Should I use WorldRemit for money transfers?
Is WorldRemit Safe to Use?
Services Offered by WorldRemit
Our Top Rated WorldRemit Alternatives
On Money Transfer Comparison, we have reviewed 80+ money transfer services.
We feel OFX provides the best WorldRemit alternative currently, with 20+ years in the business, very friendly support, smooth web and mobile application and ability to handle 100+ currencies:
Indicative Rates from OFX Below:
In this WorldRemit review, we will talk about the pros and cons of using this money transfer company for international payments and remitting money home. We will focus on the important aspects of the service like fees, exchange rates, regulation and the ease of using WorldRemit’s trading platform.
Wise / TransferWise vs WorldRemit
Both Wise (formerly TransferWise) and WorldRemit were conceived in the same year – 2010 – and have each enjoyed rapid growth in their own right since. In some ways the services are very similar. They are both money transfer providers who provide low-cost, online payments. Get under the hood, however, and you’ll soon start to see the differences. Wise specialises in bank-to-bank transfers for both private and business customers with a transparent fixed fee structure.
WorldRemit, with its remittance focus, provides bank-to-bank transfers but also offers cash collection and mobile payments/air topup. This remittance focus makes WorldRemit one of the best options for converting and sending money in ‘exotic currencies’, i.e. payments to Asia, Africa and South America.\
|Safe?||Yes, regulated by FCA and many more regulatory bodies. Transfers over £40 billion in foreign exchange each year, servicing millions of clients.||Yes, regulated by FCA and many more regulatory bodies too. Allows users to send money from an impressive 50 countries, including Europe, USA, Africa, Asia, Australia and Middle East.|
|Fees||Ranging between 0.26% for CHF transfers to 2.01% for CLP (Chilean Peso). On average it is about 0.5%.||Rates are not publicised and vary depending on whether you are making a bank-to-bank transfer, mobile payment or cash collection. Our calculations have FX spreads at around 1% – not bad when you consider the more exotic currency corridors WorldRemit serves.|
|Dedicated Dealer||No. You will get all the support for system issues/help you require but currency guidance is not offered.||No. Customer support available but again this is to help understand the online system and resolve technical issues.|
WorldRemit Money Transfer Review Summary
- Credibility Score - 85%85%
- Client Feedback - 80%80%
- Fees, Exchange Rates - 70%70%
- Global Reach, Availability, Service - 80%80%
- Added Values - 70%70%
WorldRemit accepts clients from more than 50 countries, and sends to 130. Whilst many remittance companies can accommodate a large number of payment destinations, you’ll struggle to find many which have expanded in the way WorldRemit has in order to allow the sending of money from countries throughout Africa, Asia and the Middle East. In this regard, WorldRemit is definitely unique.
Similar to Western Union’s business model, the target audience are immigrants and expats, who are regularly sending small amounts of money home. WorldRemit definitely does it better than the industry giants by incurring less fees and making the entire process hassle free.
We are left a little concerned by the recent restructure of the firm and reports in the media of a heavy turnover of staff. Any remittance company with bold plans to rival the likes of Western Union is sure to encounter growing difficulties along the way, but for now, it does seem to be impacting WorldRemit’s quest for profitability. For larger transfers it’s fair to say WorldRemit’s rates aren’t as competitive as specialist currency brokers and in any case, they have limits preventing customers from making payments of this size.