World Remit Review
World Remit is unremarkable in many ways. It doesn’t really shine in any significant way. It doesn’t have the lowest prices, it doesn’t have the best exchange rate, and it doesn’t have the smoothest service. World Remit doesn’t have the most features, and it doesn’t service the most countries. Yet, despite the fact that it doesn’t shine in any significant way, it also doesn’t suck like an Australian horror movie. In a world where so many transfer companies get it wrong, it is nice to see a transfer company get it “Okay.”
What Does World Remit Do?
World Remit helps you send your money overseas. They have relatively low rates, and their exchange rate is not terrible. World Remit claims to send your money quickly, but it really depends on the country you are sending to. In many cases, their sending times are rather poor.
One has to admit that their sending process is easy, and their user interface is intuitive enough so that most people can send money without having to spend a long time learning how to use the system. Their website says that they transfer money to over 125 countries, but we were only able to count 110, so maybe there are some countries that they classify as two countries when we classify them as one, such as how Ireland is actually two countries.
WorldRemit Review – Pros
- They are great when it comes to transferring smaller amounts, and they will even transfer amounts as low as ten dollars, but transferring small amounts like that is a little silly because your money is eaten up by fees.
- You can transfer money to 110 countries, and you can set it up so that your recipient has the money transferred into his or her bank account, or so that your recipient picks up the money in cash.
- World Remit offers a fairly transparent quote. It is not as clear and honest as companies such as CurrenyFair or Transferwise, but what you see is mostly what you pay.
- The user interface, and the way the website is set up means you are able to make transfers and conduct transactions fairly quickly and easily without having to learn a bunch of new things. I dare say that the interface is intuitive enough so that most people will be able to use it right away without any problems.
- World Remit are good if you like shopping around. If you are looking for the best deal, then you should consider this company because they may be able to offer you a better price than some of its competitors. For example, if you are sending money to one company, then World Remit may beat Western Union’s rates, and yet if you are sending to another country, then Western Union may beat World Remit.
- You probably shouldn’t use World Remit if you need to send money in an emergency because it is not always reliable when you need it the most, but if you are planning on sending money that is not urgent, and if you do not mind waiting, then World Remit may be your cheapest option.
- The fact that people are able to pay money into the system in cash and have the recipient pick it up in cash is great for people who do not have a bank account and/or people who are trying to work in another country.
- The World Remit system lets you know what you can do and how you can do it before you even sign up for an account. For example, if you are sending money to Slovenia, then you are only able to send money to be picked up via a bank deposit, and you are only allowed to send Euros. The website tool tells you all of this before you try your transfer and before you sign up. This means that you do not have to waste your time signing up without first knowing if the company can service your particular needs.
WorldRemit Review – Cons
- They have some unexplained polices that revolve around security, which is not uncommon, but can be disconcerting when dealing with their security checks. There are going to be times when your money transfer is slowed or canceled because of their security checks. Some people have even had their accounts closed because of transactions that World Remit thought were off or suspicious.
- Some people claim that World Remit is only good for sending smaller amounts of money. This is because if you send a larger amount of money, then World Remit often has a number of questions for you, and if you give unsatisfactory answers, then they cancel your transfer transactions.
- The customer service is not fantastic when it comes to World Remit. They are not the worst I have seen, not by a long shot, but they certainly need some improvements. For starters, they could improve their customer waiting times and maybe get responses to their customers a little quicker.
- World Remit is on the slow side, which is a shame because it means they are going to lose money to the likes of PayPal and Bitcoin, and even to companies such as MoneyGram and Western Union.
- It will take you between 15 minutes and 30 minutes to get through to somebody in their customer service department. Email response times are even worse, but nagging them and harassing them is often the only way to get results.
- One of the problems seems to be that some banks will not deal with World Remit. You may be sending money into a country that World Remit covers, but when your money gets there, there are some banks that simply will not accept a World Remit transfer. This seems to be a problem that is not country specific, and it may the reason why people complain on review websites, it may be that the recipient’s bank will not accept a World Remit transfer. Sadly, if your money does not get through and it is not refunded back, you are going to have a hard time getting through to World Remit’s customer service department and you are going to have an even harder time getting them to do anything about it.
- Quite a few people online are saying that they had their accounts closed for no reason. The reason that the admins tell us is that their accounts were compromised and/or showed signs of being compromised. Even if World Remit are closing accounts for security reason, the least they could do is tell people why their accounts are being closed.
- World Remit buys positive reviews on websites such as TrustPilot, so do not be fooled by everything you read. Whenever the company wants to raise its online reputation a little, it pays for a few online reviews here and there. They are pretty easy to spot in most cases.
Is World Remit Right For Me?
It always puzzles me how money transfer companies such as World Remit and many others are able to take your money, transfer it, lose it, and not pay you back. I commonly hear stories about how people used MoneyGram or Western Union, how they lost their money, and how the companies will not give them their money back. It is common enough so that most money transfer companies have a clause in their small print that means they cannot be sued for losing your money. World Remit is one of the many companies that doesn’t take responsibility for losing your money during a transfer.
I like the idea of people using World Remit after shopping around. There are occasions where World Remit is cheaper than many of the better/alternative money transfer companies. Just remember to look at how much you put in compared to how much your recipient actually receives. Money transfer companies are good at making things blurry so you cannot see how much you are paying thinks to fees and exchange rates. Put everything else to the back of your mind and simply concentrate on how much you put in and how much your recipient gets out.