Send money with WorldRemit: All you need to know

WorldRemit Review - Introduction

WorldRemit is an online money transfer service which provides international remittance services to migrant workers and expatriates. Worldwide service with many options. Worldremit is often the best arrangement in many corridors in terms of price, delay and easiness of the solution.

WorldRemit: The Story Behind

WorldRemit was founded in 2010 by Ismail Ahmed. The idea was born by his own frustrating experience of sending money to relatives in Africa from London using offline, agent-services. He had to cross the city to find an agent as no online services existed at the time. In a world of instant global communication it seemed wrong to Ismail that an industry of billions of dollars does not evolve.

In 2014 and 2015 WorldRemit raised more than 100 million pounds. First with Accel Partners, one of the world’s most high-profile investment companies, an early funder of Facebook, Spotify and Dropbox. And then with Technology Crossover Ventures (TCV) in 2015.

WorldRemit is famous for allowing users to send directly to a mobile (such as M-Pesa wallet) in many countries.

  • Firm type: money transfer operator
  • Technology used: P2P & others
  • Geographical presence: worldwide
  • Payment options: Bank account (only for UK), Credit card, Debit card, Interac (for Canada), Sofort (Europe) POLI ( Australia)
  • Delivery options: Bank deposit, Cash pickup, Mobile wallet, mobile recharge
  • Trustpilot rating

WorldRemit Rating

An operator is reviewed taking into account many criteria that we classify into 6 categories:

  • Pricing: the service offers competitive rates.
  • Transfer time: quick service with an average transfer delay of one business day.
  • User experience: the service is quite easy to use.
  • Market coverage: international coverage. Send money with WorldRemit to almost everywhere in the world.
  • Services: no additional services besides money transfers. But offers a wide range of ways to send and receive the money. Particularly famous for its mobile phone service.
  • Customer review: the services has good reviews.

WorldRemit Market Coverage

WorldRemit has an international coverage: transfers to more than 120 destinations across Europe, Asia, Africa, Australia and the Americas.

WorldRemit Services

WorldRemit provides an electronic wallet service, available in many countries, that lets users store, send and receive money using their mobile phone. It’s safe, easy electronic payments make Mobile Money a popular alternative to bank accounts. It can be used on both smartphones and basic feature phones.

A Mobile Wallet stores funds in a secure electronic account linked to a mobile phone number. It allows users to buy things in shops or online, pay bills and top-up mobile airtime. Cash withdrawals can be carried out at any authorised agent. Mobile Money users can receive international money transfers from family and friends who send using WorldRemit.

To pay a bill or send money to another person, the user selects the relevant service from their phone’s Mobile Money menu. Paying with Mobile Money is just like sending a text message – it’s simple and easy.

WorldRemit Pros & Cons

Pros

  • Worldwide presence: send money to over 120 countries
  • Many ways to receive the money: bank deposit, cash pick-up, mobile recharge
  • Provides a service of mobile wallet to pay bills and send money
  • Often the solution which offers the best trade-off between price, rapidity, ease of use and sometimes other factors such as the number of documents of identity you need to provide
  • Fast service: around 2 or 3 days for a bank-to-bank transfer
  • User-friendly platform

To improve

  • Not often the cheapest depending on the countries and amounts sent

Account with WorldRemit- Documents needed

  • ID and proof of residence