World Remit Review
World Remit is an international money transfer service that provides a low-cost alternative to traditional methods of sending funds across borders. So, you can use World Remit to send money to loved ones and other contacts around the world. The service automatically handles currency conversions at highly competitive rates. World Remit holds operational authorizations from the United Kingdom’s Financial Conduct Authority. Additionally, it’s carefully monitored by regulatory authorities in every country in which it operates.
Entrepreneur Ismail Ahmed launched World Remit in 2010. The idea for the business was inspired by Ahmed’s experiences as an international student in London during the 1980s. Ahmed regularly sent money from the United Kingdom back to his family in East Africa. Disillusioned by the exorbitant fees and poor exchange rates he received, Ahmed set his sights on building a better alternative.
The past few years have seen a surge in fintech companies operating in the international money transfer space. In this review, we’ll look at how World Remit stacks up so you can decide if it’s a good option for you.
Pros and Cons of World Remit
- Excellent exchange rates
- Modest, affordable fees
- No minimum transfer amount
- Services many destination countries
- Supports several payment methods
- While most transactions are fast, some take several days
- Doesn’t offer business-to-business service
What Does World Remit Offer?
World Remit offers the following service features:
- Users can send money to recipients in 130 countries from their personal computers or smartphones
- World Remit supports 70 currencies
- There’s no minimum transfer limit
- The maximum daily transfer limit is about $9,000 (exact maximums vary, depending on the currency in which they are denominated)
- Recipients can get funds deposited directly into their bank accounts, or pick up their money in minutes from designated cash pickup locations
- In addition to card-based and bank account-based payments, users can also send funds using the Poli, Interac, Klarna, iDEAL, Apple Pay, and Trustly payment processing platforms
Here’s a snapshot of what you can expect performance-wise from World Remit:
- 90% of World Remit transactions resolve within a matter of minutes
- Industry-leading encryption and security technologies protect the sensitive personal information of both senders and recipients
- Efficient ease of use, regardless of the payment and delivery method you select
World Remit also offers strong customer support, led by a dedicated Help Hub and detailed FAQ section on its website. If you require assistance, you can contact a World Remit representative via live chat, email, or telephone. Each geographic region served by World Remit has a dedicated phone number and email network. Telephone assistance is available 24 hours a day, seven days a week.
Finally, World Remit features an innovative personal assistant that can direct users to short online videos that provide information about the company’s core services.
What To Expect on the Site
World Remit uses a simple, secure five-step process to send money to international recipients:
- Create a free account using the World Remit website or mobile app.
- Select the type of transfer you wish to send: options include traditional bank transfers, cash pickups, smartphone wallet transfers, and automatic mobile phone airtime top-ups.
- Select the amount of money you want your recipient to get. You can enter denominations in your home currency or in the currency of the country where your recipient is located. The service will display the applicable exchange rate along with a low, all-inclusive transfer fee.
- Enter your recipient’s pertinent details. These details can be saved if you so choose, making it faster and easier to send them money again in the future.
- Pay for your transfer using your debit or credit card, via bank transfer, or through your choice of six other leading payment processing services.
Then, you can track your transaction as it goes through the completion process. Additionally, your recipient will be notified when their money has arrived.
World Remit offers highly competitive exchange rates that compare favorably with the interbank rates financial institutions use when swapping currencies. Modest fees apply to most transactions. As of January 2021, World Remit has a special promotion that offers a no-fee first transfer to new customers. Regular fees typically max out in the $10 range, but they vary depending on the amount of money you’re sending, the payment method you choose, and the delivery method you select.
What People Are Saying About World Remit
World Remit has earned widespread praise within fintech circles and enjoys a strong track record of customer satisfaction. For instance, World Remit has a great Trustpilot score as of July 2021. Based on feedback from nearly 50,000 customers who shared a World Remit review, the company has a score of 4 out of 5 stars:
- 77% of customer reviews give World Remit 5 out of 5 stars
- 88% of customer reviews give World Remit at least 4 out of 5 stars
The Bottom Line
World Remit has carved out a leading niche in the peer-to-peer international money transfer space. It offers a low-cost, efficient, secure, and practical way to save money while sending funds across borders.
So, World Remit is well worth considering as you compare top money transfer companies.