WorldRemit Review 98

Company Information

WorldRemit is a respected international money transfer company, focused on global remittances. Headquartered in London, this online money transfer company offers services to senders across 50 countries, with 140+ receiving destinations in the Americas, Australia, Asia, Africa, and continental Europe. The ‘raison d’être’ of this company is to facilitate international money transfers between friends, family, online sellers, and business partners. All of this can be accomplished by phone, web platform, iOS or Android mobile App.

The company’s founder, Ismail Ahmed came up with this concept while studying in a UK University. He wanted to transfer funds back to his native country in Africa but faced lots of problems with bank transfers. Besides the poor customer service, lengthy waiting times and mounds of paperwork, the costs of bank transfers were simply untenable. Ahmed envisioned a low-cost, convenient money transfer service that acts in direct competition to High Street Banks. Fast-forward to 2010 – the year that WorldRemit was born.

By 2014, the company was backed by Accel Partners with a $40 million investment and next year secured another $100 million investment through Technology Crossover Ventures (TCV).
Despite this massive growth, no expense has been spared in delivering top-tier customer service and low-cost money transfers. Senders and receivers can easily transfer/receive funds across international borders through bank deposits, cash pickups, mobile airtime top-ups, and mobile money transfers. Due to the latest technological solutions, the entire process at WorldRemit is conducted online, usually with mobile devices, with no need for registration appointments and document turnover.

Established2010
Transfer speed1-3 days
Transfer Charges
Low transparent upfront fees. Close to the mid-market exchange rate.
Currencies100+
RegulationFCA
Onboarding simplicity
Moderate
Required documentsID, Proof of address (eKYC)
Key featuresCash pickup
Mobile Money
Airtime top-up
Door to door
Transfer methodsBank deposit, cash pickup, mobile money or airtime top-up, mobile app
TrustPilot rating
Customer service
Outstanding

How WorldRemit Works

The process of sending money through WorldRemit is pretty straightforward. For starters, customers must select their country/region, and then proceed to the next section which focuses on where the money is being sent. You can send to dozens of countries around the world, and you can also choose the type of service you are seeking. These include options like cash pickup, airtime, or bank transfers. If you choose the airtime option, you will be required to send the recharge to the mobile telephone number, and then confirm that number to submit the transaction for processing.

Each country that you are sending money to has a listing of payment processing options. These will be displayed once you have made your selections online. Fortunately, you will always be aware of the Forex exchange rates, and the fees associated with these international money transfers. SMS notification and an email confirmation will be provided to the sender and receiver once the money is sent/received accordingly.

Ways of Receiving Money 

There are multiple ways of receiving funds through WorldRemit, notably cash pickup, bank transfers, mobile money, airtime top-up, door to door payments, and prepaid card options. Since this international company offers money transfers to 140 countries, the receiving options will vary based on the country you’re sending to. These include bank deposits and cash pickups. It also depends on where you are sending money from. Money receipts are available instantly for bank transfers, cash pickups, mobile money, airtime top up, but home delivery can take anywhere from 24 hours through 7 days based on the location of the receiver. With all international money transfers and receipts, it is imperative that identification is provided to validate the transaction. This is part of the KYC (Know Your Customer) process.

Why Use WorldRemit

WorldRemit is preferred by customers for 4 major reasons: it provides a simple and effective way to process remittances internationally. Since it’s available 24/7, it is easy to make international payments at the click of a button. The low-cost nature of the services provided by WorldRemit is another feather in its cap. The fees and exchange rates are all provided up front, so there are no nasty surprises for customers. Once the transfer has been processed, money is receivable within minutes. Transactions processing takes place rapidly, sans the lengthy delays that are typically associated with bank transfers. Perhaps the biggest selling point is the customer satisfaction evident on objective review sites. To date, WorldRemit has a 5-star rating on TrustPilot with 85% of the 18,894 reviewers giving it an excellent rating.

How Much Does it Cost to Use WorldRemit

The transfer fees depend on the method you’re using to send money abroad. When you use a debit card, there are no additional fees other than those that are made available to you at the time you’re processing the transaction. Foreign-exchange fees may be levied if you’re using an out of country card for the money transfer. Most types of prepaid cards, credit cards, and debit cards are accepted, including all Visa and MasterCard, UnionPay, American Express, and Diners Club Credit Cards. WorldRemit clearly states that you can enjoy fee-free money transfers to 125 countries. The first transfer has zero fees, as indicated by the company.

Transfer Speed

The delivery times for WorldRemit depend on the transfer type. The following availability has been noted:

  • Home Delivery – 24 hours up to 7 days depending on the receiver’s location
  • Mobile Money Transfers – these funds are available instantly, or near instantly
  • Airtime Top Ups – instantly or near instantly
  • Cash Pickups – these funds are available instantly
  • Bank Transfers – certain banks allow for instant transfers and availability, others will depend on when the transaction was generated, what day of the week, and the specific bank in question.

Is WorldRemit Safe and Reliable

Security and privacy information are provided on-site. This remittance company is fully licensed and regulated in the United Kingdom, under the FCA (Financial Conduct Authority). This payment processing company works with many other regulatory bodies to ensure the seamless flow of funds abroad. The website is SSL secure (secure socket layer), and all transactions are verified by way of ID documentation. Firewall protection ensures that no third parties can access your information online. The privacy policy provides details of how client information is used and shared (if applicable).

WorldRemit Apps 

Fortunately, you can easily download the mobile apps for Android or iOS devices and enjoy on the go international money transfers. TheWorldRemit app at the App Store has a rating of 4.8/5 from 13,800 ratings and is ranked at #52 in finance. The App at the Google Play Store has a rating of 4.5/5 from 26,213 reviewers. These apps offer powerful money transfer services to 140+ countries around the world. Many of the reviews are overwhelmingly positive, and clients attest to the low-cost, and instant delivery of their funds abroad.

Registration and onboarding

As a financially regulated company, WorldRemit is required by law to verify its customers. This is part of the KYC (Know Your Customer) process. Part of this process is identity verification. Typically this involves collecting a copy of government-issued ID from the sender. Most of the time the customers’ verification is done automatically and fully online in the “eKYC” manner so you won’t need to send any paperwork. You can upload your ID securely at any time into your account or alternatively email the WorldRemit Customer Service team.

The type of verification they will need can be different depending on the amount that you are sending, and which country you are sending from. This is because each country you can send from will have different laws that WorldRemit need to abide by.
Usually, users are only required to provide the name, address, and date of birth. However, in some circumstances, WorldRemit may also require further information in order to comply with regulatory obligations. This can include the transfer purpose or source of funds for example.

WorldRemit Customer Support

Customer support is available by clicking on the help & support option. Customers can access support via multiple channels including the FAQ, contact us, and social media channels on Facebook, Twitter, G +, and LinkedIn. The contact us button directs you to an email address – customerservice@worldremit.com. The FAQ section is equally useful since it provides stock answers to a wide range of questions that customers have about sending and receiving money.

Bottom Line

WorldRemit offers a cost-effective, reliable and rapid money transfer service for the folks. This company specializes in remittances for clients around the world. The services provided by this company are available in 140+ countries, and multiple send/receive options are available, included phone top-ups, cash pickups, and bank transfers.

Pros

  • Low costs incurred in transferring funds
  • Friend referral bonuses available to clients
  • Fully licensed and regulated by the FCA of the UK
  • Multiple options are available to pay for transfers including credit cards, debit cards, prepaid cards, e-wallets and others

Cons

  • Transfer amounts are limited
  • Not all countries are covered by WorldRemit services
  • Customer service options are limited