World Remit, started off by Dr Ismail Ahmed has somewhat of a similar concept to companies like Azimo, Transferwise, CurrencyFair and Lebara Money Transfer (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 .
In September 2017, World Remit has reported revenues of £41m and 5.4m transactions in the past year of 2016. The firm expects to grow 50% more in 2017, and already maintains a positive cashflow. That means it is becoming increasingly stable.
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, and revenues of 41m, we call it highly trustworthy.
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.
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
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.
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.
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
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
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
You can only make spot transfers.
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
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
Credibility Score - 85%
Client Feedback - 75%
Fees, Exchange Rates - 70%
Global Reach, Availability, Service - 80%
Added Values - 76%
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.
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