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WorldRemit – BER Review

With WorldRemit, send money online 24/7 to 140 destinations at highly competitive exchange rates. Send to bank accounts and mobile money wallets, top up a loved one's mobile phone or send for cash pick-up.

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Exchange Rates 5
Customer Service 4
Ease of Use 5

WorldRemit: A Summary

Like a number of other online remittance companies, World Remit offers a discounted way to send money to more than 140 countries throughout the world.

With WorldRemit, funds can be sent to bank accounts, mobile money wallets, can be picked up as cash at partnering banks and can be used to top up a loved one’s mobile phone.

WorldRemit is an online service with no physical outlets, which allows for lower costs and greater convenience; it’s also the first of the new wave of FX companies to offer instant WhatsApp notifications on the status of transfers.

WorldRemit isn’t a viable choice for large payments, such as property purchases, because its maximum transfer sizes are quite limited in many countries.

 

Positive

  • Bank-beating exchange rates
  • Send to bank accounts, mobile money accounts, for cash collection or top up a mobile phone
  • Excellent customer service options, including 25 phone lines
  • No minimum transfer size
  • Lots of funding options
  • WhatsApp notifications on transfer status

Negative

  • Exchange rates a little worse than similar services
  • Fees not completely transparent (most costs are included in the FX rate)
  • Can’t send much from some countries

 

What Savings Can You Expect?

WorldRemit money transfers are far more cost-effective than bank transfers but aren’t quite as cheap as the industry’s lowest-cost services.

Together with a competitive exchange rate, WorldRemit levies a small transfer fee that varies by currency (AUD 3.99, USD 3.99, GBP 0.99 etc.).

When both rates and fees are considered, the cost of sending, for example, AU$2,000 to the US equates to 1.4 percent of the transferred amount, or roughly AU$28. The same is true for the same amount sent to Europe, India and many other countries. This compares with costs worth 4–7 percent with the banks.

When compared with other foreign exchange specialists on these same currency routes, WorldRemit is slightly more expensive. The industry’s cheapest providers have fees and exchange rates that push total costs down into the 0.4–0.7 percent range.

Importantly, WorldRemit guarantees the exchange rate seen on screen at the time you create your transfer order, which means your recipient knows how much they’ll receive.

WorldRemit Foreign Transfer Rates & Fees - Compared

USD to EUR International Money Transfers

   WorldRemit WorldRemit logo

Foreign Transfer ProvidersReceive EUR(€)Exchange RateFee USDTotal CostDeal Links
WorldRemit logo
888.04 EUR
Compare
0.89163.991.8%
HSBC logo
869.99 EUR
18 EUR
0.8713$1.53.79%
Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo
859.67 EUR
28 EUR
0.8698154.94%
U.S. Bank International Money Transfers
U.S. Bank logo
857.39 EUR
31 EUR
0.8678$125.19%
Wells Fargo Bank logo
856.50 EUR
32 EUR
0.8722185.29%
Bank of America International Money Transfers
Bank of America logo
854.78 EUR
33 EUR
0.8678$155.48%
 

WorldRemit logo

WorldRemit: Foreign Transfer USD→EUR
From Amount:1,000 USD
Fee:3.99
Exchange Rate:0.8916 (1.4% from mid-rate)
To Amount:888.04 EUR
Total Cost:1.8%
Time:8:45 Local
Transfer Speed:1 day
Services:Bank Transfers & Cash Pickup - Online only
Rating:
 
: 4.5/5.0
Reviews:
 

HSBC logo

HSBC: Foreign Transfer USD→EUR
From Amount:1,000 USD
Fee:$1.5 USD (.15%)
Exchange Rate:0.8713 (3.65% from mid-rate)
To Amount:869.99 EUR
Total Cost:3.79%
Difference:
18 EUR less than using WorldRemit
Time:8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Banks - Average Rate

Foreign Transfer USD→EUR
From Amount:1,000 USD
Fee:15
Exchange Rate:0.8660 (4.24% from mid-rate)
To Amount:859.67 EUR
Total Cost:4.94%
Difference:
28 EUR less than using WorldRemit
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
 

U.S. Bank logo

U.S. Bank: Foreign Transfer USD→EUR
From Amount:1,000 USD
Fee:$12 USD (Minimum fee)
Exchange Rate:0.8678 (4.04% from mid-rate)
To Amount:857.39 EUR
Total Cost:5.19%
Difference:
31 EUR less than using WorldRemit
Time:8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Wells Fargo Bank logo

Wells Fargo Bank: Foreign Transfer USD→EUR
From Amount:1,000 USD
Fee:18
Exchange Rate:0.8722 (3.55% from mid-rate)
To Amount:856.50 EUR
Total Cost:5.29%
Difference:
32 EUR less than using WorldRemit
Time:8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Bank of America logo

Bank of America: Foreign Transfer USD→EUR
From Amount:1,000 USD
Fee:$15 USD (Minimum fee)
Exchange Rate:0.8678 (4.04% from mid-rate)
To Amount:854.78 EUR
Total Cost:5.48%
Difference:
33 EUR less than using WorldRemit
Time:8:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Snapshot 09/19/2019 - See full table
 

Airtime Top-Ups

WorldRemit customers can top up a loved one’s mobile phone in more than 70 countries, most of these in Africa, Asia or the Americas.

Phone airtime (or “credit”) can be used to make calls, send texts and/or buy mobile data from the telco provider. Airtime top-ups sent with WorldRemit are usually received instantly by the recipient but can take a few minutes.

When creating an airtime transfer, you’ll be asked to enter the recipient’s phone number so do ensure this is correct because there is no way to cancel or reclaim money sent to the wrong phone.

Be aware that some national governments have chosen to apply a tax to incoming airtime top-ups, which means that recipients in those countries receive slightly less in phone credit than the amount sent, but this is beyond WorldRemit’s control and if your destination country does apply taxes you’ll be informed before completing your transfer.

 

Mobile Money

WorldRemit allows customers to transfer money to mobile money accounts like M-Pesa, Tigo and MTN Mobile Money, among others. With these electronic money services, funds are linked to a mobile phone number and users can receive and store money, and pay bills using a basic mobile phone (a smartphone isn’t needed). Mobile money is particularly popular in developing countries where there are still great numbers of “unbanked.”

Like airtime top-ups, WorldRemit transfers to mobile money accounts are instant, or near-instant.

 

Cash Pick-Up

WorldRemit’s cash pick-up service is available in more than 70 countries, although most of these are in developing parts of the world. Cash pick-ups are not available in advanced European countries, Australia or the US.

As with Mobile Money, cash pick-ups are a great way to get money to loved ones who do not possess bank accounts. As long as recipients can show a valid photo ID and provide the transaction reference number, they’ll be able to collect your funds in cash from a local WorldRemit partner, usually a bank.

BER has been made aware of a few cases where cash pick-ups at local banks have been denied by branch staff — staff who say they have no knowledge of WorldRemit. This has occurred even after confirmation of the transfer and pick-up location has been received within the WorldRemit app. Whether due to a communication problem between WorldRemit and its agents or due to inadequate staff training on the agent side, this really is unforgivable. Fortunately, these cases are extremely rare.

 

How Do I Pay for My Transfer?

Funding options are excellent with WorldRemit: pay with a bank transfer, with Visa or Mastercard debit and credit cards, with ApplePay and Google Pay, and in several countries you can pay with established online payment services, such as SOFORT (Germany, Austria, Belgium, UK), POLi (New Zealand and Australia) and iDeal (Netherlands), among others.

Beware “cash transfer” fees applied by some credit card companies. No portion of these fees goes to WorldRemit.

Instructions for each payment method are provided online and within the app at the time you create your transfer order.

 

Minimum / Maximum Transfer Size

WorldRemit has no minimum transaction size; however, the maximum amounts that can be sent are definitely lower than with many other firms, which is a big negative for those who need to move large amounts.

With WorldRemit, the maximum amount you can send depends on the sending country (and in some cases also the receiving country) and the method of payment.

To give you an idea, a WorldRemit customer in New Zealand paying for a transfer with a credit card or ApplePay could send NZD 4,000 in one go, and NZD 8,000 within any 24-hour period. If funding the transfer using POLi, the same customer could send NZD 8,000 in one go but still only NZD 8,000 every 24 hours.

In France, the 24-hour limit is only EUR 8,000; in Singapore, it’s only SGD 10,000, and in Switzerland, only CHF 12,000.

From some countries you can send much more (for example, AUD 50,000, GBP 50,000), and from some countries, less, but in all cases the maximums are considered low by industry standards.

Within WorldRemit’s Getting Started information (available on its FAQ page), you can find further max-transfer details for your country and payment method.

 

Is WorldRemit Safe?

WorldRemit is well-capitalized, highly regulated and has the right technology in place to secure your account, so “yes,” we believe that money sent with WorldRemit is perfectly safe.

As a British company, WorldRemit is regulated by the UK’s Financial Conduct Authority (FCA) and as such is required to separate customer funds from its own and hold these in a tier-1 financial institution. Because it sends money internationally, WorldRemit must also satisfy a number of other global regulatory bodies, and this it does.

All WorldRemit communications are secured with 256-bit SSL encryption and in an effort to detect fraudulent account use, WorldRemit has teams and systems in place that continually monitor customer accounts for signs of unusual activity.

 

Customer Service

Phone support options with WorldRemit are probably the best in the industry, with more than 25 phones lines offered in 22 countries.

Canadians will appreciate both French and English-language phone support and Filipinos can call toll-free on PLDT, SUN and SMART networks. In the UK, WorldRemit offers a separate support line for businesses.

Online queries can also be sent via the company’s Contact Us page.

When problems occur, the overwhelming majority of users provide positive feedback on WorldRemit’s customer support staff; however, users shouldn’t expect staff to have the same level of foreign exchange knowledge as those at WorldFirst or OFX — companies that we feel offer an enhanced payments experience.

 

What Do Users Think of WorldRemit?

Online reviews suggest that the overwhelming majority (>90 percent) of WorldRemit money transfers are handled smoothly and quickly.

BER research indicates that customer complaints have picked up in 2019 but the number of complaints is still very low relative to total reviews, and after reading a number of negative reviews, we feel that some of these troublesome transfers were held up by factors that WorldRemit could not have controlled.

There have been some worrying issues with cash pick-ups (see above) but all in all, WorldRemit feedback has been excellent. As of July 2019, more than 80 percent of TrustPilot reviewers assigned WorldRemit a 5-star rating.

 

Further Reading

 

Facebook’s Libra Is Not the Game Changer That’s Being Promised

Enthusiasts would have us believe that Facebook’s own digital currency, Libra, will instantly revolutionize the remittance industry upon its release in 2020 — except it won’t. A harsher reality awaits, with conversion costs, capital gains taxes and a lack of Libra-priced goods all likely to limit its appeal.

Last update: 6 Jul, 2019

TransferWise Gets Malaysian Remittance Licence

No longer will Malaysians sending money overseas be subjected to grossly inflated exchange rates and unnecessary bank charges following news that TransferWise has been granted a remittance licence by Bank Negara.

Last update: 19 Jun, 2019

Banks Charge Small Customers 25 Times More for FX, Research Shows

New research from the European Central Bank shows that banks charge smaller customers up to 25 times more for FX forward transactions and that those who fail to compare providers pay 14 times more for FX than those that do.

Last update: 17 Jun, 2019

  

Posted to: Reviews

 

1 Review for “WorldRemit – BER Review”

  1. Avatar R Trott UK says:

    The best oversea money transfer system ever experienced. I have been sending funds overseas for many years and even the banks are much better than just a few years ago, but Worldremit is in a league of its own concerning ease of use, speed, reliability, advising progress, confirmation, charges and rates of exchange. Incredible

    4.7

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