WorldRemit Review, Exchange Rates & Fees Calculator and Monito's Score
How can you use WorldRemit to send money abroad? Is their service reliable? Can you trust WorldRemit with your money? How good are their fees and exchange rates?
Our Independent Review of WorldRemit
WorldRemit’s Review
WorldRemit is a Great money transfer service (8.3/10) recommended by Monito. WorldRemit is highly reputable and trusted by more than 4 million customers (10/10), is often the cheapest option (9.4/10), has a very high number and percentage of positive customer reviews on TrustPilot (9/10), and is easy to use (7.5/10).
🎉 Try WorldRemit with a promo! First three transfers fee-free following this link.
WorldRemit Mobile Apps Review
WorldRemit’s mobile apps have great ratings on Apple’s App Store (4.8/5 stars on 52,000 ratings) and Google’s Play Store (4.4/5 on 58,290 ratings). With WorldRemit’s mobile apps, it’s easy to send money from your smartphone in a few taps, receive alerts with the latest exchange rates, and check the status of transfers.
Description of WorldRemit’s Services
WorldRemit is an online money transfer service allowing people around the world to send money to their friends and family abroad. The company was created in 2010 by Somali migrant Ismail Ahmed while studying at university in London, who first recognized the opportunity to make money transfers cheaper and improve the experience of sending money.
As of 2020, WorldRemit’s service enables senders in 56 countries to send money in 90 currencies to 150 countries across the world. Depending on the country combination, customers can send money to bank accounts, as cash to local cash pick-up agent locations or as door-to-door delivery, to mobile wallets (which fosters financial inclusion within the unbanked populations), or as airtime top-up (a popular option for migrants to stay connected with their friends and family back home). In fact, a third of the WorldRemit money transfers are received on mobile phones, and the company claims it is now the leading sender of remittances to mobile wallets worldwide.
Pay-in methods are also highly variable but include (depending on the country) bank transfers, debit and credit cards, SOFORT, Apple and Android Pay, Poli, Interac, ACH, and Trustly. Within the United States, WorldRemit offers money transfer services from all 50 states and according to TechCrunch, “they are currently aiming to expand further in Asia.”(TechCrunch)
WorldRemit is a low-cost alternative to traditional money transfer services, and the fact that you can transfer money anywhere and at any time using the WorldRemit website or mobile app makes it a highly convenient service. There’s no need to physically go to an agent location, line up, and wait. Everything happens online, which means WorldRemit fees are more affordable than with many competitors and its customers consequently save on costs.
They also provide an overall positive user experience, from affordable, transparent costs to well-placed information about the security of their website, as evidenced in our in-depth User Experience analysis of what first time users think of WorldRemit. The User Experience analysis also demonstrated that some customers were confused by some unclear wording in certain sections of the website. Despite this, the main takeaway was that most users were willing to figure out WorldRemit’s quirks and were able to move forward and ultimately transfer money.
WorldRemit is an excellent choice for money transfers overall, but as with many providers, certain routes are highly competitive. The WorldRemit exchange rate to Nigeria is particularly good for a variety of transfer combinations including sending money from the US and the UK to Nigeria. They also offer some great rates sending money from the US to Mexico via bank transfer or cash pickups, with the option to receive cash at banks including Banco Azteca, BBVA Bancomer, Bancoppel, Telecomm Telegrafos, and Pagos Intermex. The company’s monthly transfers to Pakistan have grown by over 120% in 2017 alone, and they offer a large selection of cash pickups in the country including 645 branches of Bank AL Habib. Additional competitive routes include sending US dollars to banks in Colombia, sending money from the US to either a Chilean bank account or for cash pickup in Chile, and sending money to a cash pickup locations in Morocco from the US and the UK.
What we like about WorldRemit
A large and growing number of payout countries and networks
A highly-rated mobile app (for both sending and receiving money)
Low-cost alternative to high-street money transfer companies for remittances
What we dislike about WorldRemit
Not always the cheapest provider for transfers of large amounts or to bank accounts
Compare WorldRemit's Fees and Exchange Rates
WorldRemit Review - The Highlights
Criteria | Monito's Score | Review Highlight |
|---|---|---|
9.4/10 | Often the cheapest option | |
7.5/10 | Setting up your transfer is quick and easy | |
10/10 | Trusted by 4 millions customers | |
8/10 | 90 supported currencies | |
9/10 | 4.5/5 rating on TrustPilot with 36K reviews | |
7/10 | Via email or call center | |
6/10 | WorldRemit’s exchange rate margin is not properly disclosed |
WorldRemit Fees & Exchange Rates
WorldRemit Fees & Exchange Rates 9.4/10
Excellent
WorldRemit is often the cheapest option
This indicator is based on the percentage of searches on Monito for which WorldRemit is the cheapest provider
WorldRemit has very competitive fees and exchange rates
This indicator is based on the percentage of comparisons on Monito in which WorldRemit offers a competitive pricing (taking into account the pay-in and pay-out options as well as the amount).
WorldRemit offers special promotions for Monito users
Monito can access real-time pricing information from WorldRemit
The points above are added to calculate the "WorldRemit Fees & Exchange Rates" score of WorldRemit, who scores 9.4 points on a maximum of 10 points.
WorldRemit Transfer Fees
WorldRemit fees 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
WorldRemit Exchange Rates
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.
Other Fees
WorldRemit does not charge any other fees. However, 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 which will reduce the amount of airtime received by your recipient. If this is the case, WorldRemit will warn you before you complete your transfer.
Example of WorldRemit Fees
WorldRemit fees to send money from the US to Mexico are composed of a $4.99 transfer fee if you pay by debit or credit card and $4.56 currency conversion fee (~1.52%) on 05/08/20.
Ease of Use
Ease of Use 7.5/10
Good
An average number of Monito users going to WorldRemit end up making a transfer with them
WorldRemit's homepage is clear and very easy to understand
It's very easy to open an account with WorldRemit
Setting up your transfer is quick and easy
It's easy to sign up and make a transfer both on mobile and desktop
The points above are added to calculate the "Ease of Use" score of WorldRemit, who scores 7.5 points on a maximum of 10 points.
Credibility & Security
Credibility & Security 10/10
Excellent
WorldRemit is fully licensed and authorized
WorldRemit has many positive customer reviews
A very large number of customers already trust WorldRemit
WorldRemit employs a very large number of employees
WorldRemit has already transferred at least 5 billion USD for their customers
WorldRemit has been mentioned in countless recognized media outlets
WorldRemit is part of Monito's network of trusted partners
WorldRemit is a long-established company
The points above are added to calculate the "Credibility & Security" score of WorldRemit, who scores 10 points on a maximum of 10 points.
- 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. This imposes strict regulations 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.
- As of 2018, WorldRemit processes 1 million transactions per month. They had £61 million in revenue in 2017, up from £41 million in 2016. They have roughly 3 million users worldwide. All connections to WorldRemit through their website and mobile app are secured using 256-bit SSL encryption with a 2048-bit signature.
- The company is well-funded. They have raised US$220 million in capital from high profile investors including Accel Partners (investors in Slack, Facebook, Dropbox and Spotify), Technology Crossover Ventures/ TCV (investors in Airbnb and Netflix) and LeapFrog investments.
- WorldRemit employs roughly 700 people across its six offices in the UK, the US, Canada, Australia, New Zealand and Japan, and they have plans to open additional offices, including a new office in the Philippines. According to reviews by WorldRemit employees on the Glassdoor website, the people working at WorldRemit are “very passionate”, “smart” and “talented” people who “genuinely care about WorldRemit’s mission” and come from diverse backgrounds. The office is wonderful, and the company “sets a very high entry standard” and is “disrupting an industry that overcharges its customers”.
- So, is WorldRemit safe? We would not hesitate to say that WorldRemit is completely trustworthy and is among the most secure remittance services available.
Service & Coverage
Service & Coverage 8/10
Great
WorldRemit allows you to send money from a lot of different countries
WorldRemit allows you to send money to a lot of different countries
WorldRemit is available in many different languages
It is possible to pay for your transfer by local bank transfer
It is possible to pay for your transfer by credit/debit card
WorldRemit doesn't offer additional pay-in options
It is possible to send the money to your recipient's bank account
The money can be delivered to a cash pick-up location
The money can be sent to a mobile phone (airtime top-up or mobile wallet)
WorldRemit doesn't offer a bill payment service
WorldRemit doesn't offer additional banking features
WorldRemit doesn’t offer a multi-currency debit card
WorldRemit offers guaranteed exchange rates
It is not possible to set up repeating transfers / standing orders
There is no minimum amount (or very low)
There is a maximum amount
The points above are added to calculate the "Service & Coverage" score of WorldRemit, who scores 8 points on a maximum of 10 points.
Pay-out Methods When Sending Money with WorldRemit
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.
Customer satisfaction
Customer satisfaction 9/10
Excellent
WorldRemit has a very high percentage of excellent customer reviews
WorldRemit has a very low percentage of negative customer reviews
WorldRemit has a very high number of positive customer reviews
The points above are added to calculate the "Customer satisfaction" score of WorldRemit, who scores 9 points on a maximum of 10 points.
WorldRemit consistently receives excellent customer reviews on Trustpilot, with an average rating of 9.3 stars out of 10. Here’s a summary of what WorldRemit customers have to say:
Positive
- By far the aspect of WorldRemit’s service which customers like most is how fast it is to make a transfer and how quickly the money is delivered
- The convenience and ease of use of WorldRemit’s service is frequently praised
- Customers find that the fees and exchange rates of WorldRemit are much better than those of its competitors
- Customers think WorldRemit is trustworthy
Negative
- In some isolated cases, some customers’ transfers were delayed for reasons not always under WorldRemit’s control
Customer support
Customer support 7/10
Good
The FAQ and help center of WorldRemit are easy to understand
WorldRemit doesn't has any live chat
WorldRemit offers email support (even to noncustomers)
WorldRemit offers phone support (even to noncustomers)
It's very easy to get in contact with WorldRemit
The FAQ and help center are not translated in all languages
Monito cannot contact WorldRemit on behalf of our users
The points above are added to calculate the "Customer support" score of WorldRemit, who scores 7 points on a maximum of 10 points.
Transparency
Transparency 6/10
Average
The exchange rate margin makes up a significant share of the total cost of your transfer
It's very easy to understand the fees of WorldRemit
WorldRemit’s exchange rate margin is not properly disclosed
A real-time quote can be obtained without registering
WorldRemit applies the same fees and exchange rates to all customers
The pricing information of WorldRemit is made available to Monito
The points above are added to calculate the "Transparency" score of WorldRemit, who scores 6 points on a maximum of 10 points.
WorldRemit Mobile Apps
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: 4.4 / 5 in the Google Play Store and 4.8/ 5 in the Apple App Store.
The Story Behind WorldRemit
WorldRemit was founded in 2010 by Ismail Ahmed, a Somali migrant who arrived in the United Kingdom in the early 1990s to study economics at university. He regularly sent money back to his family in Somaliland, which cost him over 10 per cent in high street bank fees and required him to travel across town to the closest agent location.
Ismail later worked in the UN in the area of regulatory compliance, where he discovered the challenges that companies were facing to meet anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations. He started thinking of how to make money transfers more efficient, and decided to create WorldRemit and place its headquarters in London. Ismail was convinced that technology could improve how money was sent internationally, reducing costs and improving regulatory compliance.
The company was very quickly met with great success, and continues to grow rapidly to this day. Ismail was awarded the EY Entrepreneur of the Year award in 2016, rewarding him for his efforts and for “overcoming adversity” and achieving “global impact and success”.
Is WorldRemit Available for Me If I'm Sending Money from...
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 | / |
Frequently Asked Questions - WorldRemit FAQ
Worldremit offers a transparent way to send money abroad, but it's not always the cheapest option possible. You can use Monito's live comparison tool to compare all services and find the best option for your international money transfer.
WorldRemit is a legitimate and trustworthy money transfer service. It has excellent reviews on Trustpilot with an average rating of 4.5 (out of 5) across almost 40,000 reviews.
All customer funds are held in separate accounts. WorldRemit offers cancellation and refund facilities. All connections to WorldRemit are secured using industry-leading security measures, including 256-bit SSL encryption with a 2048-bit signature.
In the UK, WorldRemit is licensed as an Electronic Money Institution and is authorized and regulated by the FCA (Financial Conduct Authority). In Australia, WorldRemit is registered with AUSTRAC (Australian Transaction Reports and Analysis Centre). In New Zealand, the company is regulated by FSPR (Financial Service Providers Register).
We would not hesitate to say that WorldRemit is among the most secure remittance services available. That’s why the service has a 10/10 in Credibility and Security Monito Score.
Yes, you can send money to Nigeria with Worldremit. There are dozens of excellent digital services for money transfers to Nigeria that you can compare on Monito. By comparing all your options, you can mare sure you get the best naira exchange rate.
Choose the most convenient delivery method for you - transfer to a bank account, mobile top-up or to a cash pick-up agency in Kano, Kaduna, or any other city in Nigeria.
There is no way to avoid Worldremit fees entirely, but they can be minimized.
- Always compare Worldremit fees and exchange rates with alternatives with Monito's comparison widget for international money transfers.
- Keep in mind that WorldRemit fees depend on the amount, the payout method and where you are sending the money.
- The exchange rats for cash pickup are usually worse than for a bank deposit. While WorldRemit’s transfer fees are usually generally, but in some cases fees will vary according to the amount you are sending.
- Avoid credit card charges - your card provider might charge you a cash advance fee.
- Consider sending money with another money transfer operator with lower fees and better exchange rates. Compare your options with Monito to make sure that you're not loosing your precious money on high transfer fees.
WorldRemit's Transfer fees vary depending on where you're sending money. Transfer fees start from £0.95. Remember that additional WorldRemit fees may be hidden in the mark-up on the exchange rate.
That’s why you can always estimate Worldremit's transfer fees with Monito's live comparison widget to discover if WorldRemit's cost to send money is the lowest possible.
You can get to your money in various ways with WorldRemit, depending on how the sender has decided to transfer money to you. Popular methods include depositing money directly into your bank account or arranging for cash pickup at one of the thousands of WorldRemit agent locations around the globe. In some cases you can also choose to have money transferred to your mobile, through an electronic wallet service that allows you to send, receive and store money on your phone. Mobile airtime top-up is also an option if you want to increase the minutes on your mobile plan.
In some countries, the sender can even choose to have money sent directly to your address via a home delivery service, or you can take advantage of the WorldRemit wallet. Note that not all payout options are available in all countries. If you want to arrange a specific payout option, get in contact with the person who is sending the money and let them know how you want to receive funds.
- Sourced from WorldRemit, How it works: https://www.worldremit.com/en/how-it-works
If you want to cancel an international money transfer made through WorldRemit, you will need to do so before the transaction has been paid out. You can cancel a transaction by contacting WorldRemit customer service, through their website or over the phone. Note that not every WorldRemit transaction can be cancelled.
Contact numbers for WorldRemit customer service include:
- USA: +1 888 772 7771
- Canada: +1 888 772 7771
- United Kingdom (Individual): +44 20 7148 5800
- France: +33 2 72 24 21 17
- Italy: +39 06 94803110
- Spain: +34 960 473 401
- Australia: +61 2 6145 2161
Sourced from WorldRemit FAQ, Cancellations and refunds: https://www.worldremit.com/en/faq/cancellations-refunds#15801
Yes. WorldRemit operates as an Authorised Electronic Money Institution. In the UK the company is regulated by the Financial Conduct Authority (FCA). The FCA ensures that WorldRemit operates under all relevant rules and obligations. All connections to WorldRemit through their website and mobile app are secured using 256-bit SSL encryption with a 2048-bit signature to protect your identity and financial and personal data.
WorldRemit also has excellent reviews on Trustpilot with an average rating of five stars across almost 30,000 reviews.
- Sourced from WorldRemit, Security and privacy: https://www.worldremit.com/en/faq/security-privacy
- Sourced from the FCA company register: https://register.fca.org.uk/ShPo_FirmDetailsPage?id=0010X00004D8FDGQA3
The time it takes for your beneficiary to receive funds after you send them depends on several factors. These include the countries and currencies you’re sending money between, the amount you’re sending, how you pay for the transfer, how the beneficiary wants to receive the money and any additional security checks. WorldRemit transfers will not start until WorldRemit has received a cleared payment from you.
In many cases, money will arrive almost instantly, but it can take up to seven days, depending on the beneficiary's location. Typically, bank transfers, cash pickup, mobile money and airtime top-ups are very quick, while home delivery can take a few days to reach the beneficiary.
- Sourced from WorldRemit FAQs, Getting started: https://www.worldremit.com/en/faq/getting-started
Sending money with WorldRemit is super easy. First, you need to register a free account on the WorldRemit website. To do that, you will need to provide a range of personal information and identity documents, in order to satisfy WorldRemit’s regulatory obligations. Once your account is verified and activated, you can proceed with your money transfer. With WorldRemit, you can send money via the app or website.
To make a money transfer with WorldRemit, you need to follow the steps below:
- Enter the countries that you want to send money to and from.
- Select the amount that you want to transfer and choose the pay-out method.
- Enter recipient details (depending on the transfer method).
- Click/tap on the “Send” button.
- You will get a breakdown of all transfer costs. If you’re satisfied with all the costs (fees and exchange rates), you can proceed and pay for your transfer. If you’re not satisfied, you can compare other money transfer options on Monito to find a cheaper one.
- You can pay for your transfer by a credit card, debit card, or bank transfer.
- Once your transfer is paid for, you will receive a text message and e-mail confirmation.
The amount you’re able to send with WorldRemit depends on the countries you’re sending to and from, as well as the payment method used to fund the transfer. For example, in the UK, the maximum WorldRemit transfer is 30,000 GBP; in Australia - 50,000 AUD, in the US - 20,000 USD.
Yes, you can get a refund from WorldRemit as long as your transaction is not paid out. After a transaction is completed, WorldRemit might not be able to refund it. If you want to cancel your transaction, contact WorldRemit customer service asap. A refund usually takes up to 7 working days.
WorldRemit pick-up options depend on where you and the transfer recipient are based.
You have several options when it comes to picking up your transfer: funds can be sent directly to a recipient’s bank account, to Mobile Money accounts, or as an airtime top-up.
What’s more, WorldRemit has an extensive banking network in almost all countries around the globe. The recipient can receive the transfer as cash from WorldRemit’s 30,000+ agent locations worldwide.
WorldRemit was co-founded and is owned by Ismail Ahmed, Catherine Wines, and Richard Igoe. The company has raised a total of $407.7M in funding. It is backed by world-class investors, such as TCV, Accel, or LeapFrog Investments.
How does WorldRemit work?
Use Monito's comparison tool to understand Remitly’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).
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.
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).
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.
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.
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.
Alternatives to WorldRemit
Why you can trust Monito's reviews
Monito's mission is to help you (and thousands of others each day) find the best providers for your money transfers.
We do that by providing real-time comparison of exchange rates and fees (you can use the form below to make a comparison) and by writting in-depth reviews about money transfer providers.
We have partnerships with many money transfer providers (WorldRemit included), which help us get access to their exchange rate and fees information (which we always check for accuracy). Those partnerships help us support our activity and offer our service for free.
We put a lot of efforts to review money transfer providers like WorldRemit in details and based on objective and verifiable criteria. A good example of that is the in-depth User Experience Benchmark Study we conducted in August 2018.
Compare WorldRemit to 300+ other providers
Questions you may have
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