WorldRemit Review (2024 Updated) How Does it Work?

Last Updated on May, 2024

Are you looking to send money abroad? WorldRemit is your safe, affordable, and convenient international payment method.

Whether bank transfers or cash pickup (s), WorldRemit fulfils diverse needs.

WorldRemit covers 130+ countries and 70+ currencies, focusing on popular transfer routes. While checking out the in-depth WorldRemit review, you’ll learn about fees, safety, how fast transactions happen, the setup process, and more.

This will help you make smart choices for international money transfers using WorldRemit.

Continue reading.

WorldRemit Review

worldremit online money transfer

Key Aspects

  • International Transfers: Facilitates money transfers to over 130 countries.
  • Payout Options: Choose from various payout methods, including bank and mobile wallet deposit, airtime top-up, cash collection, and cash home delivery method.
  • Personal Transfers: Designed for personal use rather than business-related transfers.
  • Fully Digital Service: Accessible online and through the app.
  • Fee Schedule: WorldRemit’s fees vary based on payment value, pay-in and payout methods, and destination.

Facts

  • Founded in: 2010
  • Service Coverage: 130+ countries, supporting 70+ currencies
  • WorldRemit Customer Service: Serving 5.7 million customers.
  • Payout Alternatives: 5 options are available, including bank and mobile wallet deposits, cash collection and home delivery, and airtime top-up.
  • Transaction Speed: 95% of payments are processed within minutes.

Additional Details

  • User-Friendly Platform: The platform ensures an easy-to-use online and app experience.
  • Frequent Updates: The platform regularly updates its services and features.
  • Mobile-Focused: Notable attention is given to mobile wallet deposits and airtime top-ups.
  • Global Reach: Extensive coverage facilitates the transfer worldwide.
  • Swift Bank Deposits: Certain bank transactions are processed within minutes, ensuring rapid access to funds.
  • Community Empowerment: Particularly beneficial for recipients without convenient access to traditional banking services.

WorldRemit is a versatile and popular choice for sending money from the US to over 130 countries. Users can initiate payments online or through the app, with a selection of 5 payout options (as mentioned above).

While only some methods are universally available, the choices include bank and mobile money deposits, airtime top-ups, or cash for collection or delivery, Assisting customers seeking traditional banking services access.

About WorldRemit

a screenshot of the worldremit website homepage

So, now you know some facts and key aspects of WorldRemit. But still, there’s a question: what is WorldRemit?

WorldRemit, founded by Ismail Ahmed in 2010, is an online platform that allows you to send money abroad to your friends and family. He founded WorldRemit to improve the way money was transferred between people in different countries, hoping to make it more secure and safer than ever before.

It provides various options for recipients to collect funds, including cash pickup (s), mobile wallets, airtime top-ups, bank transfers, and door-to-door delivery.

Bank Deposits

  • Initiate a bank transfer to deposit money directly into bank accounts worldwide, with processing times typically ranging from a day to two days.
  • Ideal for low-cost payments to individuals with easy access to a bank account.

Cash Collection or Home Delivery

  • Recipients can collect funds in cash at local agent locations in many countries.
  • The money can be delivered to the recipient’s home in some places.
  • It is a fast option, with funds often available within minutes.
  • Ideal for quickly providing cash to those who need easy access to a bank or ATM.

Mobile Money Account

  • Instant transfers to mobile money accounts in certain countries.
  • Funds are deposited instantly into a mobile money account
  • It is ideal for quick transfers in regions where mobile money accounts are popular.

Airtime Top-Up

  • An option to have the sender receive the fund in the form of mobile data or airtime top-up.
  • Ideal for topping up someone’s mobile phone data from anywhere in the world.

Is WorldRemit Available in the US?

some of the popular countries where worldremit is available

Yes, WorldRemit is accessible in the United States. You can use it to send money from the US to over 130 countries.

How to Create a WorldRemit Account?

To open an account and send money internationally, consider these points:

  • Provide Personal Information: Enter your full name and contact details during the account creation process.
  • Identity Verification: Submit government-issued documents to verify your identity. WorldRemit requires this step, and your WorldRemit transfer can only be completed once your ID is verified.

You can successfully set up an account and initiate WorldRemit money transfers through this.

Which Documents are Required to Create an Account?

To create an account, WorldRemit may ask for specific documents, typically a proof of ID and a proof of address.

For Proof Of IDIf Providing A Photo ID, Ensure It Includes The FollowingFor Proof Of Address
PassportYour photograph (high-quality image required)Any document with your full name and current residential address
US Green CardFull nameThe document should display all four corners
Driving LicenseDate of birthIt must be registered in the state where your account is based
Displaying legal residency in the US with a visa.Valid expiry date
The two lines of letters and numbers at the bottom (The MRZ)

Make sure you have these documents ready for a smooth account creation process with WorldRemit.

How to Use WorldRemit?

You can easily use WorldRemit online or through the app.

To get started, follow these steps:

  • Step 1: Account Registration: Begin by creating an account. You’ll need to upload some identification documents for verification.
  • Step 2: Verification: Once registered, go through the verification process to ensure that your account is authenticated.
  • Step 3: Sending Money: After setup, sending money becomes a simple and convenient process. You can easily manage through the steps, whether online or in the app.

This way, you can use WorldRemit to transfer your money.

WorldRemit Limits

Payment Limits from the US

  • All card types and Apple Pay: $9,000 USD per 24 hours.
  • Single payment limit: $5,000 USD

Bank Transfer Limits

  • If you choose to pay by bank transfer, different limits may apply. These will be displayed on-screen when you set up your money transfer.

WorldRemit sets these limits to ensure secure and regulated money transfers.

WorldRemit App

a screenshot of the worldremit app

The WorldRemit app is a simple and convenient way to send money (Don’t forget that you can also receive money). After creating an account, you can use the app on your Apple or Android device.

The process is simple:

  • Download and Register: Get the app, register with WorldRemit, and set up your account.
  • Select Payment Option: How do you want to pay for the money transfer?
  • Recipient Details: Select the person you want to send money to and how they prefer to receive it.
  • Quick and Easy: The app is speedy, especially after the initial setup and first transfer. It’s perfect for sending smaller amounts to family and friends worldwide.

Is it Secure to Send Money Using WorldRemit?

Yes, using WorldRemit to send money is safe. They are fully regulated in the US, registered with FinCEN, and possess licenses in states where they are mandatory.

Additionally, they are supervised by global regulatory bodies, ensuring compliance with strict rules and regulations.

BEST FOR INTERNATIONAL MONEY TRANSFER

What is the Potential for Savings With WorldRemit?

When sending money, using a specialized online money transfer service like WorldRemit can often be more convenient and sometimes cheaper than a traditional bank.

However, the actual costs can vary based on the service, the currencies involved, and the amount you’re sending. We compared WorldRemit to a bank (Chase) for different payment values.

Do you know? WorldRemit tended to be more cost-effective for smaller transfers, while Chase became more competitive for more significant amounts.

Before choosing a payment service, it’s best to compare a few options, including various international money transfer providers and banks, to find the trustworthy money transfer service and the best fit for your specific transfer needs. 

Here’s a summary of what we discovered in our comparison.

Transfer DetailsUsing Worldremit, The Recipient ReceivesUsing Chase, The Recipient ReceivesResult
Transferring 500 USD to AUD736.06 AUD729.91 AUDWorldRemit offers more to your recipient
Transferring 1000 USD to AUD1,472.11AUD1,467.19 AUDWorldRemit offers more to your recipient
Transferring 5000 USD to AUD7,360.56 AUD7,418.55 AUDChase offers more to your recipient
Transferring 10000 USD to AUD14,721.13 AUD14,839.36 AUDChase offers more to your recipient

What is the Fee for Sending Money Abroad With WorldRemit?

a screenshot of the worldremit mobile app

The transfer fees for sending money through WorldRemit vary based on your payment method, collection preference, destination, and transfer value.

To find the exact fee for your WorldRemit transfer, visit the WorldRemit website and use their user-friendly online calculator. Paying through a bank transfer is more economical than using a card.

If you go for a credit card, keep in mind that your card issuer may charge an additional fee, known as a cash advance fee.

The overall cost with WorldRemit can include:

  • Transfer Fee: Displayed and easy to understand.
  • Third-Party Expenses: Potential charges for online money transfers using your credit card, including fees like cash advance fees.
  • Transfer fees and Exchange Rate: A percentage added to the used rate.

Check WorldRemit’s fees and exchange rates and see if your chosen payment option incurs any extra charges from third parties.

Note: These additional transfer fees are not paid to WorldRemit, so verifying with your bank or card issuer is essential.

The Information Required for Sending Money

When you’re sending money through WorldRemit, you’ll need to provide a few key details:

  • Transfer Amount: Specify the amount of money you want to send.
  • Sending and Receiving Countries: Indicate the countries involved in the WorldRemit money transfer.
  • Currencies: Specify the currencies you are sending money between.
  • Recipient’s Name and Address: Provide the name and address of the person receiving the money.
  • Bank Account Details: For bank deposits, you’ll need the recipient’s bank account details, typically including the sort code or routing number and the account number. Some cases require a SWIFT code or IBAN (International Bank Account Number).

Ensuring you have these details ready will help simplify sending money through WorldRemit.

What are the Ways to Receive Money From WorldRemit?

a screenshot of the ways of sending money internationally through worldremit

WorldRemit offers various ways for you to receive money, including:

  • Collecting Cash in Person
  • Adding Funds to a Mobile Wallet
  • Depositing into a Bank Account
  • Receiving Door-to-Door Delivery
  • Topping up Mobile Credit with Airtime

Please note that not all options may be available in every destination country. Choose the method that best fits your requirements and is available in the recipient’s location.

What is the Duration for Receiving Money Through WorldRemit?

Receiving money with WorldRemit can happen quickly or take up to 4 working days, depending on various factors.

Here’s what influences the speed of the transfer:

  • Currencies and Countries: The types of currencies involved and the countries where the money is being sent affect the transfer speed.
  • Transferring time: The timing of your online money transfer request plays a role in how swiftly it’s processed. 
  • Transfer Method: Different methods, like cash pickup (s), mobile money, and airtime top-ups, often happen instantly or within 10 minutes.
  • Bank Deposit: Transfers to selected banks can take minutes or up to 4 days. The duration depends on the specific bank, the day of the week, and the time of transaction creation.
  • Home Deliveries: Going for a home delivery method may take 1 to 7 days, depending on the location.

Keep these factors in mind to better understand when to expect the funds to be received.

Customer Feedback on WorldRemit From Trustpilot Reviews

a screenshot of worldremit customer feedback statistics

WorldRemit has received a rating of 3.9 out of 5 stars on TrustPilot with a total of 86,109 reviews. A platform that gathers real-time customer reviews. This is considered an excellent overall review.

More than 70% of customers have given a 5-star rating, reflecting positive sentiments, particularly regarding the speed of the service. Around 12% provided the lowest available review score. Customers’ dissatisfaction was often linked to technical issues with WorldRemit.

The company actively engages with customers on TrustPilot, reaching out to those facing challenges to provide support.

Other Options Similar to WorldRemit

If you’re exploring alternatives to WorldRemit, consider these options:

  • Remitly: Like WorldRemit, Remitly provides International money transfer services, including cash pick-ups, home deliveries, and mobile money deposits.
  • Xe Money Transfer: Xe enables you to send money to almost any location globally.
  • TorFX: Based in the UK, TorFX offers online money transfer services for managing currency risk.

These alternatives present different features, so you may want to compare them based on your needs and preferences.

Also, look closer at Wise (formerly TransferWise) for more benefits.

wise online money transfer

Transparent Mid-market rate:

  • Wise: Wise uses the mid-market exchange rate and clearly outlines the costs of your overseas payment, making it easy to understand and compare. (Read more about Wise exchange rate.)
  • WorldRemit: rates are competitive but may lack upfront transparency.

Transfer Fees:

  • Wise: Wise known for lower fees, potentially resulting in cost savings compared to other platforms.
  • WorldRemit: Competitive fees, subject to variation based on factors like transfer amount and destination.

Multi-Currency Accounts:

  • Wise: Wise offers multi-currency accounts, allowing you to hold and manage money in different currencies.
  • WorldRemit: Primarily focuses on transfers, lacks multi-currency account feature.

In short, Wise emphasizes transparency, low fees, and multi-currency accounts, while WorldRemit focuses on global reach and quick transfers.

BEST FOR INTERNATIONAL MONEY TRANSFER

Pros Cons of WorldRemit

Pros

Wide Coverage: Operates in 130+ countries, 70+ currencies..
Diverse Payout Options: Bank transfers, cash pickup, mobile wallets.
Fast Transactions: 95% processed within minutes.
User-Friendly Platform: Easy online and app experience.
Community Empowerment: Supports recipients without banking access.

Cons

No Business-Specific Services Offered
Relatively Low Maximum Transfer Amounts
Exchange Rate Markup Applies

Other online bank reviews:

Conclusion

I hope you understand everything now.

WorldRemit makes sending money worldwide easy and flexible.

It’s user-friendly and covers various needs, as I already discussed. With its 24/7 support and quick processing, you can trust WorldRemit for secure and efficient international transactions.

Meanwhile, WorldRemit’s simplicity and convenience will give you a great experience during your money transfers.

FAQs

The application of fees and exchange rates is handled by WorldRemit by applying a markup to the mid-market exchange rate during the conversion process for customer payments. This can be understood by comparing the WorldRemit rate with the mid-market rate on Google. This will provide an understanding of how the guaranteed exchange rates are determined.

The average duration for WorldRemit verification is a few minutes, but it may take longer if electronic verification is not possible. In such cases, you will be asked for further information or documents and the specific steps and timelines for completion will be communicated to you.

Yes, a bank account or payment card is required to initiate an online payment using WorldRemit. However, having a bank account is not mandatory if you receive money through WorldRemit.

The maximum transfer amount through WorldRemit varies depending on the country and payment method used. For example, it is £30,000 in the UK, AUD 50,000 in Australia, and USD 20,000 in the US.

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Author
Allen Morning
I'm Allen Morning, with a background spanning over 15 years in international finance and education from Harvard and Stanford. I founded Currenciap with a vision to demystify and streamline global financial transactions. My journey in finance has fueled my commitment to creating a platform that is both user-friendly and efficient, making international finance accessible to everyone. You can find more about me here.

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