WorldRemit Review: Is it legit, safe and trustworthy for UAE citizens and residents?
WorldRemit is a global money transfer service that may be used online and
through mobile applications in addition to a distributed network of local
agents. That being said, there are a variety of methods by which one may send
and receive monetary transfers; nevertheless, it is essential to keep in mind
that not all services are offered in all geographic areas. There is also the
possibility that the fees and conversion rates will fluctuate depending on the
service that you choose; we will discuss this topic in greater depth later.
Let's have a look at the primary money distribution choices that WorldRemit
offers. Visit WorldRemit Website.
Your receiver has the option of having a payment sent straight to their bank account for the sake of convenience. After that, they will be able to make withdrawals or purchases as normal, without the need to open a WorldRemit account or travel to a physical location to collect the cash. You may make the arrangements for your bank transfer online by providing the data of your receiver, such as their bank account number, IBAN, SWIFT/BIC, sort code, or any other relevant information.
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Cash pickup is often the most expedient delivery method available through WorldRemit. You will transmit your payment, and the recipient, wherever they may be in the globe, will be able to collect the money in cash from a local agent by visiting that agent's location. In most cases, this happens relatively instantly; but, in order to make the collection, your receiver has to have the transaction reference as well as a valid picture ID.
In certain countries, mobile money delivery are accessible. Instead of keeping their money in a regular bank account, users of mobile money can save it in an electronic wallet that is stored on their mobile device. After then, the funds can be used to purchase airtime, withdraw cash through the use of a registered agent, spend it in stores, or transmit it to other individuals.
Airtime top-up is the third and last option available to you when it comes to having your money sent through WorldRemit. In this scenario, the recipient may only utilize the payment to add funds to their phone's balance; they are unable to withdraw or use the money in any other way. Payments for topping off airtime are often processed immediately.
You will need to arrange the payment for your Worldremit transfer online in order to find out how much you will be charged for it. This is a simple process, and you do not even need to sign up for an account beforehand. Simply navigate to the WorldRemit website, pick the currency you wish to pay with and the currency of the country to which you wish to transfer money, and you will be presented with the available possibilities. You will be able to verify the costs and currency rates, in addition to viewing a list of the delivery options that are available for your destination. Here is what you should keep an eye out for:
The first expense is the one that stands out the most. You will often be required to pay the transfer amount up advance, which varies depending on the destination and the delivery method. It is useful information to have on hand to know that this will be added to the total cost of your payment. If you want to transfer one thousand US dollars and the charge you have to pay is two dollars and ninety-nine cents, then the total amount of money you will have to pay is one thousand two hundred and ninety-nine cents.
It's possible that the next cost won't be that obvious to find. There is a possibility that WorldRemit will incorporate an additional charge into the currency rates that are being utilized for your payment. To view this, you will need to locate the exchange rate that is considered to be the mid-market rate for your currency. To obtain this information, conduct a search on Google or make use of a reliable currency converter found online. When buying and selling currencies wholesale, financial institutions and services such as WorldRemit employ the rate that is considered to be the mid-market rate. When dealing with retail transactions, however, it is customary to add a markup or margin to the rate that was just stated.
If there is a discrepancy between the currency rate that you are being provided by WorldRemit and the mid-market exchange rate, this most likely indicates that an additional fee has been added into the rate that is being utilized. To avoid this, use a currency exchange provider that provides the rate that is considered to be "mid-market."
Last but not least, check to see if there will be no additional costs incurred by a third party throughout the course of your transaction. It's possible that your credit card provider will charge you fees for cash advances, or you might incur overdraft fees if you pay using a bank transfer, for example.
If a payment is financed through WorldRemit using a card and then forwarded for cash collection, the funds might be accessible in as little as a few minutes. Payments deposited into a bank account, on the other hand, could take somewhat longer. When you submit your payment online, you will get an estimate of the delivery time, but you may have to wait for the item for up to two days before it arrives.
With a high degree of internal security measures in place, WorldRemit is a trustworthy and safe service that you may use. However, scammers attempting to take advantage of vulnerable individuals have targeted services like WorldRemit, and as a result, it is imperative that you take precautions to protect yourself whenever you engage in the process of making foreign payments.
You often will not be able to get your money back if it was given to you through WorldRemit in mistake or if you were the victim of fraud because so many of the payments that are made through WorldRemit are immediate. Check the identity of the person you intend to send money to, and familiarize yourself with WorldRemit's recommendations for maintaining the security of your funds.
You should read some internet reviews of various foreign payment services before using them for the first time. This will give you an idea of the quality of service provided and the degree of pleasure experienced by previous customers. Customers are able to submit consistent updates and a real-time picture of how the company is performing on many different review sites since these sites are dynamic.
At the time of this writing, WorldRemit has an excellent rating of 4 out of 5 stars, with the vast majority of reviews on TrustPilot being positive, and the app is also favorably rated for ease in the Apple Store10. On the other hand, there are certain websites where clients are not quite as satisfied. Sites such as Sitejabber and Compareremit.com are two examples of online communities that house customer issues and complaints. Before you begin the transfer process with WorldRemit, it is in your best interest to familiarize yourself with a variety of previous customers' experiences with the company. This will ensure that you receive the very best service available.
There is a helpful Frequently Asked Questions section available online, and you can get in touch with WorldRemit through their agent network or on social media if you experience any problems with your payout.
Consider the following list of advantages and disadvantages. Before you get started, it is also a good idea to seek some alternative quotations from different providers. This can usually be done online in just a few clicks, and it may rapidly help you determine if WorldRemit represents excellent value for your payment.
Comprehensive selection of delivery methods, including cash collection, allowing for nearly rapid service.
App with a good rating and a worldwide network of agents for making payments anywhere in the world
Your payment expenses may be modeled online, where you can also examine the various alternatives, fees, and currency rates.
The costs include transfer fees as well as a markup on the exchange rate, and they can alter based on the method of delivery that you select; this may not be the most cost-effective choice available.
Not all modes of shipment are made available in each and every place.
WorldRemit is a recognized company that serves as a supplier of international financial transactions and offers a diverse selection of payment distribution alternatives. It's possible that this is the best option for when you need to transfer money for cash collection. The vast network of WorldRemit agents is a benefit that may enable you to send money to a recipient on the opposite side of the planet practically immediately.
However, if you are planning to use WorldRemit to transfer a payment, it is a good idea to investigate the fees involved as well as other possible options. When using a different service, direct transfers to the bank account of your receiver could be less expensive.
WorldRemit is an international money transfer business that is regulated in various countries. If you want to save money on international transfers, WorldRemit may be the ideal choice for you to consider.
Transfer money to your intended recipient in a matter of minutes.
Paying debts in other countries
Transfer money to people's mobile wallets.
Send additional airtime as needed.
Make arrangements for interbank and card-to-bank transfers (even prepaid cards are supported, unlike most other services out there)
It's easy to send money all across the world with WorldRemit. In addition, WorldRemit's rates are lower and the service is more flexible than standard money transfer options like Western Union, MoneyGram, and Ria; for these reasons, we have promoted the service for years.
WorldRemit is most well-known as a service for sending cash, but in addition to this, it offers a wide variety of additional transfer methods.
This covers payments made via bank transfers, mobile wallet transfers, payments sent to foreign billers, and in some countries, top-ups for prepaid mobile devices.
In addition, there is a wide range of financial support available to you for the transition. This includes wire transfers, cards (credit, debit, and even prepaid), Apple Pay, and country-specific payment options such as iDeal, Sofort, and Klarna, among others.
When making personal transfers, you are required to transmit cash for smaller amounts.
WorldRemit is able to facilitate international money transfers to more than one hundred fifty countries across the world and has a comprehensive network of local partners (including banks, pawnshops, and other third-party agents) who can pay out cash transfers.
This indicates that you won't have any trouble locating a cash pick-up location where your receiver may get the remittance without any complications.
You need to pay utility bills in a foreign country.
Through the use of WorldRemit, you are able to make payments to businesses located overseas, such as those providing gas, water, electricity, and television, on behalf of yourself or another person.
You won't have to go through the hassle of transferring the money to another person and depend on them to make the payments if you do this instead.
The majority of money transfers made through WorldRemit are processed rather promptly (except bank transfers). Sending money in cash or transferring funds to a mobile wallet is the most efficient way to send money with WorldRemit.
Transferring a significant amount of money using WorldRemit is not possible. In general, we consider transfers of more than $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD to be significant transactions; however, WorldRemit really imposes constraints earlier than this threshold.
In transactions involving more than a couple thousand US Dollars, British Pounds, Canadian Dollars, or Australian Dollars, cash is often not involved anyhow, and in these circumstances, we would offer other options.
At this time, WorldRemit does not provide its customers with the option of opening a business account.
WorldRemit is not the right choice for your company if you want the ability to handle international transfers in batches or numerous currencies, or if you operate a business that has to accept different currencies.
The financial institutions of the countries in which WorldRemit conducts business are the ones responsible for regulating the company. For instance, the business has been granted a license to operate as an electronic money institution and is subject to regulation by the Financial Conduct Authority (FCA). Even in nations outside of the United States, WorldRemit is registered with the financial regulatory agencies that are applicable. WorldRemit is registered with the FSPR in New Zealand, and it is registered with AUSTRAC in Australia. Because it is also registered with all of the states in the United States, it is a fantastic service for those who live in the United States.
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Additionally, WorldRemit has regional centers located all over the world, such in the Philippines, the United States of America, Nigeria, Poland, and Cameroon.
In compliance with the requirements of the regulatory bodies, customer monies are kept in separate accounts. This ensures that these money are kept separate from the company's operational accounts at all times.
It should come as no surprise that WorldRemit places a high focus on the protection of users' data. They say:
Encryption is used on every connection made between the WorldRemit website and its mobile app; the company also use machine learning to identify instances of money laundering.
Their website and mobile applications are also built with security in mind, to prevent unwanted login attempts and data transfers.
They check the identities of each and every user to ensure that their user pool is healthy and in compliance with regulatory requirements.
They conduct frequent audits of user accounts and transactions in search of indications of odd behaviour.
WorldRemit is well-known for the speed and effectiveness of its transfer services. However, the speed of the transfer might be very different depending on the payment method as well as the service that is selected.
The following is a brief comparison of the time it takes for various providers to complete the transfer procedure.
The cash can be collected between the next few minutes to the next few hours.
Bank transfers are more time-consuming and might take anywhere from one day to three to four days, depending on the country that is receiving the funds.
Transfers to mobile wallets and top-ups of airtime may be completed in a matter of minutes.
Processing time for payments made toward bills might range from a few hours to a full day.
There is no one service that can meet the needs of all customers. WorldRemit is a fantastic alternative if you wish to transfer modest amounts fast and at a fee that is not too expensive. In addition to this, it is an excellent choice for those who want cash pickup.
They are also reasonably transparent about their fees and exchange rates, which enables you to easily make comparisons between different services before you set up the transfer.
Last but not least, the WorldRemit app makes it easy for you to send money while you're on the move.
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.