WorldRemit money transfer was founded in 2010 by Ismail Ahmed, Catherine Wines and Richard Igoe. WorldRemit is a mobile money transfer service with its headquarters in London, UK. It operates in the UK, USA and Europe and the Middle East. It is regulated by the Financial Conduct Authority in the UK and ASIC in Australia.
How WorldRemit Works
WorldRemit is a wallet that allows people to store, send and receive money. You can access its services through a web browser or download an application available on Google Play and Apple Store. The service is available in 130 countries and can support 70 currencies.
You can send money to a recipient who has not signed up for a WorldRemit wallet. You just need to make sure that WorldRemit is available in the recipient's country. Once you send them money, WorldRemit will send him a message explaining how to register and access the money.
To send money, select a country you want to send, select WorldRemit as the wallet you want to use to pay the recipient. If the recipient does not have WorldRemit wallet, you can select another wallet to use. Then select the currency to send and enter the amount. If you are sending in a different currency, you will be provided with exchange rates.
On the next screen, enter the recipients details like the recipient's mobile number. Then pay for the transfer. You and the recipient will receive a confirmation email after sending money.
How to Sign Up on WorldRemit
You can use the WorldRemit App or web to sign up. You need to select your country and then provide details like your name and email address. Then enter other details like your date of birth, phone number, address. You then need to verify your email.
WorldRemit Exchange Rates
WorldRemit exchange rates are much higher compared to the interbank rates. It means that banks will offer better exchange rates compared to WordlRemit. Luckily, it has a calculator you can use to calculate the amount the recipient will receive. You can compare the amount with other exchange platforms and identify the best money transfer service.
WorldRemit's exchange rates have two components, the mid-market rate and a margin. The exchange rates tend to be around 1% and 1.5%. The margin varies from one currency to the other and payout methods. For instance, cash pickups usually have a lesser margin. The rate you will get when making a transaction does not change along the way.
WorldRemit charges transfer fees for every transaction. Bank transfers are cheaper compared to cash pickups and mobile wallet transfers. Normally, the transfer fees for WorldRemit range between $3.99 and $24.99. The transfer costs depend on the currency, transfer option, country and amount.
You need to be aware that there are hidden fees charged by banks at either end. Luckily, WorldRemit will show you the exchange rate, transfer fees upfront.
Read also: N26 Review.
WorldRemit App Review
You can download the WorldRemit app available on Google Play and Apple Store. You can use the app to send money to over 150 countries. It is simple to use. You can also use the app to track money transfer status and set daily exchange rates push notifications for countries you send money to.
If you are new to WorldRemit, you can get the first three money transfers free of charge. You only need to use the promo code: 3FREE valid till 30th Nov 2020 when you come to pay.
WorldRemit Money Transfers
With WorldRemit, you can make money transfers using several options. You need to find out if the options are available to the recipients before initiating a transfer.
1. Bank Transfers. You can transfer money directly from your bank to that of the recipient suing WorldRemit. It takes between 2 and 3 days to complete the transfer.
2. Cash pickup. This is the fastest transfer option. You can send money through an agent so that the recipient will collect the money in cash. It is instant.
3. Mobile Money. You can send money to a mobile wallet like MTN and M-Pesa in Kenya using WorldRemit. Most mobile transfers are usually instant.
4. Mobile airtime top-up. You can top up airtime to your recipient's mobile to enable them to make calls and send messages.
WorldRemit Customer Service
You can contact customer support through email, phone, and chat. However, it can take up to 48 hours to get a response. However, there have been many complaints that customers wait for too long to speak to a customer representative.
WorldRemit Debit and Credit Cards
WorldRemit accepts debit and credit cards issued by Visa and MasterCard. Currently, it is not accepting credit and debit cards from Amex, Union Pay and Diner's Card.
How Fast are WorldRemit Transfers?
WorldRemit is one of the fastest money transfer services available. In most cases, money transfers are instant. However, the transfer speed depends on the amount being transacted, transfer option and country.
To complete an international bank transfer through Worldremit, it takes 1 to 2 days. If you are sending money to countries like Nigeria and Philippines, the transfer will be complete in a day.
If you are transferring to countries like Germany and Poland, the transfer will be completed in 2 days. You can check how long it will take to complete a transfer depending on your recipients' country here.