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Spotlight On: WorldRemit

Updated on May 19, 2020 06:22 pm
WorldRemit

Founded by Ismail Ahmed, Catherine Wines, and Richard Igoe in 2010, World Remit is an online money transfer service that enables people to send money internationally. It supports over 90 different currencies and services are available across 150 countries worldwide.

With so many remittance companies to choose from, it's important to know whether WorldRemit is the right one for you. In this review, we will explore all the features provided by WorldRemit and how it compares against its competitors.

How to transfer money with WorldRemit

There are 2 ways to send money through WorldRemit: either online from your browser or through the WorldRemit Money Transfer Mobile App.

Here are the steps to send money online through WorldRemit:

  • Create an account. You can register for free on the website or download the app
  • Enter your transfer details
  • Select your country of destination from 150 countries
  • Select your transfer method
  • Choose your transfer amount
  • Enter your recipient's details
  • Pay for your transfer 
  • And your money is on its way
Process

Here are the steps to send money online through WorldRemit Mobile App:

  • First, download the WorldRemit app from either Google Play on Android or the App Store for iOS
  • Enter your personal information to register 
  • Select the country that you want to send money to
  • Confirm the transfer method; bank deposit, cash pickup, mobile money or an airtime top-up
  • Enter the amount you want to send 
  • Add your recipient's details
  • Choose your payment method
  • Make your payment
  • And your money is on its way 

#Protip You can create a secure personal identification number (PIN) on top of the password for added security.

WorldRemit Mobile Apps Review



WorldRemit's mobile apps have 4.2/5 stars on  Google's Play Store for 63,861 total ratings 

And has 4.8/5 stars for over 60K ratings on Apple App Store.

What kind of IDs does WorldRemit accept?

WorldRemit is required to verify its customer by law, so you will need to upload your photo ID and proof of address.

  • National IDs
  • Passports
  • Driving License can be used as a photo ID.

For proof of address, you can use your Utility Bills or Bank Statement. For more information about the type of IDs and proof of address accepted, you can visit the FAQ page.

Different payment methods to send money through WorldRemit 

Once you are ready to transfer the funds, you will be presented with multiple options to make your transfer

  • Bank Transfer: Send money directly to a bank account. Enter the recipient details like Account No., Recipient's name, Mobile No., etc. You can choose to pay using bank-to-bank transfer, debit card or credit card, SOFORT, INTERAC, POLI, or iDEAL (web). The money will be available once the recipient has received an email or SMS alert.
  • Cash Pickup: With this option, the recipient can pick the money from the nearest cash pick up location. This option may not be available to all the countries that offer WorldRemit services. To check the availability of the nearest cash pick up location, just enter the country in the blue box and scroll down to “Cash Pickup”. 
  • Mobile Money: Mobile Money is an electronic wallet service that lets users make payments and money transfers in over 80 countries. You can send and receive money directly to your phone which can then be used to make payments like shopping, bills, mobile recharges, etc. The amount will be transferred to the recipient’s wallet in a short time.
  • WorldRemit Wallet: You can send and receive money using WorldRemit's own electronic wallet. This can be downloaded from Google Play on Android or the App Store for iOS. 
  • The wallet supports a range of foreign currency and you can still send money to any WorldRemit wallet even if it is not available in your country. With this option, you can select the currency you want to send the money in and you would just need their WorldRemit number to complete the transaction.

    If the recipient is in a country where WorldRemit Services are available, you can transfer money using this option even if he/she hasn't yet signed up to WorldRemit Wallet. WorldRemit will send a message explaining the steps required to access the money. The amount will be returned to you if they don’t register within 14 days.

  • AirTime Top-Up: You can also add more talk time or data for your loved ones so keep staying connected. Just select the service provider, enter the amount and the recipient will receive the top up or recharge in an instant.
  • WorldRemit Transfer Fees

    WorldRemit Transfer fees that range from $3.99 to $24.99 depending on the currency you are sending in, the recipient country, amount, and delivery option. You can get the fees waived off for your first transfers with WorldRemit using the code 3FREE in the promo code box.

    Banks at the receiving end of the transfer may charge some hidden fees. If your bank is among the local partners listed by WorldRemit, these fees can be reduced or eliminated.

    WorldRemit Exchange Rates

    WorldRemit offers competitive exchange rates in the industry, which is much higher than what the banks and traditional money transfer companies will offer.

    How to avoid WorldRemit fees

    Money Transfer Companies make money on the Transfer fee and/or on the difference in the exchange rates. There is no legal way to avoid both fees but there are ways to make sure you are not paying extra.

    Compare top money transfer companies side-by-side. Important factors to consider while comparing money transfer companies are exchange rates, transfer fees, and speed of transfer. 

    Compare

    Your payment and payout methods will also influence your cost. For instance, payments through credit cards will incur a higher fee as the provider might charge you a cash advance fee. Cash pickups also incur a higher cost as the receiving side is facilitated by a partner. For instance, your recipient can receive money transfer through pawnshops in the Philippines.

    Customer Service

    Customer Service

    WorldRemit has excellent reviews on Trustpilot with an average rating of 4.5 out of 5. WorldRemit customer service is available 24/7 via their website and mobile app for any queries or complaints. Depending on your query, you can select between the customer care options; FAQs, Chatbot, Email, and Phone.

    WorldRemit's customer care numbers arew

    • USA: +1 888 772 7771
    • Canada: +1 888 772 7771
    • United Kingdom (Individual): +44 20 7148 5800

    Is WorldRemit safe?

    WorldRemit is headquartered in the UK. All financial institutions in the UK are regulated by the Financial Conduct Authority (FCA). According to FCA data, WorldRemit is registered as an Authorised Electronic Money Institution which has permission to issue electronic money (e-money) and provide payment services.

    In addition, all money transfer companies that facilitate international money transfers have to comply with a number of other global regulatory bodies in the countries they serve. 

    The website and apps are specifically designed to ensure security to protect genuine people and prevent fraud.

    In conclusion, there are many advantages to using WorldRemit:

    • WorldRemit provides multiple delivery options that will suit the needs of everyone
    • It also has various payment options such as bank account, debit card or credit card, SOFORT, INTERAC, POLI, or iDEAL (web)
    • It has a wide presence in over 150 countries
    • Transfers are relatively quick, with transfers getting completed on the same day for personal accounts. For business accounts, it usually takes 1-2 working days

    The only limitation is the limit on large transfers. If you are looking to remit a large sum of money we have you covered. Here are the best ways to send a large amount of money internationally.

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