.
The Pros and Cons of WorldRemit
When we talk about a money transfer tool designed exclusively for instant transfers, it becomes essential to analyze and weigh its pros and cons.
|Pros of WorldRemit||Cons of WorldRemit|
|+ Flexible options
+ Worldwide network
+ Easy to use
+ Competitive fees
+ No minimums
|– Maximum daily limit
– Unsatisfactory live chat support
The Pros of WorldRemit
This WorldRemit review will discuss the benefits of this online money transfer application and the areas where it needs to improve.
Flexible Payment Options
Unlike the traditional money transfer services, WorldRemit offers a variety of flexible payment options to transfer money worldwide. The platform caters to all customers across the globe. And it provides payment through debit or credit cards, and mobile walters like Apple Pay or Google Pay.
WorldRemit allows you to transfer money worldwide with flexible payment options. The platform supports more than 70 currencies, which you can use to make payments across 130 countries. The payments can be received in various methods like bank transfers, door-to-door cash delivery, and cash pickup facility at thousands of locations.
Easy to Use
The easy-to-use interface is the best part of this online transfer service that stands out in our WorldRemit review. You can quickly sign up for the service within 5 minutes and navigate the dashboard. Once you set up your account, you can quickly transfer your money globally as it processes the payment within 3 minutes.
Competitive Transaction Fees
WorldRemit charges a fee whenever you make a transaction overseas. However, the fee charged is lower than traditional services like MoneyGram or Western Union. Your transaction fee can range between $0.99 to $5.99, depending upon the amount, country, currency, and delivery option.
No Minimum Payout
Unlike other online transaction tools, WorldRemit does not set a minimum payout limit for its customers. The platform is perfect for sending relatively smaller amounts of money, as the transaction processes within a few minutes. Additionally, the tool allows you to transfer money directly to mobile wallets in 22 countries. A cash pickup facility is available in over 70 countries worldwide.
The Cons of WorldRemit
Here’s what some users thought could be better about the WorldRemit experience.
Maximum Daily Limit
WorldRemit is not the best choice to transfer large sums of money. The application imposes a maximum sending amount for credit or debit card transactions of $5,000 per transaction. Additionally, the daily limit of international transactions from the United States is $9000.
When sending money across international borders, the exchange rates may vary depending on the currency you share and the destination country. The mid-market markups can range anywhere between 1% and 4%.
Unsatisfactory Live Chat Option
Unlike its competitors, WorldRemit does not offer its customers an excellent live chat option. Even though you can contact the team through email or phone, this might be a little inconvenient if you want an instant solution to your query.
Inconsistent Transfer Methods
The platform does not offer a wide range of transfer methods in all countries. They are limited to a few countries only. For instance, the cash pickup option is unavailable when sending money to India. This means that you are limited on how your recipient will receive the money, depending upon the country they reside in.
Features Offered by WorldRemit
We have already discussed the company’s overview and the benefits and disadvantages of using this platform for online transactions. This section of the WorldRemit review will discuss all the platform’s exciting features.
Easy Sign-Up Option
WorldRemit offers an interactive mobile and web application that simplifies your money transfer process. You can quickly sign up on the platform without making any transactions first. It makes the whole registration and verification process more manageable. To verify your account through the application, you must click on the ‘Verify Your Account’ badge on the profile tab.
Unlike other international transaction services, WorldRemit offers complete transparency to its customers. The company’s transaction fees and additional charges are made public to the customers. You can read all of this information on their website before making any transaction. They have improved their platform to give you more visibility over where your money is, what your fees and exchange rates are, and how to find help in case of queries.
Manage Your Cards Efficiently
The feature that makes this application stand out in our WorldRemit review is managing multiple cards. The tool allows users to add more than one card to their accounts. This feature is helpful if you make frequent transactions using either your debit or credit card. You can easily manage or update your existing cards in the Account section of your profile or add a new one.
WorldRemit believes in always keeping its customers updated about their transaction status. Their transparency is the most significant factor that customers trust this online transaction service. You can opt for instant notification on the status of your transaction through WhatsApp. You can also choose an email or a text message alert.
Stay Updated with Live Exchange Rates
When sending money through international borders, exchange rates will play a significant role in deciding the transaction fee and the amount that reaches your loved ones. WorldRemit allows you to view the latest exchange rates of more than 70 currencies. With the help of their mobile application, you can receive exchange rates daily for a specific currency.
Powerful Calculator Feature
WorldRemit has included a powerful and efficient calculator feature on their website’s homepage to stay transparent with their customers. It helps you calculate and analyze all the fees and transaction rates before making payment. The foreign exchange rates are viewed by send bands. It means that the bigger the transaction amount, the more money you can save on each transaction. Additionally, WorldRemit offers discounts and competitive rates once you increase the amount and number of transactions you make through the platform.
How Safe and Legitimate is WorldRemit?
When dealing with an online transaction tool, you need to check the company’s legitimacy. This section of the WorldRemit review will discuss whether the company is safe for sending money.
WorldRemit is a legitimate money transfer service launched in London in 2010. The company has served more than 5.7 million customers in over 130 countries worldwide. In the past ten years, they have developed a strong track record, are entirely trustworthy, and are one of the most secure payment services available in the market.
The platform offers layers of proprietary safety measures to ensure that your money reaches the recipient in a timely and safe manner. WorldRemit is regulated by the county’s financial institutions and headquartered in the United Kingdom. It is registered as an Electronic Money Institution with Financial Conduct Authority as its regulatory body. The company is also registered in all states in the United States. It offers a fantastic transaction service for American residents.
This large and well-established company also has regional hubs worldwide, including Nigeria, Poland, Cameroon, and the Philippines. WorldRemit has a secure platform and safeguards all its customers through Norton-certified technology and two-factor authentication. It helps to authenticate connections from your smartphones and customers before you can use their website or mobile application.
Data safety is another critical priority for WorldRemit. All the connections made with their website and mobile application are encrypted using machine learning. It helps secure the platform from hackers or detect any money laundering activities. Their application and website are designed to ensure protection from unauthorized login attempts or money transfers.
Before you can make a transaction through their website, you have to verify your identity and assure the company that you are legit. It helps to maintain the health of their user pool, as per the country’s regulatory standards. WorldRemit regularly audits user accounts or transactions to check any unusual activity.
WorldRemit maintains a high trust index among its customers, with more than 53,000 reviews on Trustpilot. Out of these, 75% are five-star rated and have mentioned the platform as trustworthy and excellent for international online transactions.
What is the Real Cost to Use WorldRemit?
Even though WorldRemit is one of the cheapest international transaction services in the industry, it does charge you a transaction fee every time you make payment. This section of the WorldRemit review will discuss the actual cost of using this service.
While making a payment through WorldRemit, you will have to pay a transfer fee, exchange rate, and a few more dollars as additional costs.
WorldRemit charges you an affordable fee for every transaction you make through the platform. By applying a flat-fee structure to all the transactions, the company makes sure that you can send money to all major countries across the globe. The transfer fee will be determined based on the destination, the amount, and the type of transfer service you have requested. The platform’s transparent nature informs their customers about all the charges to your transaction. They get displayed throughout the transfer process.
Usually, the transfer fees charged by the platform are slightly higher for cash pickups and mobile wallet transfers and lower for bank transfers. It can range from $0.99 to $30.
For instance, if you are sending $2000 to Nigeria for a cash pickup service, you will be charged a transfer fee of $16.99. The fee ensures fast delivery, and the funds will be available for collection within 3 minutes.
On the other hand, if you are sending $2000 to the United Kingdom as a bank transfer service, you will be charged a transfer fee of $2.99. This fee is lower as bank transfers are a slightly slower service. Both currencies are the most commonly traded in the market.
WorldRemit offers you currency exchange rates that are much better than other transaction services in the industry. The exchange rate combines the actual mid-market rate and the profit margin. The profit margin that the platform charges may vary depending upon the currency and the payout method.
If you opt for a cash pickup, you will have a lower exchange rate than a direct bank transfer. WorldRemit displays the charged exchange rate at the time of transfer.
Suppose you are making a transaction in popular currencies. In that case, you will incur a profit margin between 0.5% and 1.25%, added to the mid-market rate. However, if you are making a transaction between exotic, less commonly traded currencies, you will incur a profit margin between 3% and 5%, added to the mid-market rate.
WorldRemit’s margin is still lower than traditional banks that may charge up to 6% markup to the actual market value of the foreign currency.
WorldRemit informs their customers that they can incur an additional charge from their bank service provider. These charges are separate from any transfer fees that the platform applies. For instance, if you make an international transfer using a credit card, you will be charged a 3% additional fee.
Your bank can also charge a foreign transaction fee for funding an international transfer through a debit card. Banks may also charge extra for payments made through the SWIFT network.
Before you process your international transaction, you must analyze your transfer fee and the exchange rate that WorldRemit is charging. You should also examine any additional costs that your bank may impose.
WorldRemit Customer Service and Support
This WorldRemit review also contains a brief about the customer support staff of this online transaction platform. The tool offers multiple options to reach out to their customer support executives. They can be contacted via a dedicated email and live chat options.
If you have a query, you can scroll down their website and click on the Contact Us option. The platform now offers you a live chat option, where you can discuss your issue with a bot, which will then connect you to a live customer support agent based on your query.
Perhaps you are unable to receive a satisfactory response through the live chat. If so, you can also contact their toll-free number during business hours. However, not all locations offer a local toll-free number. WorldRemit also has a dedicated email address for any technical queries.
WorldRemit offers a wide range of blogs and frequently asked questions that can help you get started with the platform. Before contacting their customer service, you should go through these resources and check out whether they have already answered your query.
How is the WorldRemit Website?
It is essential to analyze how easy to use their interface is. In this section of the WorldRemit review, we will determine whether their website is user-friendly or not.
WorldRemit offers its customers an interactive dashboard for their website and mobile application. You can easily set up your account on the platform without making a transaction. You just have to enter your basic details, and your account will be ready to use. However, the platform requires all its users to verify their identities before making a transaction. It helps them maintain the health of their user pool and comply with the country’s regulatory standards.
WorldRemit also offers a mobile application, which you can download from the Playstore and AppStore. With the mobile application, you can save your frequent contacts. It helps you to transfer money to them quickly. You can also track the status of your transaction through the mobile application. Additionally, you can opt for WhatsApp, email, or text message alerts about your transaction status.
WorldRemit allows you to watch the changing exchange rates through their mobile application. You can select the correct time to transfer the amount when the rate is in your favour by monitoring the exchange rate. And you can check the closest location of the WorldRemit agent through the application. In addition, you can contact customer care support through live chat, toll-free number, or email if you have any queries.
The online transaction platform also gives you access to the WorldRemit mobile wallet, enabling you to quickly send and receive money, including airtime top-ups.
How to Get Started with WorldRemit?
WorldRemit provides an easy-to-use interactive dashboard that can get you started within minutes. This section of the WorldRemit review will discuss how you can start using this online transaction tool to send and receive money from around the world.
Send Money Through WorldRemit
This section of the WorldRemit review will discuss how to send money through the platform. When you are sending money across international borders through this platform, you have a variety of options you can choose to get the funds debited from your account. You can pay the platform through bank transfer, mobile transfer, cash pickup, or through air time top-up.
Once you are on WorldRemit’s website, click on the Sign-Up option available at the top right corner of the webpage.
By clicking on this action button, you will get redirected to the sign-up page, where you have to fill in all your details. Click on the Submit option at the bottom of the page to create an account on WorldRemit.
You will have to verify your identity on the website by providing a government-issued ID card.
Once your identity is verified, you become eligible to transfer the funds internationally. On the WorldRemit dashboard, you must select the country you are sending funds from, your preferred language, and the destination country. Click on Get Started to initiate your first transaction.
The platform will now redirect you to the Send To interface. Here you need to confirm that you have entered the correct destination and then move forward to choose the transfer method.
You can choose between cash pickup, mobile money, bank transfer, door-to-door delivery, or airtime top-up. Click on Continue.
Enter the amount you want to send and re-confirm the source and destination currency. Once you have entered the amount, the additional WorldRemit charges, including the transfer fee and the exchange rate, will be added to your amount. Check the time and the transaction fees. Once satisfied, click on Send.
You will then get redirected to the recipient information page. Enter the name, address, phone number, and other details on the page. Make sure that you have entered accurate information.
You can choose your credit or debit card, bank transfer, or other country-specific payment methods to pay for your transaction.
Once your transaction is successful, you and the recipient will be notified via a text message, WhatsApp, or an email alert.
Details Required While Sending Money Through WorldRemit
This section of the WorldRemit review will discuss all the details you will require before making a transaction. When making an international payment through this platform, verifying your identity is necessary. You will have to enter your full name and details and verify your identity through a government-issued identity card.
If you are providing a photo identity, then it needs to include the following details:
- Full name
- Date of birth
- Photograph (with high image quality)
- Expiry date
If you are providing an address proof, then it needs to include the following details:
- Full name
- Current residential address
When you send in a scanned copy of your documents, make sure that all the four corners of the document are visible. Additionally, you should have your documents of the state you are registering your account from.
Receive Money Through WorldRemit
This section of the WorldRemit review will discuss the procedure to receive money funded in your account. When receiving money through WorldRemit, you have various options to choose from, depending upon your location. The options for receiving funds through WorldRemit include bank deposits, cash pickups, airtime top-up, or door-to-door delivery. If you want to receive money through bank deposits or mobile wallets, you don’t have to do anything. Your money will automatically credit into your account.
However, suppose you want to receive money through cash pick up or door-to-door delivery. In this instance, you must follow a particular procedure.
As soon as your funds are available, you will be sent a notification for collection. This notification will be sent via text message on the number provided by the sender. The alert will include the transaction reference number.
For receiving your funds, you need to get a few documents ready. This includes the transaction reference number that you have received via SMS. You also need government-issued identity proof. You could use your driving license, passport, national identity card, or refugee card.
Once you have all the documents ready, you must find the nearest location to collect your cash. You can either do this via WorldRemit’s mobile application or their website.
Once you have reached the destination, you must provide the WorldRemit agent with the transaction reference number and your government-issued identity card. When your identity is verified, the agent will hand over the cash to you and complete the transaction.
Both the sender and receiver will be notified via a text message once the transaction is successful.
|Bank-to-Bank Transfers||– Most recommended method
– Available in more than 150 countries
|Mobile Transfers||– Works with Apple Pay, Google Pay, or WorldRemit wallet
– Transactions with a mobile phone
|Cash Pick-Ups||– Cash for pickup at the nearest WorldRemit location
– Great for getting foreign cash without an ATM
Ways to Receive Money
This section of the WorldRemit review will discuss how you can receive money through the platform. WorldRemit offers its customers a variety of ways to receive the funded money. It is essential to understand the different ways and the applicable fees before deciding how to receive the money. Here are a few most popular ways to receive money via WorldRemit.
The best and the most common way to receive money via WorldRemit is to get the cash deposited in your account. This way, you do not have to prove your identity. This option is available in more than 150 countries worldwide. All the sender needs are your relevant bank account details and your name.
Mobile wallet transfers are another popular way to receive the amount instantly. When you choose e-wallets like Apple Pay, Google Pay, or WorldRemit wallet, the funds will be transferred directly to these wallets. You will be able to make online transactions at the partnered locations with a single click on your phone.
If you live in a remote area and do not have access to daily banking activities, cash pickup is your best choice. You will have to visit the nearest WorldRemit agent and collect the cash. While collecting your money, you will be required to verify your identity with the agent through a government-issued identity card.
How Long Do WorldRemit Transfers Take?
Before you deposit the money to your friends and family living in another country, you need to analyze when the money reaches your loved ones. This section of the WorldRemit review will discuss how long money transfers take with this online transaction application.
Just like the fee structure of the transaction, delivery times may also vary depending upon a variety of factors. International payments through WorldRemit can happen instantly or take up to 4 working days to get processed. It depends on the currencies you are moving your money between, the country where you need to send it, when you want to send it, and how you are sending it.
Mobile money, airtime top-ups, and cash pickups get processed within a few minutes. In contrast, bank transfers are usually slower and can take up to 4 working days. It depends upon the location of the receiver’s bank, the day of the transfer, and the transaction creation time.
To figure out how long your transactions will take, you can enter all your recipient’s details and select the type of method they want to receive their money through. These details should include their name and payment method. The website will give you a time frame for when your transaction will be processed.
Conclusion of Our WorldRemit Review
While we come to the end of our WorldRemit review, here are a few things that you should remember about this online transaction tool.
WorldRemit is one of the cheapest and fastest online international transaction applications. Both individuals and small business owners can use the platform to send money to their friends and family. It supports major and exotic currencies and is available in 70 different currencies in over 130 countries worldwide.
While the platform imposes a transfer fee, additional cost, and a profit margin on the exchange rate, it is still cheaper than traditional bank services. Additionally, it offers its customers a wide variety of options for receiving the amount. Apart from mobile wallets and bank deposits, individuals can also opt for door-to-door delivery, air time top-ups, and cash pickups from nearby WorldRemit agents. It makes the platform more accessible to people in remote areas.
In this WorldRemit review, we gave you a brief of the company, the pros and cons of banking with this online transaction service, the setup process, and the alternatives to check out for this tool.
WorldRemit is a safe bet for anyone who wants to send money to their loved ones. It does not have a minimum payout limit, making it perfect for individuals. While sending the money, make sure that you study the exchange rate, transfer fee, and the additional charge levied by your bank. Once you add the details to your recipient, you can move forward with the payment. It can take anywhere between 4 seconds to 4 working days for your transaction to process.
In our WorldRemit review we investigate the benefits of using this popular online money transfer service, its pros, cons, fees, rates, & more.