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WorldRemit Review: Money Transfer Fees, Safety, Alternatives, and More
Olivia Willemin
Guide
Jarrod Suda
Reviewer
WorldRemit is a good money transfer service (8/10) often recommended by Monito. Ranking highly when it comes to all matters related to trust and credibility (8.3/10), WorldRemit is a reputable service that is trusted by four million clients — WorldRemit excels in customer satisfaction (9/10), customer support, is deemed easy to use (7.7/10), and receives overwhelmingly positive reviews — but sometimes lags behind when it comes to its fees and exchange rates (7/10) where it is rarely the cheapest nor the most transparent provider available. Still, it remains a competitive provider, especially when it comes to sending money for cash pick-ups. Overall, WorldRemit is a solid contender in the international money transfer world with much in its favour.
What We Like About WorldRemit
- A large, global network of cash pickup locations;
- Varied options for sending and receiving money;
- Ease of use & customer satisfaction;
- Reliable customer support.
What We Dislike About WorldRemit
- Not always the cheapest provider;
- The majority of fees are buried non-transparently in exchange rates.
Between June 2021 and June 2022, WorldRemit ranked by far as the number one cheapest service on Monito for money transfers:
- from Japan to the Philippines;
- from South Africa to Nigeria;
- from South Africa to the United Kingdom.
We also recommend WorldRemit as one of the top 4 services for transfers from the United States to Canada and for transfers from Malaysia to India.
Key Questions About WorldRemit Answered
Who is WorldRemit for?
WorldRemit works well if you 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, and, importantly, it is also available in many more countries than a lot of its competitors, especially in Africa, the Gulf states, and Latin America. Easy to use and helpful during the transfer process, it's also a good choice for people who might be less familiar with the remittance process.
How We Reviewed WorldRemit's Services
In order to review WorldRemit, we applied Monito’s rigorous methodology to score WorldRemit along with 20+ of its most popular competitors, including Wise (formerly TransferWise), Azimo, and Remitly, to see how it fared. The scoring process began with setting up a WorldRemit account and included thorough testing of its services both on desktop and on its mobile app. In order to analyze WorldRemit’s fees and exchange rates, we screened more than one million comparisons on Monito’s engine from the past three months to check how often WorldRemit was the cheapest and how often they were offering competitive rates. In order to determine whether or not their fees were transparent, we checked 26 typical customer transactions for the provider, such as a £1500 transfer from the UK to India. Finally, we ran a background check on WorldRemit, looking at how they were regulated and by which authority, and considering their security practices along with whether they had any publicly known legal, privacy, fraud, or technical issues. As with all Monito reviews, our WorldRemit score was peer-reviewed by at least one Monito expert.
Reviews are written independently by Monito's editors and recommendations given are our own. Services you sign up with using our links may earn us a commission.
Trust & Credibility
Background check
WorldRemit is authorized and strictly regulated by the Financial Conduct Authority (FCA) as well as by the corresponding authorities in the countries in which it operates.
Security & reliability
WorldRemit is a secure service that provides segregated user accounts and runs securely through HTTPS.
Company size
WorldRemit is a large and well-established company in the international money transfer world: it has served over 4 million customers over its 10 years, transferred $10 billion in the past year alone, and now employs more than a thousand people.
Transparent pricing
WorldRemit leaves a lot to be desired when it comes to transparently displaying its pricing as some 80% of the platform's fees come from a hidden exchange rate margin.
Can I Trust WorldRemit?
WorldRemit is a well-established international money transfer provider that serves over 4 million customers worldwide and has transferred over $10 billion in the last year.
Is WorldRemit Safe to Use?
Yes, WordRemit is safe indeed. We would not hesitate to say that WorldRemit is completely trustworthy and is among the most secure remittance services available. WorldRemit is headquartered in London, United Kingdom, where it is authorized and regulated by the Financial Conduct Authority (FCA) for the provision of payment services.
Is WorldRemit Legit?
Absolutely, the FCA regulations place high standards on WorldRemit to protect consumers against fraud and safeguard their funds in case the company has financial difficulties. It requires the company to hold sufficient amounts of capital to ensure financial stability, and to have internal procedures to manage risk.
It also operates and is regulated in the United States (in all 50 states), Australia, and Canada.
Service & Quality
Opening an account
Opening an account with WorldRemit is a straightforward process and easy to do.
Making a transfer
Making a transfer with WorldRemit is both easy and quick to do, whether you’re using WorldRemit for the first time or a seasoned user, and the money is often quick to arrive.
Contacting support
WorldRemit offers users multiple ways of finding customer support – whether through their responsive live chat, phone support, or by finding answers through their extensive FAQ section – and is both quick and easy to navigate.
WorldRemit's Service Quality
WorldRemit offers a variety of pay-in and pay-out options, making it a convenient and popular option for sending money abroad.
Monito's Impressions During Our Tests
Slick and easy to use, 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.
Although WorldRemit is not always transparent when it comes to the amount of fees it bakes into its transfer rates, it does display the thresholds of its preferential rates clearly. It also is 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.
Pay-Out Methods for WorldRemit Money Transfers
Unlike many international money transfer services that offer only bank transfers, WorldRemit gives customers the freedom to choose from several pay-in and pay-out methods. Let's have a look at how they work:
Bank Deposit
If you choose this payout method, your money will be credited to the bank account of your recipient. They will then be able to withdraw the funds as cash, use them to make payments, or make a bank transfer.
Cash Pickup
With this payout method, the money you send will be available for pickup in cash at a local agent location of a WorldRemit money transfer partner.
Mobile Money
This allows you to send money to a mobile money account (also known as mobile wallet), such as Vodafone M-PESA, MTN Mobile Money, Airtel, Globe Cash, Tigo, etc. This way, the money is available to your recipient anywhere and at any time.
Airtime Top-up
You can also choose to top-up your recipient’s mobile airtime, which they can use to make calls or send SMS text messages.
WorldRemit Mobile App Review
WorldRemit is a mobile-first company both for sending and receiving money. The London-based firm reports that over a third of its global transfers and half of its transfers to Africa go to mobile money services, and it has been called “the WhatsApp of money.”
WorldRemit’s apps, available for both iOS and Android, provide an easy and very convenient way to send money with WorldRemit, from anywhere and at any time. With the WorldRemit mobile app, you can check out WorldRemit’s exchange rate and fees, set up and track your money transfers, and manage your recipients.
The mobile apps are rated well: 4.2/ 5 in the Google Play Store with over 90k reviews and an impressive 4.8/5 in the Apple App Store with over 99k reviews.
Fees & Exchange Rates
Transfers to a bank account
Only sometimes the cheapest on Monito for transfers to bank accounts.
Transfers to cash pickup
Often the cheapest on Monito for transfers to cash pick-up locations.
Transfers to a mobile wallet
Often the cheapest on Monito for transfers to mobile wallets.
WorldRemit's Fees & Exchange Rates
WorldRemit is rarely the cheapest option when it comes to sending money abroad but is regularly a competitive provider in approximately half of relevant Monito searches.
WorldRemit Transfer Fees
WorldRemit does not show its fees upfront. They also depend on the amount, the payout method and where you are sending the money. For example, the fees for cash pickup are usually higher than for a bank deposit. While WorldRemit’s transfer fees are usually flat, in some cases fees will vary according to the amount you are sending.
We found that if you wanted to send 1,000 USD, you would have to pay a fixed fee of 2.99 USD. The total bill you’d pay at checkout would be 1002.99 USD.
However, the money that enters the account of your recipient may not be equal to 102.99 USD. This is where exchange rates come in. The exchange rate that is applied on your transfer may not be as strong as the actual mid-market exchange range.
WorldRemit Calculator
WorldRemit exchange rates depend on the payout method you choose. They are locked in advance so that you know exactly how much money will reach your recipient.
You can follow the on-screen prompts on their website to get an estimation of how much it would cost to send a specific amount to your designated country.
WorldRemit's Best Exchange Rates
From June 2021 to June 2022, we found that WorldRemit was by far the best service for transfers from Japan to the Philippines and for transfers from South Africa to Nigeria and the United Kingdom. The service is also a very competitive choice for Malaysian and American users.
For other regions, it's a good idea to compare WorldRemit's rate to the mid-market range, which you can find on Google or XE.com. Also use Monito's comparison engine to compare WorldRemit's rates to other international money transfer services to make sure that you are getting the best deal.
The Exchange Rate Margin Fee
WorldRemit does not openly charge any fees besides the transfer fees. However, it should be noted that WorldRemit does not disclose its exchange rate margin. 69% of the total cost of your transfer is hidden in this margin, aka the difference between the actual mid-market exchange range and the weaker rate that they offer you. WorldRemit keeps the difference.
Additionally, if you are paying by credit card, you should be aware that your card provider might charge you a cash advance fee. It’s best to check this with your card provider directly to avoid any bad surprises. Also, if you are sending an airtime top-up, note that some countries apply taxes that will reduce the amount of airtime received by your recipient. If this is the case, WorldRemit will warn you before you complete your transfer.
Compare WorldRemit's Fees & Exchange Rates
Customer Satisfaction
Trustpilot reviews
4/5 stars from over 70,000 reviews.
App Store reviews
4.8/5 stars from 170,000 reviews.
Google Play reviews
4.7/5 stars from 170,000 reviews.
Customer Reviews of WorldRemit
WorldRemit is an extremely popular money transfer provider with over 40 thousand positive reviews on sites like Trustpilot.
Positive WorldRemit Review Highlights
- Customers like how fast it is to make a transfer;
- Money is delivered quickly;
- The convenience and ease of use of WorldRemit’s service;
- The fees and exchange rates are better than those of competitors;
- Customers think WorldRemit is trustworthy.
Negative WorldRemit Review Highlights
- Some transfers were delayed.
How Does WorldRemit Work?
Step 01
Check WorldRemit’s Rates
Use Monito's comparison tool to understand WorldRemit’s exchange rates and fees to make sure they are the cheapest option for your international money transfer. You can find the cheapest way to fund your transfer (pay-in) and receive the money (pay-out).
Step 02
Create an Account with WorldRemit
You can easily sign up for WorldRemit online or via the app. You’ll need to provide WorldRemit with your Full Name, Residential Address, Date of Birth, and email address.
Step 03
Verify your Identity (KYC)
Depending on the amount you are transferring and the country you’re sending money from, WorldRemit may ask you to provide additional information, such as a proof of funds (e.g. payslip), and to verify your identity with a government-issued photo ID (limits and documents vary country by country) and provide a proof of address (i.e. scan of a utility bill sent at your name showing your residential address).
Step 04
Initiate a Transfer
Enter how much you're sending, the destination country and currency, and your delivery method of choice. Make sure you understand the total cost difference between the pay-in and pay-out options to send money conveniently but at the best rate.
Step 05
Add a Beneficiary
Enter the recipient’s details including name (matching their ID), address and contact info (mobile phone and email), as well as the reason for your transfer.
Final step
Fund your Transfer and Click Send
Try WorldRemit ❯Pay for your transfer with the payment method you selected, click “Send,” and voilà the money is on its way! You can follow the status of your transfer on WorldRemit’s website or mobile app and subscribe to SMS or Email notifications.
Frequently Asked Questions About WorldRemit Money Transfer
WorldRemit Availability
For American and Canadian transfers, check out a few countries that you can send money to with WorldRemit and explore the fees involved. We also highlight available transfer options, transfer time, and WorldRemit alternatives.
Nigeria | South Korea | Mexico | Brazil | Russia | UK | Canada | Belgium | |
Is WorldRemit Available? | Yes | No | Yes | Yes | No | Yes | Yes | Yes |
How much does a transfer of 500 USD get me in my destination currency? | 185,894 NGN | / | 11,140 MXN | 2,603 BRL | / | 392.80 GBP | 665.22 | 436.83 |
How long does a WorldRemit transaction take to get to its destination? | Minutes | / | Minutes | Next Day | / | Next Day | 2 Days | Next Day |
What is a good alternative to WorldRemit? | Monito does not offer another alternative at this time. | |||||||
How can the WorldRemit transfer be received? | Cash or Bank Account | / | Cash or Bank Account | Cash or Bank Account | / | Cash or Bank Account | Cash or Bank Account | Cash or Bank Account |
Are there any special considerations to keep in mind with WorldRemit? | No | / |
Last updated: 23/05/2021
See How WorldRemit's Review Score Compares With WorldRemit Alternatives
Learn More About WorldRemit's Reliability, Safety, and Customer Reviews
Recharging a loved one's airtime instead?
Why You Can Trust Us
You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, Monito co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services worldwide.
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