How does the WorldRemit transfer work
What are WordRemit exchange rates, fees, and costs
Sending money through WorldRemit, like other transfer services, comes with fees, exchange rates, and other ancillary costs. Before making a transfer, it is crucial that you are clear about what fees you will pay, how you will pay, and the exchange rate at which your source currency will be converted to the target currency.
WorldRemit transfer fees
WorldRemit offers affordable transfers with below average fees to many destinations around the world. How much you pay, however, depends on the amount you are sending, the destination, and how you are transferring the money. Apart from that, the fees for most amounts are usually flat-rate.
For example, if you send $ 100 to Nigeria by cash pickup from the United States, there will be a fee of $ 3.99. If you deposit directly into a bank in Nigeria, you will pay $ 4.99. If you send the same amount from the United States to the United Kingdom via bank transfer, it will cost you $ 2.99.
The transfer fees are usually shown on the transfer interface so you know in advance how much you will be paying.
WorldRemit's exchange rates have two components: the mid-rate and a margin. The margin charged varies between different currencies, but some currencies may have the same margin.
Exchange rates also vary depending on the withdrawal method. Cash pickups have a lower exchange rate compared to bank transfers. The rate that WorldRemit gives you at the time of the transfer is guaranteed and locked without fluctuations en route.
WorldRemit Other Fees
WorldRemit does not charge any payment method fees. However, the card issuers may charge you separate fees. For example, if you pay for your transfer with a credit card, you may be charged about 3 percent fees.
Using a credit or debit card from a country other than the country you are sending from may incur an international transfer fee. Your bank may also charge you a SWIFT transfer fee for international money transfers.
It is important that you confirm all fees and tariffs before shipping to avoid surprises. As the sender, you pay all fees at the time of the transfer. The recipient receives the amount sent minus the fees charged.
Top destinations for sending money with WorldRemit
According to WorldRemit's June 2018 financial figures, the company serves a total of 150 destinations from 50 sending countries. The number of unique users on his platform totaled 4 million in December 2017.
For example, if you want to send to China you can only use the “Pay to Card” option, but when sending to Pakistan you have the “Cash Pickup”, “Bank Transfer” and “Mobile Money” options.
WorldRemit continues to increase market penetration with its services by having a website that supports a total of 6 languages. You can interact with the website in English, Spanish, Dutch, French, German and Danish.
Advantages and disadvantages of using WorldRemit
WorldRemit has 29,700 reviews of Trust Pilot, 95 percent of which are rated “great” and “excellent”. Looking more closely at and rating customer reviews and other well-placed source information reveals the following advantages and disadvantages.
Easy to Use - It takes about 5 minutes to sign up for an account with WorldRemit and make a transfer.
Extensive Global Reach - The WorldRemit platform allows you to send money to 150 countries. Regardless of where your loved ones are, you can count on WorldRemit to send money to them at over 30,000 agent locations around the world.
Reasonable Fees - Compared to other money transfer services, WorldRemit charges fair transfer fees. This allows you to independently handle third party fees and control your transfer.
Flexible Payment Options - You can choose to pay for your transfer with a credit card, debit card, or bank transfer.
Multiple delivery channels - the recipient can receive money through bank deposits, cash pick-up or mobile money. This flexibility means a lot, especially to the underpaid and remote communities.
Government-issued ID is required - the fact that you need to upload a passport or driver's license can prevent people who may not have such documents from sending money to their families.
Large Transfer Limits - When shipping to some destinations, WorldRemit places limits on your transfer. For example, if you're sending to a cash pickup location in Colombia, you can transfer a maximum of $ 1,206, while sending to Nigeria has a limit of up to $ 5,000. Large amounts also result in higher fees.
No live chat option - transferring funds can be a challenge at times, which is why reliable 24/7 support is required. WorldRemit only allows online form submission, email and phone support. These channels may not be as convenient as live chat.
What kind of transfers can you make with WorldRemit?
WorldRemit has several options that you can use to send money to different destinations. Options vary depending on the transfer corridor, so be sure to read up on the options available before sending.
You can transfer money to the recipient's bank via cash pickup, mobile transfer, WorldRemit Wallet, and door-to-door delivery.
Bank Transfer - The money is transferred directly from your bank to the recipient's bank. Depending on the destination, the transfer can be immediate or take 2 to 3 days.
Cash Pickup - This method of transferring funds allows the recipient to collect physical cash from an agent within the local payout network. The transfer is instant and the recipient can collect the cash in minutes.
Mobile Money- Through this electronic wallet service, the money is deposited directly on the recipient's mobile phone. It works on both smartphones and devices with basic functions. The recipient can choose to withdraw the money or spend it immediately.
Door-to-door delivery - This method is convenient because cash is delivered to the recipient's doorstep. Delivery times vary depending on the recipient's country and address. The recipient must provide an ID and the reference number of the transfer.
Top up mobile talk time - You can top up the recipient's prepaid cell phone so they can send text messages and make calls.
How long will it be before you start getting money with WorldRemit?
Sending money via WorldRemit is relatively faster regardless of the transfer corridor. However, there are time differences depending on the transfer method you use, the destination, the currencies involved, the amount to be transferred and the security controls. The way you pay for your transfer also affects the transfer speed.
Cash pick-up, mobile money and airtime loading are instant, while bank transfers can take an average of 2 to 3 days. Door-to-door deliveries take anywhere from 24 hours to 7 days, depending on the recipient's address.
WorldRemit cannot begin the transfer process until the money has been received by WorldRemit. If you are paying with a credit or debit card, the transfer takes about an hour. If paying by bank transfer, it can take up to 3 days for the recipient to receive the money. According to WorldRemit, 50 percent of bank transfers are completed within 10 minutes.
WorldRemit is a faster money transfer provider compared to MoneyGram, Western Union, Pangea, TransferWise, and Transfast. Even the slowest shipping method WorldRemit uses is faster compared to interbank transfers.
What payment methods can I use when sending money with WorldRemit?
How you pay for your transfer depends on the country you are sending from. Below are the payment methods accepted on WorldRemit.
- Debit, Credit, and Prepaid Cards - WorldRemit accepts most cards issued by Visa, Mastercard, or Maestro. If you pay with a credit card, there is a fee for the transfer, which is collected by the issuer.
- Bank transfer - you can send from your account to the recipient's account via WorldRemit. This payment option is available in Hong Kong, Japan, Singapore, Somaliland, United Kingdom and South Africa.
- Poli - This payment method is available if you are sending from New Zealand or Australia. It connects to your bank and transfers money to the recipient online.
- Interac- This method is available to people submitting from Canada. The maximum amount you can send per transaction is $ 40,000.
- iDEAL- This option is available for people posting from the Netherlands. The maximum amount per transaction is EUR 40,000.
- Sofort - This payment method is available if you are sending from Germany, Austria, Belgium or the UK. The maximum amount per transaction is EUR 40,000, except in the UK where the limit is £ 50,000.
- Google Pay - This option is a replacement for Android Pay. In order to use Google Pay on WorldRemit, the Google Pay account must be linked to a card.
- Apple Pay-This is a digital wallet and mobile payment service that allows you to pay for your transfer using your iPhone, Apple Watch, iPad or Mac. It is available in 16 countries including the US, Canada, and the UK.
- Trustly- If you are sending from Denmark, Finland, Italy, Norway, Poland, Spain or Sweden, you can use Trustly to pay for your transfer. It connects to your bank account and transfers money to the recipient online.
What are the best reasons to use WorldRemit?
While it's fast and affordable, WorldRemit is also great for sending smaller amounts to family and friends. Below are the typical circumstances under which WorldRemit may be considered as a transfer option.
- Paying the cost of living for the household
- Posting for medical care and treatment
- Payment of school fees and related costs
Can i trust WorldRemit?
WorldRemit is a legitimate money transfer service with a number of proprietary security measures to ensure that your money gets to the recipient on time and safely. If you look at its history, what customers say, the investors who invested their money in WorldRemit, and the level of regulatory compliance, the company has a high confidence index.
WorldRemit started in London in 2010 and served a total of 150 destinations by 2018. The number of unique users on the WorldRemit platform is well over 4 million. Many Trust Pilot customers (95 percent) rated the company as “great” and “excellent”. In total, the company has received over 29,700 reviews.
Investors and Financing
The provider has also received several series of financing including Series A, Series B. Series C, Series C2, Series D, mezzanine and debt financing. The main investors who have backed the company are venture capitalists such as Leapfrog Investments, TCV, TriplePoint Venture Growth, Accel, Project A, Silicon Valley Bank and Future Fifty.
Regulation and authorization
WorldRemit is authorized and regulated in the UK by the Financial Conduct Authority (FCA). This regulatory oversight means that the company always acts in the best interests of its customers.
The service uses Norton certified technology that authenticates connections from customers' smartphones and computers before communicating with the WorldRemit apps and website. This ensures data protection and privacy. To improve the protection of its users, WorldRemit carries out identity and address verification and also enables its customers to switch on two-factor authentication (2FA).
WorldRemit is pretty transparent. The fees are shown in advance when you enter the amount to be sent, regardless of whether you are registered on the platform or not. The same exchange rates and fees apply to all customers, there is no preferential treatment.
If you look at the price structure, the largest share of the shipping costs is the exchange rate range. It is between 2 and 5.5 percent.
The company has a good customer support system with an extensive FAQ and help section. The email and phone support systems are alive. Contacting customer support is also very easy. The only drawbacks are the lack of live chat support and the lack of multilingual translation of the FAQs.
What users have to say about WorldRemit
Overall, WorldRemit can boast a high number of excellent and positive reviews on all platforms. At Trust Pilot, the company received 84 percent "Excellent" ratings and 11 percent "Great" ratings. These ratings indicate a high level of customer satisfaction and below is a summary of their experience.
- Faster transfers - Customers who meet all requirements praise the service for the speed with which money is delivered to their recipients.
- Convenience and Simplicity - The ease of setup and use of WordRemit's web and application services attracts many positive comments from customers
- Relatively fair pricing - customers compare WorldRemit to its competitors and find WorldRemit's services more affordable with attractive exchange rates.
Deactivation of Accounts - Customers whose identity cannot be verified will have their accounts deactivated. Many of those affected reject this measure. However, as part of the FCA's rules, WorldRemit is required to verify the addresses and origin of funds.
How do you start using WorldRemit to send and receive money?
Sending money through WorldRemit is easy and quick. However, before you start sending and receiving money, make sure you have a valid payment method (credit / debit card or bank) and the recipient details (name, contact information and bank details for bank transfers).
How do you send money with WorldRemit?
WorldRemit allows you to send money via bank transfers, cash pickups, mobile transfers, door-to-door deliveries, and airtime recharge. On average, it takes about 5 minutes to set up and send money to family and friends. The following steps must be followed.
Step 1-Click or tap the Go to Website button.
This will take you to the login page where you will fill in and submit the personal information required to create your WorldRemit account.
Step 2 - Enter details of the sender and destination
On the WorldRemit homepage, select the country you are sending from, the language you prefer, and the destination, then click Get Started
Step 3 - Check Sending To Country and choose the sending method
Confirm on "Send To" that the system has selected the correct destination and proceed with the selection of the transfer method (cash pickup, mobile money, bank transfer, door-to-door delivery or top-up of the sending time) to the recipient and click You click next.
Step 4 - Enter the amount and currency and confirm the details
Enter the amount you want to send or what you want the recipient to receive. The sending and receiving currencies are usually preselected based on the sending and sending countries selected at the beginning.
Confirm the average transfer time, exchange rate, applicable fees and the total amount you will pay. Click Submit
Step 5 - Enter the recipient's details
Enter the recipient's details including their name, address, phone number, bank details for bank transfers, and any other information you may be asked for. Make sure everything is correct.
Step 6 - Pay for your transfer
There are several ways that you can pay for your transfer. You can use a credit card, debit card, bank transfer, or other country-specific payment method. As soon as the payment is completed, both the sender and the recipient will receive an SMS confirmation.
How can you get money with WorldRemit?
Depending on your preferences and the country you live in, you can get money through cash pick-ups, bank deposits, mobile money, door-to-door deliveries, or as a talk-time top-up. You don't have to do anything for bank deposits or mobile wallet transfers.
The following describes the process of receiving money at WorldRemit through cash pick-up or door-to-door delivery.
Step 1- notification for collection
When the money arrives at the destination, the recipient will receive an SMS notification based on the phone number provided by the sender. The notification also includes the transaction reference number.
Step 2- Prepare the documents
Depending on your receiving method, you need to have the following information ready.
- Your Government-issued ID - You could use a driver's license, passport, ID card, or refugee ID card.
- The transaction reference number - this is an 8-digit code that uniquely identifies your transaction. Here is an example of an SMS notification.
Hello! Alex sent you KES 25000.13 through WorldRemit (Ref: 12345678). Please collect it from the JAMIA TMT, Money Fast exchange, NBK or KCB branches listed here. https://wrem.it/2EVf1Qb
Step 3 - Find a location
The SMS notification pictured above has a link to various locations where you can collect your cash in your country. WorldRemit has more than 30,000 cash collection points worldwide.
Step 4- get your money
Give the agent your identification document and the transaction reference number to verify their identity and complete the transaction.
That's it! You now have the money and can attend to any obligations you may have.
Does WorldRemit have a mobile app?
Yes, WorldRemit has a mobile application that can be downloaded for free for both Android and iOS operating systems. Below are some of the app's great features.
- Track transfers - this feature helps you know where your money is at a given point in time
- Exchange rate notifications - Receive daily exchange rate information to help you plan your transfers
- Customer service The app gives you 24/7 access to customer service
- Contact management - You can add and / or remove people from your contact list as you wish
- Pick-up locations - You can quickly check the pick-up locations in your area via the app
The app has an account called the WorldRemit Wallet that allows you to send and receive money, including top-ups at airtime. The app scores with good ratings both on Google Play, 4.4 / 5 (47,000+ ratings) and in the App Store, 4.8 / 5 (31,000+ ratings).
Background from WorldRemit
WorldRemit was launched in the UK in 2010 by Ismail Ahmed, a business student at the University of London. The inspiration came from the difficulty in terms of cost and distance that it cost him to send money to Somaliland.
Later, while working for the UN in the Compliance department, Ismail realized the challenges money transfer companies were facing under the Anti-Money Laundering / Combating the Financing of Terrorism Regulations (AML / CFT).
Believing the technology would help reduce transaction costs, send money faster and comply with government regulations, Ismail founded WorldRemit, based at 62 Buckingham Gate London, SW1E 6AJ UK.
In 2016, Ismail won the EY Entrepreneur of the Year award for his efforts to improve financial inclusion, bridge diversity and success on a global scale.
frequently asked Questions
Do you have a question about WorldRemit? Check out our knowledge base below before contacting our support team.
How can a WorldRemit transaction be canceled?
You can only cancel a transfer on WorldRemit if it has not yet been paid out. If you want to cancel a transaction, please call Customer Service at the numbers below or contact them through the website. Depending on the reason given, the cancellation request can be approved or denied. Here are the numbers you can call.
- United Kingdom: +44 20 7148 5800
- USA: +1 888 772 7771
- Canada: +1 888 772 7771
- France: +33 2 72 24 21 17
- Italy: +39 06 94803110
- Spain: +34 960 473 401
- Australia: +61 2 6145 2161
Does WorldRemit accept cash or check payments?
Unlike Western Union and MoneyGram, WorldRemit does not accept cash or check payments. It is a purely online money transfer provider that accepts debit cards, credit cards, and wire transfers.
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