7 Must Knows
In the next 5 minutes, you’ll learn whether WorldRemit is right for you.
(I’ll also show you how you can save potentially thousands $$$’s or £££’s no matter which money transfer company you choose.)
But wait there’s more 🙂 and this is important.
In many situations WorldRemit (using the code ‘4FREE‘*) is a clear leader, but I am also going to uncover situations where WorldRemit is NOT your best option and point you in the right direction to who might be.
We also dig deep on real customer reviews, particularly the negative ones, where we uncover what is important to you.
Here is the good, the bad and even the ugly, so that you can decide.
Disclosure: This post may contain offers and affiliate links to save you money and it also helps us to keep providing the best information. For more information, see our disclosures here.
Lowdown on WorldRemit
WorldRemit allows you to inexpensively send small amounts including cash to the destination country through a huge network of local partners (like banks, pawnshops, and third-party agents).
WorldRemit score “Great” on the largest review sites and have a great number of options to choose from when it comes to both sending and receiving money.
Transfer speeds can be very fast (in some situations) and easy to do through their app or online.
WorldRemit may not be best for you if you want to transfer more than a couple thousandUSD/EUR/GBP/CAD/AUD or could use a bank.
Also flexibility and convenience can come at a cost and there are often cheaper options especially if you can use a bank at either end of the transfer.
WorldRemit also place limits on the amounts you can send based on many factors.
Also when it comes to sending cash Western Union can be your best bet because of their numerous agents – See WorldRemit Vs Western Union.
They also have a coupon code here to get your first 3 transfers fee free. Use the code ‘4FREE’* and pay no fees on your first three money transfers.
1. What is WorldRemit (Really)?
WorldRemit is regulated in multiple countries to be an international money transfer service and can be your best option to save money on international transfers.
- Send cash to your recipient in minutes
- Pay overseas bills
- Send money to mobile wallets
- Send Airtime top-ups
- Set up bank-to-bank and card-to-bank transfers (even prepaid cards are supported, unlike most other services out there)
WorldRemit offers extreme flexibility in terms of payout, transfer, and funding options.
Another reason to try WorldRemit is that you can get 4FREE* transfers! (*click the link to see if you qualify)
Their fees and limits is only ideal for relatively small transfers and there may be better options for you when it comes to bank-to-bank transfers.
WorldRemit supports registrations from 50 countries (including the UK, US, including the UK, US, Canada, Australia, and Eurozone) and lets you send money to 150 countries.
2. Is WorldRemit Right for You? (And When It’s Not)
WorldRemit is great for sending cash overseas. Plus, lower fees and great flexibility compared to traditional services like Western Union, MoneyGram, and Ria we have recommended WorldRemit for years.
But it’s also important that you know when WorldRemit may not be right for you (and which are the best alternatives we’ve tried here)!
- You want inexpensive and flexible money transfers
- You need to send relatively small amounts (generally less than a few thousand USD, EUR or GBP)
- Extremely fast transfers are possible
- Sending large amounts (WorldRemit is designed for smaller amounts)
- Not the cheapest or best in customer service for Bank-to-bank or card-to-bank transfers
- For business
2.1 When it Works
You want flexible transfer and funding methods
Although WorldRemit is best known as a service for sending cash, it also has many other transfer options.
This includes bank transfers, mobile wallet transfers, overseas bill payments, and prepaid mobile top-ups in some countries.
You also have a variety of funding options for your transfer. This includes bank transfers, cards (credit, debit, and even prepaid), Apple Pay, as well as country-specific methods like iDeal, Sofort, Klarna, etc.
You need to send small amounts in cash for personal transfers
WorldRemit supports international transfers to 150 countries worldwide and has an extensive network of local partners (like banks, pawnshops, and other third-party agents) for cash payouts.
This means you’ll easily find a cash pick-up center where your recipient can collect the remittance without any hassles.
You want to pay overseas utility bills
WorldRemit lets you pay overseas bills like gas, water, electricity, television, and other types of companies, on behalf of yourself or someone else.
This saves you the trouble of transferring the money to someone else and relying on them to make the payments.
You want to send money home quickly
Most WorldRemit transfers are settled pretty quickly (except bank transfers). The best way to send money fast with WorldRemit is to send cash or transfer to a mobile wallet.
2.2 When it Doesn’t Work
You want to send large international transfers
WorldRemit is not suitable for large transfers. Generally we consider large transfers to be over $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD but WorldRemit actually places limits before this.
For transfers more than a couple thousand USD/GBP/CAD/AUD usually cash is not involved anyway and we would recommend alternatives in these situations.
You need a solution for small business transfers
WorldRemit doesn’t offer a dedicated business account at the moment.
If you’re a business that needs to accept multiple currencies or efficiently batch and process international transfers, WorldRemit is not for you.
If you’ve discovered that WorldRemit isn’t meeting your needs, here are our top alternatives:
|Best WorldRemit Alternatives|
|#1 Wise (below)||Transparent and affordable rates for smaller bank transfers (with multi-currency account and local bank accounts world wide)|
|#2 CurrencyFair (below)||Most affordable international bank transfers|
|#3 TorFX/Currencies Direct (below)||Best customer support for large transfers|
|#4 OFX (below)||Most affordable for large transfers|
|#5 XE (below)||Widest range of currencies (best for large transfers)|
#1 Wise — Transparent International Transfer Fees and Multi-Currency Account
If your receiver doesn’t need cash pickup, then Wise is a great alternative to WorldRemit.
It’s our top choice for bank-to-bank or card-to-bank transfers because of its transparent and affordable fees structure for smaller transfers (below $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD).
Wise saves you money by offering the inter-bank exchange rate without charging a margin on top of that (unlike any other service out there).
But the best part to us is the transparency. You can see the exact amount your receiver will get right now on the Wise calculator here — no sign-up required! This means no surprise fees after your transfer has taken place.
Here’s what else we like about Wise:
- It works in many places: Sign up from 66 countries (including the US, Canada, the UK, Australia, and Eurozone) and set up transfers in 40+ currencies.
- Powerful multi-currency account for individuals and businesses: Hold, manage, and convert between 55 currencies.
- Get local bank account details from different countries like a US routing number, Euro IBAN, and more.
- MasterCard debit card linked to the multicurrency account: Spend different currencies easily when shopping online or traveling.
- Business accounts feature: Invoicing features, make bulk payments, and manage different currencies at affordable exchange rates.
- Debit and credit cards are supported for funding transfers.
Wise is also one of our top recommendations for those needing a multi-currency account for personal or business use (a feature that is limited to only 1 country for WorldRemit).
#2 CurrencyFair — Most Affordable for International Bank Transfers
If you’re looking for the most savings for smaller money transfers, CurrencyFair does something unique.
Their peer-to-peer marketplace helps you set your own exchange rate as long as someone else is transferring in the opposite direction and accepts your rate.
But you can be sure you’re saving big on your transfer fees even when CurrencyFair steps in to complete the transfer at the best available rate.
As a bonus for our readers, you can save even more by clicking here to get your first 10 transfers fee-free!
CurrencyFair is available in 60 countries (including the UK, Australia, New Zealand, and Europe) and lets you send money to 150 countries worldwide.
Heads up: They don’t support registrations from the US or Canada.
Learn more with our CurrencyFair review.
#3 TorFX/Currencies Direct — Best Customer Service for Large Transfers
There’s nothing worse than not being able to contact customer service when you’re worried about a large sum transfer. And good service is where TorFX and Currencies Direct stand out from their competitors.
Both offer phone support and have a physical presence (offices) in many countries including the USA, UK and Australia which makes them reliable for your large transfers (both personal and business).
You can ask for help with anything related to your transfer. And this includes creating your account, getting updates on your large transfers, and even negotiating great exchange rates.
While they can deal in smaller amounts, we found that their rates are ideal for larger sums (over £4000 GBP/€4500 EU/$9500 AUD/NZD).
Both are owned by the same company, but operate in different regions:
- TorFX accepts registrations from: Australia, NewZealand, Europe, Singapore, or HongKong
- While CurrenciesDirect is for customers from: US and Canada
#4 OFX — Excellent all-rounder for Large Transfers
We personally would never transfer large amounts without easy telephone support.
(Large amounts are over $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD)
The reason is simple: banks have different transfer limits and regulations kick in as amounts increase (due to Anti-Money Laundering and Counter-Terrorism laws).
This can mean that delays and frozen accounts which can easily be sorted out by phone (as opposed to a chat bot).
So apart from a simple online platform, OFX has offices around the world with people you can speak to 24/7.
A huge advantage in our book, but that may not be the best bit.
OFX has a fee structure that means the percentage fees you pay reduce as the amounts increase.
They can charge a flat $15 USD fee for all transfers below $10,000 USD, but you can avoid this fee here.
It’s available for the residents of the US, Canada, UK, Eurozone, Singapore, Hongkong, Australia, and New Zealand and supports transfers to 190 countries in 55 currencies.
Find out more from our OFX review.
#5 XE — Wide Currency Availability for Large Transfers
If you need support for both major and exotic currencies for your larger transfers, you can’t go wrong with XE.
It serves both individuals and businesses and keeps their fees affordable for transfers above $7000 USD/$8700 CAD/ £4000 GBP/€4500 EU/$9500 AUD/NZD.
XE offers registrations from the UK, US, Canada, Australia, New Zealand, and the Eurozone and lets you send large transfers affordably to 220 countries in 139 currencies.
Learn more about XE money transfer here.
3. Real Costs to use WorldRemit?
WorldRemit makes money in two ways: by charging you a transfer fee and through a margin on the exchange rate.
There are 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.
WorldRemit charges you a transfer fee on each transaction, which 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 $0.99 USD to $5.99 USD depending on various factors such as the currency, country, amount, and delivery option.
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.
If you are using a bank at either end then they may charge fees. Many people think this has nothing to do with WorldRemit but they can help to reduce and often eliminate these fees by having local bank accounts at each end. WorldRemit does not have a clear list of banks they work with which is one reason for bank-to-bank transfers we prefer other alternatives (above).
Other fees that might go unnoticed are credit card and debit card fees. For example, some credit card issuers may charge a fee as the transaction is classed as a cash transfer. Generally WorldRemit has nothing to do with these fees but needs to pass them on.
4. How to Use WorldRemit
Simply follow these steps:
- Sign up here and get 4FREE* for an account on their website or by downloading the app.
- Enter transfer details: Select where you want to send money and enter the amount to check out the fees.
- Verify your identity: with a national ID or other address proof (this varies by country). This is necessary for a licensed money transfer service like WorldRemit.
- Enter your recipient’s details and fund your transfer: Depending on your location you’ll have a variety of funding options available (bank transfer, credit or debit card, Poli, Interac, iDeal, Sofort, Klarna, Apple Pay, Tustly, Mobile Money. They don’t accept Google Pay.)
*T’s & C’s: 4Free applies to the below send/receive countries
- Send: US, AU, CA, UK & FR
- Receive: PH, FJ, ZW, NP, GH, KE, CM, MA, CI & CD
Here is a fun video on how to sign up and send money or keep reading!
4.1 Does WorldRemit have an app?
The app lets you set rate alerts, set up transfers 24x7, and track your transfer easily.
5. What do WorldRemit Customers Say (including Negative Reviews)?
WorldRemit is rated 4/5 on Trustpilot with over 49,000 reviews, which is a solid (but not awesome) score.
So investigating the negative reviews is important.
Any one star review in isolation can be just that – one unhappy person who wants to hopefully help others.
However, we go far deeper and try to understand the cause – so you can avoid some issues.
Over 77% of their users had an “Excellent” experience with WorldRemit, while 7% had a “Bad” experience.
Here’s what we found.
- Easy setup
- WorldRemit’s low fees
- Fast service
- Cash pickup
Here’s what 2 users had to say in a Trustpilot review:
“My first time to send through WorldRemit and it was a long weekend, I thought my family will receive the money the next day which is a business day. I was really happy that they received it in a few minutes. Awesome. Thank you WorldRemit.”
“I have been using other providers but I am going to continue with WorldRemit because your charges are very low, there are so many outlets in Zimbabwe to collect money from. The agents are always willing to help and even at midnight someone answered my call with great respect.”
By far the biggest issue with WorldRemit is:
In this group we include issues with being verified, delays in money arriving and even a handful that thought WorldRemit was a scam.
Delays can be caused by requiring documentation (like ID) or simple a difference between the expectations people have for how fast money should arrive and what happens in reality (especially when third parties are involved).
WorldRemit has a system that makes it relatively easy to sign up and for most people this works well (and this is a positive for most people of course).
However as with any money transfer service, what is an advantage (easy signup) can turn into frustration and stress. Generally the reason is related to the verification process which is required to meet regulators needs.
We also found on many occasions that reviewers were under the impression their money would arrive faster.
Also understanding that WorldRemit often uses third parties like banks and agents who have their own times to make money available is helpful.
6. Are WorldRemit Money Transfers Safe?
WorldRemit started operating in the UK in 2010 and has grown to serve 5.7 million customers.
Founded by Ishmail Ahamed who needed to send money home to his family in East Africa.
“Every transaction meant a long journey to an agent who charged a small fortune in fees. In 2010, he decided to try to make a difference in an industry that supports millions of people exactly like him.”
For over 10 years now they have developed a strong track record.
They also have many reassuring aspects to their business:
- WorldRemit is regulated by the financial institutions of the countries where it operates. For example, the company is licensed as an Electronic Money Institution and is regulated by the Financial Conduct Authority (FCA). Even in other countries, WorldRemit is registered with relevant financial regulatory bodies. In New Zealand, WorldRemit is registered with FSPR and in Australia with AUSTRAC. It is also registered with all states in the USA which makes it up being a great service for American residents.
- WorldRemit also have regional hubs around the world – in the Philippines, the United States, Nigeria, Poland and Cameroon.
- Customer funds are held in separate accounts in accordance with regulatory standards. This means these funds are never combined with the company’s operating accounts.
- Data safety is obviously a key priority for a service like WorldRemit. They say:
- All connections between the WorldRemit website and app are encrypted, they even use machine learning to detect money laundering activity.
- Their website and apps are designed to ensure protection from unauthorized login attempts and transfers.
- They verify the identity of all users to maintain the health of their user pool according to regulatory standards.
- They regularly audit user accounts and transfers for signs of unusual activity.
7. How Fast is WorldRemit?
The reality is: Between a few minutes to 7 days.
WorldRemit is known for its fast and efficient transfers. However, the transfer speed varies widely because it’s based on the payout method and chosen service.
Here’s a quick breakdown of how fast transfers are processed for different services.
- Cash is ready to be picked in a few minutes to a few hours (third parties may influence this a little)
- Bank transfers are slower can take anywhere from a day to 3-4 days based on the receiving country (this is normal)
- Mobile wallet transfers and Airtime top-ups are available within minutes
- Bill payments can take a few hours to a day to be processed (can depend on the banking hours of the receiving country)
There is no service that can cater to everyone. If you want to quickly transfer smaller amounts at a reasonable cost, WorldRemit is a good choice. And, it is particularly good if you need cash pickup.
They are also reasonably transparent about their fees and exchange rates, so you can easily make a comparison across services before you set up the transfer.
Lastly the WorldRemit app makes it convenient for you to transfer money on the go.
And they also have a coupon code here to get your first 3 transfers fee free. Use the code ‘4FREE’* and pay no fees on your first three money transfers.
* T’s & C’s: 4Free applies to the below send/receive countries
- Send: US, AU, CA, UK & FR
- Receive: PH, FJ, ZW, NP, GH, KE, CM, MA, CI & CD
However, it may not be your best bet if you need to make medium to large transfers, or if you need human help for your transactions.
In such cases, you can check out the alternatives (above).