WorldRemit is a digital cross border remittance business that provides international money transfer and remittance services in more than 130 countries and over 70 currencies. It was founded in 2010 by Ismail Ahmed, Catherine Wines, and Richard Igoe.
WorldRemit is a reliable money transfer service with a star rating of 7.8/10, which Monito frequently suggests. Four million customers trust WorldRemit, which ranks highly in all areas of trust and credibility (8.0/10). WorldRemit excels in customer satisfaction (9.1/10), customer support (9.5/10), is rated as easy to use (7.3/10), and receives overwhelmingly positive reviews. However, it occasionally falls short when it comes to fees and exchange rates (6.4/10), where it is neither the cheapest nor the most transparent provider available. Even so, it continues to be a competitive supplier, particularly when it comes to sending money for cash pickups. Overall, WorldRemit is a strong competitor in the world of international money transfers and has a lot going for it.
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.
- Instant money transfers
Depending on how you want to send your money – cash pickup, mobile money or bank transfer – your recipient could receive the money within a speedy 10 minutes. The majority of Worldremit transfers are received within a day, so your money will be with your loved ones in less than 24 hours, wherever they are in the world.
- Track your transfers
Not knowing where your money is and having to chase it can be very frustrating and time-consuming. With the WorldRemit app you won’t have to. You can stay informed about the status of your transfer and know exactly where it is at any time.
- Real-time exchange rates
If you want to know when the very best time to send money is, then check out this feature. You can opt-in to get daily live exchange rate push notifications for the countries you send to.
- Safe & Secure
You can rest assured that the Worldremit money transfer app is safe and secure. Not only are Worldremit FCA approved, but also has a huge network of local partners working with the biggest banks and financial institutions locally.
What We Dislike About WorldRemit
- Not always the cheapest provider;
- The majority of fees are buried non-transparently in exchange rates.
Who is the owner of Worldremit?
Ismail Ahmed is the Founder and Chairman of WorldRemit, the leading digital money transfer company that’s pioneering a mobile approach to sending money around the world.
Can I Trust WorldRemit?
With over 4 million customers worldwide and $10 billion in transfers in the previous year, WorldRemit is a reputable provider of international money transfers.
WordRemit is absolutely secure. Without a doubt, we can state that WorldRemit is 100 percent reliable and one of the safest remittance services out there. The Financial Conduct Authority (FCA) is in charge of authorizing and overseeing WorldRemit at its headquarters in London, United Kingdom, where it offers payment services.
Pay-Out Methods for WorldRemit Money Transfers
Customers have the option to choose from a variety of pay-in and pay-out methods with WorldRemit, unlike many other international money transfer services that only offer bank transfers. Let’s examine how they function:
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.
How Does WorldRemit Work?
- Step 01- Check WorldRemit’s RatesUse 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 WorldRemitYou 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 TransferEnter 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 BeneficiaryEnter 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 SendPay 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.Try WorldRemit ❯
WorldRemit Review at a Glance as at February 2, 2023
| Criteria | Monito’s Score | Review Highlight |
|---|---|---|
| Trust & Credibility | 8.3/10 | Trusted by 4 million customers |
| Service & Quality | 7.3/10 | Setting up your transfer is quick and easy. |
| Fees & Exchange Rates | 6.4/10 | Often a competitive option. |
| Customer Satisfaction | 9.1/10 | 4.1/5 rating on TrustPilot with 40K reviews |