Whether you send money abroad frequently or simply need to make an international transfer only once, you will want to keep your costs as low as possible. The days when Western Union and MoneyGram dominate this space are soon decreasing, as there are now a number of alternative providers that offer not only significantly cheaper rates, but also faster transfer times.
One of those organizations that says it offers "a better way to send money" abroad is that of World Remit. The platform allows you to send money abroad at the click of a button through your bank account. In some cases, you can even use your debit or credit card.
If you are thinking of using World Remit for your international money transfer needs, we suggest you read our full review. We've covered everything from how the platform works, fees, payment methods, transfer times and more.
Let's start by exploring who World Remit really is.
Visit World Remit
Who is World Remit?
Launched in 2010 by Ismail Ahmed, World Remit is a money transfer service that allows you to send money seamlessly overseas through its online platform. The company was formed with the objective of reducing the expensive fees charged by legacy transfer service companies such as Western Union.
Based in London, World Remit also has offices in the USA. UU., Poland and the Philippines. Its international network of banking providers covers more than 150 countries, allowing people to send and receive money easily.
Since the company was formed in 2010, World Remit has served more than 4 million customers, in more than 90 individual currencies. According to the World Remit team itself, 90% of the international transfers they facilitate are completed in minutes.
In addition, 70% of mobile transfers average a transaction processing time of only 3 minutes. Although we will explore this in more detail below, this makes World Remit significantly faster than traditional bank or commercial bank transfers.
However, it is important to keep in mind that, in addition to bank-to-bank transfers, World Remit also offers cash withdrawals and mobile-to-mobile payments in certain countries. This is ideal for those who need to send money to friends or family abroad who do not have access to daily banking services.
As an organization operating in the United Kingdom, World Remit is authorized and regulated by the Financial Conduct Authority (FCA). This ensures that World Remit has your best interests in mind and that you have strict regulatory oversight that controls the company at all times.
Now that you have a better idea of who World Remit is, in the next part of our review we will explore how the platform works.
How does World Remit work?
To facilitate super fast international transfers, World Remit has an extensive banking network in several countries. This not only results in rapid transfers, but when operating in multiple currencies, transfers are also cheaper. This is because, unlike traditional money transfer providers, World Remit members already have the currency in which they want to make the transaction.
When it comes to paying your transfer, you have several options available. If you opt for a bank transfer, you must transfer the funds directly to the specific account details provided by World Remit. They then send the cash to the recipient through their international network of partner banks.
Alternatively, you can also pay for your transfer using your debit or credit card, or even a prepaid card. If this is not enough, World Remit also accepts Apple Pay, Android Pay and Sofort.
Before making the payment, you will be presented with all the necessary information related to your transfer. This will include transfer fees, exchange rates and the estimated transfer time. The rates offered to you are only valid for 24 hours, so be sure to transfer the funds within this period.
Once World Remit receives your payment, you will be directed to your associated financial institution to send the money to the beneficiary. This is completely different from the use of a traditional bank to send money abroad, since they will generally use the SWIFT network. Not only is this expensive, but it usually takes 3 days for the funds to arrive.
So, now that you know how the World Remit payment system works, let's take a look at how the beneficiary really receives the money.
How does the recipient get his money?
While your World Remit transfer payment must be made online, you can choose from a variety of different options when it comes to how the beneficiary receives the money. The options available will depend on where you are, as well as where the receiver is located. However, we have listed the different options below.
Bank to Bank
The most common transfer option is to send the money to the recipient's bank account. This option is available in more than 150 different countries. You should ensure that you have access to all relevant bank details of the person to whom you wish to transfer the funds, such as the name of the bank, the IBAN number and the SWIFT code.
As soon as the bank transfer is completed, the recipient will have the funds deposited directly into the account he specified.
If the person to whom you want to send money does not have a bank account, or the recipient is in a country where World Remit does not have a bank partner, then you may need to consider a cash withdrawal.
This means that the recipient must visit an associated World Remit location and collect physical cash. Each admitted country will have its own partner agreements, so you should check the World Remit website to see where the recipient should go.
For example, while cash collections in Cambodia are limited only to WING locations, Indonisia has the support of the Post Office, Bank Negrara and Bank Rakyat.
As in the case of Western Union or MoneyGram, the recipient must show an identification issued by the government before the funds are delivered, as well as the identification of the World Remit transaction.
Although not as popular in the United Kingdom, a good number of countries based in third world regions now rely heavily on mobile payments. For example is dear that the mobile payment sector in Kenya is now worth the equivalent of half of the country's GDP.
When sending funds to the recipient in the form of a mobile payment, the beneficiary may purchase goods and services in several associated locations. All they need to do is show the seller their mobile wallet, which is then scanned or transferred directly on the spot. Before executing a mobile payment through World Remit, you must first make sure that the receiver is set up with a compatible mobile wallet.
If they are, the deposit process works in the same way as any other payment method offered by World Remit. All you need to provide is the recipient's mobile phone number.
Now that we have covered the various ways in which the beneficiary can receive their funds, in the next section of our World Remit review we will unravel the tariffs of the platform.
What rates do World Remits charge?
Trying to understand how much you are really paying when transferring money is not an easy task. Regardless of who you use to facilitate the transfer, you should consider rates on several fronts. Mainly, this focuses on the transfer fee itself, as well as the currency exchange rates used.
A small drawback of using World Remit is that the rate structure can vary considerably. In fact, the easiest way to determine how much you are likely to pay is to enter the transfer details through the website.
Factors such as where the money is sent from, where the beneficiary is located, how much he is sending, the currencies involved and the payment method used, can also have an impact on the amount he pays.
Therefore, the only way to evaluate the rates charged by World Remit is to look at some real-world examples.
Example 1: Shipping of £ 500 from the United Kingdom to Costa Rica.
In the case of sending money to Costa Rica, the only option available to the recipient is to collect the cash in person. If I sent £ 500, I would pay a total fee of £ 6.99, which is added to the transfer amount.
In addition to this, you should also take into account the exchange rate used. With a rate between banks and World Remit GBP / CRC of 729.91 and 716.07, respectively, this would be equivalent to a foreign exchange commission of 1.93%.
Example 2: Shipping of £ 500 from the United Kingdom to Australia.
If I sent £ 500 to Australia from bank to bank, I would pay a transfer fee of just £ 0.99, which is an excellent value. In terms of the exchange rate, this amounts to just over 0.6%, which, again, is a great value.
Example 3: Send £ 500 from the UK to India
If I had to send £ 500 to India, then the only option available would be a bank transfer. World Remit will charge a flat rate of only £ 1.99 per transfer. Even better, the exchange rate used by World Remit amounts to only 0.59%, which is much lower than that of Western Union, MoneyGram or a traditional main street bank.
In general, the transfer fees charged by World Remit are highly competitive.
In addition to the transfer fees imposed by World Remit, you should also consider whether or not you will be charged for making a payment. From the perspective of World Remit, you will not be charged for making a payment, regardless of the payment method you choose.
However, there may be an occasion when the payment issuer charges you. For example, if you use a credit card to pay for the transfer, then your credit card issuer may charge you an additional fee. This is because the transfer is likely to be seen as a cash advance and, therefore, this could cost in the region of 3%.
In addition, if you are using a debit / credit card issued by a bank outside the country from which you are sending the transfer (for example, using an Australian debit card in the United Kingdom), you may be charged a transaction fee foreign
Ultimately, this is beyond the reach of World Remit, so you should clarify this before making the payment.
How long do world remittance transfers take?
As in the case of the transfer fee structure, transfer times with World Remit can vary greatly. In particular, this will depend on the type of payment method you use, how the beneficiary will receive the funds and the country to which the money is sent.
In terms of cash withdrawals and mobile payments, these are usually the fastest type of transfer. In fact, the vast majority of payments will be processed in a few minutes.
On the other hand, bank transfers tend to be slower. This will depend on the location of the recipient's bank and even the day / time of the transfer. For example, if you make a bank transfer to someone in India, the beneficiary will usually receive it on the same business day. However, if you send funds to Australia, this usually takes about two days.
Again, the only way to determine how long the transfer will take is to enter the transfer details through the World Remit website.
How do I start with World Remit?
To use World Remit to send money abroad, you must first register an account through the company's online platform. As the company is fully regulated by the FCA, you must go through a basic KYC process (know your client).
This guarantees that you are who you say you are and that the company can verify your identity. As such, you must provide a variety of personal information. This will include your full name, address, date of birth, nationality and a contact number. To comply with the World Remit regulatory obligations, you must also submit some identity documents.
This will include a government-issued identification, such as your passport or driver's license, as well as proof of address. World Remit will accept a telephone or utility bill, a municipal tax bill or a bank statement. Take note, your proof of address cannot be longer than 6 months.
As soon as your identity has been verified, you can proceed to make a transfer. Initially, you must enter the country to which you wish to send the funds, along with the amount. Then you must select how the beneficiary will receive the funds from the drop-down box.
Once you click on the "Submit" button, you will be shown a breakdown of the costs. This includes the flat transfer rate, as well as the exchange rate used. If you are satisfied with the rates, simply follow the on-screen instructions to make your payment.
When everything has been processed, you can control the transfer through your World Remit account.
Customer service and comments
If you need to contact the World Remit team, you have two options. The fastest way is to call the team directly. Not all locations have a local toll number available, so keep this in mind.
Alternatively, you can send a direct message to the support team through your online account portal. Unfortunately, there is no live chat service.
In terms of reviews available in the public domain, World Remit has a very good reputation. For example, the platform has a 5/5 rating score of "Excellent" on TrustPilot, which is based on almost 28,000 individual comments.
World Remit Review: the verdict?
In short, World Remit is an excellent option if you want to transfer money to friends and family abroad. Whether on a bank-to-bank basis, cash withdrawal or mobile payment, the rates are extremely competitive. We also like the fact that the exchange rates used by World Remit are also very competitive, with a differential often below 1%.
On the other hand, it would be good if World Remit were a bit more consistent with its transfer fee structure. The only way to know how much you will pay is to enter the transfer details through the World Remit website. On the other hand, we appreciate that each country, payment method and currency will have its own rates attached, so the costs may vary.
Ultimately, World Remit is a much more viable option than using Western Union or MoneyGram. The platform is not only cheaper, but in most cases, faster.
Visit World Remit
- Easy to use
- Reasonable rates
- Excellent customer comments
- World network
- The rates are not clear enough
- Cash is not accepted
- Government issued identification is required