WorldRemit as online money transfer provider enables people across the globe to send money overseas. The business was founded in 2010 by Somali migrant Ismail Ahmed when he was studying at university in London. The founder saw the possibility to obtain a cheaper and more advanced money transfer abroad.

This review tackles on the background of the company as well as the level of service it offers. We focus on the significant aspects which will help you compare the WorldRemit’s services among other money transfer providers. You can also check the complete list of all money transfer companies HERE.

Company Information

WorldRemit, fired off when is founder Dr Ismail Ahmed perceived the need for a much better internal money transfer service. The company works the same way as Azimo, TransferWise, CurrencyFair and Lebara Money Transfer, which are all remittance providers.

The company has an online platform with a clear target to cater to remittances, where the purpose is to give ultra-competitive rates and service to potential clients. The founder’s vision comes to reality as they’re able to provide a more affordable, more transparent, remittance company which has gained enormous feedback from its clients and the media

Furthermore, WorldRemit was able to process 1 million transactions in a month as of 2018. The company’s revenue last 2017 amounts to £61 million, up from its £41 million in 2016. They have approximately 3 million clients globally. The company is also ensuring security to safeguard each transaction. Their website and mobile app are secured utilising 256-bit SSL encryption with a 2048-bit signature.

Moreover, they have accumulated US$220 million in funds from large investors that includes:

  • Accel Partners (investors in Slack, Facebook, Dropbox and Spotify)
  • Technology Crossover Ventures/ TCV (investors in Airbnb and Netflix) and 
  • LeapFrog investments.

Future Endeavor

WorldRemit engages to employ approximately 700 people over its six offices and plans to branch out further offices, including establishing a new office in the Philippines. 

Regulatory Compliance

WorldRemit headquarter is in London, United Kingdom, where it is licensed and authorized by the Financial Conduct Authority (FCA) as payment services. This requires stringent controls on WorldRemit to secure customers against fraud and protect their funds on the event that the company has economic difficulties. It needs the business to hold adequate volumes of capital to guarantee business stability and to have in-house methods to control risk. They are also licensed and regulated in all 50 US States, Australia, and Canada.

Awards and Recognition

  • 2012: Best Money Transfer – International Association of Money Transfer Networks (IAMTN), 2012
  • 2015: Global Forum on Remittances and Development (GFRD)
  • 2015: The International Fund for Agricultural Development (IFAD)- Best Practice in Remittances for Development

Exchange Rate & Fees

Fees

If you initiate a transaction from the UK, you’ll likely incur a 2.99 Pounds per transfer while 3.99 Australian Dollars from Australia, and 3.99 US Dollars from the USA.

Exchange Rates

WorldRemit’s exchange rate is not publicly advertised on their site. However, looking at the figures, we estimated about a 1% margin from Pound to Euro and similar margins on other currencies. But, you have to be cautious since some currencies are more expensive.

These are clearly good margins, particularly in contrast to other businesses allowing cash pickups. It’s simply encompassing similar margin with Azimo while more expensive than Transferwise and CurrencyFair as these two has lower, steady, margins but with exemptions to certain countries of course.

Limits

When it comes to transferring large amounts with WorldRemit, there’s a certain limit as to the amount that you can send. This makes it unsuitable for those who are planning to transfer large sum for purchasing estate overseas for instance. However, somehow beneficial for those who are utilising it fr remittance purposes.

  • 8,000 American Dollars
  • 2, 000 Australian Dollars
  • 30,000 British Pounds

Additional Fees

WorldRemit does not require any additional fees. But, when paying using your credit card, you should be conscious that your card issuer may impose a cash advance fee. 

Pros and Cons

Pros

  • A vast and increasing number of payout countries and channels
  • Availability of mobile app that’s getting high ratings
  • Low-cost choice to high-street money transfer firms for payments solutions

Cons

  • Not eternally the most affordable remittance company for transferring a large sum 

Pay-out Methods When Sending Money with WorldRemit

Bank Deposit

If you prefer this method, your payment will be credited to the bank account of your receiver. They can get the funds either by cash, utilise them to secure payments, or perform a bank transfer.

Cash Pickup

The funds you send will be ready for pickup in cash at a local agent location.

Mobile Money

This enables you to transfer funds through a mobile money account or mobile wallet. This means the payment is ready for your recipient anywhere and at any time.

Airtime Top-up

You can also arrange to top-up your receiver’s mobile airtime, which they can utilise.

How Does WorldRemit Works?

Sending money globally with WorldRemit is simple and easy. The following are the procedure on how you can start utilising WorldRemit to send money overseas.

  • Register a free account on the WorldRemit website and provide the essential requirements
  • Verify your account to activate and utilise the service offered
  • Once verified you can send money via the app or website

Sending Money

When transferring money WorldRemit Follow the below steps:

  • Enter the countries that you want to send money to and from
  • Select the amount that you want to transfer
  • Choose the pay-out method that you prefer
  • Enter recipient details as what you are required based on the payout method you chose
  • Click/tap on the “Send” button.
  • If you’re satisfied with the breakdown of the costs such as fees and exchanged rate, proceed with your transfer
  • Pay for your transfer by a credit card, debit card, or bank transfer. 
  • Once your transfer is paid for, you will get a text message and e-mail confirmation 

Feedback From WorldRemit Customers

Positive

  • Fast with transfers and quickly delivers the money
  • Good service
  • Convenient and easy to use
  • Good reach
  • The exchange rate is better than the rivals
  • Customers think WorldRemit is reliable
  • Cheap prices
  • Innovative for work emigrants

Negative

  • In some secluded situations, some clients’ orders were delayed
  • Poor employee coaching and detached management
  • Customer service is inexperience
  • Takes a long time to process a payment

Compare Money Transfer Providers

You can check more of the money transfer companies HERE.

TorFX

TorFX allows you to register as in individual or business. It offers no fees for personal transfers and can provide scheduled transfers, stop-loss orders, forward contracts and limit orders. They are great to travel money solutions offered in the UK. They do not have cash pickups and multilingual website.

TransferWise

They serve individuals, businesses and online sellers. You can take advantage of their Borderless Account to hold funds in up to 27 currencies. The cost of a transfer depends on the currencies concerned, the transfer amount, and the payment mode.

CurrencyFair

You can register as an individual or a business. They allow scheduled transfers and offers a low transfer amount of €8. The transfer fee includes €3 plus 0.35% of the transfer amount

WorldRemit

WorldRemit allows you to transfer money to the cash pickup location or bank accounts. Their website is available in several languages with a low minimum transfer amounting to £1.

Frontierpay

The company provides scheduled transfers, market orders, and forward contracts. Their personal transfers are free of charge with the minimum amount you can transfer is at £500.

XE

XE is one of the big brands in terms of money transfers. They do not impose charges on personal transfers and hedge funds using limit orders.

Frequently Asked Questions About WorldRemit 

Is WorldRemit the cheapest option to send money abroad?

Worldremit gives a straightforward quote, but it’s not always the cheapest option possible. You can check our list of companies that offer money transfers to match all services and determine the most suitable alternative for your needs.

How to cancel my WorldRemit transactions?

If you want to cancel an international money transfer made through WorldRemit, you will need to do so before the transaction has been paid out. You can cancel a transaction by contacting WorldRemit customer service, through their website or over the phone. Note that not every WorldRemit transaction can be cancelled.

Contact numbers for WorldRemit customer service include:

  • USA: +1 888 772 7771
  • Canada: +1 888 772 7771
  • United Kingdom (Individual): +44 20 7148 5800
  • France: +33 2 72 24 21 17
  • Italy: +39 06 94803110
  • Spain: +34 960 473 401
  • Australia: +61 2 6145 2161

Sourced from WorldRemit FAQs: https://www.worldremit.com/en/faq/cancellations-refunds#15801

How much can I send through WorldRemit?

The maximum amount that you can send varies depending on the country you’re sending the money to and from. It will also depend on which payment method and payout options you chose.

Where to pick up money from WorldRemit?

WorldRemit pick-up choices will depend on your recipient’s location and payout option. You can choose either to send the funds straight to the recipients bank account. mobile wallet, or among the options offered.


Company Details
  • Company Name: WORLDREMIT LTD.
  • Registration Number: 07110878
  • Incorporation Date: 2009-12-22
  • Status: Active
Loan Details
  • APR: See Website
  • Loan Amount: See Website
  • Repayment Duration: See Website
Contact WorldRemit Money Transfer Review
  • via Phone: +44 (0)20 7148 5800 +44 (0)20 3519 8580 Call
  • via Email:[email protected] Email
  • via Post: 62 Buckingham Gate, London, SW1E 6AJ