WorldRemit international money transfers review

What is WorldRemit?

WorldRemit was founded in 2010, and today you can send money to more than 125 countries safely and securely through its simple online process. You indicate the country you’re sending money to and your recipient’s details, and WorldRemit will deliver your cash quickly into the hands of your friends or family.

How are WorldRemit’s exchange rates?

WorldRemit offers guaranteed exchange rates when you need to send money overseas. These rates are updated daily to reflect changing market conditions and generally compare favorably to the rates available from major UK banks. Compare WorldRemit’s exchange rates with those of your bank to see how they stack up.

How much does it cost to transfer money with WorldRemit?

The fee you’ll pay to send your money overseas with WorldRemit depends on the amount you send, where you send it and how your recipient will access the money.

For example, you’ll pay £2.99 for a bank deposit of £1,000 to Mexico, while sending the same amount via bank transfer to China will cost you £9.99.

Minimum transfer amount and available countries

Though limits vary by your recipient’s country, you can generally send from £1 to up to £2,000 in any 24 hours with WorldRemit.

Popular transfer destinations offered by WorldRemit include China, India, Mexico, the Philippines, Canada, Brazil and Guatemala. To see a full list of available countries, visit WorldRemit’s website and reference the drop-down menu when you click “Send to.”

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What types of transfers can I make with WorldRemit?

When you need to send money around the world, WorldRemit offers the following one-off transfer options:

• Deposit to your recipient’s bank account. For some banks, your bank transfer will arrive instantly, but it could take one to three business days with other financial institutions.
• Cash pickup. Depending on where you send your funds, your recipient may be able to pick up the cash from one of more than 30,000 collection points minutes of your transfer being placed. For example, funds sent to Mexico can be picked up at a branch of BBVA Bancomer, Telecomm Telegrafos, Chedraui, Pagos Intermex, Envios Confianza, Scotiabank and Bancoppel.
• Transfer to your recipient’s mobile wallet. Funds you send can be instantly added to your recipient’s Mobile Money account.
• Mobile airtime top-up. Airtime you send is instantly added to your recipient’s prepaid cellphone.

If you’re transferring money to the Philippines, your funds can be delivered to your recipient’s home. Depending on their location, this service takes between 24 hours and seven days for receipt.

Unfortunately, WorldRemit does not offer the flexibility of rate locks, forward contracts or recurring transfers.

The registration and transfer process

Before you send money with WorldRemit, you’ll need to sign up for an account with your name, contact details, country of residence, date of birth and proof of government-issued ID.

The next step is entering the details of your transaction. You’ll provide information about where you’re sending your money, the amount you’re sending and how you would like your recipient to access the funds. You will also supply your recipient’s name, contact details and bank account information (for transfers between bank accounts), and you’ll then be presented with a review page.

If you’re happy with the fee and exchange rate that applies to your transaction, send your transfer. When the funds arrive to your recipient and the transaction is complete, both you and your recipient will be notified by email or text.

What do I need to transfer money with WorldRemit?

Sending money overseas with WorldRemit is easy, but you will need:

• A WorldRemit account. It’s easy to set one up while initiating your transfer.
• A valid payment method. Your bank account, credit card or debit card information.
• Your recipient’s name and contact information. If you’re transferring money to a bank account, you’ll also need the bank name, the bank’s SWIFT code and an account number.
• Your contact and banking information. Including the account number and security information for the account you’re transferring from.

How to transfer your money with WorldRemit

• Step 1. Click “Go to site.”

  In the “Send to” box, use the drop-down menus to select the country you are sending money from and to. (Take care when selecting your send country, because you won’t be able to change it later.)
  

• Step 2. Choose how you’d like your recipient to receive your money.

  You can send it directly to their bank account, to their mobile phone, as an airtime top-up or for cash pickup.
  

• Step 3. Enter the amount of money you want to send.

  You’ll see WorldRemit’s exchange rate, transfer fee and exactly how much your recipient will get.
  

• Step 4. Create an account by entering your name and email address.

  An account will make it easier for WorldRemit to remember your details for future transactions.
  

• Step 5. Enter the recipient’s country and their preferred currency, name, mobile number and method of money transfer.

  Send your money directly from your bank account or by using your debit or credit card. You will receive an SMS or text message with confirmation of your transaction. You and your recipient will also receive an email when it is sent and when it is received.
  

What happens next?

• Fast money worldwide in minutes. Your recipient can pick up cash from one of 30,000 agents on completion of your transaction. Bank account transfers are available by the following day.
• Track your money through text. Through SMS or text updates, you’ll know when your money is both sent and received.
• Contact customer service. If you need assistance, WorldRemit is available 24/7 for free on 0207 148 5800 or online using Live Chat.

Pros and cons of using WorldRemit

Bottom line

WorldRemit offers a range of competitive features to make your international money transfers as simple and affordable as possible.

However, we suggest comparing its services with those of other money transfer providers before you send funds overseas.

Compare WorldRemit to other providers

Frequently asked questions about WorldRemit

• How can I pay for my international money transfer with WorldRemit?

  Pay for your WorldRemit transfer with your credit card, debit card or bank account.

• Is there an app available to facilitate a transfer?

  Yes, the WorldRemit app can help you send your funds overseas whenever it’s convenient for you.

• How quickly are the funds available for collection when I select cash pickup?

  The money you send is typically available for your recipient to collect at one of more than 30,000 agent locations worldwide within minutes.

• Why do I need to provide my recipient’s mobile number and email address?

  WorldRemit requires this information so that it can send email and SMS notifications to the recipient when your funds are sent and received.

• How does WorldRemit’s Mobile Money work?

  Mobile Money is an e-wallet used in many countries that lets users receive and store money using their mobile phone. If the country you’re sending money to accepts transfers by Mobile Money, your recipient can pay bills and make other payments using a simple text message.

• When will my money be available through WorldRemit?

  Cash can be picked up within minutes of your transaction confirmation. For direct bank account transfers, the money is available by the following day. If mobile deposits are available in your country, they are available immediately. In the Philippines, WorldRemit can send the money directly to your recipient’s home address.

• Why am I having trouble sending money the way I want to?

  Transfer options vary by the country you’re sending money to. Check with WorldRemit’s website to confirm countries, exchange rates and fees, and how your recipient can receive your money.

• How safe is a money transfer?

  When processed through a reputable bank or company, your funds are safely tracked until in the hands of your recipient. And if you’re sending money internationally, federal protections are in place that require banks, credit unions and money transfer companies to, for example, disclose all fees up front and give you 30 minutes to cancel a transfer, assuming it hasn’t yet been picked up or deposited.