WorldRemit Review

WorldRemit is a unique service that caters to customers all around the world. While this agency has quite a bit to offer, it may not necessarily be the best choice for you. So, if you want to decide whether or not this service can cater to your requirements, read the review below.

At a Glance

WorldRemit was founded in 2010 by Ismail Ahmed. The goal of this service is to make money transfers a great deal simpler for people in both developed and developing nations alike. Although the company is less than a decade old, it already handles transactions for over 4 million people around the globe. The company also has a presence on six continents.

The Pros

As WorldRemit provides a niche service, it is actually able to offer up a number of benefits to its customers. These include:

Lots of Transfer Options

You will be hard-pressed to find another service that offers as many transfer options as this one. To begin with, you can select bank transfers for larger sums. However, if you want to send smaller amounts or want to reduce the hassle for recipients, there are other options.

One of these is the cash pickup. If your recipient doesn’t have a bank account, they can head to a designated office to pick up the money by themselves. You can also send money from one mobile digital wallet to another as well.

In certain countries, the door-to-door option is also available. Here, the money will be delivered straight to your recipient’s door. It really doesn’t get any easier than that.

Numerous Payment Options

You can also pay for your transfers in different ways. You can use the traditional credit or debit card, bank transfer, and various payment systems such as Poli. At the same time, you can also send money via Apple Pay and Google Pay. This would make your transaction process a great deal quicker and more efficient.

Good Global Presence

As mentioned, one of WorldRemit’s main goals is to be able to send money to as many places as possible. With this objective, the company has succeeded quite a bit. At the moment, you can send money from around 50 countries. If that wasn’t impressive enough, you are able to send money to 140 countries. The company is able to transfer money in up to 90 different currencies.

Quick Transfers

Many of the transfer options offered by WorldRemit allow you to transfer money instantly or within a short period of time. This makes the service especially suitable for handling smaller amounts that need to be sent quickly. Larger bank transfers can take a couple of days. Even then, though, the process tends to be faster than most other services.

Reliable

To begin with, WorldRemit is regulated by the FCA in the UK. However, the oversight doesn’t end there. The service is heavily monitored by regulatory agencies wherever the company has a presence. As such, you can be certain that your money is being taken care of well.

The company also goes to great lengths to secure the website and its related apps. As such, your account is well-secured and only you have access to it. WorldRemit also has a number of verification practices in place that guarantee your money is being picked up by the right recipient.

Informative

The WorldRemit website is a wonderful network of facts and details. It is relatively easy to discover most aspects of the operation simply by reading through the website. Thus, you will know exactly what you are getting into from the very beginning.

The Cons

It is just as important to be aware of the downsides of using this service as well.

Complex Pricing Structure

The pricing format at WorldRemit can be a little confusing. First, there is a fee that varies according to how much you are sending and where you are sending the money to. On top of this, you will also have to pay the differences in the exchange rate. Now, while WorldRemit does offer some competitive rates, they aren’t the best on the market. As you can see, these costs can start to pile up and in this sense, WorldRemit may not be the most suitable – or cheapest – option around.

Not Suitable for Larger Transfers

The pricing structure and the general setup of this organization mean that it is better suited for smaller amounts. So, if you want to send large sums, it may end up getting quite pricey. Not to mention, there are various limits to adhere to as well. Thus, you may not be able to send as much as you would like.

Poor Customer Service

As mentioned, the site has been set up to provide you with as much information as possible. The downside of this is that it can be rather difficult to get ahold of an actual agent. So, if you have further queries or run into any issues, getting any answers can be rather frustrating.

In Conclusion

As a whole, the concept behind WorldRemit has been executed rather well. Thanks to this service, you will find that it is relatively simple and quick to send money. This is especially true for those who live in developing nations or remote areas. With WorldRemit, you will have no trouble getting your money where it needs to go.

In addition to this, the service is entirely reliable. It is regulated by so many different agencies, that you know all of its operations are above board. Even if you do encounter any issues, it will be easy enough to file a complaint with one of these oversight agencies.

There are a few points of contention with WorldRemit, naturally. This is a service that is best suited to individuals who want to send smaller amounts of money. For larger sums, things can get more complicated and expensive. Thus, it is best to keep it simple.

Also, it is important to always look around and determine just how good the rates are at WorldRemit. Due to its fee structure, the price structure that you are quoted may not always be the best. These minor issues notwithstanding, though, WorldRemit is definitely one of the better services around.