Technology has made it possible to work for a client in Paris from a remote village in South Africa and yet be able to receive your payments from Paris while in South Africa.
Each passing day suggests to me that the world is getting smaller and smaller.
A person could have breakfast in New York, lunch in London, and dinner in Sidney.
It’s amazing how technology has helped in bridging the world.
International money transfer operators have continued to grow to meet the demands of money transfer services.
In the past, we had very few players who largely controlled the money transfer market. But all that is changing because new players are introducing new ways of solving money transfer needs.
We will review one of such new players in the money transfer space.
If you frequently send money abroad, maybe it’s a one-off thing, or even if you’ve never had the need to send money abroad, this review will be a great source of information for you.
To present this review in an easy-to-read format, I will present a question and answer style post.
What is World Remit All About?
World Remit is an innovative money transfer service that facilitates a cheap but swift transfer of money abroad. The company was launched by Ismail Ahmed in 2010 to enable the smooth transfer of money abroad through its online platform.
For the company, smooth money transfer is a term that implies money transfer with very low charges and completing all transactions in less than 10 minutes.
World Remit has been quite impressive at meeting its objectives if you consider that 90% of all money transfers are completed within 10 minutes.
World Remit is based out of London, with offices located in the United States, Poland, and the Philippines. It has a growing international network of banks covering 150 countries, which has enabled World Remit to achieve money transfer services with ease?
Since its inception, the money transfer provider has serviced over 4 million customers in 90+ individual currencies.
What Are The Benefits of Using World Remit Over Traditional Money Transfer Service Providers?
Whenever I talk about traditional money transfer providers, the focus is on the big players that we all know about – the ones that have been in space for decades – and have grown to dominate the international money transfer industry.
I’m talking about the likes of Western Union and MoneyGram.
1 – Low-Cost Alternative for Remittance
World Remit is a great choice for those seeking to remit all or part of their earnings to their native countries.
An example is a Nigerian-born nurse living and practicing in the United Kingdom, who earns her pay in GB Pounds.
There is always the need to remit part of her earnings back home to her aged parents or siblings. Or she could have an ongoing project that requires a constant flow of money to proceed.
It could be any other thing that requires sending some money back to her home country.
Using World Remit, she is assured of a very reasonable transfer fee for the service.
2 – Faster Money Transfer Times
Imagine sending money to someone in need just at the click of a button.
This means that World Remit could be counted on even in critical situations.
There’s no one that looks forward to being in dire need. However, there may be times when a friend, relative, or colleague may need financial assistance from you. And you are half of the world away from that person.
That’s when you truly come to appreciate a money transfer service that can facilitate instant money transfers.
World Remit is a service that comes to mind when you need that kind of speed in money transfers.
They have been able to facilitate 90% of money transfers delivered in less than 10 minutes while 70% of money transfers through mobile phones were delivered in under 3 minutes.
3 – Gives You Range of Options
Added to its money transfer service, World Remit offers a range of options for receiving money transfers.
The bank-to-bank option allows the sender to transfer the money into the receiver’s bank account.
The cash pick-up enables receivers who do not have bank accounts to get the money sent in cash.
The mobile-to-mobile feature enables transfers from the sender’s phone to the receiver’s phone.
The door-to-door delivery makes it possible for the transfer to get right to your doorpost. You never have to leave your home in order to receive money transfers.
The use of a mobile wallet makes it possible to receive the transfer into your wallet. You can then spend the funds from your balance, use it for airtime top-up or payment of bills. You could also transfer to someone else’s wallet or to a bank account.
You can choose whichever option is best for you, although some of the options are only available in some countries.
It means that even if you do not have a bank account or mobile phone, you can still receive money through World Remit.
4 – The Use of Mobile
World Remit also has a mobile app for Android and iOS platforms which has continued to enjoy positive reviews from the service provider’s customers.
The mobile app makes it super easy to send money from your device with just a few taps. You could also receive alerts and get the latest exchange rates with the World Remit mobile app.
The app also lets you track the status of any transfers initiated by you.
Other uses of the mobile app are to receive money transfer and convert transfers to airtime top-up.
According to World Remit, its mobile app has made the company the leading sender of remittances to mobile wallets globally.
5 – Growing Network of Sending and Receiving Countries
At the moment, World Remit allows users to send money transfers from 56 countries to 150+ countries in the world – using a total of 90 currencies to facilitate these transfers.
It’s a growing international network that’s expanding to cover every country that needs its services.
Some of the rates charged by World Remit depend on the receiving country. If it is a popular one or one that generates a lot of money transfers, then rates are cheaper.
For instance, a money transfer from the UK or US to Nigeria is cheaper because these sorts of transfers are common.
Some countries that fall within the World Remit network include the US, UK, Poland, the Philippines, Cambodia, Costa Rica, and Nigeria.
Others include Indonesia, Australia, Canada, India, China, Bangladesh, Guatemala, and Mexico.
You can find the complete list of World Remit supported countries on the company’s website.
What Are The Main Features of World Remit?
I – Money transfer service that offers low-cost transfer of funds abroad at faster times! It is a service that can be used to transfer money to family, friends, or colleagues abroad with transfer fees boasting of the best rates in the industry.
II – Easily send funds to major countries at a click of the button. The online platform that World Remit provides for its users is simple to navigate. You can easily send money using that platform without any difficulty.
III – Use your debit or credit cards for sending money to people abroad. You are not limited to sending money from your bank account when sending money abroad.
IV – Different options to choose from when receiving money through World Remit. There is the door-to-door option, mobile wallet, cash pick-up, and bank-to-bank options to receive funds through World Remit.
V – Covers more than 150 receiving countries and 56 countries from which users can send money. Also, users of World Remit can send money transfers in over 90 currencies worldwide. The countries under the World Remit coverage keep expanding to include all countries that need their services.
Supported countries include Australia, New Zealand, United Kingdom, Austria, Bahrain, Belgium, and Bosnia. Others include Brazil, Cayman Islands, Chad, Chile, China, Congo, and the Cook Islands.
Other countries also supported by World Remit are Cyprus, Cuba, Denmark, Egypt, Fiji, Finland, Gambia, Ghana, Greenland, and India.
You can get the full list of all countries that are supported by World Remit on the company’s website.
VI – Faster transfer times that take less than 10 minutes to receive funds. It is on record that over 90% of money transfers were completed in less than 10 minutes while 70% of mobile transfers through World Remit were completed in 3 minutes or less.
VII – World Remit is a duly licensed company regulated by the Financial Conduct Authority (FCA) in the UK. This is to ensure that transactions through its platform remain the same and compliant with regulatory authorities.
VIII – The World Remit mobile app was designed to help speed up money transfers for users. The World Remit apps are designed for Android and iOS platforms and great for mobile transfers, checking transfer status and receiving transfer as a mobile top-up.
IX – Ideal money transfer platform for smaller amounts such as personal transfers and cash gifts, though the transfer fees are fixed, it decreases as the transfer amount reduces.
X – Great platform for those who love to take control of their money transfers.
How Does World Remit Money Transfer Work?
To ensure seamless money transfer worldwide, World Remit taps into its network of banks in different countries.
This system results in faster and cheaper money transfers through multiple currencies. Instead of using the traditional banking method, World Remit works with local banks who already own the currencies.
When sending money transfer through World Remit, there are a number of available options.
If you decide to do a bank transfer, the funds have to be transferred directly into an account provided by World Remit. The funds are then forwarded to the receiver through their international network of partner banks.
Another payment option is the use of debit or credit cards or even a prepaid card.
If you want more payment options, then you can use Apple Pay, Android Pay, or Sofort.
Before completing the payment, you will be presented with all the transfer details which include transfer fees, exchange fees, and an estimate of the transfer time. Note that the transfer rates are only valid for 24 hours as they may change after then.
Once payment is confirmed by World Remit, the partner bank at the receiving end will be instructed on what to do after which the receiving bank forwards the money to the beneficiary of the money transfer.
When making payment, you are given the option to choose how the funds are delivered to the receiver.
Available options to receive the money transfer include bank-to-bank, cash pick-up, door-to-door, and mobile-to-mobile.
How Much Does World Remit Charge For Money Transfer?
I might not be able to give you a specific figure, but I’ll help you understand how the charges apply.
No matter where you want to transfer to, there are some things that determine how much you will be charged. Factors like the transfer fee and currency exchange rate are vital components of the total transfer fee.
World Remit doesn’t give you details of the transfer fee structure on its website. The easiest way to go about it is by entering the transfer details in the cost calculator.
What Are The Advantages and Disadvantages of World Remit?
- World Remit presents a cheaper and much faster way of executing money transfer abroad
- Lots of available options to pay and receive money transfers
- Large and growing network of countries to pay and receive a money transfer
- The transfer charges are not clearly stated on the World Remit website
- World Remit is not the ideal platform to use when making a money transfer that involves large sums
The growing need to make cross border payments has continued to open up opportunities for businesses.
In the past, this was largely dominated by the likes of Western Union and MoneyGram.
Even though these money transfer providers still own large market share, there are new players joining the market.
World Remit is a money transfer service that delivers cheaper and faster money transfer services.
World Remit provides different options for paying and receiving money transfers from abroad.
The downside to this service is that large amounts will cost you more when making transfers. There are other money transfer providers best suited to handle larger volumes of money.
If you are convinced that World Remit fits your money transfer needs, you can sign up for it.
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