WorldRemit Money Transfer Review 2023: Safety, Rates & More

Q: How to cancel a WorldRemit transaction?

To cancel a WorldRemit transaction, follow these steps: Check the transaction status: Before attempting to cancel a transaction, verify its current status on your WorldRemit account. You can only cancel a transaction if it has not been completed, collected, or credited to the recipient's account. Contact customer support: If your transaction is still pending or in progress, contact WorldRemit's customer support team to request a cancellation. You can reach them via email, phone, or live chat, depending on your preference and the contact options available in your region. Provide transaction details: When contacting customer support, be prepared to provide your transaction reference number, the reason for the cancellation, and any other relevant information they may require to process your request. Wait for confirmation: Once you have submitted your cancellation request, the customer support team will review it and inform you of the outcome. If your request is approved, they will cancel the transaction, and the funds will be refunded to your original payment method. Keep in mind that this process may take a few days, depending on your bank or card issuer's policies.

WorldRemit, a prominent digital money transfer service, specializes in facilitating international fund transfers efficiently and with ease. This comprehensive review examines the platform’s diverse offerings, user experience, security measures, fees, exchange rates, and customer support. The objective is to provide an in-depth evaluation of WorldRemit, outlining the benefits and drawbacks of utilizing their services.

Table of Contents

what is worldremit?

WorldRemit is an international digital money transfer service that allows users to send money to friends and family in various countries across the globe. Established in 2010, the company’s mission is to provide a secure, fast, and cost-effective alternative to traditional money transfer methods, such as banks and physical money transfer operators.

CompaNY HISTORY AND BACKGROUND

WorldRemit was founded by Ismail Ahmed, a Somali-born entrepreneur who envisioned a better way to send money to loved ones abroad. While studying in the United Kingdom, Ahmed experienced the challenges of sending money back to his family in Somalia, often facing high fees, slow processing times, and a lack of transparency from traditional money transfer services. This personal experience inspired him to create a digital platform that would make international money transfers more accessible, affordable, and efficient.

In its early years, WorldRemit focused on providing remittance services to the African diaspora, offering a way for migrants to send money back to their home countries through mobile money services. Over time, the company expanded its services to cater to a wider range of customers and regions, encompassing over 130 countries and supporting multiple currencies and transfer methods.

The WorldRemit platform has continued to grow and innovate, offering various ways for users to send and receive funds, such as bank deposits, cash pick-up, mobile money, and airtime top-up. The company’s user-friendly interface, transparent fee structure, and competitive exchange rates have made it a popular choice among individuals seeking a more convenient and cost-effective solution for sending money internationally.

WorldRemit operates under strict regulatory standards and holds licenses in multiple jurisdictions, including the Financial Conduct Authority (FCA) in the United Kingdom. The company is dedicated to providing a secure and compliant service, implementing robust data protection measures, and conducting rigorous customer verification processes to minimize the risk of fraud and other illicit activities.

Services offered

International Money Transfers

Transfer methods

WorldRemit offers various transfer methods to suit users’ needs, including bank deposit, cash pick-up, mobile money, and door-to-door delivery. The availability of these methods ensures that users can select the most convenient option for themselves and their recipients.

Countries served

WorldRemit enables users to send funds to over 130 countries worldwide. The platform continuously expands its global reach, striving to provide accessible money transfer services to a growing number of users.

Mobile Money

Benefits

Mobile money is a digital financial service that allows users to send funds directly to recipients’ mobile wallets. It is particularly advantageous in regions where access to traditional banking services is limited. With mobile money, recipients can conveniently receive funds, pay bills, and make purchases using their mobile devices.

Supported countries

WorldRemit supports mobile money transfers to numerous countries, particularly in Africa, Asia, and Latin America. The platform partners with established mobile money operators to ensure seamless and secure transactions.

Bill Payments

Types of bills

WorldRemit allows users to pay bills for various services directly from the platform. These services include utilities, education fees, healthcare expenses, and insurance premiums. The bill payment feature enables individuals to manage their financial commitments in different countries effectively.

Bill payment process

To pay a bill through WorldRemit, users must first select the service provider and enter the required account details. Next, they must provide the payment information and confirm the transaction. The platform will then process the payment and notify the user once the transaction is complete.

Airtime Top-Up

Advantages

WorldRemit enables users to recharge mobile airtime for friends and family members abroad. This service allows users to provide support through communication credits, enabling recipients to stay connected with their loved ones.

Supported networks

The platform supports airtime top-up for various mobile networks across numerous countries. Users can choose the appropriate network for their recipient and recharge airtime in just a few simple steps.

Ease of use

Design

WorldRemit’s user interface features a clean and minimalist design, ensuring that users can easily locate and access key features and services. The platform’s layout is visually appealing, with clear fonts and icons that contribute to an intuitive user experience.

Navigation

The platform’s menu structure is organized and straightforward, allowing users to navigate the platform with ease. Essential services and functions are accessible through the main menu, streamlining the transfer process and minimizing confusion for users.

Account registration

Information required

To create an account on WorldRemit, users must provide basic personal information, such as their name, email address, phone number, and residential address. This information is necessary for the platform to verify users’ identities and comply with relevant regulations.

Verification process

WorldRemit employs a strict verification process to ensure the authenticity of user information. Users are required to submit a valid form of identification, such as a passport, driver’s license, or national ID card. The platform may also request additional documentation, such as proof of address, to complete the verification process. Once the submitted documents are approved, users can access WorldRemit’s full range of services.

Transfer Process

Steps involved

Initiating a transfer on WorldRemit involves the following steps:

Select the destination country and transfer method.
Enter the recipient’s details, such as their name, address, and account information.
Provide the payment information, which may include a debit or credit card, bank account, or other supported payment methods.
Review and confirm the transaction details.

After completing these steps, users can submit the transfer for processing. WorldRemit will notify the user of the transaction’s progress and inform them once the funds have been delivered.

Transfer tracking

WorldRemit provides real-time tracking for transfers, enabling users to monitor the status of their transactions. Users can access the transfer history through their account dashboard, which displays essential details such as the transfer date, recipient information, and current status. If any issues arise during the transfer process, WorldRemit will notify the user and provide guidance on resolving the problem.

security and compliance

Regulatory standards

Licensing

WorldRemit is licensed and regulated by financial authorities in multiple jurisdictions, including the Financial Conduct Authority (FCA) in the United Kingdom. The platform’s adherence to these regulations demonstrates its commitment to operating ethically and within legal boundaries.

Compliance Procedures

To maintain compliance with regulatory standards, WorldRemit implements rigorous procedures to prevent money laundering, terrorist financing, and other illicit activities. These measures include monitoring transactions, conducting risk assessments, and maintaining detailed records of user activity.

Data protection measures

Encryption

WorldRemit employs advanced encryption technology to protect users’ personal and financial information. Data transmitted between the user’s device and the platform’s servers is encrypted using Secure Socket Layer (SSL) or Transport Layer Security (TLS) protocols, ensuring the confidentiality and integrity of the information.

Secure servers

The platform’s servers are protected by robust security measures, including firewalls and intrusion detection systems. These safeguards help prevent unauthorized access, data breaches, and other security threats.

Customer verification

Identity verification

As part of its customer verification process, WorldRemit requires users to submit identification documents, such as a passport or driver’s license. The platform cross-checks the information provided with relevant databases to verify the authenticity of the user’s identity.

Ongoing monitoring

WorldRemit conducts ongoing monitoring of user activity to detect and prevent suspicious transactions. If the platform identifies any unusual behavior or transactions, it may request additional documentation from the user or take other appropriate actions to mitigate potential risks.

Fees and exchange rates

Transfer fees

Fee structure

WorldRemit charges fees for its services, which vary depending on several factors, including the transfer method, destination country, and currency. Users can view the fee structure on the platform before initiating a transfer, ensuring transparency and enabling informed decision-making.

Factors affecting fees

The fees charged by WorldRemit depend on multiple factors:

Transfer method: Different methods, such as bank deposit, cash pick-up, and mobile money, may incur varying fees.
Destination country: The fees may also differ based on the country to which the funds are being sent.
Currency: The platform may charge different fees for transactions involving different currencies.

Currency conversion rates

Rate updates

WorldRemit offers competitive exchange rates that are updated regularly to reflect market fluctuations. This approach ensures that users receive fair rates when sending funds internationally.

Comparisons with mid-market rates

While the exchange rates offered by WorldRemit may differ from the mid-market rate, they generally remain favorable compared to traditional money transfer services. The platform may apply a small margin to cover operational costs, but it aims to minimize this difference to provide users with competitive rates.

Comparisons with competitors

Fee analysis

When evaluating fees, WorldRemit often surpasses its competitors in the digital money transfer space. The platform’s pricing structure is frequently more cost-effective than that of traditional banks and money transfer operators, which may charge higher fees for similar services.

Exchange rate analysis

In terms of exchange rates, WorldRemit also fares well against its competitors. The platform’s commitment to offering competitive rates ensures that users can send funds internationally without incurring excessive costs due to unfavorable exchange rates.

Customer Support

Contact channels

Email

WorldRemit provides email support for users who prefer a written record of their interactions with customer support. Users can submit their inquiries or concerns via email, and the support team will respond with detailed information and guidance.

Phone

For users who prefer a more immediate and personal form of communication, WorldRemit offers phone support. Users can call the customer support hotline to speak with a representative who can assist with various issues, including transaction inquiries, technical difficulties, and account-related concerns.

Live chat

WorldRemit also features live chat support, which allows users to communicate with a customer support agent in real-time. This channel is particularly helpful for users seeking quick answers to straightforward questions or guidance on using the platform.

Response times

Average wait times

The platform strives to deliver prompt and efficient support to its users. Response times may vary depending on the chosen contact method and the complexity of the issue. In general, users can expect email responses within 24 hours, while phone and live chat support offer more immediate assistance.

Factors affecting response times

Several factors may affect WorldRemit’s customer support response times, such as the volume of inquiries, the complexity of the issue, and the availability of support agents. The platform continuously works to optimize its support processes to ensure users receive timely assistance.

Resolution of Issues

Types of issues handled

WorldRemit’s customer support team is trained to handle a wide range of inquiries and concerns. Some common issues addressed by the support team include:

Transfer delays or cancellations
Account registration and verification
Technical difficulties with the platform
Fee and exchange rate inquiries
Security concerns or potential fraud

Satisfaction rates

WorldRemit aims to resolve issues effectively and to the satisfaction of its users. The platform’s customer support team prioritizes thorough investigation and prompt resolution of concerns, ensuring that users can continue utilizing the platform’s services with minimal disruption.

pros and cons of WorldRemit

Pros:

Speed and convenience: WorldRemit enables users to send money quickly, often within minutes or hours, depending on the transfer method and destination country. The platform’s user-friendly interface and mobile app make it convenient to initiate transfers from anywhere at any time.
Multiple transfer options: WorldRemit offers various transfer methods, including bank deposits, cash pickups, mobile money, and airtime top-up, catering to the diverse needs of users and recipients across different countries and circumstances.
Competitive fees and exchange rates: Compared to traditional banks and money transfer operators, WorldRemit generally offers lower fees and more favorable exchange rates. The platform clearly displays the applicable fees and exchange rates before initiating a transfer, ensuring transparency and helping users make informed decisions.
Extensive coverage: WorldRemit supports transactions in over 130 countries and multiple currencies, providing a wide network for users to send money internationally.
Security and compliance: WorldRemit is licensed and regulated by financial authorities in multiple jurisdictions, including the Financial Conduct Authority (FCA) in the United Kingdom. The platform employs robust data protection measures and rigorous customer verification processes to ensure a secure and compliant service.
Accessible customer support: WorldRemit offers multiple customer support channels, including email, phone, and live chat, making it easy for users to address any concerns or issues they may encounter during the transfer process.

Cons:

Transfer limits: WorldRemit imposes limits on the amount users can send per transaction, which may vary depending on the sender’s country, destination country, and transfer method. These limits may not be suitable for users who need to send large amounts of money.
Transfer delays: While WorldRemit generally processes transfers quickly, some users have reported delays in their transactions. These delays may be due to compliance checks, technical issues, or recipient bank processing times.
Customer support responsiveness: Some users have reported longer-than-expected response times from WorldRemit’s customer support team, particularly during peak periods or high-volume inquiries.
Limited availability of services: While WorldRemit offers a wide range of transfer options, some services, such as mobile money and airtime top-up, may not be available in all countries. Users need to verify the availability of their desired transfer method for their specific destination country.

user experiences

Positive feedback

Speed of transfers

Many users commend WorldRemit for its efficient and speedy transfer services. The platform processes transactions rapidly, often delivering funds within minutes or hours, depending on the transfer method and destination.

User interface

Users appreciate WorldRemit’s user-friendly interface, which simplifies the transfer process and enables users to navigate the platform with ease. The platform’s clean design and intuitive layout contribute to a seamless user experience.

Negative feedback

Delays in transfers

While WorldRemit generally processes transfers quickly, some users have reported delays in their transactions. These delays may be attributed to various factors, such as compliance checks, technical issues, or recipient bank processing times. In such cases, WorldRemit’s customer support team works diligently to resolve the issue and expedite the transfer.

Customer support responsiveness

Although WorldRemit strives to provide prompt and effective customer support, some users have reported longer-than-expected response times. The platform continuously works to improve its support processes and minimize wait times to enhance user satisfaction.

Conclusion

WorldRemit is a digital money transfer service offering a range of features, including international money transfers, mobile money, bill payments, and airtime top-up. The platform’s user-friendly interface, straightforward registration process, and transparent transfer procedure make it a convenient choice for users.

The company adheres to strict regulatory standards, employs robust data protection measures, and implements rigorous customer verification processes to ensure a secure and compliant service. WorldRemit’s fees and exchange rates are competitive, often surpassing those of traditional banks and money transfer operators.

Customer support is accessible through various channels, with generally prompt response times and effective issue resolution.

In conclusion, WorldRemit is a viable option for individuals seeking an efficient and secure method of sending funds internationally. The platform’s diverse range of services caters to the needs of users across different countries and circumstances. While the fees and exchange rates may vary, the platform remains competitive compared to other money transfer options.

With its user-friendly interface, robust security measures, and accessible customer support, WorldRemit is well-equipped to handle the challenges of international money transfers. Users are encouraged to compare the platform’s offerings with those of other providers to determine the most suitable option for their needs.

Frequently Asked questions

Is WorldRemit Safe?

Yes, WorldRemit is safe and legit. The platform is licensed and regulated by financial authorities in multiple jurisdictions, including the Financial Conduct Authority (FCA) in the United Kingdom. WorldRemit adheres to strict regulatory standards and implements rigorous procedures to prevent money laundering, terrorist financing, and other illicit activities.

In addition to adhering to regulatory standards, WorldRemit employs robust data protection measures to safeguard users’ personal and financial information. The platform uses advanced encryption technology, such as Secure Socket Layer (SSL) or Transport Layer Security (TLS) protocols, to ensure the confidentiality and integrity of data transmitted between users’ devices and WorldRemit’s servers. Moreover, WorldRemit’s servers are protected by firewalls and intrusion detection systems to prevent unauthorized access, data breaches, and other security threats.

Lastly, WorldRemit has a strict customer verification process that requires users to submit valid identification documents, such as passports or driver’s licenses, to authenticate their identities. This process helps minimize the risk of fraudulent activity on the platform.
Overall, WorldRemit’s commitment to regulatory compliance, data protection, and customer verification demonstrates that the platform prioritizes the safety and security of its users and their transactions.

How can I contact WorldRemit?

To contact WorldRemit’s customer support, you can use the following methods:

Email: You can send an email with your inquiries or concerns to the WorldRemit support team. The email address can typically be found on the platform’s contact or support page – customerservice@worldremit.com.

Phone: WorldRemit offers phone support through customer support hotlines. You can find the phone number for your specific region on the platform’s website, usually in the contact or support section. Here are their main contact numbers:

United States: +1 888 772 7771
United Kingdom: +44 20 7148 5800
Australia: +61 2 6145 2161
Canada: +1 888 595 2956

Live chat: WorldRemit features live chat support on their website, allowing you to communicate with a customer support agent in real-time. To access live chat, look for a chat icon or “Help” button on the platform’s website, and click on it to start a conversation with an agent.

Please note that response times may vary depending on the method you choose and the volume of inquiries the support team is handling. For more specific contact information, visit WorldRemit’s official website and navigate to their contact or support page.

How do I receive money from WorldRemit?

To receive money from WorldRemit, the sender needs to initiate a transfer using one of the available methods, and you, as the recipient, will collect the funds accordingly. Here are some common methods through which you can receive money from WorldRemit:

Bank Deposit: The sender transfers money directly to your bank account. You will need to provide the sender with your bank account details, such as your account number and bank’s routing number or SWIFT/BIC code. Once the transfer is processed, the funds will be credited to your account.

Cash Pickup: The sender selects a local cash pickup agent in your area. You will need to visit the designated agent location and provide a valid ID along with the transaction reference number to collect the cash. The sender should share the reference number with you.

Mobile Money: The sender transfers money to your mobile money account, such as M-Pesa, MTN Mobile Money, or Tigo Pesa. You need to provide the sender with your mobile money account number (usually your mobile phone number). Once the transfer is processed, the funds will be added to your mobile money account balance.

Airtime Top-up: The sender can top up your mobile airtime balance directly. In this case, you need to provide the sender with your mobile phone number. The transferred airtime will be credited to your mobile phone balance.

Keep in mind that the availability of these methods depends on the sender’s and recipient’s countries, as well as the specific services offered by WorldRemit in those regions. Ensure that you provide the sender with accurate information to facilitate a smooth transfer process.

How does WorldRemit work?

Sign up: To start using WorldRemit, you’ll need to create an account on their website or mobile app. You will be asked to provide your name, email address, and a password, and then verify your email address.

Verify your identity: WorldRemit requires users to verify their identities to comply with regulatory requirements and ensure a secure platform. You will need to provide identification documents such as a passport, driver’s license, or other government-issued IDs. The verification process may also require you to submit proof of address, depending on your location and the amount you wish to transfer.

Initiate a transfer: Once your account is verified, you can start sending money. Choose the destination country, the amount you want to send, and the desired delivery method (e.g., bank deposit, cash pickup, mobile money, or airtime top-up). The platform will display the applicable fees and exchange rates for the chosen transfer.

Enter recipient details: Provide the recipient’s information, which may include their full name, address, bank account details, or mobile phone number, depending on the selected delivery method. Make sure to double-check the information for accuracy to avoid any delays or issues with the transfer.

Make the payment: You can pay for the transfer using various methods, such as debit or credit cards, bank transfers, or other local payment options available in your region. WorldRemit uses secure encryption technology to protect your payment information.

Transfer confirmation: After you have made the payment, WorldRemit will send you a confirmation email with a transaction reference number. The platform will also notify you when the transfer is complete. Depending on the delivery method and destination country, the funds could be available to the recipient within minutes or may take a few hours or days.

Recipient collects the funds: The recipient will receive the funds according to the selected delivery method. For bank deposits, the funds will be credited directly to their bank account. For cash pickups, the recipient will need to visit the designated agent location with a valid ID and the transaction reference number to collect the cash. For mobile money and airtime top-up, the funds will be credited directly to their mobile account or phone balance.

How to cancel a WorldRemit transaction?

To cancel a WorldRemit transaction, follow these steps:

Check the transaction status: Before attempting to cancel a transaction, verify its current status on your WorldRemit account. You can only cancel a transaction if it has not been completed, collected, or credited to the recipient’s account.

Contact customer support: If your transaction is still pending or in progress, contact WorldRemit’s customer support team to request a cancellation. You can reach them via email, phone, or live chat, depending on your preference and the contact options available in your region.

Provide transaction details: When contacting customer support, be prepared to provide your transaction reference number, the reason for the cancellation, and any other relevant information they may require to process your request.

Wait for confirmation: Once you have submitted your cancellation request, the customer support team will review it and inform you of the outcome. If your request is approved, they will cancel the transaction, and the funds will be refunded to your original payment method. Keep in mind that this process may take a few days, depending on your bank or card issuer’s policies.

Who owns WorldRemit?

WorldRemit is a privately held company, with ownership shared among its founders, management, employees, and investors. Ismail Ahmed, a Somali-born entrepreneur, founded the company in 2010. The company has attracted investments from various venture capital firms and investors over the years, which also hold ownership stakes in WorldRemit. Some notable investors include Accel Partners, TCV, and LeapFrog Investments.

How much does WorldRemit charge to send money?

WorldRemit’s fees for sending money vary depending on several factors, such as the amount being sent, the destination country, the currency, and the transfer method chosen (e.g., bank deposit, cash pickup, mobile money, or airtime top-up). There is no fixed fee structure, as each transaction is subject to its unique set of parameters.

In addition to transfer fees, WorldRemit also applies a currency exchange rate when converting the sender’s currency to the recipient’s currency. The exchange rate offered by WorldRemit is typically competitive and more favorable than rates provided by traditional banks.

To determine the exact fees and exchange rates for your specific transaction, you can visit the WorldRemit website or use their mobile app. Enter the necessary details, such as the destination country, the amount to be sent, and the delivery method, and the platform will display the applicable fees and exchange rates before you proceed with the transfer.

How long does it take to transfer money with WorldRemit?

The time it takes to transfer money with WorldRemit depends on various factors, including the transfer method, the destination country, and the currencies involved. Here’s a general overview of the timeframes for different transfer methods:

Bank Deposit: For most bank deposits, the transfer is typically completed within 1-2 business days, but it can sometimes take longer depending on the recipient’s bank’s processing times and any additional compliance checks.

Cash Pickup: Transfers for cash pickup are often processed within minutes, making it one of the fastest options available. However, the recipient’s ability to collect the cash may depend on the operating hours of the pickup location.

Mobile Money: Mobile money transfers are generally processed quickly, often within minutes or a few hours. However, delays may occur if there are network issues or if the recipient’s mobile money provider takes longer to process the transaction.

Airtime Top-up: Airtime top-up transfers are usually processed almost instantly, with the recipient’s mobile phone balance updated within minutes.

It’s important to note that transfer times may vary depending on specific circumstances, such as weekends, holidays, or regulatory requirements.

Warwick Woodley

With some 40+ years’ experience in the International moving and relocation industry Warwick has held senior management roles and Directorships both in New Zealand and Asia. He was a trainer for the FIDI Academy over a number of years teaching the EiM course to many students all over the world. He has had considerable exposure to all facets of international transport including shipping, airfreight, marine insurance, logistics and global mobility.