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World Remit Money Transfer Review

Update: World Remit review score was downgraded slightly from 81.0% to 77% due to client complaints and inquiries that were left on the comment section.

Quick FactsPros and Cons
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Established: 2010.


International Clients: Almost: UK, USA, Europe, and Asia (far east and middle east).


Currencies Offered: 110 Countries.


Minimum Transfer: £1


Trading via: Online Platform only.


Offices In: UK, USA, Canada, Australia


Regulation: ✓ Financial Conduct Authority (UK),  ASIC (Australia)


Fees: As low as £1 


Client Reviews: Over 10,000, mainly on TrustPilot.


Client Rating: 9.5 /10



Awards

🏆 Global Forum on Remittances and Development (GFRD), 2015

🏆 Best Money Transfer –  International Association of Money Transfer Networks (IAMTN), 2012

🏆 The International Fund for Agricultural Development (IFAD)- Best Practice in Remittances for Development, 2015


Our Rating: 77.0%

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Pros

Transfer from £1
110 Countries
Remittances-Oriented
Cash Pickup
Good Client Reviews (Most of them)
Transparent Quote

Cons

Limitations on Transfer Amount
Transfer Online – No Phone Transfers
No Hedging Tools
Some Complaints about Service
Bad Reviews from Past Employees


Our Rating: 77.0%

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Company Information and Credibility


Company Information:  

World Remit, started off by Dr Ismail Ahmed has somewhat of a similar concept to companies like AzimoTransferwise, CurrencyFair and Xendpay (which we call remittance companies). It’s an online platform with a strong focus on remittances, where the idea is to slash off price as much as possible, and get to a wide reach of developing countries.

They have been successful in fulfilling their founder’s vision about a fairer, cheaper, more transparent, remittance company which has been receiving tremendous feedback from both clients and media.

They have been regularly covered in mainstream media over the course of the the past 3 years where they raised over $100m in total, with the aim of Taking up on Western Union and Moneygram (as mentioned by Techcrunch).

Recently, they have been questioned by Australian regulator, ASIC, in suspect of conducing fraudulent transfers. It turned up to be a funny incident in which the regulator was unaware of common African surnames like Goodwill and Goodnews, which were deemed as fake by it. The incident was quickly resolved to the satisfaction of both parties .

Regulated By: 

Financial Conduct Authority (UK), ASIC (Australia)


 

 

Awards: 

🏆 Global Forum on Remittances and Development (GFRD), 2015

🏆 Best Money Transfer –  International Association of Money Transfer Networks (IAMTN), 2012


Conclusion: 

Though World Remit is rather new, in comparison with the industry giants like Currencies Direct, World First, or Moneycorp, it’s not really in the same sector as them.

As an online-only remittance company that allows cash withdrawals and mobile uptime payments, it’s actually one of the veteran companies. With very strong backing from VC’s like Accel Partners, continued investment, and over 5,000 client reviews online, we call it highly trustworthy.

Credibility Rating

Client Feedback


Research:

We have located over 5,50o 10,000+ reviews on TrustPilot, the leading client review platform in the UK. Out of them, less than 2.5% are complaints, and the average score is 9.5. Although there’s an overwhelming amount of highly positive reviews, it’s important to bear in mind that it means that there are more than 150 complaints/ bad reviews.

On the Australian ProductReview.com.au reviews are mixed. The overall is still positive with more than 90 positive reviews  out of 119 submitted, but it still means that there are quite a lot of unhappy customers. The overall score there is 3.9.

Though we usually don’t take Glassdoor reviews into consideration, in this case we thought it’s worth mentioning. There are 18 reviews, of which the majority are negative experiences, and the total is 2.1 / 5.

We have also received two complaints on our comment section which we have factored into the score. We don’t get that many comments on MoneyTransferComparison.com, so WorldRemit stands out in a bad way.


Positive:

All in all when we crunch the numbers, about 90 percent of the reviews we have managed to collect are positive. These are the strong points of World Remit according to them:

  • Easy to use
  • Cheap prices
  • Good reach
  • Good service
  • Revolutionary for work immigrants
Negative:

The complaints we discovered were around:

  • Service – incompetence and long waiting times to get a reply
  • Slow – takes a long time to process a payment
  • Bad employee training and disconnected management

Conclusion:

Most people had terrific experiences with World Remit, but we should not take complaints into consideration. The complaints are quite repetitive across the board, and the Glassdoor reviews gives us insight to a startup-mentality company which is not well-organized, which can explain delays in transfers, and incompetent service.

The bottom line is that it’s probably a very good service but it will take years of running until it gets to perfection.

User Rating

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Exchange Rate & Fees


Research:

Fees: 2.99 Pounds per transfer from the UK, 3.99 Australian Dollars from Australia, and 3.99 US Dollars from the USA.

Exchange Rates: Exchange rates offered by World Remit are not advertised. When we crunched down the numbers we got to about 1% margin from Pound to Euro, and similar markups on other currencies. Some currencies are a lot more expensive.

These are definitely good markups, especially in comparison to other companies offering cash pickups. It’s just around the same mark as Azimo, while being a tad more expensive than Transferwise and Currencyfair which maintain lower, steady, margins (with exceptions like additional 1% incurred on transfers to India by Transferwise).

Limits: From €1. There are strong limitations when it comes to transferring large amounts using World Remit. In fact, you can only send up to 2,000 Australian Dollars, 8,000 American Dollars and 30,000 Pounds per transfer. This makes this platform inapt for the majority of our audience (property purchasers and businesses), but should not bother those who are using it for remittance purposes.


Conclusion:

Not the highest fees, and good rates especially for developing countries where you can have mobile payments or cash pickup (where the alternative is Western Union which can easily charge 10% of the transfer to some countries).

Exchange Rates & Fees Rating

Global Reach & Service


Research:

  • Dedicated Dealer: No.
  • Offices: UK, USA, Canada, Australia
  • Ways to approach: Email, Telephone.
  • Translations: French, Spanish
  • Accepts clients: UK, Europe, Australia, USA, and most of Asia.
  • Currencies Handled: 110 countries.
  • Client reviews: 85% Positive, some service complaints

Conclusion:

World Remit has good global reach. It is accessible by most remittance-sending countries in the world, and the payout options are rather diverse. Between western countries there are only bank-to-bank transfers, but with developing countries you can withdraw funds in cash or as mobile payment.

There are no dedicated currency dealers assisting you,  but it all makes perfect sense considering the focus of the company. They don’t deal with high value clients which need to hedge their large transactions; Instead, they focus on work migrants who are sending money home.

Global Reach Score

Additional Functionalities


Hedging:

  • None.

You can only make spot transfers.


App:

Excellent app with the full functionality as the website. As soon as you have registered to the online platform, you can also sign up to the app, and be able to make payments with one click.

It has been rated well by clients who used it, with 4.5 / 5 rating with more than 4,000 reviews.

I’m in love I’m in love with this app. Have been with western union for decades. But this guys has better sending rate. Hope they continue this way. 5 stars from me

Conclusion:

Nothing business oriented, or large transfer oriented, but one of the best apps in the business which has been also chosen as our one of our top money sending apps.

Special Features Score

Review Summary
  • Credibility Score - 85%
    85
  • Client Feedback - 75%
    75
  • Fees, Exchange Rates - 70%
    70
  • Global Reach, Availability, Service - 80%
    80
  • Added Values - 76%
    76

Bottom Line

World Remit accepts clients from more than 50 countries, and sends to 120. Similarly to Western Union's business model, the target audience are immigrants and expats, sending small amounts of money home. World Remit definitely does it better than the industry giants by incurring less fees, and making the entire process hassle free. The issue? Limitations for higher amounts.

77.2 %
 
Transferring Large Amounts?
 

 

10 comments

  1. Donald Lamont

    WARNING; WORLDREMIT CAN LOSE YOUR MONEY AND NOT REFUND IT BACK TO YOU. Users of WorldRemit need to be cautioned that WorldRemit sometimes loses the money in the transfer, and does not refund the sender the money that WorldRemit loses. For example, in my case, the receiver did not pick up the money at the destination, and WorldRemit then says that they will refund the money back to the sender’s account. WorldRemit sent me an email stating that the money was put back into my bank account, using their interac service called beanstream. However, when the money did not show up in my bank account, I sent WorldRemit a copy of my bank statement, showing that the money was not in my bank account. Even with this proof, WorldRemit would not send me out the refund again, and just sends emails to me saying that the refund was successfully refunded as confirmed by beanstream. I have also talked to WorldRemit Customer Service at least 8 times regarding this problem, and Customer Service only says that the refund was successfully refunded as confirmed by beanstream. WorldRemit Customer Service also told me to talk to my bank regarding the problem. I have talked to my branch manager twice regarding the refund, and he checked and then said the my account did not receive the refund from WorldRemit. I should mentioned that my case is not unique, and I have read many other complaints on the websites from senders using WorldRemit, where WorldRemit has lost their money and would not reimburse them.

    Posted on October 11, 2016
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      Hello Donald and thank you for your valuable feedback.
      I must admit that when we complied the review we could not find as many complaints as you describe here!
      Could you send us references of other cases you have encountered? Also, could you send us more data about your own case? Did you complain to them?
      We could contact them on your behalf and see what they have to say. If they do not provide a sufficient explanation we will amend their rating for worse.
      As you can see in this review of Xendpay, a competitor of theirs, we have received dozens of complaints and amended the rating accordingly.
      We also have our FX resolution centre for that.

      Posted on October 13, 2016
  2. Mugwanya david

    Why is there delay in receiving money on to my mobile mobey account….

    Posted on November 4, 2016
    • compare

      Please contact the firm for that. You have not provided enough detail on your transaction.

      Posted on November 5, 2016
  3. Uwe Bruemmer

    I sent money to my wife in Indonesia somedays ago,the amount is 2975 euro. I written emails two times to customer service but I just got outhomatic machine answered. Then I tried call and they told me that the transfered is canceled because have technical problem and will give back the money to my account. My customer no is WR 568124 and my transaction no is 10842448. So far I often send money by WorldRemit and never have any problem before and I always feel satiesfied. But this time I feel worried with this problem. How long the money will be back to my account exactly ? because I want to make a new transfer again because my wife really need the money this time. Thank you.

    Posted on November 5, 2016
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      Hi Uwe, sorry to read about your experience. Seemingly, World Remit is facing a lot of problems, as this is not the first complaint about them on this website. I’m afraid we cannot provide any meaningful answers to your question, please go ahead and ask them directly.

      Posted on November 6, 2016
  4. Herman Biesma

    I used the services of WorldRemit for a few years. Sometimes small problems, but they were solved. Until I started to have two problems. 1) I can not use my Dutch credit-card living in Sweden, because they ask for a Dutch address. (Why?) 2) I got a new credit-card from my bank, WorldRemit did not accept that card.

    For the second problem I contacted customer service several times. After the 3rd time, I told them that I would write e negative review on TrustPilot, because it would just take a few weeks before I could not use my old credit-card anymore, what made it impossible for me to send money. A few days after I send that message, I got a long letter from WorldRemit. Suddenly it seemed to be that I was a suspect. I had to give them much private information about myself AND 7 of my “receivers”. Including sending them an ID from my receivers. Also very strange, because for 3 of them my last payment was long time ago. One even 1,5 year ago I think. So I send them a reply with everything they asked…. as far as I could. How can I contact people from long time ago and ask them for an ID! The same day I got a phone call from someone in London who spoke bad English. He started to talk about my credit-card problem. And then at the end of the conversation he suddenly started to talk about my negative review on TrustPilot. He advised me to change my 2 stars in at least 4. Hm…. I told him I would do, but only because he advised me in a way: “If you don’t do it, we will not longer help you.”

    I did not get any reaction yet. Until I reminded them that I still did not have a solution for the new credit-card problem. The next day I got a small message from WorldRemit: I was blocked. Reason: “your account does not meet our approval criteria”. Suddenly after some years?!? I asked WHY several times. Their reaction is: “We are not allowed to disclose the reasons as to why your account was closed.” Yeh, yeh. First make rules and then tell me that following their own rules, they are not allowed to tell me the reason.

    Rather funny: after this block a friendly person from customer service told me that they were busy with solving my credit-card problem.

    Posted on November 16, 2016
    • compare

      Hi Herman, thank you for your comment. Here’s our take on things:

      1) It’s quite standard that a company would request you to use a locally issued credit or debit card for compliance. I know it seems odd but Anti Money Laundering laws force them into this behavior. They have to maintain a certain level of Know Your Customer and abide by a very strict set of rules. Same goes for the documents they asked you to provide about yourself and the nature of the people who have received money from you. World Remit is actually in an extremely problematic position because recipients can cash out the transfer and avoid taxation, so they have to be extra careful.

      2) In spite of the above, it’s a rather odd behaviour to allow a client to use the platform for years, and only then bother do the KYC process. It is definitely not reasonable of them to request you to provide the ID’s of 7 different people you’ve been sending money to.

      3) The part about the Trust Pilot comment is unethical. You are completely entitled to your opinion and this is what Trust Pilot is for.

      I am very thankful for the elaborated review. I will input all the details into the WorldRemit review which I just recently edited because of several negative experiences shared here on the comment section. Do not hesitate using other more recommended companies we have reviewed on this website. Have a look!

      Posted on November 16, 2016
  5. joseph terkaa

    update on my account details,

    Posted on November 21, 2016
    • compare

      Hi Joseph. We’re not sure what you meant to write here. I think you might have mis-clicked on the submit button before your comment was completed.

      Posted on November 21, 2016

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