worldremit 2018-02-11T10:24:43+00:00

worldremit

worldremit-review

Founded by Ismael Ahmed in 2010, worldremit was started with the support of venture capital firms: Technology Crossover Ventures (TCV) and Accel Partners. These firms pumped $100 million and $40 million into the company respectively. Most recently, the company also secured $40 million from Leapfrog Investments to boost user numbers from the current 2 million to 10 million. The greatest strength is that it provides plenty of ways to transfer and receive funds. You can make transfer through their website, mobile app, over the phone or even in person and pay by bank transfer, credit or debit card, and cash. Receiving money with worldremit is so much convenient since their clients have a variety of options to choose from; bank deposits, cash pickups, mobile money and mobile airtime top up. An important thing to keep in mind is that these options do vary with the recipient’s countries or senders countries; Seems quite a drawback to some of the clients.

With worldremit, you’re allowed to send money to more than 140 countries. But in some countries, recipients would receive another currency rather than their own as worldremit only supports 36 currencies. For example, if you want to send money to South Korea, then your recipient will get USD instead of KRW. Most transfers are fast delivery in 1 day or even in minutes, some are cheap, but not all.

www.worldremit.com
Founded: 2010
Headquarters: London, UK
Offices: UK, Australia, New Zealand, USA, Canada, Japan
Regulated by: FCA, ASIC
Trading channels: website, mobile app, agent locations
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Overview

  • Instant transfers are available to some countries
  • Low flat transfer fee $3.99 for major countries including Europe, the UK and North America
  • More options for recipients including cash pickup
  • Transfer amount ranges from several thousand to no upwards of 50,000 NZD
Pay-in Options bank transfer, debit card, credit card
Recipient’s Options bank account, cash pickup, mobile money, airtime top-up
Min Transfer Amount there’s no min transfer amount (£1)
Max Transfer Amount vary depending on countries (up to 50,000 NZD)
Delivery Speed 1-3 days
Transfer Fees 0.01 to 25 NZD
Exchange Rate low markup on exchange rate (approx 1%)
Currencies Available 36 currencies

Transfer Fees

worldremit doesn’t charge any fees on first transfer for its customers.

The transfer fees vary according to the country you’re sending to. For transfers to the majority of countries including Europe and North America, there is a flat fee of $3.99 regardless the sending amount. For the rest of the countries, fees range from $0.01 to $25. For example, if you want to send money from New Zealand (NZD) to India (INR), the transfer fee is only $0.01, while to Kuwait, the fee reaches the maximum of $25.

Exchange Rate

worldremit earns profit from exchange rate, which you will be charged from 1% to 6% over the mid-market rate, depending on the country and currency. For currency EUR (NZD to EUR), the markup on exchange rate tends to be slightly less than 1%. worldremit has the highest margins on rate for some Africa countries, around 5% to 6%.

Delivery Speed

worldremit has the ability to deliver funds to your recipients instantly with cash pickup option from its branches. For some countries like China, there’s only airtime available, which is instant top-up as well. But If you choose option of bank deposit to receive the money, it usually takes 1 to 3 days to complete.

User Experience

worldremit has the most efficient customer support among its competitors. You can reach them by phone, which is available for 24/7. Thanks to its plenty of call centers across the world (Asia, Australasia, Europe, USA & Canada, and UK for the rest of world). You’re encouraged to use the mobile app which is very friendly rather than the website, as worldremit is known as the ‘WhatsApp of money’ making transfers as easy as sending a message.

It also provides a detailed breakdown of transfer costs, exchange rate, and speed after you choose a country to get started. Such information is available to any one without logging in to the platform. Its website has 3 language options, English, French and Spanish. The FAQs section located in both header and footer is clear and helpful that you can find answers to all common questions.

On the downside, this online money transfer service only allows you to send one currency to other countries. For instance, let’s say you register an account in New Zealand, then you can only send New Zealand Dollars. If you need to send another currency like USD, you have to create an account in the US and deactivate your New Zealand account. It’s very annoying for those who want to transfer multiple currencies.

Visit worldremit

Pros and Cons

  • instant transfers for cash pickup

  • you can send money to 140+ countries

  • no minimum transfer amount (as low as £1)

  • 24/7 friendly telephone support available

  • more options for recipient including cash pickup

  • there is only airtime top-up option for some countries

  • low max transfer amount to some countries

  • markup on exchange rate for airtime top-up is high

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