WorldRemit is a leading online money transfer company. It was founded in 2010 by Ismail Ahmed with Co-founders Catherine Wines and Richard Igoe. WorldRemit is now run by CEO Breon Corcora, bringing Ismail’s vision to a global customer base.
WorldRemit operates online, through an app and website, and utilizes a global network of agents. Its aim is to make sending and receiving money cost-effective, simple, safe, and quick.
With over 130 available countries to choose from, WorldRemit allows you to send money in over 70 different currencies. The process for sending money using WorldRemit is relatively simple. To begin, select your country or region, then input the recipient’s information.
There are plenty of payment methods available for senders. You can pay by bank account transfer, debit card, credit card, prepaid card, Apple Pay, Google Pay, and more.
Transfer fees are much lower than those charged by a traditional bank. Costs vary according to the amount sent, the destination country, and the delivery method.
You can transfer funds to a bank account or an agency in that country for cash collection or delivery to the recipient. There’s also the option to transfer to a mobile wallet or fund someone’s mobile airtime top-up.
WorldRemit is known for its fast and efficient transfers. However, the transfer speed varies widely because it’s based on the payout method and chosen service. For example, bank transfers can take anywhere from 1-4 days, while cash can be ready for pick up within a few minutes. Typically, transfers might take anywhere from minutes to a maximum of 7 days.
The company also offers very competitive exchange rates. The exchange rate used also includes a profit margin for WorldRemit, as is the norm for this type of service. However, the profit margin between service providers will differ.
This is a small percentage of between 1.5% and 4.5% added to the mid-market exchange rate. However, the exact percentage is determined by the currency you’re working in and how the funds are transferred.
WorldRemit is regulated by the financial institutions of the countries where it’s available. Their website, app, and data are encrypted and protected to prevent unauthorized account login. ID verification is required to access your account. And their security department comprises a team devoted to detecting any suspicious account or transaction activity.
WorldRemit offers its services in approximately 130 countries and 70 currencies. The service provider also has a wide range of payment and delivery methods to choose from.
This platform is better suited to individuals who want to transfer funds to families and friends abroad.
Factors such as the recipient’s country and the method used to deliver the funds will determine your transfer fees. But these fees are typically low and usually aren’t more than between $1 and $4.
A transfer of funds through WorldRemit usually appears in the destination account in a matter of minutes. But the delivery timeframe will be affected by the way the funds are received. For instance, if funds are physically delivered to the recipient, the transaction will take longer to complete.
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We send money to Kenya for our small project enabling girls and young women to get an education. Sometimes our Field Officer has the money in his account within 5 – 10 minutes. I get a text and an email from World Remit to tell me that the transactions has gone through. Previously my bank charged $50 for any amount and sometimes it took days and was very stressful. So far no complaints
WorldRemit allows me to send money home without any fee and the process was really smooth and fast.
Highly recommended for people who want to use this service.
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