WorldRemit Review

WorldRemit Review Summary

WorldRemit is an international payment system that allows you to send and receive money anywhere in the world. It is available in ten different currencies and supports several methods, including mobile money and airtime top-up. To use the service, you must create an account. You can also check the details for the recipient's country and confirm whether it is the right one for the transfer. In addition, you need to provide personal information about yourself, such as your name and address. WorldRemit provides several methods of payment to its clients. The most popular option is a bank transfer. The recipient of your money transfer can choose from over 150 countries and send you funds as soon as they're available.

WorldRemit review
WorldRemit Features

WorldRemit Year Established

2010

WorldRemit International Clients

WorldRemit accepts international clients.

WorldRemit Age requirement

18 years

WorldRemit Currencies Offered

77 online

WorldRemit Minimum Transfer

1 USD

WorldRemit Transfer Fees

0.99$-3.99$

WorldRemit Office Locations

Headquarters in US, with subsidiary offices and certified agents literally across the globe.

WorldRemit Employees

800

WorldRemit Turnover

280000000

WorldRemit Regulation

the Financial Conduct Authority (FCA)

WorldRemit Fees

WorldRemit transfer fees are 0.99$-3.99$.

Fees with WorldRemit may vary per transfer, depending on method of sending, currencies and amount. Based on World Bank statistics, the fixed fee can be as high as 19 Pounds for 120 Pound transfer to Ethiopia (source).

Additionally to the fixed fees taken by WorldRemit, the World Bank Statistics reveal that an additional markup of between 1 and 4 per cent is incurred.

WorldRemit Client Rating

WorldRemit has a rating of 3.

Number of WorldRemit customers

5000000

WorldRemit Website

https://moneyaccounts.com/vs/torfx-vs-rabobank/

WorldRemit Supported Languages

English, Spanish, French, Dutch, Danish and German

Month Savings
January $100
February $80

WorldRemit Review

WorldRemit review
Pros and Cons of Transferring Money with WorldRemit

Most of the time money transfers with WorldRemit will be smooth. Each money transfer service have their own benefits and isses, so always weigh the pros and cons of sending money with WorldRemit money prior to submitting an application to WorldRemit.

Can you easily afford the WorldRemit fees, are the exchange rate costs reasonable with WorldRemit?

WorldRemit review
WorldRemit Advantages

  • WorldRemit has been in business over 4 years
  • WorldRemit is availble in many international countries.
  • WorldRemit offers a wide range of money transfer currency options.
  • WorldRemit offers Cash pickups for money transfers.
  • WorldRemit offers phone support.
  • WorldRemit offers email support.
  • WorldRemit offers an Apple iOS mobile application.
  • WorldRemit offers an Android Google Play Store mobile app.

WorldRemit review
WorldRemit Disadvantages

  • WorldRemit does not offer PayPal as a payment method
  • WorldRemit does not offer Neteller as a payment method
  • WorldRemit does not offer Skrill as a payment method
  • WorldRemit does not offer a mobile wallet.
  • WorldRemit does not offer Home delivery for money transfers.
  • WorldRemit does not offer Money orders.
  • WorldRemit does not offer Livechat support.

What Is WorldRemit?

WorldRemit is a financial service company, that offers its clients money transfer services.

WorldRemit was founded in 2010 by Ismail Ahmed and has offices in London (GB).

WorldRemit provides money transfer services to its 5000000 customers who are from all over the world including 56 countries.

The London (GB) WorldRemit business was founded in 2010 to deliver money orders locally and internationally.

Do WorldRemit Offer Money Transfer?

Money transfer businesses, or other financial corporations use EFT (electronic funds transfer) to send money across distances, large or small. That is to say that it is not actual money being sent, it is rather data that represents the amount being sent that the recipient can withdraw whenever they wish.

Is WorldRemit Trusted And Established?

WorldRemit is among the most recognized and reputable money transfer platforms. It has an exceptional track record and offers reasonable rates.

WorldRemit was established in 2010 in London (GB), and has been in operation for around 14 years WorldRemit have a head office in London (GB).

WorldRemit review
How much does it cost to send a WorldRemit Transfer?

WorldRemit money transfer exchange rates are quite minimal compared to banks and other money transfer providers. A minimal percentage is charged on top of the exchange rate as standard practice. WorldRemit only charges 0.99$-3.99$, when compared to other money transfer service providers.

WorldRemit review
How much can I send with WorldRemit?

The maximum transfer amount with WorldRemit is up to 9000 USD (or its currency equivalent) online.

While WorldRemit charges a small percent of transfer fees, the brand offers reasonable exchange rates.

WorldRemit review
WorldRemit Money Transfer Terms and Conditions

When transferring money with WorldRemit, it is crucial to keep tabs on the following:

  1. WorldRemit Speediness. Often the need to money transfer may be urgent and time critical.
  2. WorldRemit Reliability and reputation. The safety of money and personal information can be a concern for those wanting to use international money transfer services to send money.
  3. WorldRemit Transaction charges. Transaction charges are important as the majority of customers wish to send money overseas without having to worry about paying excessive charges.
  4. WorldRemit Ease of use, and convenience. Your money transfer platform should be flexible and offer a good range of options and features, making it more convenient for customers to send money overseas.
  5. WorldRemit Customer service. Because one can often run into problems when transferring money. A money transfer platform with excellent customer service could solve a lot of problems. WorldRemit customer service should respond to your queries quickly and work with you to resolve any issues that you have.

WorldRemit review
How WorldRemit Compares To Other Money Transfer Companies

NameWorldRemitXE Money TransferWise Multi-Currency Account
Usedby500000028000000011000000
Transfer Timeup to 4 business days1-4 business days1-2 business days
Min Transfer1 USDUS$1.001 USD
Max Transfer9000 USDUS$500,000.00 (or equivalent)1000000 USD/transaction/day (personal), 3000000 USD/transaction/day (business)
Payment MethodsBank Transfer, Debit Card & Credit Card.Bank transfer, credit card, debit cardBank transfer, debit card, credit card, SOFORT transfer
iOS Appyesyesyes
Android Appyesyesyes

WorldRemit review
WorldRemit Risk Warning

Any taxes or charges are payable in the destination country. costs may exist that are not paid through WorldRemit or imposed by WorldRemit. Your WorldRemit money transfer transaction may be cancelled if it is demmed to be connected with prohibited activities including all applicable laws regarding anti money laundering or counter terrorism financing laws. or the transaction is actioned through unauthorised use of your WorldRemit account.

WorldRemit review
WorldRemit Fees & Exchange Rates

Several money transfer platforms like WorldRemit charge money for every money transfer a customer makes through their platforms. Other than that, every time an individual exchanges money from one particular currency to another, the money transfer operator in this case WorldRemit may charge for a currency exchange.

WorldRemit review
WorldRemit Transfer Fees

A transfer fee is the sum of money that a money transfer operator like WorldRemit charges a customer for transferring money to a recipient. The amount charged depends on the operator charging it.

WorldRemit review
WorldRemit Exchange Rate Margins

Exchange rate margins are how WorldRemit, banks and other financial corporations make profit off their services instead of charging customers with commission fees.

When a bank or a money transfer service like WorldRemit quotes an exchange rate to a customer, they usually take the interbank rate and add an amount known as a margin rate. Check with WorldRemit to see what their exchange rate margin is.

WorldRemit review
WorldRemit Methods to Transfer Funds

A WorldRemit fund transfer is when someone sends money from their account to another person's account. Money can be transferred using different methods, e.g. online, via the phone, or a mobile app.

The methods to transfer funds are:

  • Manual EFT
  • Automatic EFT
  • Bill payment
  • Correction

WorldRemit enables users to transfer money using bank transfer, via none.

WorldRemit review
WorldRemit Currencies Supported

Money transfer operators that offer more currency options are beneficial because they make for reduced conversion fees. This way customers do not have to pay exorbitant conversion fees when transferring money.

WorldRemit offers every available world currency to its customers. We list the major WorldRemit supported currencies below.

WorldRemit Money Transfer Currencies
NameCurrencies
ALL, ARS, AMD, EUR, USD, AUD, BDT, XOF, BOB, BWP, BRL, BGN, BIF, KHR, XAF, CAD, CVE, CLP, CNY, COP, CRC, HRK, CZK, DKK, XCD, DOP, EGP, ETB, FJD, GMD, GHS, GTQ, GNF, HNL, HKD, HUF, INR, IDR, JMD, KES, LAK, MGA, MWK, MYR, MXN, MAD, MZN, NAD, NPR, NZD, NGN, NOK, PKR, PYG, PEN, PHP, PLN, RON, RWF, WST, SLL, SGD, GBP, ZAR, LKR, SRD, SEK, TZS, THB, TOP, TND, TRY, UGX, AED, UYU, VND, ZMW
AED, BDT, BHD, BTN, HKD, IDR, ILS, INR, JOD, JPY, KWD, LKR, MYR, NPR, OMR, PHP, PKR, QAR, RUB, SGD, THB, TRY, TWD, VND, BAM, BGN, CHF, CZK, DKK, EUR, GBP, HRK, HUF, NOK, PLN, RON, RSD, SEK, BBD, CAD, CRC, DOP, GTQ, HNL, JMD, MXN, TTD, USD, XCD, AUD, FJD, NZD, TOP, WST, ETB, GHS, GMD, GNF, KES, MAD, MUR, MZN, RWF, SLL, TND, TZS, UGX, ZAR, ARS, BOB, CLP, COP, GYD, PEN, PYG, UYU
AED, ARS, AUD, BDT, BGN, BWP, CAD, CHF, CLP, CNY, CRC, CZK, DKK, EGP, EUR, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW
ALL, ARS, EUR, BSD, BDT, XOF, BOB, BRL, BGN, BIF, USD, XAF, CLP, CNY, COP, KMF, CRC, HRK, CZK, DOP, EGP, ETB, FJD, GMD, GHS, GTQ, GNF, GYD, HNL, HUF, INR, IDR, JMD, JPY, JOD, KES, MGA, MWK, MYR, MXN, MAD, NPR, NGN, PKR, PYG, PEN, PHP, PLN, RON, RUB, RWF, SLL, ZAR, KRW, LKR, TSZ, THB, TND, TRY, UGX, UYU, VND, ZMW
AED, AUD, BGN, BRL, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, IDR, INR, JPY, MYR, NOK, NZD, PLN, RON, TRY, SEK, SGD, USD, ARS, BDT, BWP, CLP, CNY, COP, CRC, EGP, GEL, GHS, ILS, KES, KRW, LKR, MAD, MXN, NGN, NPR, PHP, PKR, RUB, THB, UAH, UGX, UYU, VND, XOF, ZAR, ZMW
AED, EUR, PLN, AUD, GBP, SEK, CAD, HKD, SGD, CHF, HUF, USD, CZK, NOK, ZAR, DKK, NZD
AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, EUR, FJD, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, UYU, VND, XOF, ZAR, ZMW
AUS, SGD, HKD, INR, MYR, EUR, GBP, USD, CAD, JPY, NZD
USD, AUD, CHF, EUR, HKD, JPY, BBD, BMD, BSD, DKK, GYD, INR, JMD, KYD, MXN, NOK, NZD, SAR, SEK, SGD, TTD, ZAR, GBP
AUD, BGN, CAD, HRK, CZK, DKK, EUR, HKD, HUF, INR, ILS, JPY, JOD, MYR, MAD, NZD, NOK, OMR, PLN, GBP, QAR, RON, SAR, RSD, SGD, ZAR, KRW, SEK, CHF, THB, TRY, AED, USD
AED, AUD, BND, CAD, CHF, CZK, DKK, EUR, FJD, HKD, HUF, IDR, ILS, INR, IRR, JPY, KRW, KWD, LKR, MAD, MXN, MYR, NGN, NZD, OMR, PEN, PGK, PHP, PKR, PLN, SAR, SCR, SDG, SEK, SGD, THB, TOP, TRY, TWD, USD, VND, VUV, WST, XOF, XPF, ZAR
EUR, GBP, USD, CAD

WorldRemit review
WorldRemit Transfer Options

WorldRemit offers the following transfer options:

WorldRemit Money Transfer Options Compared
NameTransfer Options
Bank Deposit, Cash Pick-up, Home Delivery & Mobile Wallet Deposit.
Bank deposit
Bank deposit, mobile wallet deposit
Bank deposit, cash pick-up, home delivery, mobile wallet deposit.
Bank deposit, mobile wallet deposit
Bank deposit, mobile wallet deposit
Bank deposit, mobile wallet deposit
Bank deposit, cash pick-up (Philippines)
bank deposit, cheque, wire transfer, debit card, credit card
Bank deposit, cash pick-up, VISA & MasterCard, ATMs, mobile wallet deposit (depending on country)
Bank deposit
Bank deposit, cash pick-up , door-to-door delivery

Single Payments

’Single payments’ is a term used to recognize a one-time money amount from an allowance. For a single payment, the user may use a single credit card (or debit card) and have a single invoice.

Regular Payments

A regular payment is a highly economical and easy way to transfer money with WorldRemit. It is best suited for customers who have to transfer regular smaller amounts (usually three, four, or smaller five-digit amounts).

WorldRemit review
Who WorldRemit Services Are Available To

WorldRemit offers services for sixty different currencies across more than one-seventy countries.

The more global a money transfer operator becomes, the more reliable it is for people across the globe.

WorldRemit Country Restrictions

WorldRemit does not operate in the following countries :

Certain countries are restricted because WorldRemit is not allowed to legally operate in those regions or it is not economically viable for WorldRemit to provide money services in these regions.

WorldRemit review
WorldRemit International Money Transfers

An International Transfer is when someone sends money from their account in one country to a bank account in another country.

Setting up your WorldRemit money transfer is quick and simple with the modern WorldRemit online platform.

Transferring money internationally used to be a tedious process 10 years ago but advances in software and the internet have made transferring money allot easier.

These days, you can send a money transfer with ease on the WorldRemit website.

The WorldRemit website includes useful and easy-to-access option for those who wish to track their money and monitor when it can be received, providing a safe and accessible option if you'd like to keep an eye on your transfer.

WorldRemit review
WorldRemit Minimum Money Transfer

Several money transfer companies do not have a minimum money transfer amount. Making it easy for their users to send small amounts of money. WorldRemit has a minimum transfer amount of 1 USD.

WorldRemit review
WorldRemit Maximum Money Transfer

Money transfer companies often do not have maximum transfer limits. For example, WorldRemit does not have a maximum transfer limit when the user is paying through phone. There is however, a 9000 USD limit per transaction for online transfers.

WorldRemit review
WorldRemit Money Transfer Fees and Charges

These are the fees charged by WorldRemit and other money transfer companies (or other financial corporations) for transferring money. Several companies however, do not charge their users for transferring money. The only charges there are to pay are currency conversion charges.

WorldRemit review
How Long Does It Take to Get a WorldRemit Money Transfer

WorldRemit money transfers do not usually take very long. It normally takes less than 24 hours for a money transfer to complete between two accounts with the same financial corporation. While in the case of money transfers with money transfer services like WorldRemit, it can take a little as a few minutes. If the money is being sent overseas, it can take up to five days for the recipient to receive the money from WorldRemit.

WorldRemit review
WorldRemit PLC Status

If a company has the acronym PLC at the end of its name, it means that the business offers its shares to the public and is traded on a public stock exchange. This alone makes the company more reputable. WorldRemit is not a publically listed company. WorldRemit is a privately owned company.

WorldRemit review
WorldRemit Money Orders

The charges for issuing money orders with WorldRemit are 0.99$-3.99$.

WorldRemit review
WorldRemit Mobile Top Up

WorldRemit offers mobile top ups.WorldRemit mobile top ups are where a user can add credit to a recipient’s mobile phone number. The recipients number has to be local. These are normally processed within minutes, if not seconds.

WorldRemit COVID-19 Help

Some money transfer companies offer COVID-19 financial assistance. This may be in many forms including payment holidays, reduced interest rates and more options to pay. Check with WorldRemit directly to see what they are able to offer if you are adversely affected by COVID-19.

Who are WorldRemit Money Transfers Best For

There may be many reasons you are looking to action a money transfer with WorldRemit. These reasons can include debt consolidation, medical bills, student debt, collection agency debt, wedding costs, holidays, home repairs and repaying friends and family.

WorldRemit money transfers are best for people looking for looking for a reliable fast money transfer service.

WorldRemit Guide for Fast Money Transfer Approval

For WorldRemit to be able to process your money transfer application as quickly as possible make sure you have everything WorldRemit need. If you and WorldRemit need to go back and forth it may delay the WorldRemit application process. Make sure every piece of information you give WorldRemit is accurate.

Please note that you must have at least a minimum of one active bank account for WorldRemit to process your money transfer.

WorldRemit Application Time

Application time refers to the amount of time you have to wait for your WorldRemit registration to be approved. This should not take long, especially if you have nothing which should come up as red flag on the WorldRemit system.

WorldRemit Approval Time

It is the time it takes for WorldRemit money transfer operator to approve the money transfer being made. Depending on the situation this can take up to five days.

WorldRemit Funding Time

It is the amount of time it takes for the recipient to receive the money transfer. Once your WorldRemit money transfer has been approved the money should be in your account within four working days.

WorldRemit review
Things to Check Before a WorldRemit Money Transfer

Why more features are useful for modern life’s and why new challenger banks are starting to beat traditional banks.

Here are a number of important things to consider before considering WorldRemit money transfer:

  1. Reliability and safety
  2. Making preparations before the transaction
  3. Convenience
  4. Transfer and conversion rates
  5. The quality of the customer service offered

WorldRemit review
WorldRemit Customer Support

WorldRemit support should be there to help customers with their issues which includes answering their queries, guiding them through and difficult processes and issues when transferring money. WorldRemit customer support should troubleshoot any issues with you until you get to a resolution that you are happy with.

When getting a WorldRemit money transfer you will want to speak to a WorldRemit representative in a language that you are comfortable with. All your Money Transfer queries and issues should be resolved quickly.

WorldRemit review
Does WorldRemit Offer Live Chat?

Customers can reach out to WorldRemit through live chat to resolve WorldRemit money transfer account issues or difficulties with their WorldRemit account that they can't solve. Live chat, or live support is a real-time live chat feature used by customer support representitives allowing customers to instant message to and receive guidance from a trained agent regarding a your money transfer related query.

WorldRemit review
How does WorldRemit Compare with Other Money Transfer Companies?

When deciding upon a money transfer company like WorldRemit you will want to know how WorldRemit compares with other leading online money transfer companies. See how WorldRemit compares below.

  1. Visit WorldRemit alternative XE Money Transfer

    Used By: 280000000
    Currencies Available: 76
    Transfer Fees: none
    Payment Methods: Bank transfer, credit card, debit card
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: US$1.00
    Max Transfer: US$500,000.00 (or equivalent)
    Year Founded: 1993

  2. Visit WorldRemit alternative Wise Multi-Currency Account

    Used By: 11000000
    Currencies Available: 54
    Transfer Fees: 0.5%-1%
    Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: 1 USD
    Max Transfer: 1000000 USD/transaction/day (personal), 3000000 USD/transaction/day (business)
    Year Founded: 2011

  3. Visit WorldRemit alternative Remitly

    Used By: 3000000
    Currencies Available: 63
    Transfer Fees: 0-3.99$
    Payment Methods: Bank transfer, credit/debit card
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: US$1.00
    Max Transfer: US$20,000.00
    Year Founded: 2011

  4. Visit WorldRemit alternative Wise

    Used By: 11000000
    Currencies Available: 54
    Transfer Fees: 0.5%-1%
    Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: US$1.00
    Max Transfer: US$1,000,000 (varies based on currency)
    Year Founded: 2011

  5. Visit WorldRemit alternative CurrencyFair

    Used By: 150,000
    Currencies Available: 17
    Transfer Fees: 0.45%
    Payment Methods: Bank transfer, debit card
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: £5.00 (or equivalent)
    Max Transfer: £10,000,000.00 (or equivalent)
    Year Founded: 2009

  6. Visit WorldRemit alternative Wise Business

    Used By: 11000000
    Currencies Available: 55
    Transfer Fees: 0.5%-1%
    Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: 1 USD
    Max Transfer: 1000000 USD/transaction/day (personal), 3000000 USD/transaction/day (business)
    Year Founded: 2011

  7. Visit WorldRemit alternative InstaReM

    Used By: 130000000
    Currencies Available: 11
    Transfer Fees: 0%-1%
    Payment Methods: bank transfer, POLi payment (Australia), debit card (EU residents), ACH Pull (US residents), FPX (Malaysian residents)
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: $1 (minimum sending amounts could differ based on certain currency pairs)
    Max Transfer: No limit (different countries have regulatory limits on outward and inward flow of remittances originating from or to the country)
    Year Founded: 2014

  8. Visit WorldRemit alternative Scotiabank

    Used By: 25,000,000
    Currencies Available: 23
    Transfer Fees: none
    Payment Methods: Bank transfer, debit card, credit card, apple pay, google pay, Scotiabank Saddletone gift cards
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: none
    Max Transfer: 10000 USD
    Year Founded: 1832

  9. Visit WorldRemit alternative Skrill

    Used By: 120,000
    Currencies Available: 33
    Transfer Fees: none
    Payment Methods: Cash, bank transfer, debit card, credit card, e-wallet, cryptocurrency (depending on country)
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: US$1.00 (varies based on certain currencies)
    Max Transfer: US$2,500.00 / day (weekly and monthly limites also apply)
    Year Founded: 2001

  10. Visit WorldRemit alternative MoneyGram US

    Used By: 150000000
    Currencies Available: 46
    Transfer Fees: 0-1.99$
    Payment Methods: pay by card or directly from your bank account
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: none
    Max Transfer: 3000 USD
    Year Founded: 1940

  11. Visit WorldRemit alternative Xoom

    Used By: 250000000
    Currencies Available: 4
    Transfer Fees: 0$-40$
    Payment Methods: Bank transfer, debit/credit card, PayPal balance
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: US$10.00
    Max Transfer: 2999 USD/day, 6000 USD/month, 9999 USD/3 months
    Year Founded: 2001

WorldRemit review
WorldRemit Website and Mobile Apps

WorldRemit has a website available online but it may be useful to manage your WorldRemit account from your mobile device like your tablet or phone.

WorldRemit offers an Android mobile application on the Google Play store.

WorldRemit offers an Apple IOS mobile application for iPhones and iPads allowing WorldRemit to users to check their WorldRemit accounts on their iOS mobile devices.

WorldRemit review
WorldRemit Deposit and withdrawal Methods

WorldRemit offers the following Money Transfer payment methods: Bank Transfer, Debit Card & Credit Card.. All of significant bank systems are all acknowledged with WorldRemit.

WorldRemit offers ACH Payment which is used for direct deposit and debit transfers within the US. It is similar in nature to BACS (for the UK) and EFT (for Canada). Users can pay through bank transfer.

The recipient will receive the money in their bank account and can withdraw it using the method they prefer. They cannot, however, receive the money in the form of cash.

Take note that WorldRemit may charge additional commissions and fees when using certain payment and withdrawal methods. These fees may not necessarily come from WorldRemit.

WorldRemit review
Is My Money Safe With WorldRemit?

WorldRemit is a reliable, secure, and trusted option for sending money overseas. WorldRemit are registered and regulated with the the Financial Conduct Authority (FCA).These regulatory licenses have strict rules that are enforced. These regulations safeguard the funds entrusted to them by WorldRemit customers.

WorldRemit review
WorldRemit Financial Regulation and Safety of WorldRemit Funds

Every business that wants to send money across borders (in excess of €3 million per month) must be licenced under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011, both of which were created by the UK government but executed by the FCA for UK residents.

Consumer credit, in simple terms, is credit offered to individuals so they can purchase goods or cover personal expenses. It does not cover long term investments such as purchasing property. It allows for a properly managed economy to function and further encourages economic growth.

Firms like WorldRemit that offer money transfer to retail customers are legally considered to be offering consumer credit.

A financial regulator ensures that consumers are protected, there is fair competition in the money transfer industry and the integrity of the Financial services industry as a whole is maintained.

Getting a money transfer with a regulated company is essential as it offers an increased level of protection than a money transfer from an unregulated one. This is because regulators are able to enforce strict rules and stop unscrupulous money transfer operators.

Laws differ on who can and cannot offer consumer credit in each country. Credit firms have strict rules that they must follow in order that they are legally allowed to transfer money to consumers. These laws are in place to protect consumers becoming trapped in a money transfer they can never pay off.

Be sure that WorldRemit is fully licenced as a money transfer company.

WorldRemit review
WorldRemit Payment Services Regulations and WorldRemit

The Payment Services Regulations Directive, is run by the European Commission in order to govern payment services and their providers across the European Union as well as the European Economic Area.

One of its goals has been to make foreign currency transactions transparent, much like currency payments. This is to protect consumers and businesses from being swindled.

What is the Financial Conduct Authority?

The FCA is a control body meant to license money transfer companies. Companies such as banks, Forex brokers, and money transfer operators are monitored the most. This is because they deal in situations that involve many intricacies, such as transferring money and offering loans, etc.

All reputable money transfer businesses that operate within the United Kingdom by law have to be registered and authorised as a payment institution by the Financial Conduct Authority (FCA) to comply with the Payment Services Regulations that were introduced in 2017.

Check WorldRemit is financially regulated. WorldRemit is regulated by the Financial Conduct Authority (FCA).

This makes sure that your Money Transfer agreement is above board and safe. In Addition, it Usually Means that WorldRemit Possess a responsibility of care to their clients.

Is WorldRemit Registered as a Money Service Business with HM Revenue & Customs

Financial institutions (which do not classify as banks) which convert and transmit money like WorldRemit are known as Money Service Businesses. While they provide services similar to banks, they are still not considered banks. They offer more varied product options to individuals looking to transmit or convert money.

Financial authorities tend to keep tabs on WorldRemit and other Money Service Businesses the most because the type of services they offer can leave them vulnerable to be used in financial crimes like money laundering. This is why it is crucial for them to be registered with the HM Revenue and Customs in the United Kingdom.

WorldRemit Segregation of Client Funds

WorldRemit as part of their regulation are required to segregate client funds from WorldRemit company funds and keep all client funds within a bank that is authorised as a credit institution by the regulator. All client funds should be kept in the most reputable third-party financial institutions such as Barclays or the Bank of America.

WorldRemit regulatory requirements mean that WorldRemit Money Transfer funds and your funds should be totally separate. WorldRemit cannot use any money that is still legally yours to conduct WorldRemit daily business like paying WorldRemit suppliers and costs. Your funds should be kept by WorldRemit in a segregated bank account.

WorldRemit Regulation Checklist

  • Check whether WorldRemit has authorisation to offer consumer credit
  • Check the type of activities that WorldRemit are allowed to conduct with their authorisation
  • Check the contact details, trading names and main business of WorldRemit list on their website and the regulator match.

WorldRemit Fraud Prevention Features

Fraud prevention is highly crucial when transferring money because once the money is gone, it's gone. Scammers most often gravitate towards money transfers. Lack of fraud prevention procedures can lead to loss of funds, or even identity theft.

WorldRemit goes to great lengths to protect your WorldRemit account from fraudulent use. We explain some of WorldRemit anti-fraud features below:

  1. WorldRemit has SSL encryption that protects the customer's private information.
  2. WorldRemit has cutting edge technology that monitors almost everything i.e. from logins to transactions.
  3. The WorldRemit platform has a bespoke monitoring system that helps to detect and prevents fraud.

Automated Transaction Confirmations

Having instant notifications turned on is not only convenient because the user is instantly alerted whenever there is a payment related activity on their WorldRemit account, as you are instantly aware of every WorldRemit transaction these notifications to your phone help you to keep tabs on any suspicious activity.

After conducting a transaction with WorldRemit, the WorldRemit accounts primary contact will receive a transaction confirmation confirming the transaction amount, rate exchange applied, and WorldRemit delivery instructions.

WorldRemit Monitors Your Account for Suspicious Transactions

WorldRemit has systems and controls in place to detect fraudulent activity and protect WorldRemit client accounts from misuse. If WorldRemit detect a questionable transaction on your WorldRemit account, WorldRemit will contact you to verify the transactions legitimacy to ensure your WorldRemit funds are safe.

How Does WorldRemit Make Money?

WorldRemit and other money transfer companies often charge their customers a certain amount of interest fees on every transaction made. The fees depend on the amount of money the customer wishes to transfer. WorldRemit also earn money via foreign exchange rates.

Money transfer companies like WorldRemit and banks need to survive, so they make money on interest from accounts and money transfers.

WorldRemit Frequently Asked Questions

We list some of the most frequently asked WorldRemit questions below.

Is there a limit to how much I can transfer with WorldRemit?

You can transfer up to 9000 USD at a time.

When will I receive my WorldRemit transfer?

It normally takes 3-5 business days.

Is it possible to cancel my WorldRemit transaction?

If you need to cancel your transaction due to any reason, kindly contact us on this number 442039666899.

How old do you have to be to sign up to a WorldRemit account

To signup to a WorldRemit account you will need to be at least 18 years old.

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Is WorldRemit a Scam?

WorldRemit have been in operation since 2010 and have over 5000000 customers and 800 employees. WorldRemit is not a scam.

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Sending money online with WorldRemit

Sending money with WorldRemit is a single process once you have registered and verified your WorldRemit account and payment methods.

  1. Go to the WorldRemit website
  2. If you have a WorldRemit account you can log in, otherwise you will need to create a new account.
  3. Decide how much you would like to send and where you want to send it to.
  4. Enter all the required information about the beneficiary, this might include their name, address, bank account details, and other personal data.
  5. Tell WorldRemit how the beneficiary wants to get their money. Eg. through a bank transfer, cash pickup, or via some other means.
  6. Agree to the WorldRemit exchange rate and any fees.
  7. Pay for your WorldRemit transfer.
  8. Enter your information and provide and supporting documentation to verify your identity.

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How do I receive money from a WorldRemit money transfer?

Depending on where you are located, you have a few options for how you can receive any money that has been sent to your WorldRemit account. Your options for receiving money depend on the information entered by the sender, the country you are in, the currency you are receiving, and some other factors. Some methods of receiving money may not be available to you.

Receive WorldRemit money directly into a bank account

Bank transfers are useful because not only are they safe, but the whole process is quick, and they offer the kind of flexibility no other method can. WorldRemit allows for a deposit directly into your bank, credit union or other financial account.

WorldRemit Cash Pickup

Some money transfer companies have agents around the world, and you will need to take identity documents to receive cash. Money is typically available within ten minutes of being sent. WorldRemit allows you to pick up money in person at a WorldRemit agent location.

WorldRemit Smart Money and mobile wallets

A mobile wallet virtually stores cash card details on a smartphone. These are quite convenient as they allow for users to make purchases at physical stores without needing to carry money.

WorldRemit Does not support mobile wallets.

WorldRemit Home delivery

It is a way for an individual to receive money without having to leave home. What this means is that any money you send can be received in person at a designated home address. The money is delivered by a local agent. WorldRemit do not offer home delivery money transfers.

When was WorldRemit founded?

WorldRemit was founded in 2010.

Is WorldRemit Any Good?

WorldRemit have a rating of 3 and are financially regulated, WorldRemit can be considered a good money transfer company.

Is it easy to close my WorldRemit account?

Its is easy to close you WorldRemit account. You will have to make sure any outstanding payments and fees due to WorldRemit are paid in full Before WorldRemit will fully close your account. Make sure when closing your account WorldRemit send you an official confirmation that your account is closed and no more monies are due to WorldRemit.

Does it take long to setup a WorldRemit account?

No, setting up a WorldRemit account can take a few minutes. You will need to provide some proof of identity and address. You should definitely be able to access all the features of your WorldRemit account in 1-3 days.

Where are WorldRemit based?

WorldRemit are based in London (GB)

Countries where WorldRemit is legal?

WorldRemit is legally allowed to operate in over 18 countries.

How do I track a WorldRemit Money Transfer

You can track a WorldRemit money order by calling WorldRemit or by tracking the order online. Call WorldRemit number on 442039666899. The WorldRemit automated phone system will take a few details and give you a status update. You can go online to the WorldRemit website and check the status of a money transfer at any time.

If you have a WorldRemit online account, log in and view your transaction history; If you do not have an online account, or if you are the receiver of the WorldRemit transaction, use the WorldRemit payment reference number on the WorldRemit website to check the status of the transfer.

Can I cancel my WorldRemit transfer?

The way that you cancel a WorldRemit transfer depends on how you created and sent the WorldRemit money transfer originally.

You may need to contact WorldRemit by phone on 442039666899, through their website at www.worldremit.com or via email [email protected]. Requests are typically processed within 30 days, and you may be charged a cancellation fee by WorldRemit.

If you made the WorldRemit transfer online, then you should log in, find the transaction in your transaction history and then cancel it on the 'Transaction Details' page. If you do not have a WorldRemit account, use the 'Track a Transfer tool to find the transaction and then cancel it on the Transaction Details page.

Double check the terms and conditions for cancelling a WorldRemit transfer on their website.

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