Monito.com

WorldRemit Review: Our Definitive Review of WorldRemit's Money Transfers in 2023

Jarrod Suda

Reviewer

Apr 24, 2023
Affiliate disclosure

WorldRemit is a good money transfer service (8.1/10) often recommended by Monito. Ranking highly when it comes to all matters related to trust and credibility (8.3/10), WorldRemit is a reputable service that is trusted by four million clients — WorldRemit excels in customer satisfaction (9.2/10), customer support (9.5/10), is deemed easy to use (7.7/10), and receives overwhelmingly positive reviews — but sometimes lags behind when it comes to its fees and exchange rates (7/10) where it is rarely the cheapest nor the most transparent provider available. Still, it remains a competitive provider, especially when it comes to sending money for cash pick-ups. Overall, WorldRemit is a solid contender in the international money transfer world that has much in its favour.

What We Like About WorldRemit

  • A large, global network of cash pickup locations;
  • Varied options for sending and receiving money;
  • Ease of use & customer satisfaction;
  • Reliable customer support.

What We Dislike About WorldRemit

  • Not always the cheapest provider;
  • The majority of fees are buried non-transparently in exchange rates.

Criteria

Monito's Score

Review Highlight

🔒 Trust

8.3/10

Trusted by over 5 million customers

✅ Service

7.7/10

Quick and eay to transfer money

💸 Pricing

7/10

Cheap to cash or a mobile wallet, but not to a bank

👥 Users

9.2/10

Very good ratings, especially for its app

How We Review Money Transfer Providers

With more than 50 providers reviewed and 100 test transfers made over the past ten years, we pride ourselves on providing the best reviews of international money transfer services online. Curious how we make them and why you can trust us? Take a look at our process below:

Is WorldRemit Available in Your Country?

WorldRemit

Is WorldRemit Safe to Send Money?

WorldRemit is a well-established international money transfer provider that serves over 4 million customers worldwide and has transferred over $10 billion in the last year.

Is WorldRemit Safe to Use?

Yes, WordRemit is safe indeed. We would not hesitate to say that WorldRemit is completely trustworthy and is among the most secure remittance services available. WorldRemit is headquartered in London, United Kingdom, where it is authorized and regulated by the Financial Conduct Authority (FCA) for the provision of payment services.

Is WorldRemit Legit?

Absolutely, the FCA regulations place high standards on WorldRemit to protect consumers against fraud and safeguard their funds in case the company has financial difficulties. It requires the company to hold sufficient amounts of capital to ensure financial stability, and to have internal procedures to manage risk.

It also operates and is regulated in the United States (in all 50 states), Australia, and Canada.

WorldRemit's Product & Service Quality

WorldRemit offers a variety of pay-in and pay-out options, making it a convenient and popular option for sending money abroad.

Impressions During Our Tests

Slick and easy to use, WorldRemit made a good impression on us, especially once its rather long registration process was behind us. The money transfer process itself is smooth, and displays the relevant sums front and center throughout, while providing helpful tips at every step.

Although WorldRemit is not always transparent when it comes to the amount of fees it bakes into its transfer rates, it does display the thresholds of its preferential rates clearly. It also is pretty on top of things when it comes to making sure you get the information you need, from email updates on your chosen rates to very granular live updates about its services around the world.

Pay-Out Methods for WorldRemit Money Transfers

Unlike many international money transfer services that offer only bank transfers, WorldRemit gives customers the freedom to choose from several pay-in and pay-out methods. Let's have a look at how they work:

Bank Deposit

If you choose this payout method, your money will be credited to the bank account of your recipient. They will then be able to withdraw the funds as cash, use them to make payments or make a bank transfer.

Cash Pickup

With this payout method, the money you send will be available for pickup in cash at a local agent location of a WorldRemit money transfer partner.

Mobile Money

This allows you to send money to a mobile money account (also known as a mobile wallet), such as Vodafone M-PESA, MTN Mobile Money, Airtel, Globe Cash, Tigo, etc. This way, the money is available to your recipient anywhere and at any time.

Airtime Top-up

You can also choose to top-up your recipient’s mobile airtime, which they can use to make calls or send SMS text messages.

WorldRemit Mobile App Review

WorldRemit is a mobile-first company both for sending and receiving money. The London-based firm reports that over a third of its global transfers and half of its transfers to Africa go to mobile money services, and it has been called “the WhatsApp of money.”

WorldRemit’s apps, available for both iOS and Android, provide an easy and very convenient way to send money with WorldRemit, from anywhere and at any time. With the WorldRemit mobile app, you can check out WorldRemit’s exchange rate and fees, set up and track your money transfers, and manage your recipients.

How Does WorldRemit Work?

  • Step 01

    Check WorldRemit’s Rates

    Use Monito's comparison tool to understand WorldRemit’s exchange rates and fees to ensure they are the cheapest international transfer option. You can find the cheapest way to fund your transfer (pay-in) and receive the money (pay-out).

  • Step 02

    Create an Account with WorldRemit

    You can easily sign up for WorldRemit online or via the app. You’ll need to provide WorldRemit with your Full Name, Residential Address, Date of Birth, and email address.

  • Step 03

    Verify your Identity (KYC)

    Depending on the amount you are transferring and the country you’re sending money from, WorldRemit may ask you to provide additional information, such as a proof of funds (e.g. payslip), and to verify your identity with a government-issued photo ID (limits and documents vary country by country) and provide a proof of address (i.e. scan of a utility bill sent at your name showing your residential address).

  • Step 04

    Initiate a Transfer

    Enter how much you're sending, the destination country and currency, and your delivery method of choice. Make sure you understand the total cost difference between the pay-in and pay-out options to send money conveniently but at the best rate.

  • Step 05

    Add a Beneficiary

    Enter the recipient’s details including name (matching their ID), address and contact info (mobile phone and email), as well as the reason for your transfer.

  • Final step

    Fund your Transfer and Click Send

    Pay for your transfer with the payment method you selected, click “Send,” and voilà the money is on its way! You can follow the status of your transfer on WorldRemit’s website or mobile app and subscribe to SMS or Email notifications.

    Try WorldRemit 🡪

WorldRemit's Fees & Exchange Rates

WorldRemit is rarely the cheapest option for sending money abroad but is regularly a competitive provider in approximately half of relevant Monito searches.

WorldRemit Transfer Fees

WorldRemit does not show its fees upfront. They also depend on the amount, the payout method and where you are sending the money. For example, the fees for cash pickup are usually higher than for a bank deposit. While WorldRemit’s transfer fees are usually flat, in some cases, fees will vary according to the amount you are sending.

We found that if you wanted to send 1,000 USD, you would have to pay a fixed fee of 2.99 USD. The total bill you’d pay at checkout would be 1002.99 USD.

However, the money that enters the account of your recipient may not be equal to 102.99 USD. This is where exchange rates come in. The exchange rate that is applied on your transfer may not be as strong as the actual mid-market exchange range.

WorldRemit Calculator

WorldRemit exchange rates depend on the payout method you choose. They are locked in advance so that you know exactly how much money will reach your recipient.

You can follow the on-screen prompts on their website to get an estimation of how much it would cost to send a specific amount to your designated country.

WorldRemit's Best Exchange Rates

From June 2021 to June 2022, we found that WorldRemit was by far the best service for transfers from Japan to the Philippines and for transfers from South Africa to Nigeria and the United Kingdom. The service is also a very competitive choice for Malaysian and American users.

For other regions, it's a good idea to compare WorldRemit's rate to the mid-market range, which you can find on Google or XE.com. Also use Monito's comparison engine to compare WorldRemit's rates to other international money transfer services to make sure that you are getting the best deal.

The Exchange Rate Margin Fee

WorldRemit does not openly charge any fees besides the transfer fees. However, it should be noted that WorldRemit does not disclose its exchange rate margin. 69% of the total cost of your transfer is hidden in this margin, aka the difference between the actual mid-market exchange range and the weaker rate that they offer you. WorldRemit keeps the difference.

Additionally, if you are paying by credit card, you should be aware that your card provider might charge you a cash advance fee. It’s best to check this with your card provider directly to avoid any bad surprises. Also, if you are sending an airtime top-up, note that some countries apply taxes that will reduce the amount of airtime received by your recipient. If this is the case, WorldRemit will warn you before you complete your transfer.

Compare fees & exchange rates cheaper than WorldRemit:

Customer Reviews of WorldRemit

WorldRemit is an extremely popular money transfer provider with over 40 thousand positive reviews on sites like Trustpilot.

Positive WorldRemit Review Highlights

  • Customers like how fast it is to make a transfer;
  • Money is delivered quickly;
  • The convenience and ease of use of WorldRemit’s service;
  • The fees and exchange rates are better than those of competitors;
  • Customers think WorldRemit is trustworthy.

Negative WorldRemit Review Highlights

  • Some transfers were delayed.

FAQ About WorldRemit

See How Remitly Compares Overall With Alternatives

WorldRemit Availability

For American and Canadian transfers, check out a few countries that you can send money to with WorldRemit and explore the fees involved. We also highlight available transfer options, transfer time, and WorldRemit alternatives.

Nigeria

South Korea

Mexico

Brazil

Russia

UK

Canada

Belgium

Is WorldRemit Available?

Yes

No

Yes

Yes

No

Yes

Yes

Yes

How much does a transfer of 500 USD get me in my destination currency?

185,894 NGN

/

11,140 MXN

2,603 BRL

/

392.80 GBP

665.22

436.83

How long does a WorldRemit transaction take to get to its destination?

Minutes

/

Minutes

Next Day

/

Next Day

2 Days

Next Day

What is a good alternative to WorldRemit?

Monito does not offer another alternative at this time.

Wise

Remitly

Wise

Wise

Instarem

Instarem

Instarem

How can the WorldRemit transfer be received?

Cash or Bank Account

/

Cash or Bank Account

Cash or Bank Account

/

Cash or Bank Account

Cash or Bank Account

Cash or Bank Account

Are there any special considerations to keep in mind with WorldRemit?

No

/

Last updated: 23/05/2021

Why Trust Monito?

You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Today, Monito’s award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests — all allowing you to make the savviest decisions with confidence.

Learn More About Monito
  • Monito is trusted by 15+ million users across the globe.

  • Monito's experts spend hours researching and testing services so that you don't have to.

  • Our recommendations are always unbiased and independent.

Monito.com

Global Impact Finance Ltd
Rue du Pont 22
1003 Lausanne
Switzerland

Affiliate Disclosure
Instead of banner ads and paywalls, Monito makes money through affiliate links to the various payment service providers featured on our website. While we work hard to scout the market for the best deals, we're unable to consider every possible product available to you. Our extensive range of trusted affiliate partners enables us to make detailed, unbiased, and solution-driven recommendations for all types of consumer questions and problems. This allows us to match our users with the right providers to suit their needs and, in doing so, match our providers with new customers, creating a win-win for everybody involved. However, while some links on Monito may indeed earn us a commission, this fact never impacts the independence and integrity of our opinions, recommendations, and evaluations.