WorldRemit Review: Fees, Rates and Alternatives 2024

WorldRemit offers fast and convenient international remittances to 70 countries around the world. You can have your money delivered to a bank or mobile money account, or collected as cash locally.

This WorldRemit review covers all the details, including the payout options, fees, exchange rates and whether it’s a safe service to pick for your next international payment.

WorldRemit: Key points

Key features:

• Send payments to bank and mobile money accounts, or for cash collection

• Top up mobile phone airtime instantly

• Pay with your debit, credit or prepaid card, Apple Pay or Interac

• Many payments are available in minutes making this a good way to get cash home fast

• Rates, fees and available services vary by destination country

Key stats:

• Founded in 2010 and headquartered in London

• 95% of transfers are ready in minutes

• Send in over 70 currencies, to 130 countries

• 5.7 million customers have used WorldRemit to date

• WorldRemit has over 1,000 employees based out of its London HQ and regional hubs around the world

Pros:

• Strong range of payout options including cash collections and airtime top-up

• Set up your payment online or in the WorldRemit app for convenience

• You can send money to recipients in over 130 countries around the globe

• WorldRemit is registered with the Autorité des Marchés Financiers (AMF) and FINTRAC (Financial Transactions and Reports Analysis Centre of Canada)

Cons:

• Service availability varies by destination country

• Fees and exchange rates depend on the destination, how you’ll pay, and how you want the recipient to get their money

• Payments can’t be made to some major European countries like France, Germany or Spain

• Exchange rates include a markup on the mid-market rate

Overall:

WorldRemit’s biggest advantage may be the impressive range of payout options available. Depending on where you’re sending money to, you could have your transfer deposited in a mobile money account, used for airtime top-up, or collected in cash - which means you can send payments more easily to people who may not have access to a bank account.

If you’re sending a transfer on one of WorldRemit’s available currency routes for cash collection they’re certainly worth comparing against some other options to see if you can get a good deal.

About WorldRemit

WorldRemit’s founder had personal - and frustrating - experiences sending money home to loved ones himself when he was an international student in the UK in the 1980s. Remitting money at the time meant a long journey to visit a remittance agent, and a small fortune in fees[3].

WorldRemit was founded in 2010 to help alleviate this problem, offering online money remittance services which are more convenient and cheaper than alternative options. These days you can send payments to 70 countries, in 130 currencies with WorldRemit.

WorldRemit is known for having a strong range of services including varied payout methods - we’ll cover these in more detail next. The team is growing the number of countries you can send payments to all the time - but it’s important to check which services are available in your destination country. Payout options vary by destination and not everywhere is covered just yet.

Bank transfers

Sending an international payment to a bank account can be convenient for both the sender and the recipient. With WorldRemit you’ll be able to transfer money from your phone or laptop in just a few steps[4].

Bank transfers are not available in all destination countries, and not all banks in your destination country may be covered by WorldRemit’s service. It’s easy to check what payout methods are available for your destination, though. Just start to set up your payment on the WorldRemit app or desktop site and enter the country you’re sending to, to see your options.

Great for: Convenient international transfers - may be most attractive to new customers who can access discounted fees

Cash collection

Sending money for cash collection is almost instant, and means you can get payments to people who don’t have easy access to a bank or mobile money account. To send a cash collection payment with WorldRemit you’ll need to set up and pay for your transfer online or in the app, and have your recipient visit a local WorldRemit agent to collect their money[5]. The recipient just needs to take along a valid form of identification and provide the transfer reference which WorldRemit will send them by SMS.

Great for: Fast cash transfers around the world, collected at a WorldRemit agent location

Mobile money payments

Mobile money accounts are e-wallets which let users receive payments via their mobile phones[6]. They’re usually set up via local telecoms companies, and are especially popular in places where people may not have easy access to a bank account. You can send a mobile money payment with WorldRemit to around 25 countries, which will be delivered almost instantly to your recipient’s mobile money account[7].

Great for: Instant, convenient payments to recipients who already have a mobile money account

Airtime top-up

With WorldRemit you can pay for airtime top up for a recipient abroad. That means you can send money direct to their phone which can be used for data, calls and SMS services[8].

Airtime top-ups are usually instant but it’s worth knowing that some countries deduct a tax on these transactions which means your recipient may get less airtime than you intended. If that applies to your destination you’ll be informed before you pay.

Great for: Topping up a prepaid mobile phone from abroad

How does WorldRemit work?

You can arrange a WorldRemit transfer online or using the WorldRemit app. When you set up your payment you’ll be able to see the payout options which are available in your destination country, as well as the fees, exchange rates and expected delivery time.

Is WorldRemit safe?

WorldRemit is registered with the Autorité des Marchés Financiers (AMF) and FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) which means it’s safe to use. As well as using strict verification processes to deter account fraud, WorldRemit has a dedicated anti-fraud team monitoring transactions to spot any unusual activity and keep customers protected.

WorldRemit pricing

What you’ll pay to send money with WorldRemit depends on where you’re sending to, and your preferred payout method. If you make a transfer funded by credit card, you may also pay a cash advance fee to your credit card provider.

WorldRemit fees include a couple of different costs:

• Transfer fee

• Exchange rate markup

The WorldRemit transfer fee is added to the send amount. That means that if you want to send a payment of 1,000 CAD, and there’s a transfer fee of 2.99 CAD, the total you’ll pay is actually 1,002.99 CAD.

WorldRemit exchange rate

When you start to set up your payment on the WorldRemit app or website, you’ll see the exchange rate which will apply. Rates can vary based on the payout method you choose.

The rate used will include a markup on the mid-market exchange rate. This is added by WorldRemit to cover the risk of changes in the currency exchange rates during payment processing. It also usually means WorldRemit and their partners will make a profit from exchanging your payment.

How long does WorldRemit take?

More than 90% of payments made with WorldRemit are ready in  minutes. This means they can either be collected from a local agent in the delivery country, or they’re ready to be deposited in a bank or mobile money account. You’ll always be able to see an estimated delivery time before you pay for your transfer.

WorldRemit Pros

• Payout options including cash collection, mobile money and airtime top-up

• Send online and in app

• 130 currencies available, on payment routes to 70 countries

• Many payments are instant or available in just a few minutes

WorldRemit Cons

• Price - not necessarily the cheapest available service for bank transfers

• Availability of payout methods varies by destination country

• Can’t pay in cash for your transfer

How to use WorldRemit

To make a payment with WorldRemit you’ll need to take the following steps:

• Log into your account online or in the WorldRemit app

• Select the country you’re sending to

• Enter the amount you want to send

• Enter your recipient’s details - what’s needed will depend on payout method

• Pay for the transfer with your preferred payment method

Funding methods

You can pay for your WorldRemit transfer in a few different ways from Canada[10]:

• Interac

• Credit, debit or prepaid card

• Apple Pay

Payout methods

The payout methods available will depend on the country you’re sending money to. The main options are:

• Bank transfer

• Cash collection

• Mobile money

• Airtime top-up

How to create an account

Create a WorldRemit account online on the desktop site or by downloading the WorldRemit app on your mobile device.

1. Select Sign Up

2. Confirm the country you’re sending from

3. Enter your email address and set a password

4. Follow the onscreen prompts to add your personal details

5. You may be asked for verification documents depending on the transfer type you want to make

What documents you'll need

All WorldRemit customers will need to verify their identity at some point. This may be the first time you use the service, or you might be asked to provide documents later, depending on how you’re using your account. Any payment over $1,000 will require verification.

WorldRemit may ask to check your name, date of birth and address by having you upload an image of relevant documents. For checks on your identity, these could be[9]:

• Your Canadian passport

• Your Canadian residence permit

• Your Canadian driving license

If WorldRemit need to check your address you can upload documents such as;

• Utility bill

• Bank statement

• Notice of Assessment

If you’re using a utility bill or bank statement it should be no more than 6 months old.

How long does verification take?

You may be able to start sending money with WorldRemit by simply confirming your personal details to create an account. If your account has to be verified you’ll be informed, and the customer service team will guide you through the process of uploading documents for verification.

WorldRemit limits 

WorldRemit has limits on the amount you can send per transaction, or over 24 hours. In addition there may be limits imposed based on the destination country or the payout method. You’ll see these when you start to set up your worldremit payment.

Here are the limits from Canada, by payment type:

Supported currencies

WorldRemit supports 130 different currencies and lets you send to over 70 different countries.

WorldRemit regularly updates the countries and currencies available - check here for the most up to date available information.

WorldRemit reviews

WorldRemit scores an average of 4 stars on Trustpilot, from over 50,000 customer reviews posted at the time of writing. That’s a Great rating[10].

In particular, WorldRemit customers are impressed by the speed of sending money. Here are a couple of comments taken from the site:

“The transfer took only two minutes”

“Easy and fast...great service..”

Although many customer reviews praise WorldRemit’s service, as you’d expect, there are some negative reviews, too. 8% of people gave WorldRemit the lowest available review rating. Themes which emerge include account verification delays and problems cancelling transfers.

However, WorldRemit customer service agents have replied to negative reviews offering follow up and asking for more information to help resolve problems.

WorldRemit accessibility

WorldRemit is available on their desktop site, or by downloading the WorldRemit app on an Apple or Android device.

WorldRemit customer service

WorldRemit has a dedicated customer support team on hand if you need help or advice about your payment.

WorldRemit alternatives

• Wise - payments can be sent direct to bank accounts, using the real exchange rate and low transparent fees. Online international accounts are also available to send and hold multiple currencies. No monthly fees apply.

• Western Union - send payments to bank accounts or for cash collection - you can often visit a local agent to arrange your payment in person and pay by cash if you’d like to. Fees tend to be on the higher side.

• Remitly  - similar range of payout options as WorldRemit, but you can choose different delivery speeds which come with a choice of transfer fees.

Conclusion

WorldRemit can provide convenient and fast international payments to a range of countries around the world. It’s an especially useful service if you’re looking to get money fast to someone who can’t access a bank account, with payout options including cash collection, mobile money transfers and airtime top-ups.

The services available through WorldRemit - and what you’ll pay to use them - vary based on the destination country you’re sending to. Check out the options for your destination online or in the app.