WorldRemit Review: Fees, Safety, and Services Compared

WorldRemit is a popular online money transfer service that allows you to send money to over 140 countries worldwide. It's known for its fast and convenient transfers, but how does it stack up in terms of fees, safety, and services?

WorldRemit's fees are competitive, with a flat fee of £0.99 for transfers up to £5,000. For larger transfers, the fee increases to £4.99. This is a significant saving compared to traditional high-street banks.

WorldRemit prioritizes safety, using a secure online platform to process transactions. It's also regulated by the Financial Conduct Authority (FCA) in the UK, giving you peace of mind when sending money abroad.

Worth a look: International Money Wire Transfer Fee

WorldRemit has its strengths and weaknesses, and it's essential to know both before making a decision.

We like that WorldRemit offers a wide range of payment methods, including bank transfers, credit/debit cards, and even mobile money options. This makes it a convenient option for many users.

One of the things we dislike is that WorldRemit has a relatively high transfer fee, especially for larger transactions. This can eat into the recipient's funds.

On the bright side, WorldRemit's transfer speed is generally fast, with many transactions processed in real-time.

On a similar theme: Worldremit Customer Service Number

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When sending money abroad, it's essential to consider the potential downsides of a service. Not always the cheapest provider, WorldRemit can sometimes leave you with a larger bill than expected.

Some fees are indeed buried in non-transparent exchange rates, making it harder to compare costs with other services.

WorldRemit's pricing can be unpredictable, which is a major drawback for those on a tight budget.

Here are some examples of countries where WorldRemit was not the cheapest option:

It's worth noting that WorldRemit's fees can add up quickly, making it a less attractive option for large or frequent transfers.

WorldRemit's transfer fees vary depending on the transfer method and destination country.

For most countries, the standard fee is $3.99, but this can drop as low as $1.99 depending on the transfer criteria. WorldRemit often has promo codes available to save money, so it's worth checking for those.

Factors that can affect your fee include your location, the amount you're sending, and the payment method.

If you're sending cash, you'll typically pay higher fees than if you're sending to a bank account.

WorldRemit's fees are not always transparent, with some 80% of the platform's fees coming from a hidden exchange rate margin.

Here's a breakdown of the fees you might expect to pay:

For example, sending $1,000 USD with a fixed fee of $2.99 would result in a total bill of $1,002.99 USD at checkout. However, the exchange rate applied on your transfer may not be as strong as the actual mid-market exchange range, affecting the amount that enters your recipient's account.

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WorldRemit offers a wide range of features and services to make sending money abroad easy and convenient. You can send money to over 150 countries, with the option to pay in cash, credit card, debit card, or bank transfer.

WorldRemit's global network supports cash pickups in many countries, and you can also receive money via bank account, mobile wallet, home delivery, or prepaid phone credit. In addition, WorldRemit offers mobile money and airtime top-ups in dozens of countries.

Here are some of the ways you can send and receive money using WorldRemit: MethodDescriptionCash pickupPick up a cash transfer at one of WorldRemit’s partner network locations – these are typically banks.Bank transferHave the money delivered straight to your bank account.Mobile moneyReceive money into your existing mobile wallet service, which you can then use to pay bills or withdraw at authorized agents.Airtime top-upHave money sent directly to your telecom network to cover your phone bill.Door-to-door deliveryPhysical cash is delivered straight to your door, but you must present a valid ID that matches the details entered by the sender.

WorldRemit also offers a variety of pay-in and pay-out options, making it a convenient and popular option for sending money abroad.

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WorldRemit's available currencies are quite impressive, with over 150 currencies supported, including AED, ALL, ARS, and many others.

You can send money to more than 150 countries, which is a huge advantage for those who need to transfer funds internationally.

WorldRemit has partnered with various companies like M-Pesa, EcoCash, MTN, and Metrobank to make sending money easier and more convenient.

To send money with WorldRemit, you'll need to set up an account, which can be done in just a few minutes.

You can choose from various transfer methods, including cash pickup, bank transfer, mobile money, airtime top-up, and door-to-door delivery.

Here are some of the transfer methods you can choose from:

WorldRemit's global network supports cash pickups in many countries worldwide, making it a convenient option for those who need to receive cash.

For more insights, see: Can Walmart Cash Western Union Money Orders

WorldRemit offers a variety of payment options to make sending money abroad as convenient as possible. You can pay using a credit card, debit card, or bank transfer from most countries.

WorldRemit accepts different payment methods depending on where you are sending your transfer from. For example, in the US, you can use wire transfer from a bank account, debit, credit, and prepaid cards, Apple Pay, or ACH transfer from a bank account.

You can also use Apple Pay to send money with WorldRemit, making it easy to transfer funds on the go. This payment option is available in addition to wire transfer, debit, credit, and prepaid cards.

If you're sending money from the US, you can also use ACH transfer from a bank account as a payment option. This is a convenient way to send money without having to use a credit or debit card.

WorldRemit's payment options are designed to be flexible and accommodate different needs. Whether you're sending money for a special occasion or just need to transfer funds to a family member, WorldRemit has a payment option that suits your needs.

Here are some of the payment options available with WorldRemit:

These payment options are available in addition to bank transfer, making it easy to send money abroad with WorldRemit.

WorldRemit is a secure service that provides segregated user accounts and runs securely through HTTPS. This ensures that your personal and financial information is protected from unauthorized access.

WorldRemit uses many methods to protect your transactions, including secure payment channels. Depending on where you're sending money from and to, your payments may be secured by Apple Pay, Verified by Visa, Mastercard, or Maestro SecureCode.

WorldRemit has a dedicated security team that uses machine learning to monitor all transactions. If anything suspicious is detected, it's forwarded for human attention.

Here are some key security features you can expect from WorldRemit:

WorldRemit is headquartered in London, United Kingdom, and is authorized and regulated by the Financial Conduct Authority (FCA) for the provision of payment services. This provides an additional layer of protection and accountability for the company.

To get started with WorldRemit, you'll need to set up an account, which can be done in just a few minutes. This is the first step in sending money online with WorldRemit.

You'll need to verify your identity before making a money transfer, which involves submitting a form of ID that includes your photograph, full name, date of birth, and more. If you're using a state ID, it must be issued by the same state you're registering to send money from.

Once your identity has been verified, you can head online or use the WorldRemit app to choose the country you want to send funds to. You can also select the method of transfer, which will depend on your destination.

You can choose from cash pickup, bank transfer, mobile money, airtime top-up, or door-to-door delivery. Be sure to double-check the fees and exchange rates before making your transfer.

To initiate a transfer, you'll need to enter the amount you want to send, the destination country and currency, and your delivery method of choice. You'll also need to add your recipient's details, including their name, address, and contact information.

Here are the steps to make a transfer with WorldRemit:

Transfers with WorldRemit typically take anywhere from a few minutes to seven days, depending on the delivery method you choose. If you opt for cash pickup, mobile money, or airtime top-up, your funds will arrive within minutes.

WorldRemit has received significant funding from reputable venture capital companies. Accel Partners and Technology Crossover Ventures (TCV) have backed the firm.

In February 2015, WorldRemit announced a $100m Series B funding round led by TCV. This investment brought in significant capital to support the company's growth.

TCV General Partner John Rosenberg joined WorldRemit's board as a result of this funding round.

For more insights, see: Technology Startup Funding

WorldRemit is a large and well-established company in the international money transfer world, having served over 4 million customers over its 10 years. It has transferred a significant amount of money, with $10 billion transferred in the past year alone. The company now employs more than a thousand people. This scale of operations suggests a robust and reliable service.

WorldRemit has secured a significant funding boost, raising $175 million in a Series D funding round to fuel its global growth and expansion.

The funding round was led by Accel, LeapFrog Investments, and TCV, with Accel having previously led the Series A and B funding rounds for WorldRemit.

WorldRemit plans to use the new investment to diversify its product offering and launch a new money transfer solution for small and medium-sized business owners who trade internationally.

The company has already made significant strides in the cross-border remittance market, serving almost 4 million customers and transferring $10 billion in the past year alone.

Founded in 2010 and based in London, WorldRemit has been challenging traditional cross-border remittance companies like Western Union and MoneyGram.

According to Crunchbase, WorldRemit has raised over $400 million in debt and equity funding over 11 rounds since 2011.

WorldRemit's growth is expected to continue, with the cross-border remittance market projected to grow by an additional $26 billion in 2019.

WorldRemit is a great option for people who need a variety of pay-in and pay-out options, including cash pick-up, bill payments, or even airtime top-up.

Its large number of corridors makes it a good choice for people wanting to send money to several countries.

WorldRemit is available in many more countries than a lot of its competitors, especially in Africa, the Gulf states, and Latin America.

This makes it a good choice for people who are less familiar with the remittance process, as it's easy to use and helpful during the transfer process.

WorldRemit is available in many countries, but not all. For example, you can use WorldRemit to send money to Nigeria, Mexico, Brazil, the UK, Canada, and Belgium from the US or Canada.

In some countries, the transfer time is almost instantaneous, like in the Philippines where it takes only minutes. In others, it takes a day or two, such as in Nigeria, Mexico, the UK, and Canada.

Here are some countries where you can send money with WorldRemit:

If you're looking for an alternative to WorldRemit, you can consider Wise in some countries, like South Korea, Mexico, Brazil, and Russia.

WorldRemit offers a range of payment options, making it easy to send money abroad.

You can pay for a transfer from the US using a wire transfer from a bank account, debit, credit, or prepaid card, Apple Pay, or an ACH transfer from a bank account.

WorldRemit's flexibility with payment methods is a major advantage over other international money transfer services.

Their pay-in and pay-out methods are highly rated by customers, with a 4.8/5 rating from over 275,000 reviews.

Here are some of the payment options available from the US:

WorldRemit's mobile app is a game-changer for sending and receiving money. It's a mobile-first company, and over a third of its global transfers and half of its transfers to Africa go to mobile money services, making it a convenient option for those who need to send money on the go.

The app is available for both iOS and Android, and it's rated well in both stores, with 4.2/5 in the Google Play Store and an impressive 4.8/5 in the Apple App Store, based on over 90k and 99k reviews respectively.

Using WorldRemit is easy and straightforward, with core actions involving selecting a destination, confirming the service, choosing the amount, and adding a recipient. Once you've done that, you can specify a payment method and you're good to go.

Here are some benefits of using WorldRemit's mobile app:

Mobile money and airtime top-ups are convenient services that can be used in many countries around the world. WorldRemit's mobile money service is available in dozens of countries and can be particularly useful for people who don't have access to traditional banking services.

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Mobile money uses smartphones and basic phones to store and manage money, allowing users to save, withdraw, and send money through their phone. Users can also use their mobile phone to purchase items at participating stores or online, as well as pay bills.

WorldRemit's airtime top-ups allow users to pay for mobile service in other countries, so friends and family can stay in touch. This is a useful service for people who need to stay in touch with loved ones abroad.

Here are some examples of services that WorldRemit offers:

WorldRemit's mobile app is a game-changer for sending and receiving money. The app is available for both iOS and Android, and it's been rated well in the Google Play Store with 4.2/5 stars and over 90k reviews, and an impressive 4.8/5 in the Apple App Store with over 99k reviews.

You can use the app to check out WorldRemit's exchange rate and fees, set up and track your money transfers, and manage your recipients. This makes it easy to send money with WorldRemit from anywhere and at any time.

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The app's ease of use is one of its standout features. Core actions for getting the job done involve selecting a destination for the money transfer, confirming the service, choosing the amount of money that you want to move and adding a recipient for the funds.

Here are some key benefits of using WorldRemit's mobile app:

Overall, WorldRemit's mobile app is a reliable and user-friendly option for sending and receiving money.

WorldRemit made a good impression on us, especially once its rather long registration process was behind us. The money transfer process itself is smooth, and displays the relevant sums front and center throughout, while providing helpful tips at every step.

We found WorldRemit's service to be slick and easy to use. The company is also pretty on top of things when it comes to making sure you get the information you need, from email updates on your chosen rates to very granular live updates about its services around the world.

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WorldRemit displays the thresholds of its preferential rates clearly, which is a plus. However, it's not always transparent when it comes to the amount of fees it bakes into its transfer rates.

Here's a comparison of WorldRemit's review score with its competitors: