Review: WorldRemit money transfers
What's in this review?
- Why should I consider WorldRemit?
- What to watch out for
- Available currencies
- What types of transfers can you make with WorldRemit from the Philippines?
- How long does a transfer with WorldRemit take?
- How can I receive funds from WorldRemit in the Philippines?
- Is WorldRemit safe to use?
- What payment methods does WorldRemit accept?
- What do I need to send money online through WorldRemit?
- How to make my first transfer with WorldRemit
- WorldRemit Wallet, mobile money and airtime top-ups explained
- Does WorldRemit have a mobile app?
- How does WorldRemit compare to other services?
- Bottom line
- Frequently asked questions
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 can send funds to over 150 countries in a variety of methods, including bank transfers, cash pickup at thousands of locations or door-to-door delivery.
- Flexible payment options. Pay with a credit or debit card or from your bank account.
- 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
- Limited sending options abroad from the Philippines. As of 16 July 2020, users in the Philippines can only send airtime top ups to users abroad.
- Changing fees. Depending on where you are sending to, how you are paying and how you are transferring money, your fees may vary. 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%.
Transfers through WorldRemit will have both a fee and a mid-market margin markup added to them. Transfer fees for WorldRemit vary, fees and exchange rates may change based on:
- 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. 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 competitors, 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.
WorldRemit sends money to over 140 countries worldwide, although the transfer types vary depending on the country. There are countries who do not appear on the list at all, including: Afghanistan, Iran, Iraq, Kuwait, North Korea, Syria, and Belize. You can check out the full list of currencies here, but some of the more popular ones that WorldRemit lets you send to are:
- USD US dollar
- CNY Chinese yuan
- IDR Indonesian rupiah
- INR Indian rupee
- LBP Lebanese pound
- VND Vietnamese dong
- LKR Sri Lankan rupee
- THB Thai baht
What types of transfers can you make with WorldRemit from the Philippines?
As of 16 July 2020, WorldRemit offers airtime top up when sending from the Philippines.
How long does a transfer with WorldRemit take?
Generally speaking, most transfers with WorldRemit arrive almost instantly. Some types 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.
Transfers typically take
1 - 2 days
How can I receive funds from WorldRemit in the Philippines?
You can receive funds from WorldRemit in several ways:
WorldRemit pick up locations
Collect funds from over 15,000 locations in the country, including:
- M Lhuillier
- Cebuana Lhuillier
- PS Bank
- Palawan Pawnshop
- Bank of Commerce
- True Money
Fund transfers to any account in the banks below typically get completed within the same day.
Send, receive, store and withdraw money using the following mobile wallets which you can easily download from Google Play or the Apple Store.
- WorldRemit Wallet
WorldRemit allows Philippine users to receive pre-paid load to mobile phone, broadband and cable networks such as:
- Sun Cellular
- Smart Bro
Is WorldRemit safe to use?
WorldRemit uses many methods to protect your transaction and is authorized 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:
- Verified by Visa
- Mastercard and Maestro SecureCode
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
What WorldRemit reviews say
|Trustpilot||4.5 out of 5 — based on 36,956 customer reviews|
|CompareRemit||1.7 out of 5 — based on 118 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 April 7, 2020.
WorldRemit is regulated in the Philippines by the Bangko Sentral ng Pilipinas (BSP), which regulates finance companies.
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. 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 find the answers to many popular questions and concerns surrounding the service.
What payment methods does WorldRemit accept?
You can pay for your transfer with WorldRemit through a debit, credit, or pre-paid card. At this time, WorldRemit does not accept cards from Amex, Diner’s, or UnionPay.
Around the world, WorldRemit also accepts the following payment methods:
What do I need to send money online through WorldRemit?
You’ll need some key pieces of identification to send money online through WorldRemit, including:
- 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 the Philippines include debit, credit and prepaid cards issued by Visa or Mastercard.
- 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:
- Driver’s license
- SSS ID
- TIN ID
- Postal ID
How to make my first transfer with WorldRemit
There are six easy steps to follow:
- Choose the country you want to send to
- Select airtime top-up as the method of transfer
- Choose a top-up amount
- Add recipient information
- Add payment information
- Send money
Our experience with signing up with WorldRemit Philippines
Signing up with WorldRemit was quick and easy. Laarni, our associate editor, created an account and submitted a photo of her passport. Here are some key takeaways:
- Did we have to interact with customer service? No.
- How long did it take? The entire process took about 10 minutes, from sign up to ID verification.
- What was unexpected? The entire sign up process was quick and hassle-free. Signing up, confirmation of ID submission and approval of ID took around 10 minutes.
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.
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 Philippine pesos, US dollars, Ugandan shilling and Central African francs.
WorldRemit mobile money
Mobile money is an ewallet 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.
Many mobile service providers 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 7 April 2020|
|Google Play Store||4.3 out of 5 — based on 59,751 customer reviews|
|Apple App Store||4.8 out of 5 — based on 40,000 customer reviews|
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. With many years under its belt, while serving millions of customers a year, new customers should have little reason to worry when sending a transfer through WorldRemit.