WorldRemit - Independent review
All you need to know before sending money with WorldRemit
Competitive fees and exchange rates Large pay-out network Very convenient mobile apps
WorldRemit review by Monito
WorldRemit is an online 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, who first recognized the opportunity to make money transfers cheaper and improve the experience of sending money while studying at university in London. WorldRemit’s service is currently available to senders in 50 countries, with money being delivered to bank accounts, as cash, to mobile wallets or as airtime in over 120 countries across the world.
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 can save on costs and pass these savings on to its customers.
WorldRemit, which has been called “the WhatsApp of money”, is particularly strong on mobile platforms. On the sending side, WorldRemit allows customers to easily send money with their phone using their Android and iOS apps. On the receiving side, WorldRemit delivers money to mobile wallets - which it believes can foster financial inclusion within the unbanked populations - or as airtime topup for migrants to stay connected with their friends and family back home. In fact, a third of the transfers made with WorldRemit are received on mobile phones, and the company claims it is now the leading sender of remittances to mobile wallets worldwide.
- A large number of payout countries and networks
- Very strong on mobile (both send and receive)
- Low-cost alternative to high-street money transfer companies for remittances
- Convenient and easy to use
- Not always the cheapest provider for transfers of large amounts or to bank accounts
- For a few countries, only airtime top-up is available
WorldRemit have excellent customer reviews on Trustpilot, with an average rating of 9.5 stars out of 10. Here’s a summary of what WorldRemit customers have to say: :
- By far the aspect of WorldRemit’s service which customers like most is how quick it is to make a transfer, and how fast the money is delivered
- The convenience and ease of use of WorldRemit’s service is praised in many reviews
- Customers find that the fees and exchange rates of WorldRemit are much better than those of its competitors
- Customers feel that their money is safe with WorldRemit’s secure service
- In some isolated cases, some customers’ transfers were delayed for reasons not always under WorldRemit’s control
Can I trust WorldRemit ?
WorldRemit is headquartered in the United Kingdom, where it is authorised and regulated by the Financial Conduct Authority (FCA) for the provision of payment services. It also operates and is regulated in the United States, Australia, and Canada. 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.
WorldRemit processed 3.5 million transactions in 2015 alone, transferring close to $1 billion between countries around the world. 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 very well capitalized, having raised close to $200m in capital from world-renowned investors such as Accel Partners (investors in Facebook, Dropbox and Spotify) and Technology Crossover Ventures (TCV, investors in Airbnb and Netflix).
WorldRemit employs over 200 people across its 6 offices in the UK, the US, Canada, Australia, New Zealand and Japan. 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.
Authorised by the UK Financial Conduct Authority (FCA)
Firm Reference : 574642
How WorldRemit works
- First, select the country you are sending money to. This will determine the available pay-out methods.
- Second, choose how much you would like to send, and how the recipient should receive the money. The fees and exchange rate will vary depending on your amount and pay-out method.
- Pay for your transfer using your preferred pay-in method. You have the choice between using your debit or credit card, using a secure banking payment service such as SOFORT, or making a manual bank transfer (if you’re in the UK).
- Pay for your transfer using your preferred pay-in method. You have the choice between using your debit or credit card, using a secure banking payment service such as SOFORT, or making a manual bank transfer (if you’re in the UK).
- Your money’s on its way, and both you and your recipient shall be notified by SMS and/or e-mail every step of the way.
WorldRemit Exchange Rate & Fees
Transfer fees
WorldRemit fees depend on the pay-out method you choose for you transfer. 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 you will pay more fees for sending larger amounts of money.
Exchange rate
WorldRemit exchange rates depend on the pay-out 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 topup, 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.
WorldRemit Mobile apps
WorldRemit, which has been called “the WhatsApp of money”, has a strong emphasis on mobile platforms, both for sending and receiving money. WorldRemit’s iOS and Android apps 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. WorldRemit’s mobile apps on Google Play and the App Store are both rated an excellent 4.5/5.
Pay-out methods when sending money with WorldRemit
Bank deposit
If you choose this pay-out 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 an onwards bank transfer.
Cash pickup
With this pay-out method, the money you send will be available for pickup in cash at a local agent location of a WorldRemit 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.
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. 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”.
Offices
UK office
62 Buckingham Gate
London
SW1E 6AJ
US office
600 17th Street
Suite 200S
Denver
CO 80202
Canada office
1000 rue de la Gauchetiere Ouest
Suite 2400, 24th floor
Montreal
QC H3B 4W5
Australia office
Level 16
1-7 Castlereagh Street
Sydney, NSW 2000
New Zealand office
41 Shortland Street
Plaza Level
Auckland 1010
Japan office
Ark Mori Building 12F
1-12-32 Akasaka, Minato-ku
Tokyo 107-6012
Ask questions or share your comments on WorldRemit
Key facts about WorldRemit
Service information
| Time to open an account | A few minutes |
| Minimum amount | - |
| Maximum amount | - |
| Available languages |
Français English Español |
| Personnal transfers | No |
| Business customers | Yes |
| Advanced currency contracts | No |
| Required documents | - |
Company information
| Type of service provider | Online money transfer operators |
| Active since | 2009 |
| Headquarter | London, United Kingdom |
| Regulated by | FCA |
Contact information
| Contact support | - |
| Service hour | - |
| @wordlremit | |
| worldremit |