WorldRemit are particularly good for transfers under $10,000 to destinations across Asia, Africa and South America.
Sending money online is significantly easier than using companies like Western Union or Moneygram and their exchange rates and fees are clear and transparent.
With 2 million users, WorldRemit has a focus on improving access to remittances for the billions people worldwide who don’t have access to banking. Because of this, WorldRemit has a number of ways to both make and receive transfers. They concentrate on servicing individual needs as opposed to businesses.
Video: 2018 WorldRemit Review
Everything You'll Need to Know Before Using WorldRemit
In this review, we’ll explore:
Pros and Cons
World Remit fees and charges
Using WorldRemit: How does it work?
The Final Verdict on World Remit
- Focuses on remittances and can service a number of recieving options. These includes cash-pick up or bank transfer.
- 24/7 customer service, available in nearly 20 countries worldwide.
- No minimum transfer amount.
- Ability to get a quote without signing up through WorldRemit’s online calculator.
- With their focus on remittance services, they don’t offer support for businesses.
- Fees are not set, so can change depending on the currency and country regarding your transfer.
- Some currencies have limits, for example, $2000AUD is the maximum amount that can be transferred to China.
- Not licenced to provide financial advice.
WorldRemit Fees and Charges
WorldRemit charge in two ways – a transfer fee plus an exchange rate margin
|1. Transfer Fee||2. Exchange Rate Margin|
|WorldRemit’s fee structure is a little bit complex. There isn’t a flat fee or even a set percentage fee. With WorldRemit the fee differs depending on the amount and where you are sending the funds.||WorldRemit have a calculator on their website which can quote the total cost of a transfer for you, it clearly shows you the included fees, the total cost and the total amount that will be received. This makes it easier to understand the cost of your transfer and the value of your money against other currencies.
You can also click here to use our exchange rate comparison tool.
WorldRemit is particularly good if you’re making a transfer for remittance purposes to Asian countries.
WorldRemit offers competitive exchange rates but while their fees are low, they differ depending on the currency and destination. So it’s important to be aware of the fees you’ll be charged before you make a transfer.
The Currency Shop says:
- They are particularly useful for individuals making remittance payments to friends and family.
- WorldRemit offers competitive exchange rates no matter how much is being transacted. We really like that they do not have a minimum transfer amount.
- Use our comparison table to compare foreign exchange rates, fees and services of other providers.
Related Link: Click here to visit the WorldRemit website.
Learn More About WorldRemit
Frequently asked questions (FAQs)
World Remit is privately-owned and has been backed by some of the world’s biggest investors. In 2014, they received a $40 million dollar investment from Accel Partners. Less than 12 months later, they received an additional $100 million from Technology Crossover Ventures.
WorldRemit is licensed to transfer money internationally and have a focus on the safety and security of your funds.
Before you send money with WorldRemit, you must sign up for an account. You need to provide your name, contact details, country of residence, date of birth, plus proof of your identity for security verification.
The next step is to enter the details of your specific transaction. You need to provide details about where you’re sending your money, the exact amount of money you’re sending and how you would like your recipient to access the funds that are being transferred. It’s then a case of entering the name of your recipient, their contact details and their bank account information (for transfers between bank accounts).
Once that’s done, it’s smart to check the fee and the exchange rate that they apply to your transaction before you send your money transfer. When the funds arrive in your recipient’s account and the transaction is completed, both the sender and the person receiving the funds are alerted with a confirmation text or email.
Once you have an account set up with WorldRemit, your information is stored, a feature that makes future transfers easier. WorldRemit only operates as an online service.
You can pay for your transfer transaction by your own bank account or by using a debit card or credit card. Cash pick-ups and mobile transfers can take place almost instantly, but it’s important to note that bank transfers can take between two to three days.
You can pay via debit card or credit card. WroldRmit accepts Visa, MasterCard and Maestro. They have also recently integrated with Apple Pay and Android Pay. In several countries, WorldRemit has partnered with online payment services which can connect directly to your internet banking.
WorldRemit does a transfer fee, but it is low. The fee changes depending on the currency you’re transferring.
For a quick comparison, a bank deposit of $1,000 to Mexico incurs a fee of $3.99, but the same amount transferred to China costs $7.99.
Yes, WorldRemit does accept credit cards including Visa, MasterCard and Maestro.
AED, ALL, AMD, ARS, BAM, BBD, BDT, BGN, BIF, BRL, CAD, CHF, CLP, CNY, COP, CRC, CUC, CUP, CVE, CZK, DKK, DOP, EGP, EUR, FJD, GBP, GHS, GNF, GTQ, HKD, HNL, HRK, HUF, IDR, ILS, INR, JMD, JOD, KES, KMF, KZT, LAK, LKR, LRD, MAD, MGA, MRO, MXN, MYR, MZN, NGN, NOK, NPR, NZD, PGK, PHP, PKR, PLN, RWF, SEK, SGD, SLL, THB, TND, TOP, TZS, UGX, USD, VND, WST, XAF, XCD, XOF, ZAR, ZMW
Be aware that, although there is an extensive list of 50 countries where money can be sent to from Australia, not all of these countries accept funds in the same way. For example, El Salvador is listed as a country that money can be sent to, but you are only given the option of transferring via recharging mobile phone credit. For many other countries, the options are more varied, including the convenience of bank transfer.
Some countries, including Afghanistan, Iran, Iraq, Kuwait, Lebanon, North Korea, Syria, Vietnam and Belize, are not listed at all.
Related Link: Click here to visit the WorldRemit website
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