WorldRemit money transfer review
From £1.99
Fees (Pay by Bank Transfer)
£1
Minimum Transfer Amount
Details
| Product Name | WorldRemit |
|---|---|
| Minimum Transfer Amount | £1 |
| Pay By | Credit card, Debit card, Bank transfer |
| Receiving Options | Cash pickup location, Bank account, Mobile wallet, Prepaid phone credit |
| Customer Service | Phone, Live chat |
| Available Currencies | AED, ALL, AMD, AOA, ARS, AUD, AZN, BAM, BBD, BDT, BGN, BHD, BIF, BMD, BOB, BRL, BWP, BYN, CAD, CHF, CLP, CNY, COP, CRC, CVE, CZK, DKK, DOP, DZD, EGP, ETB, EUR, FJD, GBP, GEL, GHS, GMD, GNF, GTQ, HKD, HNL, HRK, HTG, HUF, IDR, ILS, INR, ISK, JMD, JOD, JPY, KES, KGS, KHR, KMF, KRW, KWD, LAK, LBP, LKR, MAD, MDL, MGA, MNT, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SEK, SGD, SLL, SZL, THB, TJS, TND, TOP, TRY, TTD, TWD, TZS, UAH, UGX, USD, UYU, VEF, VND, VUV, WST, XAF, XOF, XPF, ZAR, ZMW, ZWD |
| Bank Account Required? | No |
| Personal Account Manager? | No |
Review by
Zak Killermann
zak.killermann@finder.comZak Killermann is a writer at Finder. He’s ghostwritten hundreds of articles on fintech, finding his love for publication at St. Cloud State University. Traveling internationally for nearly half his life — and getting burned once by an OTC money exchange — Zak's vowed not to settle for anything short of the mid-market rate again.
Expert review
WorldRemit’s network isn’t quite as large as brands like Western Union, but you’ll often find better rates and lower fees with WorldRemit. Plus, WorldRemit’s app and website tell you upfront what exchange rate and fees you’ll be paying without needing to sign up first. This makes it easier to compare against other companies to see if you’re getting the best deal.
One major downfall of WorldRemit is that you can’t pay in cash, but its global network does support cash pickups in many countries worldwide. Other delivery options like mobile airtime top-ups, bill pay and door-to-door cash delivery help round this service out for some sending destinations. You’ll also often be able to find promo codes to get a better deal if you’re a first-time customer.
What's in this guide?
What is WorldRemit?
WorldRemit is a global remittance company that was founded in 2010 by Ismail Ahmed, a Somali migrant who was studying in London at the time. WorldRemit is currently headquartered in London, but operates in more than 150 countries around the world.
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, 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 be aware of with WorldRemit
- Maximum daily limits. Transaction limits depend on how you are sending the money, while a total 24-hour cap of £50,000 applies to all transactions being sent by you out of the UK.
- 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 £1.99 or £2.99 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 0.5 to 4%.
WorldRemit’s fees and exchange rates explained
Transfers through WorldRemit will have both a fee and a mid-market margin markup added to them. These depend 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 £1.99 or £2.99, 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. And its fees are transparent: you’ll see them when you’re calculating or making a transfer, so you won’t incur hidden or undisclosed charges.
Sending £500 from the UK around the globe
As of 3 June 2020, here are the mid-market rate markups and fees for popular sending destinations around the world when sending to a bank account.
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.
| Sending to | Currency | WorldRemit rate | Mid-market rate | WorldRemit’s markup | Fees from |
|---|---|---|---|---|---|
| Australia | AUD | 1.81 | 1.82 | 0.55% | £2.99 |
| China | CNY | 8.81 | 8.92 | 1.25% | £3.99 |
| France | EUR | 1.11 | 1.12 | 0.90% | £2.99 |
| India | INR | 93.46 | 94.70 | 1.32% | £1.99 |
| Kenya | KSH | 129.46 | 133.01 | 2.74% | £0.99 |
| Nigeria | NGN | 465.90 | 485.65 | 4.24% | £1.99 |
| Philippines | PHP | 62.20 | 62.56 | 0.57% | £2.99 |
| USA | USD | 1.24 | 1.25 | 0.80% | £2.99 |
How long does a transfer with WorldRemit take?
WorldRemit transfer speeds depend on the delivery method you choose.
| Delivery method | Transfer speed |
|---|---|
| Bank transfer | Within minutes to five business days |
| Cash pickup | Instant |
| Mobile money | Within minutes |
| Airtime top-up | Within minutes |
| Home delivery | One to seven business days |
Where can I use WorldRemit?
WorldRemit transfers can be sent from 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:
- Europe: Euro (EUR)
- China: Chinese yuan (CNY)
- India: Indian rupee (INR)
- Australia: Australian dollar (AUD)
- USA: US dollar (USD)
- Kenya: Kenyan shilling (KSH)
- Nigeria: Nigerian dollar (NGN)
- Pakistan: Pakistani rupee (PKR)
- Philippines: Philippine peso (PHP)
- Thailand: Thai baht (THB)
Is WorldRemit safe to use?
WorldRemit uses many methods to keep your money safe and is authorised and regulated by many government agencies. In short, here is how WorldRemit keeps your money safe:
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
- Android Pay
- Verified by Visa
- Mastercard and Maestro SecureCode
Regulation compliance
WorldRemit holds many licences around the globe, including in the following countries:
- United Kingdom
- United States
- Canada
- Australia
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:
- Telephone
- Emails
- Live chat
What WorldRemit’s reviews look like
| Trustpilot | 4.5 out of 5 – based on 39,592 customer reviews |
| Monito | 8.3 out of 10 – based on staff reviews |
Reviews accurate as of 3 June 2020.
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.
How do I transfer money through WorldRemit?
There are six easy steps to follow:
- Choose the country you want to send to
- Select the method of transfer
- Bank transfer
- Cash pickup
- WorldRemit Wallet
- Mobile top-up
- Airtime top-up
- Enter sending amount then double-check fees and exchange rate
- Add recipient information
- Add payment information
- Send money
How do I receive money through WorldRemit?
Depending on where you live, the ways to receive money through WorldRemit may vary. WorldRemit offers the following ways to receive money:
- 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.
What information will I need to send a transfer?
To send money through WorldRemit, you’ll need 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 the UK include debit, credit and prepaid cards, bank account transfers, Apple Pay and Android 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. Typically accepted forms of ID include the following:
- UK or international passport
- UK driver’s licence
- UK military ID
- UK refugee document
- UK visa
- UK National Insurance card
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 favour.
- 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 April 7, 2020 | |
|---|---|
| Google Play Store | 4.2 out of 5 – based on 65,423 customer reviews |
| Apple App Store | 4.8 out of 5 – based on 44,400 customer reviews |
WorldRemit Wallet, mobile money and airtime top-ups
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 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.
Airtime top-ups
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.
Compare WorldRemit to other transfer services
Table: sorted by promoted deals first
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Want to compare WorldRemit to other services side-by-side?
Bottom line
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.
Frequently asked questions
Can I send money with WorldRemit without ID?
No, WorldRemit requires ID when sending money from the UK to verify your identity.
Can I pay with cash at WorldRemit?
No. Since WorldRemit doesn’t have any agent locations from which to send money, paying with cash is not an option.
How do I track my WorldRemit transfer?
Whether sending online or through the WorldRemit app, your transfer will automatically be tracked and you’ll automatically be updated. You can opt in to text updates so you’ll know exactly when your transfer arrives or if it has hit any snags along the way.
How do I contact WorldRemit customer service?
Contact WorldRemit customer service in the following ways:
- Live chat – You’ll start by talking with a bot but can navigate to a real agent.
- Email – Use WorldRemit’s onsite email form to send an email about your problem or concern.
- Phone – Call +44 20 7148 5800 to reach WorldRemit customer service in the UK.
What are my rights when cancelling a transfer?
If you need to cancel a transfer you should contact WorldRemit as soon as possible. Refunds can take up to 7 business days to return to your account. In some circumstances, though, your transfer cannot be cancelled, for example, if it has already been picked up in cash.
Does WorldRemit offer business transfers?
Yes, for UK-based businesses only. Just go to WorldRemit’s homepage, click on Sign Up, select a Business account and provide the information requested.
