WorldRemit review: What you need to know

WorldRemit is a popular money transfer service for good reason. It offers fast and flexible payments and is an excellent choice for small and medium values.

Average cost	1.35%
Transfer speed:	1-3 days
Receiving countries:	132
Trustpilot score:	5 stars
Our score:	4 stars
Website:	worldremit.com

As the world becomes increasingly globalised, economic migration is the new reality for many people. WorldRemit was incepted on a basic premise; how can international remittances be made painless for those moving abroad?

After working with the UN for many years, the founder of WorldRemit saw technology as a key factor in making payments more accessible. As a result, the service he created aims to assist with sending funds back to the developing world.

To learn more about this service and see if it’s right for you, read on for our in-depth WorldRemit review.

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About WorldRemit

What is WorldRemit all about? Let’s begin our WorldRemit review with some general information about the service.

Company profile

WorldRemit was founded in 2010 by Ismail Ahmed and Catherine Wines. Ismail had previously worked with the United Nations Development Programme, advising on financial compliance in the aftermath of the 9/11 terrorist attacks. Following the discovery of alledged corruption within the program, he left to found WorldRemit.

Ismail met Catherine through a friend, and together they formed a complementary partnership. She bought to the table extensive experience in corporate finance consulting. Since the founding of the WorldRemit, the two have grown the company to over 200 employees and have raised $220 million of venture capital.

WorldRemit continues to be led by its founders, with Ismail as CEO and Catherine assisting in a non-executive capacity. Ian Cole has been appointed Chief Financial Officer and Brian Nazzaro is Compliance Director. Its board is mostly comprised of venture capitalists, and includes Jonathan Addis as an independent director.

Location of WorldRemit headquarters

WorldRemit headquarters is located at the following address:

WorldRemit Ltd
62 Buckingham Gate
London SW1E 6AJ
United Kingdom

WorldRemit branches

WorldRemit branches have been established in the following countries:

• Australia
• Canada
• Japan
• New Zealand
• United States

Supported countries and currencies

WorldRemit supports the transfer of funds to approximately 132 countries. For the most part, the service facilitates its transfers using the SWIFT network, which allows it to deliver funds to all corners of the globe. The downside to this network is that there are often charges incurred by the recipient, of which WorldRemit has little control of.

Transfer limits

WorldRemit has a minimum transfer value of £1, which is excellent news if you only need to transfer a small amount. There is a maximum transfer value of £50,000, however, this value may vary depending on the type of payment required and the receiving country.

WorldRemit transfer fees and exchange rate

What are WorldRemit transfer fees and exchange rates? Let’s take a few minutes to explore the foreign exchange market, so we can properly consider this question.

How the foreign exchange market works

Let’s begin with how the foreign exchange market works. Banks and other money transfer services will buy foreign currency at a price very close to the mid-market rate. They will then sell this currency to you, the customer, for a higher rate than they bought it for, taking a margin in between – known as “the spread”.

The spread is essentially a hidden cost that is not disclosed to you during the transaction. Then, in addition to the spread, some services will charge a transaction fee on top – which is typically the fee that they quote to you. In any case, the total cost of a transfer for you, the customer, is the combination of the two; the spread + transaction fee.

Q. Does the WorldRemit exchange rate include a spread?
A. Yes, there is a spread.

Q. What about WorldRemit transfer fees?
A: Yes, there is a transaction fee of £2.99 for standard transfers. Cash pickup transactions can attract a fee of up to £40.

But for the moment, don’t pay too much attention to the details. Rather, for the purpose of our WorldRemit review, let’s consider the overall cost.

Why focus on overall cost?

If you focus on the spread or transaction fee in isolation, it is easy to become lost in marketing gimmicks. Instead, it is more helpful to consider the overall cost when these factors are combined. For example, a typical bank will charge up to 5% of the overall transfer value in spread and transaction fee to complete a transfer on your behalf. Not great.

But what about WorldRemit? To determine its overall cost we need to compare a transfer with a benchmark, the mid-market rate, which in theory has no cost. Practically speaking, it is unlikely that you will ever receive the equivalent of the mid-market rate, however, your goal should be to get as close as possible.

If you can achieve a total cost of less than 1% of the overall transaction value then you are on the right track. However, it really depends on what your needs are and if you are willing to pay a little bit extra for additional features, advice, or research. To find out the mid-market rate of any currency pairing, use this calculator at xe.com.

What is the average cost of WorldRemit?

WorldRemit has an average cost of 1.34%. To calculate this figure, we received three quotes to exchange British Pounds (GBP) into Australian Dollars (AUD) – for low, medium, and high values. The overall cost of each transaction was then compared against the mid-market rate and represented as a percentage of the transfer value.

Here is the calculation:

Transfer value	Overall cost
£1,000 (Low)	1.34%
£10,000 (Medium)	1.34%
£50,000 (High)	1.34%
Average cost	1.34%

An average cost of 1.34% means that for every £1,000 sent, on average £13.40 will be lost in spread + fees. By using this figure, we aim to make a fair representation of WorldRemit across a range of transfer values. Of course, it is not a perfect measure for all situations, but it is helpful for comparative purposes.

Important note on SWIFT: You should be aware that any transfer conducted via the SWIFT network may incur additional hidden charges by correspondent banks; the exact cost depending on the amount of the transfer and the recipient bank. In our experience, these fees can be as high as £25 per transaction.

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WorldRemit review: Market comparison

Now that you know about the average cost of WorldRemit, how does this compare to other services in the market? To help you determine its relative competitiveness, we have prepared a chart. Beside the name of each service, we have listed its average cost, speed of transfer, receiving countries, and our review score – sorted from highest to lowest.

To sort this chart by a specific column, click its respective heading. If you are reading on mobile, you may need to scroll horizontally to view all fields.

If you would like to learn more about the rationale of our WorldRemit review, take a look at our review methodology.

Transfer speed

A typical transfer with WorldRemit takes 1-3 business days, from sending to receipt. The exact duration will depend on a few factors, including the currency pairings involved, the transfer value, as well as the particular systems of the sending and receiving bank.

Key features

How do payment features affect our WorldRemit review? Let’s take a look at its capabilities.

Spot contract

A spot contract consists of a single payment from one currency to another at the currently available exchange rate. If you need to send money right away, simply login to the WorldRemit website and with a couple of clicks a transfer can be arranged.

Cash pickup

A cash pickup payment allows you to transfer money to a person in another location, whereby they can pick up the payment in cash – typically from a physical branch. It is the easiest way to send money to family or friends who need quick and flexible access to funds.

WorldRemit customer service and phone contact

WorldRemit customer service can be contacted by phone or email. Here are the contact details for a few of its offices:

+61 02 6145 2161 (Australia)
+44 20 7148 5800 (United Kingdom)
+1 888 772 7771 (United States)

In our experience, we found WorldRemit customer service to be friendly and helpful. Our queries by email have been answered in a prompt and professional manner. However, when we did reach out to speak with the team on the phone, we were met with a 15 minute wait.

Is WorldRemit safe?

As a customer, is WorldRemit safe to use? Let’s take a look at some of its security measures.

Government regulated

WorldRemit is regulated by the Financial Conduct Authority in the UK and is licensed as an Electronic Money Institution under reference 574642. Its international subsidiaries also appear to be regulated by the relevant authorities in the jurisdiction of their operations, such as FSPR in New Zealand and AUSTRAC in Australia.

Customer funds are held in trust

In accordance with the standards imposed by government regulators, the funds of WorldRemit customers are held in segregated accounts and are kept apart from the company’s own operating accounts. This ensures the security of customer funds, should WorldRemit encounter financial difficulty.

Website is securely protected

The WorldRemit website is protected with TLS encryption, which prevents sensitive data from being intercepted during your visit. You can confirm that this is in place by recognising a green padlock next to the website’s URL on your browser.

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Does WorldRemit scam? A look at its reputation

Does WorldRemit scam? Are there WorldRemit complaints – or is WorldRemit reliable? Let’s take a look at its reputation.

Trustpilot

As of publication, WorldRemit has received over 40,000 reviews on Trustpilot with an average rating of 4 out of 5 stars; representing a positive experience in 93 percent of interactions with its customers.

Here are our observations of the feedback posted:

Social media

Upon viewing the Facebook and Twitter feeds of WorldRemit, we can see that the service replies same-day to any query raised by its customers. Because WorldRemit is a popular service, it receives a lot of messages on these platforms.

The social media posts of WorldRemit focus mostly on keeping its customers up to date with news, rather than providing foreign exchange market commentary.

Mainstream media

The mainstream media reporting of WorldRemit is very positive. The company is active in the fintech scene and spends a lot of energy campaigning about the benefits of mobile money. The executives of WorldRemit often spend their time presenting at industry events, such as this interview with Ismail Ahmed.

Refugee Turned Fintech Chief Aims to Upend a $444 Billion Market.

Bloomberg

Lebara hooks up with WorldRemit in money transfer pact.

Reuters

My boss said I would never work in remittances again; Podcast interview with Ismail Ahmed.

Financial Times

WorldRemit app and user experience

How does product design affect our WorldRemit review? Let’s take a look at its user experience.

Online platform

The WorldRemit website has been designed thoughtfully, with special attention being paid to user experience and simplicity. It is available in 5 languages; English, Danish, French, German, and Spanish.

WorldRemit app

A WorldRemit app has been developed for Apple and Android devices. By using the WorldRemit app you can access your account at any time and use its core features; such as initiating new payments or tracking the status of in-progress transfers.

Registration process

The registration process is quick and takes around 2 minutes. All you need to do is enter your name, email address and a password.

Identification requirements

Before you can commence transferring funds, you first need to provide proof of identification so WorldRemit can verify your account. Typically this will require providing two types of documents:

1. Photo identification, such as a passport or drivers licence
2. Proof of address, such as a bank or utility statement

How does WorldRemit work?

As a part of our WorldRemit review, we will take you through an example transaction. If you would like some guidance in navigating your own account, you can follow along below.

Step 1 – Sign up and login

Visit worldremit.com, sign up and login. To begin a transfer, select your destination country and click Get Started.

Step 2 – Select receiving country

First, select the country of your recipient and the currency denomination of their account. You will also need to select the delivery method. Click Send.

Step 3 – Enter recipient details

Enter the personal information of your recipient, including their bank details if that is the delivery method chosen. You will also need to provide a reason for the payment. Click Next.

Step 4 – Select payment method

Select your desired payment method. Click Next.

Step 5 – Enter your personal information

Enter your own personal details and click Next.

Step 6 – Enter payment details

Enter your payment details and click Pay. If you selected bank deposit in a previous screen, now is the time to transfer your funds into the local bank account of WorldRemit.

Step 7 – WorldRemit tracking online

When your funds are received by WorldRemit, it will complete the final leg of the transfer. You can track its status online or with the WorldRemit app. You will also receive email updates throughout the process.

All done!

Finally, once the transfer is complete its status will be updated accordingly. The funds should arrive in your recipient’s bank account shortly.

In our experience, WorldRemit was simple to use and we were satisfied with the instructions provided along the way. The entire process took approximately 2 business days, and the funds arrived into our recipient’s account as requested.

WorldRemit review: Final thoughts

WorldRemit is a great service for small and medium transfers. Its platform is easy to use and has a variety of features. The service will be perfectly adequate for many people, but for those with more complicated requirements, its functionality may be limited.

That being said, for what WorldRemit sets out to do, it does very well. We found the service to be fast, and its rates are not far off those offered by market-leading services TransferWise and CurrencyFair. If you are in need simple and effective solution, WorldRemit is worth a look.

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If you have any questions or feedback about our WorldRemit review, let us know in the comments below.