Founded in London by a former compliance advisor to the United Nations Development Programme, WorldRemit has been providing online money transfer services to migrant workers and expatriates since 2010. The company is backed by venture capital companies, including Technology Crossover Ventures and Accel Partners, and provides individuals a secure, low-fee option for sending money abroad and making international payments.
After entering recipient details, such as name, address, and bank account details (if sending money to a bank account), customers will then be asked to provide payment information. WorldRemit accepts a bank account, debit card, or credit card as paymet for these transactions.
Customers were mostly satisfied with World Remit’s fees and the exchange rates quoted and executed for their transfers. The company charges £2.99 per transfer from the UK, $3.99 from Australia, and $3.99 from the US, and most customers seemed fine with this. Transfer minimum amounts are set low, from £1. No minimum transfer amount was a popular feature with many of the reviewers, several mentioning that they use World Remit to send small amounts to friends and family in developing countries. Overall, reviews were largely positive regarding the company’s fees and the exchange rates customers received.
Judging by customer reviews, World Remit has decent global reach and enough currencies available to satisfy its customers. The company offers additional language translations services in French and Spanish, and accepts clients from Europe, UK, US, Australia, and most of Asia. The company also provides mobile payments and cash withdrawals in most developing countries, two popular features mentioned by several commenters. Approximately 85% of customer reviews were positive regarding the company’s ability to transact throughout most regions in the world.
With World Remit’s dedicated dealer model and its well-trained customer support staff, the company offers an easy way for individuals to send money globally by calling a specialist over the phone, or by using the company’s website or mobile app. Most customer reviews focused on the easy-to-use mobile app and the ease of sending or receiving money with the app. A few reviewers described situations where having access to support staff made the decision-making process much easier for them. Overall, customer reviews were very complimentary towards the ability of World Remit staff to guide them through the transfer process.
World Remit’s market-timing options are limited, though this didn’t seem to affect its ratings with customers. Almost all reviews regarding the company’s ability to execute transactions to the customer’s satisfaction were positive, with most reviewers claiming they got the rate they were expecting and the funds arrived at the recipient destination on time and with no issues. Currently, the company only offers spot transfers, but because most of World Remit’s customers are individuals sending remittances overseas to family or friends, the lack of hedging options isn’t a problem.
World Remit’s website, the account set-up process, and the company’s mobile app all received positive customer reviews. While there were a few negative reviews regarding customers finding a favorable exchange rate on the company’s website and then not receiving this rate for their transaction, the majority of customer reviews regarding the company’s online presence and its mobile app were positive. Several reviewers described their pleasure with the ability to send and receive money through the app.
World Remit customer service received nearly-glowing reviews for its customer service and the ability of support staff to address and resolve customer issues. Customers liked being able to call or email to find answers to their questions, and several reviewers mentioned receiving a high level of support and guidance from customer service staff. The few negative reviews we could find claimed that support staff did not get back to them after numerous emails and voicemail messages left, with one commenter detailing a situation where they could not reach anyone, resulting in a transaction with an exchange rate that wasn’t as good as they were expecting to receive. Most reviewers, however, were satisfied or happy with the level of customer service they received from World Remit, and several reviewers commented on the excellent service they received every step of the way.
World Remit doesn’t offer many of the hedging options provided by other service providers, but this doesn’t seem to bother World Remit customers. Reviews were almost uniformly positive for the company’s mobile app, which boasts the same functionality as the company’s web site, allowing customers to send money, receive money, and track transfers. Customers give the app a rating of 4.5 out of 5, with over 4,000 reviews on the Google store. There were several rave reviews for the app, with one customer claiming to be ‘in love’ with the app’s functionality. Although World Remit offers few products or services for large businesses, or for customers needing to make larger transfers, the company seems to have distinguished itself from competitors through excellent customer service, low fees, and an excellent mobile app for small- to medium-sized transactions.
World Remit has over 500 reviews on TrustPilot, with an average score of 9.4 out of 10. While most reviews are positive, there are over 100 negative reviews, mainly describing poor customer service or a delay in the funds transfer. Overall, customers were pleased with World Remit’s services, and this was reflected in the largely positive reviews.
These positive reviews were predominantly for the company’s ability to find good exchange rates, the easy sign-up and order submission process, and good customer service, with support staff easy to reach.
Although there weren’t as many negative customer reviews, those we found were focused on three main points: long waiting times to receive a reply from customer service, delays in payment executions, and poor exchange rates. Despite these negative reviews, the majority of customer reviews point to general satisfaction with World Remit’s services.
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