Competitive fees and exchange rates Large pay-out network Highly-rated mobile apps
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 2018, WorldRemit’s service enables senders in 50 countries to send money 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, 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 United 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 many competitors and its customers 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 where 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 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, too, 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.
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:
|Time to open an account||A few minutes|
|Advanced currency contracts||No|
|Type of service provider||Online money transfer operators|
|Headquarter||London, United Kingdom|