Review: WorldRemit international money transfers October 2020
WorldRemit is an alternative to sending money to countries all around the world.
WorldRemit was founded in 2010 as an alternative to sending money around the globe. Now backed by Accel Partners, a world renowned investment company, WorldRemit continues to grow and expand its services.
By taking advantage of technology, WorldRemit is able to initiate a variety of money transfer services at rates competitive with banks and low fees. Depending on your recipient country, Hong Kong can send money for cash pick up, bank deposits, cell phone top ups and mobile money.
Min. Transfer Amount
Max. Transfer Amount
Within an hour
|Product Name||WorldRemit International Money Transfers|
|Min. Transfer Amount||USD 1|
|Max. Transfer Amount||USD 5,000|
|Transfer Methods||Online, Bank Account to Bank Account, Cash Transfer|
|Transfer Options||One off payments|
Minimum transfer time
|Within an hour|
|Customer Service||Phone, Email|
|Available Currencies||AED, ALL, AMD, AOA, ARS, AUD, BAM, BBD, BDT, BGN, BIF, BOB, BRL, BWP, BYN, CAD, CDF, CLP, CNY, COP, CRC, CVE, CZK, DKK, DOP, EGP, ETB, EUR, FJD, GBP, GEL, GHS, GMD, GNF, GTQ, HKD, HRK, HTG, HUF, IDR, INR, ISK, JMD, JOD, KES, KGS, KHR, KMF, KYD, KZT, LAK, LKR, LRD, LSL, MAD, MDL, MGA, MUR, MWK, MXN, MYR, MZN, NAD, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, PYG, RON, RUB, RWF, SEK, SGD, SLL, SOS, SRD, THB, TJS, TND, TRY, TZS, UGX, USD, UYU, VND, XAF, XCD, XOF, ZAR, ZMW|
|Exchange Rate Updates||Daily|
What's in this guide?
- WorldRemit exchange rates and fees
- Available currencies
- What types of transfers can you make with WorldRemit?
- How long does a transfer with WorldRemit take?
- What payment methods does WorldRemit accept?
- Is WorldRemit safe to use?
- How does WorldRemit make money?
- How to create a WorldRemit account and send your first transfer
- What is WorldRemit's background?
- In a nutshell
- How does WorldRemit compare to other providers?
- Frequently asked questions
WorldRemit exchange rates and fees
WorldRemit updates its rates daily to reflect changing market conditions and these rates generally compare favourably to the rates available from other providers and banks.
The fee you’ll be paying depends on the amount you send, where you send it and how your recipient will access the money.
WorldRemit sends money to over 140 countries worldwide, although the transfer types vary depending on the country. You can check out the full list of currencies here, but some of the more popular ones that WorldRemit lets you send to are:
- INR Indian rupee
- VND Vietnamese dong
- GBP British pound
- PHP Philippine peso
- LBP Lebanese pound
- EUR Euro
- LKR Sri Lankan rupee
- THB Thai baht
What types of transfers can you make with WorldRemit?
Although it varies from country to country, WorldRemit offers a range of ways you can send money, including:
- Mobile wallet. Send to your recipient’s smartphone wallet. This option is helpful if your recipient doesn’t have a bank account and isn’t near a cash pick-up location.
- Cash pick-up. You can send money to a cash pick-up location for your recipient to collect. If you choose this option, the person picking it up will need valid photo ID on hand and the reference number.
- Bank transfer. The money will be deposited directly in the bank account you choose. You’ll need to know their SWIFT code as well.
- Airtime top-up. This is used when you want to send money directly to your recipient’s mobile to top up their pre-paid plan. Credit top-ups are often instant. Quite a few of WorldRemit’s countries only offer airtime top-up.
- Door-to-door delivery. Instead of picking up the cash at a fixed location, this option means your cash is delivered physically to your recipient’s home.
How long does a transfer with WorldRemit take?
Generally speaking, most transfers with WorldRemit arrive almost instantly. Some may take longer, depending on how you’ve paid for it and what the transfer type is.
For example, if you pay by card, it may take longer while your card is authorised. If you choose home delivery as your delivery method, it can take from between 24 hours and seven days, depending on your location. With a bank transfer, it depends which banks are involved – instant transfers are an option for a selected group of banks.
Transfers typically take
What payment methods does WorldRemit accept?
You can pay for your transfer with WorldRemit through a bank transfer or card. If you’re sending through debit or credit card, you can’t send more than HK$40,000 at a time and within 24 hours. You can also pay via Apple or Android Pay, but the same limit per transaction applies.
Is WorldRemit safe to use?
- Security and regulation: Government regulated, can enable 2-factor authentication
- Established: 2010
- Number of customers: Over 3 million*
- Reviews: TrustPilot gives WorldRemit a score of 9.2 out of 10, based on over 22,000 reviews*
- Investors: Accel, TCV, LeapFrog
Two-factor authentication is a setting you can put on your account which requires two types of verification when logging in. This adds another layer of protection against anyone trying to hack into your account.
How does WorldRemit make money?
WorldRemit makes its money off both fees and the margin on exchange rates. The fee varies from currency to currency, but most are around the $3.99 mark.
WorldRemit, like most other providers, also adds a margin onto the exchange rate. This is why the exchange rate you get quoted varies from company to company, and also from what you can see on Google or XE.
For example, a provider may quote you 1 HKD = 6.59 PHP for a money transfer to the Philippines, while the rate you can see on Google is 1 HKD = 6.66 PHP. This difference is the margin and it’s how providers cover their own fees.
How to create a WorldRemit account and send your first transfer
You can sign up with WorldRemit online and, as soon as you’re verified, can make transactions quickly and easily.
What is WorldRemit’s background?
WorldRemit was launched in 2010 by Somali migrant Ismail Ahmed while he was studying in London. It aims to be a low-cost alternative to services like MoneyGram and Western Union, with the whole transfer taking place online.
WorldRemit has a focus on mobile transfers and sends money to more than 145 countries. Its headquarters are in London, with other offices in Sydney, the US, Canada and New Zealand.
In a nutshell
- Competitive fees. The fees are generally quite a lot less than what you’ll find at your bank.
- Easy-to-use website and app. We were able to sign up and start a transfer in about five minutes.
- No minimum transfer. With no minimum, WorldRemit is best suited to smaller transfers.
- Flexible options. You can pay with a range of options including card, bank transfer or Android Pay. Your recipient can also receive the money in a number of ways.
- Limited maximum transfer. You can’t send more than HK$40,000 at a time if you’re using card or Apple/Android Pay.
- No live-chat. If you have questions, you’ll either need to call or fill out an online form.
How does WorldRemit compare to other providers?
Our table below shows you the fees and exchange rates you can expect from other money transfer specialists. Compare WorldRemit to the other providers below to see if it’s the best option for you.