WorldRemit is a fast and low-cost online service which provides international remittance to millions of its users worldwide. The company was founded in 2010 and has its entire functions online. One of the founders of WorldRemit, Ismail Ahmed had the idea of an online money transfer service while he was studying in London Business School. There he used to face a lot of trouble in sending and receiving money to his family. WorldRemit was established to give its users extremely fast service with very reasonable fee and a freedom from the lengthy process of offline money transfer services.
WorldRemit’s services are available in 50 countries for its senders to transfer money to over 140 countries. The transferred money can be sent to the bank account or as mobile money for those who don’t have any bank account. They can also be received as Airtime top-up or can be collected in cash. Airtime top-ups are money received to a phone number which can be used to buy data and for making calls. They instantly process the transfer since they keep their funds in every country in which they operate. The sender and receiver are immediately notified once the transaction is complete.
Online Money Transfer
It takes only a few minutes to send money with WorldRemit. First, you need to sign up to register an account so you can start the transaction. After that, you need to select the country where you wish to send the money and then the service through which the money will be received. Every country has a set of services available for them by WorldRemit. These services are the options through which you can receive money. Here are some options provided by WorldRemit:
Options for receiving money
- Bank deposit
- Cash pick up
- Mobile money
- Airtime top up
WorldRemit can transfer money as a bank deposit, cash pick-up, mobile money or Airtime top-up for the receiver. Further, you need to enter the amount you wish to send and the exchange rate and transfer fee appear for you to see. You can clearly see how much the recipient is going to receive after the transfer is done. Then you need to enter the recipient’s details and make the payment. You can either pay with your debit/credit card or your bank account and confirm the amount and complete the payment. You can also pay with several other options provided by WorldRemit mentioned here:
Options for sending money
- Bank account
- Credit, debit & prepaid card
- Android pay
- Apple pay
WorldRemit transfer fee & exchange rate
The transfer fee depends on the service you have selected. However, the first transfer with WorldRemit is free. In general, the fee for cash pick up is higher than that for bank deposit. Cash pick up also takes more time as compared to bank deposit. For sending GBP 1000 from the UK to the US one would have to pay GBP 2.99 as transfer fee and the recipient would receive $1313.75. Even for GBP 100 and GBP 10,000, you will have to pay the same transfer fee of GBP 2.99. This can be really beneficial for people who transfer large amounts. This flat rate for transfer fee varies from one country to another.
The table below shows the fee you will have to pay for transferring funds from the US to different countries. The fee is same for $100 and $1000 for all countries due to the flat rate of WorldRemit. The exchange rate offered here is also very competitive and the moment you make your payment the exchange rates are locked so any further changes will not affect the final amount the receiver would get. The exchange rate also varies on how the receiver is receiving the money.
|From||To||Amount||Fee||Exchange rate||Mid-market exchange rate||You receive|
|USA||India||$100||$0.99||INR 67.55||INR 68.10||INR 6755.10|
|USA||Australia||$100||$3.99||AUD 1.33||AUD 1.34||AUD 133.22|
|USA||France||$100||$3.99||EUR 0.85||EUR 0.86||EUR 85.34|
|USA||Canada||$100||$3.99||CAD 1.30||CAD 1.30||CAD 130.03|
The exchange rate offered here is also very competitive and the moment you make your payment the exchange rates are locked so any further changes will not affect the final amount the receiver would get. The exchange rate also varies on how the receiver is receiving the money.
Fund transfer to Nigeria
Let’s see how the fund transfer with WorldRemit works. For instance, I want to send funds to a friend in Nigeria from the US. The American dollar has to be converted into Nigerian currency. Nigeria has a currency called Naira (NGN). WorldRemit has the services of bank deposit and Airtime top-up at Nigeria. If I choose to send a bank deposit from the US to someone in Nigeria and send $100, I would have to pay $3.99 as transfer fee but for $1000 I will have to pay $18.99. The exchange rate offered by WorldRemit is NGN 353.40 for every USD. This exchange rate is very good and at par with other leading money transfer services. The bank deposit reaches almost instantly to Nigeria but in some countries, it may take up to 3 business days.
WorldRemit is considered as “The WhatsApp of money” for its user-friendly online and mobile platforms. With WorldRemit sending money is quick and efficient and anyone can access it whether they are in the office or at home or out traveling. It has very good customer reviews on Trust Pilot and customers like its fast and convenient service. At Trust Pilot, 85% of reviewers have given it “Excellent” rating. WorldRemit has been found to be very strong on its mobile app platform. Even though WorldRemit is not the cheapest option but in nearly 8 years they have managed to garner millions of loyal customers. With their increasing network around the world and customer focus, it surely has the potential to grow and get bigger.