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Facts & Figures
What is WorldRemit?
WorldRemit is an international money transfer and currency conversion app.
The firm was founded in 2010 by entrepreneurs Ismail Ahmed, Catherine Wines and Richard Igoe.
WorldRemit focuses on the customers who require small, frequent payments to exotic countries.
This is mainly expats and travellers who need to send money home, or have family abroad.
They mostly send to countries that other providers will not.
Although they don’t provide ‘business accounts’, you can use them to send payments for your business.
WorldRemit has received a number of investments over the last decade, totalling over $300m.
Investors include early-stage venture capital firms:
- Accel Partners
- Technology Crossover Ventures
- Leapfrog Investments
In 2021, WorldRemit Group acquired Sendwave, another cross-border payment provider.
WorldRemit Group was then renamed to ‘Zepz’ as a holding company.
Is WorldRemit a Bank?
No, it’s not.
WorldRemit is simply a cross-border payment provider.
To be exact, WorldRemit is classed as an Authorised Electronic Money Institution.
You tell them how much you want to send, provide recipient bank details, and pay for it.
They will then send your converted money to the destination.
WorldRemit cannot hold money or speculate on the foreign exchange markets.
As an e-money institution, WorldRemit will safeguard your money until they send it.
This means that if they go bust (very unlikely), you should receive your money back.
Provided they haven’t already sent it, of course.
I talk about safeguarding further on in the article.
WorldRemit Features
As it comes, WorldRemit offers a very simple service.
There aren’t any distinguished ‘features’ available to the user.
They can send money, but that’s about it.
What they can do, however, is send different types of money.
Bank Transfer
This is the obvious one, and the type that most of us are familiar with.
Very simply, WorldRemit performs a bank transfer to your recipient’s account.
Timescales and fees depend on where the money is going.
You will need to provide the recipient's bank account details.
Cash Collection
Cash pickup transfer is a payment that your recipient can collect as physical cash.
This must be from a location within WorldRemit's local partner network.
When funds have been transferred, your recipient can pick up the cash.
Usually, cash is available to pick up instantly.
The recipient will need to show some valid photo ID to complete the pickup.
Mobile Money
Mobile money is an e-wallet that’s connected to your phone number.
They allow users to store, send, and receive money using only a mobile phone.
No bank account required.
WorldRemit doesn't provide a mobile money wallet, but can send to one.
While not a common option, it’s great that it’s offered.
Airtime Top-up
This is basically topping up someone elses phone credit.
It’s a popular option for African and Asian countries.
If you want to top-up a family member's phone back home, WorldRemit can help.
Not many other providers offer this option.
Is WorldRemit Safe?
WorldRemit has a large global footprint, being regulated all over the world:
- United Kingdom
- Belgium (covering all of the EU)
- U.S.A. (state specific)
- Canada
- Hong Kong
- Singapore
In the UK, WorldRemit is regulated by the Financial Conduct Authority (FCA).
It’s the same level of protection, for you, as using a high-street bank.
Getting regulated by the FCA is no easy feat.
You have to prove that you’re secure and safe with people's money.
As part of the regulation, WorldRemit must separate client funds from their own.
These segregated accounts are what’s called ‘ring-fenced and safeguarded’.
If WorldRemit were to go into administration, the safeguarded funds cannot be used to tie up the business.
Instead, they’re all returned to the clients.
Customer reviews are always a good indication of safety.
I talk about their Trustpilot comments a little further down.
In short, WorldRemit is a reputable company and is very safe.
How Does WorldRemit Make Money?
WorldRemit makes their money in two ways:
- Fees per transaction
- Exchange rate spread
Take a look at the below screenshot, taken from WorldRemit’s calculator.
This was a quote I received for £1k to USD, which came out at 1.28757.
The GBP/USD mid-market rate at this time was 1.30243.
With these two figures, you can work out their spread.
The “spread” is the markup that a company puts on top of the exchange rate that they purchase at.
A.K.A, the profit on the transaction.
The £2.99 fee is also a source of revenue.
WorldRemit Rates, Fees and Costs
Rates
Based on the above, I’ve worked out WorldRemit’s spread to be around 1.5% of the volume.
This means that, for a £1k transfer, there’s £15 profit for WorldRemit.
The lower the spread, the more you’ll get for your money.
To put that into perspective, Wise’s spread is around 0.4%.
XE’s spread is 1.35% for a £1k transfer.
Even though WorldRemit isn’t as competitive rate-wise, they make up for it in the availability they provide.
They can send to countries that a lot of providers won’t.
This alone can add increased costs for WorldRemit.
So it makes sense that they’re slightly more expensive.
Fees
Although there's a £2.99 fee for GBP/USD transfers, it can be 99p for more exotic pairs.
Honestly, I’m not too sure what determines the fee.
Above is an example for a GBP/BDT transfer.
These fees wouldn’t make a difference if you were transferring £5k+.
However, with smaller transfers of £100, it starts to affect your value for money.
If you’re transferring frequently, the fees can add up over time.
To compare, Remitly charges similar amounts while Wise and XE don’t charge at all.
WorldRemit Reviews
WorldRemit has racked up nearly 60k reviews on Trustpilot.
A 4.1 rating is only classed as ‘great’.
A lot of other companies are up at the ‘excellent’ rating.
Let’s have a look at some comments and find out why.
Positive Reviews
75% of reviews are 5 stars.
Again, this is quite low compared to their competitors.
Nevertheless, the majority of customers are pleased with the service.
“I received my money shockingly fast. Grateful for an app that gets right to the money and allows you to access your money with ease and impeccable communication.” - Rebecca
Customers love the speed and security of WorldRemit.
Some even comment on transfers arriving within the hour…
That’s basically unheard of in the industry.
The mobile app is also heavily praised for its speed and user interface.
I take a look at their app near the end of the review.
Negative Reviews
9% of reviews are 1 star.
This is a lot more than most.
“I sent money to Rwanda and it’s been a month without any response, no money, no feedback. I keep calling and they keep telling me that there is no feedback, and this has been going on for weeks.” - Sabrine
Most comments mention either slow delivery, or no delivery at all.
This is contrasted against a lot of comments which mention quick delivery.
It seems like the speed of each transaction is determined by the spin of a wheel.
However, this kind of inconsistency is to be expected.
WorldRemit focuses on the more exotic currencies and countries.
It’s a fact that the banking infrastructure in these countries might not be as sophisticated.
Nearly all of the time, delays are out of WorldRemit’s control.
How Do I Open a WorldRemit Account?
WorldRemit makes it easy.
You can either click ‘Sign Up’ in the top right, or ‘Continue’ on the quote form.
It comes down to this:
- Click sign up
- Fill in the form
- Verify yourself
- Done
To verify yourself is to prevent fraud.
You need to prove that it’s really you signing up.
This means sending WorldRemit a scanned copy of your ID and a proof of address.
Your passport or driver’s licence and a utility bill should do the trick.
You may be asked to take a selfie for extra verification.
After WorldRemit has verified you, you’re good to go.
Do I Need an Account to Receive Money?
No.
You can receive money from a WorldRemit user without having an account.
All you have to do is provide the sender with your bank account details.
Obviously, you will need an account to send money.
How Do Money Transfers Work?
Sending Money to WorldRemit
WorldRemit offers a variety of ways to pay for your transfer:
- Debit / credit / prepaid card
- Bank transfer
- Poli
- Interac
- iDEAL
- Klarna
- Apple Pay
- Trustly
- Mobile Money
However, the availability of each method depends on where you are sending from.
I would recommend a bank transfer, personally.
It’s nearly always quicker and cheaper.
But again, it depends on the currency and country.
Receiving Money from WorldRemit
As mentioned previously, there are a few ways to receive money from WorldRemit:
- Bank transfer
- Cash collection
- Mobile money
- Airtime top-up
WorldRemit is one of only a few who offer these options.
For bank transfers, you’ll have to supply the sender with some bank details.
If receiving by cash collection, you’ll have to use a WorldRemit partner.
WorldRemit can send to a lot of exotic countries, however there’s a few where they can’t.
Syria, Iran, Iraq, North Korea and Russia to name a few.
Double check before signing up.
How Long Do Payments Take to Arrive?
Usually, pretty quickly.
But it depends on the currency, the receiving country, and the method used.
WorldRemit claims that cash collection, mobile money and airtime top-ups can be completed in minutes.
Bank transfers, however, can take a few days.
As I mentioned earlier, some customers have complained about delays.
How Do I Cancel a WorldRemit Transfer?
You can only cancel a transfer before it’s been paid out.
Here’s how:
- Log in to your account via the website or app
- Go to your transfer activity
- Go to the transfer you want to cancel
- Press 'Request cancellation'
It can take up to 7 working days to refund a cancelled transfer.
If WorldRemit has already paid out your funds, there’s a different process.
This is called a ‘recall’, and is not guaranteed.
This is when WorldRemit contacts the recipient to ask for the money back.
The recipient has to consent to it, and must have enough balance to cover it.
If the funds were delivered via cash collection or airtime top-up, nothing can be done.
How Do I Contact Customer Support?
Compared to other money transfer apps, WorldRemit provides better support.
Their contact numbers are easy to find:
- Go to their website
- Scroll to the bottom and click ‘contact us’
- Click on ‘phone’
- Find the contact number for your country
It’s that simple.
They also provide a helpful chat bot and a detailed FAQ section.
WorldRemit Mobile App
You can download the WorldRemit app on the App Store or Google Play Store for free.
It’s heavily and positively reviewed.
Customers love the design and ease of use.
In terms of features, it does exactly the same as the online platform.
You can send money and track transfers.
Is WorldRemit Right For Me?
It depends on how much you’re transferring, and where it’s going.
WorldRemit specialises in exotic currencies and countries.
You’ll find that they won’t send to countries like Spain and France.
But instead focus on the Philippines, Nigeria and Pakistan etc.
There’s also limits to how much you can send.
That’s why WorldRemit is great if you’re working abroad and sending small amounts home.
Or sending money to loved ones across the world.
However, you should look elsewhere for larger transfers or more prominent countries.
Wise and XE are great for transfers to European countries and afar.
If your transfer is over £5000, you should consider a currency broker.
They’re all about service.
You’ll get a 1-on-1 account manager who’ll help you throughout the whole process.
When transferring large amounts of money, having someone to help you is imperative.
Check out our article on the Best Currency Brokers.
Summary
WorldRemit has steadily grown from a startup to an established remittance company.
People from all over the world use them to repatriate salaries or support family members.
They offer some great and unique delivery options such as cash and phone top-ups.
They’ve amassed over 50k reviews, largely positive.
It’s easy to open an account and make a transfer.
Their customer support is a step above the rest, too.
Unfortunately, no company is perfect.
A lot of their negative reviews mention delayed or missing payments.
Most of the time, you won’t have an issue.
Before you sign up, double check that WorldRemit can send to your country of choice.
Also check if they can handle your volume.
Remember, for any transfers over £5k, consider a currency broker.
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