Payment Services

WorldRemit Money Transfer | Exchange Rates, Charges, and More!

If you wish to send money to relatives and friends who live abroad, WorldRemit money transfer would do so in an easy, rapid, and secure manner. It provides the greatest exchange rates ensuring that your hard-earned money is put to better use. More than 150 countries accept WorldRemit money transfers from customers. 

What Will We Talk About Here?
  • WorldRemit money transfer charges depend on the sending amount, the ultimate destination, and the sort of wire transfer requested.
  • All foreign currency transfers are normally subject to markups of 4-6% over the true market value
  • With WorldRemit cash pickup money transfers are completed in up to 7 days but bank transfers may only take less than 10 minutes.

…and Much More!

WorldRemit Money Transfer – Everything You Need to Know 

WorldRemit let the customers send money online more securely, quickly, and affordably. Owing to its innovative approach to money transfers, WorldRemit  has grown to become a market leader.

  • WorldRemit has experienced rapid growth over the past ten years and today boasts a network of more than 5,000 transfer corridors.

This network offers extensive coverage of nearly all African nations excluding Algeria, Eritrea, Eswatini, Libya, Sudan, and South Sudan. This is a very satisfying achievement for Ahmed, a London-based individual who is originally from Somaliland. 

We will be looking into each of the major facets of the WorldRemit business model to give a thorough overview of this money transfer company. The guide briefs about WorldRemit transfer speeds, foreign exchange rates, and mobile services.

Exchange Rates

The exchange rates vary relying upon the payout method as well. When compared to bank transfers, cash pickups provide a lower rate. The rate that WorldRemit quotes you now of the transfer is locked in and guaranteed to remain the same. Two components that make up the exchange rates on WorldRemit are listed below.

  • The true mid-market rate.
  • Small profit margin: This margin varies depending on the currencies used for the international transfer. 

A few tests were run to understand the foreign exchange spread used for WorldRemit transactions. According to the analysis, popular currencies are marked up by 0.5 to 1.25% above mid-market rate. Exotic currencies that are traded less frequently seem to have slightly higher markups, ranging from 3 to 5%.

Attention! All foreign currency transfers are normally subject to markups of 4-6% over the true market value in addition to the usual international bank transaction cost.

Fees and Charges

WorldRemit has a defined, flat-fee structure for all transactions, so users are aware of all fees up front and before making a payment, and it offers reasonable transfers to nations throughout the world. The sending amount, the ultimate destination, and the sort of wire transfer requested will all affect how much these fees are.

  • We will use the more widely used currencies pairing of GBP to USD as an example to help you understand.

Customers who choose to send money through bank transfer from the UK to the USA will only pay a $2.99 transfer fee. Now this customer is paying for a bank transfer which is a slightly slower service.

The fact that the two currencies are among the most traded on the forex market, they are charged a reduced price. Customers are informed upfront of any transfer fees because they are displayed during whole transfer procedure.

Additional Costs 

WorldRemit is careful to let users know that card issuers might impose their own costs in addition to any transaction cost. For instance, customers who pay for a transaction using a credit card may incur additional fees of up to 3%.

A foreign transaction cost may be charged if you use an international credit or debit card to fund an overseas transfer. Banks may impose additional fees for payments made using the SWIFT network.

Note! To prevent any surprises, it is important that you verify all the fees and the agreed-upon exchange rate.

Transfer Time

Regardless of the transfer channel, transferring money with WorldRemit is faster than doing so through your bank. The transfer method, the recipient, the currencies associated, the amount you are sending, and security checks all influence how long it takes to complete.

While bank transactions can take two to three days to complete, cash collection, mobile money transfers, and airtime top-ups all occur instantly. Door-to-door deliveries might take anywhere from 24 hours to 7 days to complete, considering where the receiver is located,

In comparison to bank transfers, which can take up to three days, credit or debit card payments take around an hour to be processed. WorldRemit claims that 50% of their bank transfers are finished in less than 10 mins, which is a record-breaking statistic.

Money transfer services from WorldRemit are quicker than those from MoneyGram, Western Union, Pangea, and Transfast. Even the slowest transmission technique used by WorldRemit is quicker than interbank transfers.

Generally, WorldRemit is among the best suppliers of money transfer services for money transfers to your family for personal reasons. Those reasons may include household bills, medical and other treatment costs, educational costs, and social contributions. 

Why Should You Choose WorldRemit for Money Transfers 

The extensive global network of company is the primary point for using WorldRemit for your upcoming international money transfer. With WorldRemit, money transfers can be received in over 130 countries in over 70 different currencies. Hundreds of agent locations throughout the world that make it simple to accept money transfers in cash. 

  • In addition to accepting bank transfers and debit and credit cards as payment methods, WorldRemit is similarly flexible when it comes to pay-out alternatives.

Moreover, WorldRemit provides some of the quickest methods for sending money abroad. Instant transfers are commonly available. WorldRemit transfers happen at a far faster rate than many other remittance options available in the market.

Things To Watch Out for When Using WorldRemit

Like other money transfer services, WorldRemit has its advantages and disadvantages. But it is our mission to assist our users identifying the odds to watch out for when using WorldRemit.

  • Large Transfer Restrictions: WorldRemit has a $10,000 limit sending amount per transfer; clients who need to send more than $10,000 should look into alternate services like TorFX or Key Currency.
  • Live Chat Not Available: Users must use the web form, email, or phone to get in touch with WorldRemit’s customer support team as the company does not provide a live chat client service channel.

How To Transfer Money with World Remit – Step by Step Guide 

You can send money with WorldRemit by bank transfer, cash collection, mobile transfer, door-to-door delivery, and airtime top-up. Setting up and sending money to loved ones takes, on average, 5 minutes. The actions to take are listed below.

  1. Tap or click the Go to site option. This will direct you to the signup page that allows you to make your WorldRemit account by entering the necessary personal information and submitting.
  2. Specify the “Send From” and the destination data. Choose the recipient country, preferred language, and language preference on the WorldRemit homepage before clicking “Get Started.”
  3. Check the ‘Send To’ location and select the sending method. Verify that the system selected the correct location on the Send To interface before selecting the transfer method and clicking Continue.
  4. Enter the Amount, Currency, and check the information. Enter the sum you want to give or the item you want the recipient to receive.
  5. According to the “Send To” and “Send From” nations you select at the beginning, the sending and receiving currencies are often preselected.
  6. Verify the typical transfer time, the conversion rate, the applicable fees, and the overall amount you must pay. Then select “Send”
  7. Fill in the recipient’s information including name, address, phone number, bank information and any other details you may be prompted for. Ensure the accuracy of everything.
  8. Pay the transfer fee. You can pay with a credit card, debit card, bank transfer, or another means that is appropriate for your country. Both sender and recipient will receive an SMS confirmation after the payment has been completed. 

Method To Receive Money with World Remit 

  1. A SMS notice will be sent to the recipient at the phone number they gave, letting them know when the money has arrived at its destination. Additionally, the transaction reference number will be included in the message.
  2. Your official identification cards. A driver’s licence, passport, national identity card, or refugee card may be used. The reference number for the transaction This eight-digit ID serves as a special transaction identifier. Here is an example SMS alert.
  3. The SMS notification shown above includes a link to various locations where you can pick up your money in your nation. WorldRemit features more than 30,000 cash collection stations throughout the world.
  4. To complete the transaction and verify your identity, provide the agent an identification papers and the transaction reference number.
  5. Now that you have the money, you can take care of any responsibilities you may have.

Types of Transfers Possible with WorldRemit 

Customers who want to send money to various locations throughout the world can do so by WorldRemit’s diverse collection of transfer alternatives. Each transfer remittance corridor has different possibilities. Therefore it’s crucial to consider them all before starting a payment.

  • Transfer Via Bank

Bank transfers include the immediate transfer of money from one bank to the other. The transfer may be quick, but certain payments may take up to three days to reach, depending on the destination.

  • Picking Up Cash

With this approach, the recipient can pick up physical cash at a WorldRemit agent location anywhere in the company’s extensive local payout network. The money is transferred instantly, and the recipient has minutes to pick up the money.

  • Mobile Cash

Mobile Money is an electronic wallet service that allows money to be transferred straight to a recipient’s mobile account. It works with all recent iOS and Android devices.

  • Delivery At Your Door

This method of transfer, which is certainly the most convenient, allows WorldRemit send the money in cash right to the recipient’s front door. However, shipping timeframes vary based on the recipient’s location and address.

  • Mobile Airtime Top-Up

Users can add airtime to a recipient’s prepaid phone to allow them to make calls and send text messages.

Payment Methods That You Can Use with WorldRemit 

The country you are transferring from will determine how you pay for the transfer. WorldRemit accepts the following payment methods:

  • Cards

Most of the cards issued by Visa, Mastercard, or Maestro are accepted by WorldRemit for use as debit, credit, and prepaid cards. The issuing bank will assess a fee when you use a credit card to make a purchase.

  • Transfer from Bank

WorldRemit allows you to transfer funds from your bank account towards the recipient’s account. In the countries of Hong Kong, Japan, Singapore, UK, South Africa, and Somaliland, this payment option is accessible.

  • Google Pay

This alternative to Android Pay requires a card to be linked to the Google Pay account to be used as payment.

  • Apple Pay

You can use your iPhone, Apple Watch, iPad, or Mac to pay for your transfer using this digital wallet and mobile payment service. It is offered in 16 countries, which include USA, UK, and Canada.

  • Trustly

You can use Trustly to pay for your transfer if you are transferring from Finland, Denmark, Norway, Italy, Spain, Poland, or Sweden.

  • Interac

Customers transferring from Canada can use this technique; the most you can transfer in a single transaction is CAD 40,000.

  • iDEAL

The maximum transaction amount is EUR 40,000, and this option is accessible to senders from the Netherlands.

  • Poli

You can use this payment option if you send from Australia or New Zealand. It connects to your bank and transmits money online to the destination. Poli makes it simple to transfer funds from Australia to the USA and other countries.

  • Sofort

The maximum per transaction for this payment method is EUR 40,000, except for the UK, where the limit is GBP 50,000. It is available in Germany, Austria, Belgium, or the UK.

Destinations To Send Money with WorldRemit – Complete List

The top countries for WorldRemit money transfers are included in this section. This will demonstrate the core strengths of using such a money transfer service. With WorldRemit, you may send money internationally to more than 130 countries in more than 70 different currencies.

The top 3 locations for WorldRemit money transfers are:

  • Nigeria
  • Philippines
  • Ghana

According to our study, the following places are the most favoured by WorldRemit users:

  • Nigeria         
  • Philippines         
  • Ghana         
  • Kenya        
  • Cameroon           
  • Mexico

WorldRemit Mobile App

In 2014, the WorldRemit app was released globally in response to the move to financial services that can be accessed via mobile devices. For customers who want to send money abroad, the app offers the same send and receive features as the WorldRemit website and is just as safe and secure. Both the iOS and Android mobile operating systems let users download the WorldRemit app for free.

This worldwide renowned international money transfer company is a UK-based, FCA-approved business. Customers from all around the world like to use WorldRemit to transfer cash to friends and family because it offers a variety of pay-out choices and locations.

Remittances may be set up quickly thanks to the app’s intuitive interface. It has a 4.7-star rating in the App Store and a 4.2-star rating on the Google Play Store, which is free to download. The WorldRemit app has a few important functions are listed below.

  • Transfers: This function enables you to track the progress of your financial transfer.
  • Track exchange rates: Using this useful notification tool, you can get updates regarding the foreign currencies you want to trade.
  • Check recipient information: You are free to add or remove people from your recipient list whenever you choose.
  • Locations to Pick up: Use the app to quickly find the location of the closest WorldRemit agent.
  • Mobile wallet: A feature of the software called an e-wallet lets you send and receive money, including airtime top-ups.

Add Money 

The WorldRemit app does not include features for a digital wallet, in contrast to apps for money transfers like Google Pay and PayPal. Instead, debit or credit cards, bank transfers, as well as other online payment platforms like Apple Pay and Klarna can be used to pay for money transfers. The use of Google Pay has ceased.

Send Money

With thousands of locations throughout the globe and 15,000 branches within Philippines alone, the WorldRemit app allows for the transfer of money to more than 130 countries, making cash pick-up a possibility for many recipients.

We’ll walk you through the process of transferring a money transfer by using WorldRemit app in this section.

Install the WorldRemit App

Get the app for Android or iOS. You can sign up for a WorldRemit account by clicking “Sign up” after selecting “Get started” on the main screen if you are not already a member.

You must provide your nationality, full name, email address, password, and referral code on the sign-up page (if applicable.) Once finished, press “Register.” For further security, you can choose to configure a 4-digit Pin, touch ID, or facial recognition.

Finish the Registration Process

You will be required to enter a few more details before making your first money transfer. Complete registration by tapping the “Profile” icon there in bottom right corner.

Include your birthdate, gender, phone number, and residential address. When this information is saved and your account is registered, WorldRemit will send you an SMS.

Select the Amount You Wish to Send

The country to which you will be transferring money must be chosen by tapping the “Send money” button present at the bottom of screen. The amount you want to transfer through the app can be entered after you’ve selected the recipient country.

The amount is shown in both your currency and the recipient’s local currency to help you get a better idea of how much your beneficiary will receive. Users can check the precise conversion rate using this feature before making the transfer. 

After entering the money, you can “Choose how to send” by selecting an option from the list before hitting “Done” to proceed to the following step.

Add the Recipient

You will now add your recipient’s information. This information may vary depending on the country. However, the recipient’s full name, address, phone number, and email address are also necessary for most of the transfers along with their bank information.

You will be required to carefully review all the information after entering it all and clicking “Done” to prevent delays before finalising the transfer.

Check and Send

Your entire international money transfer’s information will be shown on the final screen. This will include the money you are transferring, the exchange rate, additional fees, the promo code, the amount your recipient will receive, and the total you must pay. Click “Continue to payment” if you are satisfied with this data. 

When asked “How would you like to pay?” you will have the choice of using a debit card, credit card, or any connected digital wallets like Apple Pay or Google Pay. Credit card transactions through WorldRemit may incur fees.

Keep Track of Your Money Transfer’s Status.

An electronic receipt that allows you to track the progress of your transaction will be provided to you after payment for your international transfer of funds has been received.

International Payments 

The WorldRemit app enables cross-border money transfers from 50 sending countries from over 140 destination countries. It’s the same number of countries that the website supports.

Transfer Time

The method you use to send money completely determines how long a WorldRemit remittance takes to transfer. Although the services offered vary by nation, the app gives users the following pay-out choices.

  • Cash pickups.
  • Banks transfers.
  • Mobile payments.
  • Top-ups of Airtime.
  • Home delivery.

Although WorldRemit provides a wide variety of pay-out choices in comparison to its rivals, this can result in variable transfer times. Before you send money, the anticipated delivery date will be provided to you. Funds should arrive quickly if sent via cash pick-up, mobile money, or bank transfer.

Nevertheless, most transactions take around 24 hours to appear in the recipient’s account regardless of where in the world both parties are. An overseas bank transfer would take much longer than this.

Another bonus of using the WorldRemit app is the “View your transfer status” feature. This means customers can stay informed about the status of a transfer, tracking the status of the money without the need to follow up with WorldRemit customer services.

Transfer Charges

The receiving country, pay-out mechanism (described in the previous section), and currency exchange rate all affect how much a WorldRemit money transfer will cost. WorldRemit is quite clear, and any fees (often a flat fee) is shown at various points during the transaction so that you are aware of the total cost up front.

Is It Safe to Use WorldRemit for Money Transfers?

The money consumers send through WorldRemit is sent to the receiver in a fast and secure manner. It is possible due to multiple levels of in-house security procedures. The history of the business, customer reviews, the investors that have funded WorldRemit, degree of regulatory compliance, and other factors suggest the above operator seems to have a high trust index.

  • Reviews From Clients: More than 4 million different individuals are logged into the WorldRemit platform. With more than 53,000 reviews to date, 87% of consumers on Trustpilot have given the business “Great” and “Excellent” ratings (2022).
  • Investors And Finance: WorldRemit have benefited from a variety of financial streams, including Series A, Series B, Series C, Series C2, Series D, mezzanine, and debt financing. The principal financiers of the company include Leapfrog Investments, TCV, TriplePoint Venture Growth, Accel, Project A, Silicon Valley Bank, and Future Fifty.
  • Confidentiality: Using two-factor authentication (2FA) that verifies connections from clients’ smartphones and PCs before connecting with WorldRemit app and website, WorldRemit protects all consumers.
  • Authority and Regulation: The Financial Conduct Authority in the United Kingdom has authorised and monitored WorldRemit (FCA). Because of this regulatory scrutiny, the business must act in the interests of its clients.
  • Accountability: WorldRemit is clear outlining all fees upfront, whether you are enrolled on the platform. There is no preferential treatment, unlike with other banks, and all customers are subject to similar exchange rates and taxes. 
  • Customer Help: The company offers phone and email customer service support, as well as a comprehensive FAQ section for internet users.

The Bottom Line 

WorldRemit is useful if you need numerous pay-in and pay-out alternatives, such as cash pick-up, bill payments, or even airtime top-up. Its extensive network of corridors makes it a good option for those who need to send money to different countries.

It is accessible in far more countries than many of its competitors, particularly in Africa, the Gulf states, and Latin America. Moreover, it is simple to use and useful during the transfer process.

Frequently Asked Questions

Do I need a bank account to use WorldRemit?

Fortunately, there are a few choices available when sending through WorldRemit that let you send money to those who don’t have bank accounts. 

What occurs if funds are sent but not received?

If the bank made the transfer, let the bank know right away so it can investigate your claim. It is advisable to send a follow-up letter if you call the bank first. If you transferred the money using a third party (like Western Union), get in touch with them to learn about their policies.

What is the daily limit for WorldRemit?

A total of USD 5,000 can be transferred at once. The country from which you are transferring the money and the payment type you use for the transfer may have fewer restrictions.

How much can you send with WorldRemit in total?

The extensive regional partner network of WorldRemit collaborates with international financial institutions and banks. Sending limits for debit, credit, and prepaid cards are $5,000 per transaction and $9,000 per 24 hours.