7 Things You Need to Know Before Sign Up
In the next 5 minutes you will find out if WorldRemit is the right choice for your needs.
But wait there’s more 🙂
In many situations WorldRemit (using the code ‘3FREE‘ until 30th November 2020) is a clear leader but may not be the right choice for you and in those situations we want suggest alternatives you should at least compare with.
Importantly, we have been able to dig deep by assessing real customer reviews particularly the negatives ones where we uncover the real deal.
Here is the good, the bad and even the ugly, so that you can decide.
Full Disclosure: While we aim to show you the good and the bad in every review so you can make the best choice, there are links contained in this page which are affiliate links (and while not costing you anything) do earn us a commission if you click on them and decide to use the service. In many cases we also get the opportunity to provide you with discounts and offers as part of using the link. Cheers and Thank You!
- Wide presence-money can be sent to over 140 countries
- Various payment options such as bank transfer, debit card, credit card and others
- Various delivery options-bank transfer (some countries), cash pickup, airtime top up and mobile wallet
- Quick transfers
- Limits on large transfers to certain destinations
- May not be the cheapest option
- Complex transfer fees
They have a great number of options to choose from when it comes to sending the money and receiving the money. Transfer speeds can be very fast (in some situations) and easy to do through their App or online. However all this flexibility and convenience can come at a cost. This means other services could be a better option particularly for larger amounts or if you do not need the extra convenience provided like paying by credit card or receiving in cash.
- When it Works and When it Doesn’t
- The Real Transfer Costs
- How Does WorldRemit Work?
- How Fast is WorldRemit?
- What Reviews Really Say
- Is Your Money Safe with WorldRemit?
- Is WorldRemit the Best Service for Your Needs?
1.1 When it Works
Personal transfers: In most situations (different currencies) WorldRemit works best for small transfers, because the fixed fees actually reduce as amounts decrease.
Smooth operations: WorldRemit is very easy to setup and use. You can easily sign up and make money transfers. They also have apps for both iOS and Android platforms. So, you can conveniently transfer funds on the go.
Cash pickup: Not many money transfer services offer cash pickup. WorldRemit has an edge in that it provides cash pickup in many countries across various locations. In fact, when you choose cash pickup option, you are asked to select a payout network. You can select the one that has offices in your recipient’s location. In fact, in some locations door to door delivery of cash is also available. You will get to see all available options once you choose the country you are sending money to.
1.2 When it Doesn’t
Larger transfers: If you need to make a large transfer, there is a good chance it is better to look elsewhere. WorldRemit has limits on the amounts you can send, but also because of their fee structure (see below) which tends to increase as amounts increase if you plan on sending more than a few thousand dollars or pounds there could be better options. For example, we recommend OFX (review) in this category as they actually reduce the percentage fees as amount increase and 24hr telephone support (often in your country) which for larger amounts can sometimes be very important.
Above approx. £4500 GBP or $6000 USD (Large) WorldRemit will not be able to help you due to the limits (which vary between countries). About this amount we recommend choosing non-P2P service set up for larger amounts.
Between approx. £4500 GBP/ $6000 USD and £800 GBP/ $1000 USD (Medium) depending on the currencies and methods you are using to send and receive money WorldRemit may not be your best choice if keeping costs low is a big priority. For this, we recommend at least comparing with providers like TransferWise and CurrencyFair.
Offline: WorldRemit works best if you are comfortable doing everything online because phone support is limited to troubleshooting.
Key takeaway: WorldRemit is a good option for making smaller transactions, i.e. up to £800 GBP/ $1000 USD. It is particularly useful when you would prefer cash pickup than a bank transfer.
WorldRemit makes money in two ways: by charging you a transfer fee and through a margin on the exchange rate.
There is also potentially hidden fees that banks at either ends can charge.
The good thing about WorldRemit is that they tell you the exchange rate and transfer fee upfront, even before you are ready to transact. So, you can check out the rates and fees, and compare it to other services before you make a decision.
2.1 Transfer fees
WorldRemit charges you a transfer fee on each transaction. This fee depends on the currency you are sending, the amount and the delivery option. Usually, the fee for bank transfer is lower and it is higher for cash pickup and mobile wallet transfers.
The transfer fee can range from $3.99 to $24.99 depending on various factors such as the currency, country, amount, and delivery option.
2.2 Exchange rate
WorldRemit offers exchange rates that are much better than what banks offer. Still, these rates are higher than the interbank rate, i.e. the rates at which banks buy from each other. This means, while you get a better rate than most banks, these are not necessarily the best rates.
The easiest way to work out if you are getting a good deal on the exchange rate or not you need to see how much money is going to actually arrive and compare that with other services like those mentioned above. You can get the amount that will arrive using their online calculator.
However our testing indicates the exchange rates they offer tend to be quite competitive at around 1% to 1.5%. Banks by comparison can charge more than double this percentage along with much higher transfer fees.
2.3 Hidden fees
If you are using a bank at either end then they may charge fees. Many people think this has nothing to to with WorldRemit but they can help to reduce and often eliminate these fees by having local bank accounts at each end.
Fortunately WorldRemit appears to very proactive on this and work with many “local partners” which is no doubt very helpful in keeping costs low. However if you are doing regular transfers this is something you may want to be aware of.
Key takeaway: Before you decide to send your money via WorldRemit, use the calculator on their site to find out the exchange rate and costs.
WorldRemit has done a good job of making it easy to sign up. Like most services, they just ask for a few personal details and depending on where the money is coming from and going to, they will ask for documents for ID and address verification.
Here is a fun video how to sign up and send money or keep reading!
3.1 Signing up
When you sign up you will get your first three transfers fee free (using the code ‘3FREE‘ until 31st August 2020).
You choose the country you are sending money from and then enter some basic details. Once you have selected a country, you will not be able to change it online, you will need to call up the customer care or send an email.
To complete the online application process, you just need to provide details such as your name and email address. You can update date of birth, phone number, address, and verification details later.
3.2 Making a transfer
Regardless of whether you choose to use the desktop website or the app, the transfer process will remain same.
Enter details of recipient: You will need to enter recipient details depending on the transfer method you choose. For bank transfer, you will need to provide recipient’s personal as well as bank account details, and for transfer to mobile wallet and airtime top up, you need recipient’s mobile number.
Enter the amount: You can either enter the amount you wish to send or the amount you wish the recipient to receive. WorldRemit will calculate the amount accordingly.
Make your payment: WorldRemit lets you choose from various payment methods depending on the currency and the country where money is coming from.
The registration process is pretty straightforward. You may not be asked to submit your verification documents right away, but it is better to do it at the time of setup to avoid any delays when you actually decide to make a transfer. You can simply scan and upload the document.
What is Airtime Top Up?
WorldRemit enables you to keep in touch with family and friends through the ability to recharge mobile phone accounts instantly.
When it comes to speed, WorldRemit is as good as any of the best services out there. In most cases, money transfers arrive instantly. However, actual transfer time can vary depending on a lot of factors such as how the money is being received.
Bank to bank it may take longer (like several days) with transaction creation time and day of the week being factors also.
Cash pickup is also available to collect immediately in most cases.
Mobile money and airtime top-up are also available instantly. When you make a transaction, you will come to know the transfer time.
Key takeaway: WorldRemit offers fast (instant in many cases) fund transfer to a large number of destinations.
The best way to learn about a service is through real customer reviews. WorldRemit enjoys great reviews online. On Trustpilot, it has an excellent rating of 25,032 reviews with 95% of those saying they are fantastic or great.
The majority of reviews appreciate the ease of use, low cost and fast delivery.
However, we cannot afford to ignore the 3 percent reviewers who had a bad experience with WorldRemit and gave one or two star reviews.
So, we dissected these reviews to find out what didn’t work for them.
Here is what we found:
Money delayed: Many negative reviewers have claimed that the funds did not arrive in recipient account in time. In most cases, the delays are either due to delays at the banks’ end or due to compliance issues.
Poor customer service: There have been complaints about poor customer support. Some customers have had to wait for a very long time before they could speak to a customer support representative. If these complaints are true, it really is a cause of concern. Like we said, use the service if only you are totally comfortable with doing everything online. The customer support is limited to troubleshooting in any case.
Accounts deactivated: Most account deactivations happen when the customer fails to comply with regulatory requirements such as ID or address verification. In some instances, company may require additional documentation such as source of funds, and failure to produce these documents in time can also lead to account deactivation.
Key takeaway: Most online reviews are great, barring a very few. The negative reviews do not indicate any major causes of concern.
WorldRemit has its headquarters in the United Kingdom. The company is licensed as an Electronic Money Institution and is regulated by the Financial Conduct Authority (FCA). Even in other countries, World Remit is registered with relevant financial regulatory bodies. In New Zealand WorldRemit is registered with FSPR and in Australia with AUSTRAC. Is is also registered with all states in the USA which opens it up being a great service for American residents.
No transfer is initiated before WorldRemit receives the funds. All customer funds are held in separate accounts in accordance with regulatory standards. These funds are never combined with the company’s operating accounts. So, your funds are always safe with them, and are transferred to the recipient accounts as soon as possible.
WorldRemit has also implemented a number of security features to protect customer data. The website is protected with TLS encryption to ensure that sensitive data is not intercepted during customer visit.
Key takeaway: WorldRemit is registered all over the world which helps to ensure that your funds and data are safe.
There is no service that is best for all needs. If you want to quickly transfer smaller amounts at reasonable cost, WorldRemit is a good choice. It is particularly good if you need cash pickup.
They are reasonably transparent about their fees and exchange rates, so you can easily make a comparison across services to make the right choice.
Also, WorldRemit app makes it convenient for you to transfer money on the go. It may not be your best bet if you need to make medium to large transfers, or you need human help for your transactions.
They also have a coupon code here to get your first three transfers fee free.
Use the code ‘3FREE’ and pay no fees on your first three money transfers until 30th November 2020.