- Sending 90 currencies to 150 countries
- WorldRemit Wallet
- Fast transfers
- Great fees
- Cash pickup
- A good few ways to send and receive money
If you’ve been looking for an online money transfer service, you may have heard of WorldRemit. Want to know more about what makes WorldRemit a contender for you? Or want to know all the details about how the service works and where to access it? Read on the WorldRemit review to find out more. But first, here’s our short verdict:
WorldRemit is a good choice for most international money transfers. You can choose from more than hundred countries and several dozen currencies. Their service is easy to use, and you can set up an account very quickly.
First established in 2010, WorldRemit’s service aims to offer their customers cheaper money transfers and a smoother experience, and a more convenient process for all parties involved.
WorldRemit is part of the current generation of online money transfer businesses, offering an alternative to traditional banking with a lower cost and – often – higher practicality for the average user.
Designed to provide flexibility to its customers, this online money transfer system offers a vast range of different options for paying in and receiving funds across different currencies. The platform is accessible both from the WorldRemit app and desktop.
There is no need to visit a physical location or wait for an appointment. In the world of internet immediacy, that’s a massive tick in WorldRemit’s favor.
Why is WorldRemit so special?
WorldRemit is so special because it doesn’t just send money in one specific format. Depending on the country you’re sending to and from, there is a wide variety of options to select from.
A few of those listed include pick-up agents, bank accounts, mobile wallets, and airtime top-up. But before you can press send, you need to know which paying in the method you’re going to use.
Luckily, WorldRemit also supports a wide range of payment systems, including bank transfers, debit and credit, Trustly, and even Apple and Android pay.
Pros and cons
- Easy to use online or in app
- Online calculator
- No minimum amounts
- 130 countries supported
- Fast transactions
- Reliable service
- Many ways to send money
- Might have restricting transfer limits for some people
- In some cases more expensive than competition
Cost is one factor that’s always worth considering with money transfer. Naturally, it makes sense to shop around to get the best rate. WorldRemit makes its money by charging a small fee, roughly about £/$4, for its services, in addition to a margin.
Pretty standard for the industry as a whole, and still far less expensive than visiting a bank and going through the process that way. However, WorldRemit certainly doesn’t have the best deals on the market and isn’t always the cheapest option.
Where is WorldRemit available?
Since 2018, WorldRemit has boasted an expansive selection of different countries. Both in terms of those able to register and in terms of where you can send your currency. As it stands, the platform currently supports over 50 countries for sending money.
These include vital locations like South Africa, the USA, Canada, Australia, the UK, and much of Asia and Europe. WorldRemit supports sending money abroad to over 140 countries in total, which may not be an exhaustive list around the world – but it’s pretty close.
How does it work
With a platform like WorldRemit, how does the whole money transfer thing work? While at a traditional bank, you may have to go in and talk to someone to get the transfer process underway; systems like WorldRemit are purely an online affair.
Create an account either on your desktop or laptop, or sign up via the mobile WorldRemit app, and you can be well on your way to sending currency wherever you’d like it to go. It’s that simple – no need to speak to someone, follow the steps and your money could be on its way to where it needs to go.
WorldRemit has many partners worldwide where the recipient can collect the transferred money as physical cash. These funds are usually ready to pick up instantly.
Your recipient will need two things to collect cash:
- The transaction reference that they will get by SMS on their phone
- A valid photo ID that matches the information supplied on the transaction
WorldRemit doesn’t charge for receipt of the money as cash.
Mobile money is available in many countries and allows users to store, send and receive money using their mobile phone. It’s an electronic wallet service.
How to cancel a transfer?
To cancel a transfer, you’ll have to:
- Log in to your account via the website or app
- Go to your transfer activity
- Go to the transfer you want to cancel
- Press ‘Request cancellation’
You can always see the status of the cancellation in the ‘Transfer history’ section. You’ll also get notified by email once your transaction is canceled. It can take up to seven business days to get the transfer money back into your account.
A transaction that you already completed and the receiver got their money can also sometimes be recalled. It’s only possible for bank transfers and mobile money transfers. You’ll have to contact WorldRemit immediately so they can try and sort it out for you.
Recalls aren’t guaranteed because the company has to contact the recipient and ask them for authorization to debit them, and the recipient has to agree to the recall.
Why is my transfer on hold?
Remitting companies sometimes put your transfer on hold for several reasons. It mostly has to do with security checks, or they need more information or possibly documents about the money and about you.
In either case, WorldRemit will send you an email with details of what’s expected from you. If they need to verify your identity, you’ll have to upload a current government-issued ID.
How to send money abroad for free
First-time WorldRemit customers can send money for free by using a promo code ’FREE’.
You’ll need to:
- Download the app or sign up on the website
- Select the country from the drop-down list and enter the amount you want to send.
- Add a new recipient
- Pay for your transfer
- Add the code FREE in the promo code area
- That’s it
Both you and your recipient will get an email or SMS when your money has been sent.
How can I pay for my transfer?
- Card (debit, credit, and prepaid by Visa and Mastercard)
- Bank Account Transfer (Japan, Singapore, Somaliland, UK, South Africa, Rwanda)
- Poli (Australia and New Zealand)
- Interac (Canada)
- iDEAL (Netherlands)
- Klarna (Sofort) (Germany, Austria, Belgium, UK)
- Apple Pay
- Mobile Money (Senegal)
You can use Apple Pay as a way to pay if you live in the following countries:
- Hong Kong
Trustly, on the other hand, is only available if you have a bank account in one of these EU countries:
How much money can I send with WorldRemit?
This depends heavily on the country you’re sending from and the country you’re sending to. Let’s look at a few examples:
- Canada – CAD 1,000 in, CAD 4,000 out (CAD 40,000 in 24h)
- USA – ??? in (depends on country), USD 5,000 out (USD 9.000 in 24h)
- UK – ??? in (depends on country), GBP 8,000 out (GBP 50,000 in 24h)
- Poland – ??? in (depends on country), PLN 40,000 out (PLN 200,000 in 24h)
- Germany – ??? in (depends on country), EUR 8,000 out (EUR 40,000 in 24h)
The best thing is to check directly on their website or in the app.
How long do WorldRemit transfers take?
How long it takes for your transfer to complete depends on when you’re sending the money, to which country, and in which currency.
For instance, bank deposits can take from a few minutes to up to four days. This depends on the selected bank itself, wheter it’s a weekday or weekend, or is it after work hours.
Mobile Money, top ups, and cash pick ups are the fastest – from instantly to a couple of minutes.
Home deliveries can take the longest – from one to seven days.
How is WorldRemit regulated?
WorldRemit is regulated in the UK where its headquarters are, by the Financial Conduct Authority (FCA). But they also have to satisfy a number of other global regulatory institutions.
Is my money safe with WorldRemit?
More than 4 million customers have used WorldRemit’s service thus far and their company is also backed by investments from Accel, TCV and Leapfrog Investments – early investors in Facebook, Netflix, and Slack.
Although WorldRemit isn’t a bank and their (and your) deposits aren’t insured by a government body of any kind, customer funds are being held separately in a reputable institution and are accessed only for the purpose that they’re meant to.
Their website and mobile app use a 3D Secure technology and accept cards issued by Visa (Verified by Visa), Mastercard and Maestro SecureCode.
It’s safe to say that your money is in good hands.
Who owns WorldRemit?
WorldRemit was founded in 2010 by Ismail Ahmed, Catherine Wines and Richard Igoe. Its headquarters are in London, England.
The company raised more than $400 million from 11 rounds of funding. The last corporate round brought in $175 million in June 2019.
It has 8 investors that include Leapfrog Investments, Accel, TCV, TriplePoint Venture Growth, BDC Capital Corporation, and others.
WorldRemit has a 4.1-star rating out of 5 on Trustpilot, with 78% of 48k reviewers giving it an excellent mark and only 7% a bad one. With a 4.1 score, WorldRemit is placed lower than Wise (4.6), Currencyfair (4.7), Remitly (4.4), and Paysend (4.7).
Customer service for WorldRemit also isn’t entirely on par with other options in the industry. There have been a few complaints about service from existing customers.
Remitly is focused on transforming the lives of millions of immigrants and their families since the beginning. They already had more than 3 million customers worldwide. Remitly makes international money transfers faster, more accessible, transparent, and affordable through its global network.
Wise, formerly known as TransferWise, got famous for transferring money quickly, cheaply, and transparently across the world. By charging meager fees compared with high street banks and other online payment providers and using the real exchange rate when converting currencies, Wise has quickly become a top choice for both personal and business international bank transfers.
Currencyfair was established in 2009. The Irish company has only become more prolific and successful in its specific niche – offering cost-effective exchanges through an innovative customer-to-customer approach.
CurrencyFair currently allows the exchange of 20 different currencies through their platform and sending money to and from 150+ countries – a recent increase thanks to their expansion into Asian territories.
Paysend was established in 2017 and has quickly made a name for itself as one of the latest generations of modern money transfer services on the market. Their streamlined approach allows users to quickly and practically transfer money to other people without confusing choices or complicated processes with different transfer methods.
The bottom line
So, is WorldRemit your top pick for money transfer? That may depend on a few factors. Depending on where you’re sending money, the platform may not be the most cost-effective. But if you’re more worried about getting it done quickly and easily from your smartphone, WorldRemit is probably a safe and reliable choice.
As always, weighing up the pros and cons is the best way to find what works for you – and don’t be afraid to shop around to see what fits best with your specific needs and requirements.
Adrian Volenik is a fintech enthusiast who loves testing and reviewing digital banking apps and financial products in general. How many digital banking accounts can one man have? Not enough, if you ask Adrian. As his wallet will soon explode if he doesn’t cut back on the number of cards.