Review: WorldRemit international money transfers October 2022
Here's a secure way to send money to over 150 countries and track it every step of the way.
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.
Why should I consider WorldRemit?
- Easy-to-use website. Signing up and sending money can be done in as little as a few minutes, and support can be accessed through phone, email, live chat and FAQs.
- Worldwide network. Customers in more than 50 countries — including Hong Kong — can send funds to over 150 countries using a variety of methods, including bank transfers, cash pickup at thousands of locations, door-to-door delivery, delivery to services like Alipay and more.
- Flexible payment options. Pay with a credit or debit card, from your bank account, through Apple or Google Pay and even with prepaid cards.
- Fast transfers. Cash pickups, WorldRemit Wallet transfers and airtime top-ups are typically available instantly after sending, while mobile money and bank deposits may take one or more business days to process.
What to watch out for
- Maximum daily limits. Transaction limits depend on how you are sending the money, while a total 24-hour cap of $40,000 HKD (including fees) applies to all transactions being sent by you.
- Changing fees. Depending on where you are sending to, how you are paying and how you are transferring money, your fees may vary. Although a base fee of 25.00 HKD is applied to most transfers, keep an eye on this category when actually completing your transfer to make sure it doesn’t change.
- No hedging options. WorldRemit only offers one-off transfers, unlike some of its competitors that offer additional tools to help you save money. Hedging tools are most often used to lock in an exchange rate, helping you save money on future transfers if the market shifts against your position.
- Inconsistent markups. Exchange rates vary through WorldRemit and depend not only on the currency you are sending to but also on the destination country. Expect mid-market markups anywhere from 1-4%.
What is WorldRemit?
WorldRemit is an international money transfer provider that allows users to send money overseas quickly, pay bills abroad, send funds to mobile wallets, and set up bank to bank or bank to card transfers.
Exchange rates and fees
Money transfers through WorldRemit from Hong Kong will have both a fee and a mid-market margin markup added to them. Transfer fees for WorldRemit vary, but for sending from Hong Kong to most countries, the standard fee is 25.00 HKD. WorldRemit’s fees and exchange rates may change based on the following:
- Location. Fees and exchange rates may vary based on the country you are sending to. Even if two destination countries share the same currency, the exchange rate offered by WorldRemit may vary when sending to each.
- Amount. Although the fee for most transfers will be 25.00 HKD, some countries will have higher fees based on the amount you are sending.
- Delivery. Sending cash will typically have higher fees while sending to a bank account tends to be cheaper.
Unlike many competitor money transfer apps, WorldRemit offers the same exchange rate no matter how much you send.
Calculate how much your transfer with WorldRemit could cost
Choose the currency you want to send and enter the desired transfer amount. The table will give you an idea of what your transfer could look like.
What are WorldRemit’s exchange rates?
As of 30 Dec 2021 here are the mid-market rate markups and fees for popular destinations around the world when sending from a bank account in Hong Kong. The mid-market rate is the exchange rate you’ll see when you look up a currency pair on Google and is the current recognised rate that traders use to buy and sell a pair of currencies. The lower the percent above the mid-market rate that WorldRemit is charging, the better. Here’s a comparison of rates and fees for a HKD 1,000 transfer.
|Sending to||Currency||Mid-market rate||WorldRemit rate||% above mid-market||Fees from (HKD)|
How long does a WorldRemit transfer take in Hong Kong?
WorldRemit transfer speeds depend on the delivery method you choose.
|Delivery method||Transfer speed|
|Bank transfer||Within minutes to five business days|
|Mobile money||Within minutes|
|Airtime top-up||Within minutes|
|Home delivery||One to seven business days|
What currencies can I send with WorldRemit in Hong Kong?
WorldRemit international money transfers can be sent from Hong Kong to over 50 countries and received in over 150 countries. You can check out the full list of currencies here, but popular currencies and sending destinations include the following:
- Mexico: Mexican peso (MXN)
- China: Chinese yuan (CNY)
- India: Indian rupee (INR)
- Philippines: Philippine peso (PHP)
- Vietnam: Vietnamese dong (VND)
- United Kingdom: Great British Pound (GBP)
- Europe: Euro (EUR)
- Malaysia: Malaysian Ringgit (MYR)
- New Zealand: New Zealand Dollar (NZD)
- Australia: Australian Dollar (AUD)
Is WorldRemit safe to use in Hong Kong?
WorldRemit uses many methods to protect your transaction and is authorised and regulated by many government agencies. In short, here is how WorldRemit protects your transfer:
- Secure payment channels. Depending on where you are sending money from and to, you can expect your payments to be secured by the following:
- Apple Pay
- Verified by Visa
- Mastercard and Maestro SecureCode
- Regulation compliance. WorldRemit holds many licenses around the globe, including in the following countries:
- United States
- United Kingdom
- Dedicated security teams. WorldRemit uses machine learning to monitor all transactions, and anything suspicious is forwarded for human attention. When problems pop up, customers can contact WorldRemit 24/7 by using the following methods:
- Live chat
WorldRemit reviews and complaints
WorldRemit has strong reviews online, including an excellent rating on Trustpilot with more than 41,000 reviews. Many reviews rave about the easy-to-use app, fast transfers and reasonable prices. However, keep in mind that many of the bad reviews focus on poor customer service and delayed refunds.
|Trustpilot||4 out of 5 — based on 54,477 customer reviews|
|CompareRemit||1.6 out of 5 — based on 247 customer reviews|
|Monito||8.3 out of 10 — based on staff reviews|
|Finder||4.5 out of 5 — based on staff reviews|
Reviews accurate as of December 30, 2021.
Diving deeper, a lot of the complaints found online about WorldRemit have to do with the time delay when receiving a refund and occasional claims that a refund wasn’t received at all when requested. Many users on Reddit also mentioned that making transfers from smaller banks can be a hassle with WorldRemit, as their bank refused the transfer the first time around. Overall, WorldRemit customer care seems to answer these complaints on the various threads they are posted, often providing additional phone numbers for the customer to reach out and receive more help to solve their issue.
WorldRemit has been in business since 2010. Aside from 24/7 customer support, the website also boasts an extensive FAQ to help customers in Hong Kong find the answers to many popular questions and concerns surrounding the service.
What payment methods does WorldRemit accept in Hong Kong?
WorldRemit accepts different payment methods depending on where you are sending your transfer from. From Hong Kong, WorldRemit payment methods include the following:
- Bank transfer
- Credit card, debit card
- Apple Pay
Around the world, WorldRemit also accepts the following payment methods:
What are the ways I can send money with WorldRemit in Hong Kong?
Depending on where you live, the ways to send money through WorldRemit may vary. WorldRemit offers the following ways to send and receive money from Hong Kong:
- Cash pickup. Pick up a cash transfer at one of WorldRemit’s partner network locations – these are typically banks.
- Bank transfer. Have the money delivered straight to your bank account. Additional fees may apply, so always double-check with your bank before accepting a transfer this way.
- Mobile money. Receive money into your existing mobile wallet service, which you can then use to pay bills, withdraw at authorised agents and similar actions.
- Airtime top-up. Have money sent directly to your telecom network to cover your phone bill.
- Door-to-door delivery. Physical cash is delivered straight to your door, but you must present a valid ID that matches the details entered by the sender. It is available in Vietnam but this option isn’t available in many countries.
What do I need to send money online through WorldRemit in Hong Kong?
You’ll need some key pieces of identification to send money online through WorldRemit in Hong Kong, including the following:
- A WorldRemit account. Creating an account is free and can typically be done in a few minutes or less.
- Valid payment. Payment options for transfers out of Hong Kong include debit and credit cards, bank account transfers and Apple Pay.
- Recipient’s name and contact information. To make sure your transfer goes smoothly, have your recipient’s legal name, bank account information and contact info ready when setting up your transfer.
- Valid identification. Valid ID is required to transfer with WorldRemit. Acceptable forms must include your photograph, your full name, date of birth and more. If using a state ID, it must be issued by the same state you are registering to send money from. Typically accepted forms of ID include the following:
- HK or international passport
- Hong Kong identity card
- Hong Kong Driver’s license
How to make my first transfer with WorldRemit in Hong Kong
There are six steps to follow for your first transfer through WorldRemit in Hong Kong:
- Choose the country you want to send to
- Select the method of transfer
- Enter sending amount then double-check fees and exchange rate
- Add recipient information
- Add payment information
- Send money
My experience with signing up
Signing up with WorldRemit took longer than I expected. I created my account and submitted a photo of my driver’s license, but since my license didn’t match my address, I had to submit additional identification as proof. Here are some key takeaways:
- Did I have to interact with customer service? Yes, both on the phone and through email.
- How long did it take? The entire process took almost a week, which was partially my fault for not promptly responding to emails and submitting documentation on time.
- What was unexpected? Customer service was extremely helpful, both on the phone and through email.
WorldRemit Wallet, mobile money and airtime top-ups explained
Some of these services you may know under different names and not all of them are available worldwide.
- WorldRemit Wallet: Similar to other digital wallets, the WorldRemit Wallet enables users in select countries to store money without having to move it to a bank account or for cash pickup. The WorldRemit Wallet comes included in the WorldRemit mobile app in participating countries and can currently store US dollars, Philippine pesos, Ugandan shilling and Central African francs.
- WorldRemit mobile money: Mobile money is an e-wallet service that is available for use in more than 80 countries and may be particularly useful for the underbanked and unbanked. Mobile money uses smartphones and basic phones to store money that can be saved, withdrawn and sent by the user through their phone. Users can use their mobile money to buy things in participating stores and online shops as well as to pay bills and more.
- Airtime top-ups: Many mobile service providers in Hong Kong allow you to pay for service through money transfers. This is where airtime top-ups come into play. WorldRemit allows you to pay for service in other countries, perhaps for your friends or family, so that they will have airtime minutes and text balances to stay in touch with you.
Does WorldRemit have a mobile app?
Yes, WorldRemit has an app available on both the App Store and through Google Play. Through the app, you can do the following:
- Save contact information. Store your frequent recipients to make starting a transfer to them even quicker.
- Get daily price notifications. Keep an eye on multiple currency pairs to send your money when the exchange rate is in your favor.
- Track transfers. See the progress of your transfer in the app and opt-in or out of SMS notifications.
- Access customer support. Find live chat, telephone numbers and email options to contact customer support through the app.
|Reviews accurate as of December 30, 2021|
|Google Play Store||4.4 out of 5 — based on 108,883 customer reviews|
|Apple App Store||4.8 out of 5 — based on 124,643 customer reviews|
Compare WorldRemit against more services in Hong Kong
Quickly compare how much your transfer could cost with WorldRemit and its competitors by entering the amount of money you want to send, select the destination and click Calculate.
Want to compare WorldRemit with other services side-by-side?
- WorldRemit vs. PayPal
WorldRemit offers clear pricing on the fees and exchange rates it uses, making comparisons a breeze when trying to find the best price for your transfer. Because there are many WorldRemit alternatives in Hong Kong, it may be worth shopping around before sending your transfer. Prices aside, WorldRemit has many years under its belt, while serving millions of customers a year, so new customers should have little reason to worry when sending a transfer through WorldRemit.