WorldRemit money transfer review

By   |   Verified by David Boyd   |   Updated 22nd November 2021

Finty Review WorldRemit
  • Discover the country and currency range of WorldRemit's online transfer service.
  • Find out how much you will pay in fees and foreign exchange rates.
  • Check out the payment and delivery methods available, and more.

Are you someone who has family living overseas? Sometimes getting money to them can be hard, with money transfer services taking days to get funds to your loved ones. WorldRemit is an international money transfer platform that lets you get your cash quickly to those who need it the most.

So it's worth considering the features of WorldRemit: who it is for, the cost, the pros and cons, and everything else before deciding if it is a good option for you.

WorldRemit services

WorldRemit is an online international money transfer platform that is changing the way people send money internationally, by offering transfer fees much lower than those of traditional banks. Your usual bank account may charge you high fees with poor exchange rates and long waiting times.

The aim of WorldRemit is to provide a quick and convenient way of sending money, accessible both to individuals and small businesses. The service's website claims that it is simple, safe, fast and low-cost.

How WorldRemit began

In 1980s London, a student named Ismail Ahmed needed to send money home to his family in East Africa. Every transaction required a long journey to an agent who charged high fees.

Fast-forward to 2010, and Ismail decided to try and make a difference to the millions of people facing the same situation as him.

WorldRemit was founded, with the help of co-founders Catherine Wines and Richard Igoe. Its aim was to make money transfers much quicker and easier.

WorldRemit is now led by CEO Breon Corcoran, taking the money transfer revolution Ismail and his London-based team started to a worldwide audience.

Currencies and countries currently supported

With over 150 available countries, you can transfer funds using WorldRemit in more than 70 different currencies. Covering Africa, Asia, Australia and Oceania, America, Europe, and the Middle East, WorldRemit is a global service.

Fees charged

Transfer fees are much lower than traditional bank transfer fees. Fees vary according to the amount sent, the destination country and the delivery method. Here are some examples of the fees currently being charged:

  • $2.99 for sending $1,000 to a bank account in the UK or India
  • $3.99 for sending $1,000 for cash pick-up in Philippines
  • $0.99 for sending AUD 1,000 for USD cash pick-up in Nigeria

Foreign exchange rates used

The foreign exchange rate used by WorldRemit depends on the amount you are sending, and the delivery method you choose (e.g. bank account or cash pick-up). In each case, lower amounts (e.g. amounts up to $300 or $500, depending on destination and delivery method) receive a less favourable exchange rate than higher amounts (over $300, $500 or $1,000).

The exchange rate used also includes a profit margin for WorldRemit, a small percentage (typically between 1.5% and 4.5%, depending on the receiving currency and delivery method) added to the mid-market exchange rate. This is standard practice for most money transfer services, although the profit margins vary between providers.

Delivery methods available for transfer recipients

You can transfer funds to a bank account, to an agency in the destination country for cash pick-up, cash delivery to the recipient's door, to a mobile wallet or as an Airtime mobile phone top-up (so that your friends and family can stay in touch with you).

Payment methods available to the sender

The sender can pay by bank account transfer using Australia Post's POLi, or by debit or credit card, or prepaid card, as well as by Apple Pay and Google Pay.

How to sign up and make a transfer

Signing up and transferring money is quick and easy. Just follow these steps:

  1. Register for a WorldRemit account online or via the mobile app.
  2. Select the destination country, amount, and delivery method.
  3. Check the fees and exchange rate, the amount the recipient will get in the destination currency, and the total cost to you.
  4. Provide the recipient's information (e.g. legal name, bank account details, agency selected for cash pick-up).
  5. Pay the total cost using your bank account or a card.

Who WorldRemit is designed for (based on features and costs)

WorldRemit is used by a range of people worldwide, which is indicative of the ease of use and speed of this service. The user-friendly app is convenient, and if you're not so savvy on your mobile phone, there is a dedicated website with all the rates and fees readily available. There are no branches or agencies for sending money via an over-the-counter transaction or in cash, so it's designed for internet use only as far as the sender is concerned.

Pros and cons

Pros

  • Low transfer fees, mostly in the range $1 to $4 per transaction.
  • Transparent pricing, meaning that before you commit to the transfer you can check costs and the amount the recipient will get.
  • Plenty of payment options, including POLi bank transfer, debit card, credit card, prepaid card, Apple Pay, Google Pay.
  • Lots of delivery options, including the usual bank account and cash pick-up, but also cash delivery and Airtime mobile phone top-up.

Cons

  • Foreign exchange rates are less favourable than mid-market rates, because they include a profit margin for WorldRemit.
  • Transaction limit of $5,000 for some payment methods.
  • No over-the-counter or phone transfer option for the sender.

FAQs

Are money transfers through WorldRemit safe and secure?

WorldRemit is regulated in the UK by the FCA (Financial Conduct Authority) and in Australia by ASIC and AUSTRAC.

The website and apps are designed to prevent unauthorised account login. Strict customer ID verification is used, and there is a dedicated team monitoring transactions and accounts for suspicious activity.

Does WorldRemit have an app?

WorldRemit has both a website and an app, which you can download from any mobile application store including Google Play and the Apple App Store. The app is great for easily accessing your account and sending cash to your loved ones.

Why would you choose WorldRemit over other money transfer competitors in Australia?

World Remit offers a wide range of destination countries and currencies, as well as a good choice of payment and delivery methods, so it is competitive in these features. On top of this, WorldRemit has lower fees and better exchange rates than many of its competitors.

Is the platform more suited to individuals or businesses?

This platform is better suited for individuals who want to send cash to families and friends. Rates and fees are competitive compared to other companies and banks, and accounts can be set up in a matter of minutes.

How much are the fees to send money on WorldRemit?

Transfer fees are always low, but vary according to the amount sent, the destination country and the delivery method. Typical transfer fees range between $1 and $4.

What are the exchange rates? Are they better than what banks offer?

Exchange rates include a profit margin and may not be much better than what the banks can offer you, but with a low service fee and quick transfers, you will save time and cash in other areas.

How quick and easy is it to send funds?

In nearly all cases, your WorldRemit transfer will arrive within minutes. You will see an expected delivery time before you make a payment, and WorldRemit aims to complete all transfers within the suggested time. However, some transfers may take longer, depending on how your funds are being received.

The typical transfers and times are as follows:

  • Bank transfer: From minutes, to several business days, depending on the bank and banking hours at destination.
  • Cash pick-up: Instant collection.
  • Mobile money: Within minutes.
  • Airtime top-up: Within minutes.
  • Home delivery: 24 hours to 7 days depending on location.

Are there any maximum or minimum transfer limits?

There is no minimum amount. If you're paying by card or mobile wallet, the maximum amount per transaction is $5,000, but for POLi payments it's $50,000. There's also a maximum transfer amount of $50,000 per 24 hours.

Does WorldRemit have dedicated customer support?

There are three different ways you can receive any information you may require from WorldRemit. The first is their FAQs. Their websites contain answers to a series of frequently asked questions that may help you with your problem.

If these questions don't help you, use a support chatbox and chat with one of the dedicated agents who will only require your transaction number to help. Finally, you can make a phone call and speak directly with customer service staff for information.

Verdict

WorldRemit is an online-only service for the sender (unlike, for example, Western Union, which provides an over-the-counter service at branches and agencies) but has plenty of funds delivery options (unlike PayPal).

It remains true to its origins by offering a comprehensive service particularly suited to migrants and foreign workers who want to send funds to family and friends in developing countries. But its low fee structure, typical exchange rates and lots of payment and delivery options make it suitable and cost-effective for transfers of any amount, anywhere.