It can be nerve-wracking and expensive to send money internationally, especially large quantities, but WorldRemit has proven itself to be trustworthy and dependable – here’s our full unbiased WorldRemit Review.
Listed in Forbes Advisor’s top five ways to send money, WorldRemit is hailed as the best for fast international cash transfers.
Are you wondering if WorldRemit is legit? WorldRemit has proven itself to be trustworthy and dependable – here’s our full unbiased WorldRemit Review.
Founded by Ismail Ahmed, WorldRemit was established in 2010 in London as an effort to make wiring money easier and affordable.
He brought Catherine Wines and Richard Igoe on board as co-founders to help him take his ideas online for a smoother user experience.
Ismail’s ambitious idea has now reached close to six million people worldwide via the WorldRemit platform.
WorldRemit Review: Is WorldRemit a Legitimate Company?
When gauging the legitimacy of a company, it is important to look at multiple factors. One way to determine this with financial institutes is to research if they are backed by a government insurance program such as the United States has the FDIC.
In the case of WorldRemit, because they are based in London, the Financial Conduct Authority oversees their business.
Another way to check a business’ repertoire is through well known review sites such as Trust Pilot.
Currently, WorldRemit has almost 63,000 reviews on Trustpilot. The business holds a rating of 4.2 out of 5 stars which is excellent.
One more additional way to tell a business is legit is by researching if any financial gurus suggest them.
As mentioned before, WorldRemit is listed on Forbes Advisor site as one of the top five ways to send money and the best way to send money internationally in a quick manner.
Consider Reading: 5 Ways to Double Your Money in 2022
How Does WorldRemit Work?
WorldRemit is a platform where customers can send money from their accounts to a person in another part of the world.
When Ismail started it, his goal was to create an easy way for users to send money quickly because his experience was always the opposite.
Now the business has even expanded to offer users an application they can install on their electronics for frequent uses.
How Do You Send Money Through WorldRemit?
One driving force behind Ismail establishing this company was the complicated process he had to go through to send money to his family in Africa.
He wanted to design a simple process that could be done anywhere you could access the website. As a result, it is so easy and takes very little time to send funds from your account internationally.
Here’s how it works:
Step One: Create an account on the WorldRemit website in roughly two minutes.
Step Two: Find the country where you want to send the money.
Step Three: Determine the amount of money you want to send. The website has a calculator for the exchange rate for the country you chose in step two..
Step Four: You’ll need to enter the recipient’s name, address, and phone number along with all their bank details (name, bank routing info and number on the account).
Step Five: Pay for the transfer.
Read Also: How to Make Money With Wealthy Affiliate
How Long Do WorldRemit Transfers Take?
Once you have done all the electronic steps, you’ll find the wait time can vary. Just like when you pay bills, the wait time depends on multiple factors.
It’ll take longer if the transaction is completed on a non-banking day, so Saturday or Sunday.
The responsiveness of both banks plays a role in the wait time as well. In addition, the country to which the funds are going will also affect the wait time.
On the WorldRemit website, it gives a time frame of anywhere between instant transfer to up to two days.
About WorldRemit’s Fees and Exchange Rates
Countless transfer companies and banks charge an outrageous fee for sending money internationally. WorldRemit offers competitive fees for international transfers.
Their fee schedule varies from country to country as well as amount of money being transferred.
Most WorldRemit fees land somewhere between 99 cents and six dollars, depending on the combination of mentioned factors.
WorldRemit Versus Western Union
In one comparison of WorldRemit and Western Union, WorldRemit scored 15/20 stars and Western Union scored 13/20 stars.
The results of this comparison demonstrated that WorldRemit had considerably lower fees and their exchange rates were better than Western Union’s as well.
As for Western Union, their transfers were received quicker than WorldRemit transfers.
Consider Reading: 10 Money Habits That Keep You Poor
WorldRemit Compared to Bank Transfers
When compared to bank transfers, WorldRemit comes in better for exchange rates. There is something called the interbank rate that is the base for banks to buy the currencies from other banks.
When compared, WorldRemit was offering significantly more in their exchange rates than banks and less in fees as well.
This is surprising considering most banks have end-to-end institutions meaning that they own banks in both countries or work with partner banks in other countries to make the transfers less expensive.
WorldRemit does not have a list of banks they work with and still their fees are less.
Established in London, UK, WorldRemit headquarters is the only physical location of WorldRemit.
Their online presence is how you send money and it allows you to choose from pickup locations where the receiving end can access the cash if that is the type of transfer you want.
WorldRemit partners with third party locations all over the world for individuals to pick up cash that has been sent to them.
The WorldRemit app is set up for bank account transfers as well, not exclusively cash pick up services.
About Customer Service Support
When searching for reviews on WorldRemit support for upset consumers, you will find quite a bit of negative feedback.
The business definitely needs to improve their customer service support, especially being a company that handles people’s hard earned cash.
The website itself has a list of numbers for several different countries for customer support.
There is a number for each of the major countries and another number that you can call for other countries not listed.
There are many advantages to using WorldRemit to send money:
- User friendly setup
- Lower fees than competitors
- Offers cash transfers
- Speedy transfers
- Better exchange rates than most
If there are any disadvantages to using WorldRemit they are:
- Poor customer service
- Delays in some types of transfers
- Only handles small money amounts (less than $10,000 in most countries)
In Conclusion: WorldRemit Review
Consumers use the WorldRemit app to send money through WorldRemit to friends, families, charities, or businesses around the world.
When you use WorldRemit to send money online, you will appreciate the user-friendly app and clear exchange rate calculator, as well as a list of fees so you aren’t caught off guard with the expense of transferring money.
The vision that Ismail Ahmed had to make money transfers easier has come to fruition in the WorldRemit business.
Customers find a quick and accessible way to send money when their loved ones need it in another part of the world.
And with roughly 6 million users, you can feel comfortable with the reviews and customer experiences with the company.