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WorldRemit Has Superior Coverage - Review

Sending money abroad can be a stressful endeavor, with so many dedicated global money transfer companies to choose from, as well as high street banks which all offer international money remit and currency exchange services.

WorldRemit is an excellent option to consider, as they are a trustworthy, regulated company and have an attractive sign-up offer for new customers. 

Please read our full review below to see the benefits of using WorldRemit to send money abroad, their limitations, what their customers say, and how they stack up against the competition. 

The Benefits of Using WorldRemit to Transfer Money

Launched in 2010 by a trio of entrepreneurs (one of whom was a university student at the time), WorldRemit has already established itself as a popular option in this highly competitive and saturated market. Around three million customers per year are taking advantage of the benefits of their service. 

Impressive Reach

With WorldRemit, you can send funds from around 50 countries to recipients in 150 nations across the globe. This makes their coverage better than most of their rivals, and they are more than likely to serve the country you're looking to send money to. 

Countries that are part of their network include India, the UK, Poland, Australia, and many, many more. They are continuing to expand across the world, particularly in Asia, so their coverage will only get even better and more comprehensive over time. 

Rapid Transfers

WorldRemit's digital payment options allow customers to transfer funds in a matter of minutes, making them one of the fastest international money transfer companies available. According to the company's website, over 85 percent of global mobile money transfers sent with them reach the intended recipient within 10 minutes. In excess of 50 percent of bank transfers sent via them reach the recipient's account within 10 minutes. 

Easy Sign-Up

Joining WorldRemit and sending money with them is quick and easy. You simply need to enter a few personal details and contact methods to open your account, verify your identity by uploading a piece of ID, and inputting details about the receiver. Next, you will be prompted to enter the amount you would like to send before funding your transfer.


Once your payment is confirmed, WorldRemit will begin processing the transfer (and currency exchange, if necessary) to your recipient. 


Flexible Payment Options

While most international currency transfer and exchange companies only give senders the option of paying via a bank account, WorldRemit gives you various alternatives, depending on your location and where you're looking to send money to. 


These include debit and credit cards, Apple Pay, Android Pay, POLi Payments (a popular digital payment platform in Australia), SOFORT, and Trustly, in addition to remitting to a bank account. 


Various Withdrawal Options

Again, when it comes to your receiver receiving and withdrawing the money, WorldRemit offers a good deal of variety. 


You can arrange a cash pick-up if your recipient doesn't have a bank account or a mobile phone, send the funds directly to their bank account, or pay in the money to a receiver's mobile payment wallet. 

Trust & Security

WorldRemit utilizes a layer of security measures, including an end to end encryption, to protect customers' funds from being stolen by hackers during transit. They also have a team of security experts who work around the clock to protect customers' funds.


Additionally, they are regulated by several financial regulators in the jurisdictions in which they operate. These regulators have stringent rules and regulations which financial services companies have to follow, which are designed to ensure financial stability and prevent businesses from taking advantage of customers or acting against their interests.


Concerning global money transfer companies, the most important regulation is to do with whether or not companies segregate customers' funds from their own. 


In the case of WorldRemit, they do segregate customers' funds in separate accounts from their corporate bank accounts, so you can be confident your money is safe when transferring funds abroad with them.

The Drawbacks of Using WorldRemit For Money Transfers

As with any global money remittance company, WorldRemit has its limitations and isn't the best option out there for every transfer. 

Limited Offline Support

Even though WorldRemit offers cash pick-up, unlike most modern-day money remittance companies, that is pretty much the only non-digital element of their business. All support services are provided via live chat and email, so they aren't a great option for those who prefer to deal with a customer services assistant over the phone or in person. 


The same stands true for customers who prefer to make telephone transfers and want to deal with a person when sending money, as these options aren't available with WorldRemit. The only way you can send money and get support via this particular international money remittance company is via their website or mobile app. 

Exchange Rate Fees

In addition to charging explicit transfer fees, WorldRemit also charges its customers a spread on transfers involving a currency exchange. This essentially means you get less of the currency than you should at the true interbank, mid-market rate, and is a fee most customers are unaware of. 


Most dedicated money transfer providers and retail banks charge their customers a spread on such transfers. Still, there are a few who are committed to entirely transparent fees and therefore don't charge a spread of any kind.


Although this spread is just a fraction of the amount sent, it quickly adds up, especially as WorldRemit's explicit fees aren't all that great, to begin with. This feeds into the reason why it's not advisable to use WorldRemit for large transfers (of a few thousand dollars and above) – it would be far more cost-effective to use a rival service, such as MoneyGram, or even a bank. 

Restrictions on Large Transfers

Although WorldRemit's coverage network of around 150 countries is certainly impressive and is unlikely to leave most customers wanting, they do, unfortunately, have certain restrictions when sending money to certain countries. They don't allow large transfers to and from some countries, so they might not be the best option for you if you want to transfer an unusually high amount of money to one of these countries.


Their specific limits for each country vary heavily and are regularly updated, so it is best to check on their website to see if the amount you want to transfer is within their respective limit. 

Complicated Fees

WorldRemit's fees are fairly competitive, though by no means the cheapest in the industry. More to the point, a bigger issue is the complexity of their fee structure, which makes it very difficult to broadly check how their fees compare to those of their rivals.


With so much variation in their fees, depending on transaction size and location, it is advisable to check their platform and see how much a specific transfer would cost with them. Then, you can compare the amount your recipient would receive via them than with other money remit companies and high street banks.

Alternatives to WorldRemit

Here's a quick overview of how WorldRemit stacks up against some of its main competitors and under which circumstances you should consider using a different company.

Retail Banks

High street banks, such as HSBC, Wells Fargo, and Nationwide, all offer global money transfer and currency exchange services of their own. Fees and delivery times vary widely from bank to bank, but as a general rule, they are only cost-effective when transferring large sums of money, as many tend to charge fixed fees. 


Furthermore, almost every bank charges its customers a spread on transactions involving a currency exchange, so it is important to factor in this extra charge when shopping around and comparing rates. 


With regards to delivery times, banks usually need a few days to facilitate international money transfers (though domestic transfers can often be done immediately), so WorldRemit comes out well on top in this particular department. 

PayPal

PayPal is used by hundreds of millions of people and businesses all over the world, so they have a customer base dozens of times more massive than WorldRemit. However, they are often one of the most expensive ways to transfer money abroad, so you should seek out alternatives whenever possible. 


Their coverage is similar to WorldRemit, as they cover almost every country in the world. Delivery times with PayPal are near-immediate but can take up to a few days if you are paying with an E-cheque, for example. 

MoneyGram

MoneyGram is one of the most popular and widely used global money remittance companies in the world, second only to Western Union. Their fees are lower than WorldRemit's transfer costs for most transactions, especially remits involving large sums of money. 


However, WorldRemit offers a greater deal of flexibility and faster delivery times in most cases, especially if you use their mobile payments app. 

Azimo

Azimo, like WorldRemit, is a dedicated money transfer provider. Their delivery time can be as low as just a few hours but can sometimes take around 12 hours, so WorldRemit's service is faster in most cases. However, Azimo serves 195 countries, so their reach is better than WorldRemit, though this is not much of an important factor unless you're looking to send money to quite an obscure location.  


Both companies offer flexibility when it comes to receiving funds, allowing recipients to receive the money directly to their bank accounts or arrange for a cash pick-up, among other options. 


What WorldRemit's Customers Say…


WorldRemit has an overall 4.5-star rating on TrustPilot from 35,000 reviews.  Eighty-three percent left them an "excellent" rating, 11 percent rated them "great," and two percent rated them "average." On the lower end, one percent rated them "poor," while three percent rated WorldRemit "bad."


Verified reviewers described their app as "quick and easy" to use. Others described their service as "very reliable" and praised their good rates when sending money to some countries. However, one said, "there are better options" for certain transfers. 

A Quick WorldRemit Review Summary

  • Finding the best international money remittance company for you can be a challenging and stressful endeavor, but this guide should help you decide if WorldRemit is right for you.

  • WorldRemit was launched a decade ago and has already grown to serve some three million customers per year from all around the globe.

  • The company allows customers to send money to 150 countries from around 50 destinations, including the US, Australia, India, and the Philippines. 

  • They offer flexible payment options, allowing you to fund your transfers via an array of methods, including mobile e-wallets, such as Google Pay and Apple Pay, your debit card, POLi Payments, and your bank account. 

  • WorldRemit also offers great flexibility when it comes to your recipient withdrawing the funds, as they can receive the funds via a cash pick-up, directly to their bank account, or to their mobile e-wallet, among other methods. 

  • They are regulated by a network of financial regulators in the respective jurisdictions in which they operate, so they have to follow certain rules to ensure customers' rights and interests are protected.

  • They don't offer telephone transfer or offline support, so they are not the ideal option for customers who prefer to interact with a person when facilitating transfers or seeking support. 

  • WorldRemit isn't the most cost-effective available when it comes to larger transfers, so you should seek out an alternative for such transfers.

  • Their fees are reasonably competitive but are quite complicated and vary widely from country to country, so you should always shop around for the specific transfer before making a payment with them. 

  • In line with most dedicated global currency transfer companies and high street banks, they charge customers a spread on transfers involving a currency exchange, so you should bear this extra layer of fees when comparing their rates with others. 

  • The company has an overall 4.5-star review on TrustPilot, with tens of thousands of verified reviewers praising their reliability and speed.

  • Nine percent gave them an "excellent" rating, 11 percent of customers rated them "great," two percent rated them "average," and just three percent rated WorldRemit "bad."