In a Nutshell
- Speedy transfers
- Multiple ways to transfer funds
- Multiple ways to receive funds
- Registration required to see rates
- Relatively low transfer limits
- Fees, conditions vary between receiving countries
What You Need to Know
WorldRemit Fees and Rates
Each time you make a transfer using WorldRemit, you pay a fixed fee and an exchange rate mark-up (or margin). The fee is determined by your recipient’s country, how you transfer the funds, and how the recipient receives the funds. The mark-up is determined by the recipient’s currency and typically ranges from 1.5%-3%. At time of writing, WorldRemit was running a new customer promotion with no fees on the first 3 transfers.
The transaction limit for bank deposits is usually $5,000. However, it is lower for certain receiving countries, such as Mexico, which has a $2,920 limit. Alternative methods, such as cash pickup, have lower transaction limits, usually ranging from around $300 to $1,000 depending on the recipient’s country.
The following table provides a few examples of margins and fees:
How Does It Work?
WorldRemit’s service is very easy to use. To begin, register for an account using your name and email address. WorldRemit may ask you for identification before allowing you to make your first transfer.
To make a transfer, just follow these simple steps:
- Select your recipient’s country from a list of 140+ countries, and click “Get Started.”
- Select the method by which you’d like to have the money delivered to your recipient, e.g. bank transfer, cash pickup, airtime top-up, or straight to their mobile.
- Add the recipient’s details or select them from your list of saved recipients. This includes their bank details or preferred pickup location if receiving by bank deposit or cash. Also includes recipient’s mobile number and email address so that WorldRemit can keep them updated on their payment.
- Nominate your preferred payment method (e.g. credit card, bank transfer, Apple Pay, Android Pay) and follow the prompts to transfer the funds to WorldRemit.
- You can follow the status of your payment through your account on the WorldRemit website or mobile app. WorldRemit keeps you updated from the moment you order the transfer to the moment it gets to your recipient.
How Long Does It Take?
One of the best things about WorldRemit is its speed. Typically, most money transfer services take around a day to confirm the transfer. With WorldRemit’s cash pickup, mobile, and airtime top-up options, you can transfer funds to a recipient abroad in an instant, or near-instant. WorldRemit even offers instant transfers if the recipient has an account with a participating foreign bank. However, transfers can take up to a couple of days when the recipient holds an account with a non-participating foreign bank.
WorldRemit Top Highlights
Here are some of the main reasons to choose WorldRemit for your next money transfer:
- Send funds from 50 countries and receive funds in more than 140 countries.
- Transfers processed within one hour.
- Multiple ways to send the funds, including bank transfer, credit card, debit card, Apple Pay, Android Pay.
- Multiple ways to receive funds, including bank deposit, mobile, airtime top-up, cash pickup, and home delivery.
- Smooth website and mobile app keep user updated on status of all payments.
- WorldRemit Wallet lets user store, send, or receive funds in multiple currencies on the WorldRemit app.
- Secure system that satisfies global currency transfer standards.
WorldRemit has its headquarters in London, UK, with regional offices in the USA, Canada, Australia, and New Zealand. It offers customer support 24 hours a day, 7 days a week, including a toll-free number for American customers and direct messaging. WorldRemit has a 9.2/10 rating from more than 25,000 Trustpilot reviews, with 95% of users rating it either “excellent” or “good.”
Message: Click “Contact Us” on website
Address: WorldRemit Corp, 600 17th Street, Suite 200S Denver, CO 80202
Privacy and Security
WorldRemit was founded in the UK and is registered and regulated by the UK’s Financial Conduct Authority (the equivalent of the SEC in the United States). It’s also worth noting that WorldRemit has received $140 million in backing from 2 highly regarded venture capital firms: Accel Partners and Technology Crossover Ventures.
According to WorldRemit, its website and apps are designed to protect its users from unauthorized login attempts. It implements strict verification procedures to identify all its customers, and has a team of dedicated staff members working round the clock to monitor unusual activity.
If you’re looking to make regular money transfers of $5,000 or less to friends or relatives outside the United States, then WorldRemit is a solid choice. This money transfer service specializes in saving users time and energy on small transfers. While there are cheaper money transfer services out there, few providers can match WorldRemit for speed and ease of use.