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WorldRemit Money Transfer Review

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.


WorldRemit


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WorldRemit

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With WorldRemit, customers can currently send money from over 50 countries to over 110 destinations throughout the Americas, Europe, Africa, Asia, and Australia. The company has plans to expand the list of destinations to which customers can send money to more than 200 worldwide.

WorldRemit makes it easy for customers to transfer money using a computer or a mobile device, and to receive money directly into a bank account, a mobile wallet, or in the form of topping up mobile airtime. After securing a US $40 million investment from Accel Partners in 2014, WorldRemit then raised US $100 million in Series B funding from Technology Crossover Ventures in early 2015.

The company intends to use this funding to not only increase the list of destinations to which it sends money, but also to increase the number of channels by which customers are able send money abroad. WorldRemit is working on making payment channels safer and more specific to its customers’ needs, which will in turn make it easier for customers to make payments for items such as educational fees and utility bills. Providing specific, secure payment channels also helps to ensure that the money being sent will be used as intended, and not diverted towards funding terrorism or money laundering.

WorldRemit recipients are able to receive money as a bank deposit, a cash pick-up, to their mobile wallet, or can use the money to top-up their mobile airtime. Many destination countries offer instant transfer services, meaning the money will often arrive within minutes.

Sending money through WorldRemit’s secure, online system is simple. After creating a free account, customers will be asked to enter the country to which they wish to send money, how much they are sending, and how the recipient will receive the money (cash pick-up, direct to a bank account, or to a mobile device).

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.


Once all information is entered, WorldRemit’s systems will find the most favorable currency exchange rate and initiate the transaction. Customers will be notified by email and by SMS (text message) when the money has been sent, and when it has been received at the recipient destination.

About WorldRemit


Founded in 2010, London-based WorldRemit is an online money transfer service provider specializing in remittances for expatriates and migrant workers. The firm provides transfer services from over 50 countries to over 110 destinations worldwide.

Created by a former compliance advisor to the United Nations Development Programme, Ismail Ahmed, WorldRemit is backed by venture capital companies such as Technology Crossover Ventures and Accel Partners.

Review of World Remit Customer Reviews

Fees & Exchange Rate

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.

Global Reach / Currencies Available

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.

Transaction Ease

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.

Transaction Timing

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.

Online Offering

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.

Overall Customer Service / Helplines / Help centers

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.

Other products

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.

Overall summary

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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