WorldRemit Review: All You Need to Know 2024
WorldRemit offers super fast digital payments on popular remittance routes, covering 130+ countries and 70+ currencies globally. Pay out options include bank or mobile money account deposits, cash collection and airtime top up. This breadth of choice can make it a great service for personal remittances, particularly if you need to send a payment to someone who can’t get to a bank easily.
Read on for our WorldRemit review covering the fees you pay, whether it’s safe to use, how fast it is, how to get set up, and more.
WorldRemit: Key points
Key features:
- International transfers to 130+ countries in 70 currencies
- Pay out options include bank and mobile wallet deposit, airtime top up, and cash collection
- Intended for personal transfers only – no business services or payments
- Fully digital service, online and in-app
- Fee schedule varies based on the value of payment, pay in and pay out method, as well as destination
Key stats:
- 4 different payout methods, 3 different funding methods available
- Send to 130+ countries in 70+ currencies
- Many payments are available in minutes
- 5.7 million customers use WorldRemit’s services globally
| WorldRemit pros | WorldRemit cons |
|---|---|
| ✅ Send to 130+ countries ✅ Pay out to banks, mobile money accounts, as cash or airtime top up ✅Get an instant quote for the fees and exchange rates online and in app ✅ 24/7 support available✅ No minimum transfer amount |
❌ Exchange rates include a markup
❌Variable fees apply based on the service required
|
Overall: WorldRemit lets you send payments online and in app to 130+ countries around the world, in 70+ currencies. Payments are arranged online or in-app with a great range of pay out options, which can suit people with or without a bank account. Most WorldRemit transfers arrive very quickly, with variable fees and rates which depend on the details of the transfer. Whether WorldRemit is right for you might come down to the specific service you need to access – read on for more.
How much can I save with WorldRemit?
Often using a specialist service like WorldRemit can mean you pay less overall compared to sending an international payment with a bank – plus you can get different pay out options which may suit your recipient better.
Here’s a quick overview of WorldRemit compared with another specialist service, Wise, and a major bank – ANZ – so you can see how much your recipient will get in each case across several different payment values. In this case we’re modelling a payment from your bank to another bank, to be received in GBP in the UK.
| Send amount in NZD | With WorldRemit your recipient gets: | With Wise your recipient gets: | With ANZ your recipient gets: |
|---|---|---|---|
| 1,000 | 474.37 GBP
Total send amount 1,002.99 NZD |
481.65 GBP
Total send amount 1,000 NZD |
471.45 GBP
Total send amount 1,000 NZD |
| 5,000 | 2,371.85 GBP
Total send amount 5,002.99 NZD |
2,409.02 GBP
Total send amount 5,000 NZD |
2,374.57 GBP
Total send amount 5,000 NZD |
| 10,000 | 4,743.70 GBP
Total send amount 10,002.99 NZD |
4,817.75 GBP
Total send amount 10,000 NZD |
4,753 GBP
Total send amount 10,000 NZD |
Fees and exchange rates correct at time of research – 30th January 2024
As you can see in the table, WorldRemit adds a fee onto the amount you want to send, which is worth watching out for as it pushes up the costs a little. WorldRemit generally performed best in our comparison on the lower payment values – Wise came in cheapest overall. However, bear in mind that WorldRemit has some alternative pay out options which are not available from ANZ or Wise – such as cash collection. If that’s a service you’re interested in they’re well worth a look.
What is WorldRemit?
WorldRemit is a specialist in digital money transfers, operating on popular remittance routes. You can send payments with WorldRemit to family and friends around the world – it’s not intended for business transfers.
WorldRemit has pay out options which vary based on destination and can include cash pick ups, mobile wallet deposits, airtime top up, and bank deposits. Here’s a closer look.
Transfer money for bank deposit
Send payments to bank accounts in 130+ countries around the world. Payments may take a day or two – but often they’re much quicker.
Good for: Low cost payments to family and friends deposited direct to bank accounts for convenience
Transfer money for cash collection
Payments can be collected in cash at a local agent, often within minutes of the payment being set up. The service isn’t available in all countries – although WorldRemit’s agent network is pretty broad ranging.
Good for: Getting cash to someone who can’t easily get to a bank or ATM
Transfer money to a mobile money account
In some countries, WorldRemit offers instant transfers to a mobile money account linked to the recipient’s mobile phone.
Good for: Quick transfers to regions where mobile money accounts are popular
Transfer money for airtime top up
Arrange a payment online to top up someone’s airtime so you can more easily talk to them by phone, or to allow them to access data in their home country.
Good for: Topping up someone’s phone data from the other side of the world
Is WorldRemit available in New Zealand?
Yes. You can send payments from New Zealand to 130+ countries with WorldRemit.
How does WorldRemit work?
Use WorldRemit to make transfers online or through the WorldRemit Apple and Android apps. Before you can get started you’ll need to register an account, but this can all be done with just your phone or laptop – and no need to leave home or wait in line at a bank.
Ways to send money with WorldRemit:
- Send payments online
- Sent payments in the WorldRemit app
One of the strong points for WorldRemit is that the recipient doesn’t need to have a bank account to get money – they can collect their payment in cash or you can send it to a mobile money account instead.
Is WorldRemit safe to send money?
Yes. WorldRemit (New Zealand) Limited is authorised and regulated by the Registrar of Financial Service Providers, and is a safe service to use. It’s also overseen by other similar regulators globally wherever it offers services.
WorldRemit pricing
WorldRemit fees depend on how you want to pay, how you want your payment to be collected, where you’re sending to and the value of your transfer. There’s an easy-to-use online calculator on the WorldRemit website which helps you view and compare your transfer options.
Paying by bank transfer is usually the cheapest option – while using a credit card will usually mean extra fees which make it the most costly option.
WorldRemit fees vary but can include:
- Transfer fee – this is added to the send amount
- Exchange rate markup – a percentage added onto the rate used
- Third party costs – such as a cash advance fee from your credit card
WorldRemit exchange rate
WorldRemit’s exchange rates include a markup. That’s a variable percentage fee added onto the exchange rate used for your transfer. It’s not split out from other costs you pay so to see it you’ll need to compare your WorldRemit rate against the mid-market exchange rate. The markups used by WorldRemit are likely to be smaller than those used by banks, but may not be the absolute cheapest on the market.
How long does WorldRemit transfer take?
It often takes only minutes for your money to arrive – particularly when paying by card, and sending for cash collection. Bank deposits can take a bit longer but you’ll see a delivery estimate before you confirm the transfer.
How to use WorldRemit
WorldRemit services are offered online and in the WorldRemit app. You can set up your payment digitally, and pay from your bank or with your card. Depending on the details of your transfer, your money could be received in minutes.
How to send money with WorldRemit
Here’s how to send a payment with WorldRemit once you have an active account:
- Log into your account online or in the app
- Enter your transfer details including the country you need and the transfer method
- Choose how much you want to transfer. You’ll see the transfer fee and exchange rate upfront
- Add the details of the person you want to send money to
- Pay for your transfer from your bank or using a card
The details you’ll need when you’re sending money
If you’re sending a payment for cash collection you’ll need the recipient’s full name as shown on their ID documents. For mobile money and airtime payments you need the recipient’s phone number. For bank deposits, you’ll have to have:
- Your recipient’s name as shown on their bank account
- Your recipient’s bank name and address
- Your recipient’s bank account number
- Your recipient’s bank SWIFT/BIC code
WorldRemit payment methods
Pay for your WorldRemit transfer by:
- Bank deposit – often the cheapest option, but can be slower than with a card
- Debit card – fast and cheaper than credit cards
- Credit cards – convenient and fast, but usually expensive
Payout methods
Receive money through WorldRemit in the following ways:
- Cash pick up
- Deposits to a mobile wallet
- Top up mobile credit through airtime
- Deposits to a bank account
Bear in mind that not all options are available in all destination countries – you’ll see the pay out methods available when you set up your transfer and can select the best one for you.
How to track WorldRemit transfer
Track your payment in the WorldRemit app. You’ll also get a notification once your money is on the way.
How to create an account
Start using your WorldRemit account online or in app in minutes. To create a WorldRemit account:
- Download the app or head to the WorldRemit website
- Select Sign up
- Enter your email and create a secure password
- Get verified by uploading documents showing your ID and address
- Once your account is verified you can transact
What documents you’ll need
To get verified you’ll usually be asked for a passport or driving licence as ID, and a utilities bill or similar as proof of address. Follow the prompts on screen to complete the verification process.
How long does WorldRemit verification take
Getting verified with WorldRemit should only take a few minutes.
Do I need a bank account for WorldRemit?
As a sender you’ll need either a bank account, debit or credit card to pay for your WorldRemit transfer. Your recipient does not need a bank account – they can receive money as cash or to a mobile money wallet instead.
How to receive money from WorldRemit?
If someone sent your money with WorldRemit for deposit to your bank you won’t need to do anything other than wait for the payment to arrive. Just give the sender your bank details, and you’re all set.
For cash collection payments you’ll need to visit an agent to get your money – this service is not available everywhere in the world.
WorldRemit limits
From New Zealand the WorldRemit limits are usually set based on the way you want to pay. Some local restrictions may also apply depending on where you’re sending to. Here’s what you need to know:
- Debit, credit or prepaid cards – limit of 6,000 NZD every 24 hours
- POLI – limit of 50,000 NZD every 24 hours
Supported currencies
Send money to 130+ countries and 70+ currencies globally with WorldRemit.
WorldRemit reviews
WorldRemit scores an average of 3.9 stars on Trustpilot, from a total of over 85,000 listed reviews at the time of writing. That’s a Great rating on the Trustpilot scale.
5 star reviews commonly mention the speed and reliability or service, as well as ease of use. Poor reviews seem to be frequently about delays caused by transfer verification or similar issues. While getting verified can slow down a payment and be frustrating, it’s something all financial service providers have to do from time to time to comply with the law.
WorldRemit accessibility
WorldRemit is available online and in app on both Apple and Android phones.
WorldRemit customer service
Get in touch with WorldRemit directly if you need to get support about a specific payment:
| Support channel | WorldRemit contact information |
|---|---|
| In app | Use the in app chat funcion |
| Phone | +64 800 995 011 |
| Online | Extensive FAQ section available |
WorldRemit alternatives
WorldRemit vs Wise – Wise offers international payments deposited to bank accounts in 160+ countries. There’s no markup – you get the mid-market exchange rate and pay just low transparent fees.
WorldRemit vs Western Union – Western Union has a network of agents as well as online and in-app services. Payouts for cash collection are available from 600,000+ locations, which can mean it’s a good WorldRemit alternative for cash transfers
WorldRemit vs PayPal – send instant payments at home and abroad – convenient and quick, but not always the cheapest. With PayPal your recipient will also need to set up an account to get their money.
WorldRemit vs Revolut – open an online international account to send money globally, with some no fee currency conversion every month
WorldRemit for business
WorldRemit offers services for personal use only. Business services are not available and you should not use a WorldRemit account to send money to a business.
Conclusion: Is WorldRemit a good way to transfer money?
WorldRemit can be a good option for people sending money to loved ones overseas, with digital services that can be used conveniently and quickly, and a great range of pay out options. Features, fees, and delivery choices can vary a bit depending on your specific transfer, but WorldRemit is certainly worth a look if you’re sending money to someone without access to a bank, and need to get cash into their hands quickly.
Use this guide to decide if WorldRemit is right for you, and don’t forget to compare some WorldRemit alternatives to see what else is on offer.
WorldRemit money transfer review FAQs
Is WorldRemit legit?
Yes. WorldRemit is a large, safe and regulated company which is legit and can be used securely in New Zealand.
How much does WorldRemit cost?
WorldRemit has variable fees based on the destination and how you want your money to be received.
How long does WorldRemit take to transfer funds?
It often takes only minutes for your money to arrive when paying by card, and sending for cash collection. Bank deposits can take a bit longer but you’ll see a delivery estimate before you confirm the transfer.
Is it safe to transfer money with WorldRemit?
Yes. WorldRemit (New Zealand) Limited is authorised and regulated by the Registrar of Financial Service Providers, and is a safe service to use.
How does WorldRemit apply exchange rates?
WorldRemit adds a markup to the mid-market exchange rate to calculate the rate used to convert customer payments for deposit. To see this you’ll need to compare the WorldRemit rate with the mid-market rate you can find on Google.
Does WorldRemit have a mobile app?
Yes. WorldRemit has well rated apps on both Apple and Android phones.
How does WorldRemit work?
Create a WorldRemit account online or in the WorldRemit app, to send payments to friends and family in 130 countries using just your phone.
How many currencies does it support?
Send money to 130+ countries and 70+ currencies globally with WorldRemit.
