WorldRemit was founded in 2010 by Ismail Ahmed, Catherine Wines and Richard Igoe. It is an online 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.
This is what you need to know before you sign up for WorldRemit account.
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WorldRemit Exchange Rates
WorldRemit provides competitive exchange rates compared to those you will find in banks. WorldRemit has a calculator that 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 Transfer Fees
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.
To make a transfer, you can use the mobile app or web. Login in to your account, select the country you want to send money, the transfer option you wish to use, the recipient's currency, and the amount you want to send.
On the next screen, enter details of the recipient. If you wish to make a bank transfer, you will need to enter the recipient's bank account details. If it is a mobile transfer or airtime top-up, you need to enter the recipient's mobile number.
Then enter the amount you wish to send. WorldRemit will calculate the amount the recipient will receive depending on his country and currency.
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WorldRemit App Review
You can download the WorldRemit app available for both Android and iOS. 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.
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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.
- 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.
- 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.
- 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.
- Mobile airtime top-up. You can top up airtime to your recipient's mobile to enable them to make calls and send messages.
How to Sign Up on WorldRemit
You can use the WorldRemit app or web to sign up. You need to 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.
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WorldRemit Customer Support
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.
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