WorldRemit, a London-based transfers company start-up, was founded in 2010 by Ismail Ahmed.
In March 2014 it was announced that WorldRemit had secured an investment of $40m from Accel Partners. Following the investment, Accel’s Harry Nelis joined the WorldRemit board. In February 2015 WorldRemit announced a $100m investment led by TCV. It was also announced that TCV General Partner John Rosenberg would join the WorldRemit board.
WorldRemit keeps their service simple: Send money any time, anywhere.
Online only- digital transfers can be initiated 24/7 from a smartphone, tablet or computer.
Money can be sent to bank accounts, for cash pickup, to a Mobile Money service (mobile wallets) and as mobile airtime top-up.
A Simple Process:
Benefits of using WorldRemit service:
The website is the most racially diverse in images of clients, making it clear that the company focuses on sending remittance. WorldRemit images repeatedly show proud, skilled workers in Western work settings, sending money by mobile to family in foreign settings. Family values and sending money back to families in Asia and Africa are emphasised in a number of highly professional short videos that are featured on the company’s website and Facebook page. This is clearly one of the ways the newly invested funds have been utilised, capturing the global Facebook audience through media presentation.
Services like mobile money are demonstrated as clients in Uganda are filmed explaining how essential a mobile wallet is in places where banks aren’t available. Mobile money outlets are plentiful in such countries and clients can use their mobiles to make vital purchases such a food and petrol.
Uncompetitive Remittance Rates:
WorldRemit isn’t nearly the most competitive company listed on World Bank’s remittance corridors records, nor is it available for a number of important destinations, such as sending remittance from the UK to Poland or India. When sending remittance from Australia to India, WorldRemit was the 13th best value with a total cost for sending AU$200 of AU$7.40. Expensive provider Western Union beat that rate at AU$5.88. When sending remittance from Australia to the Philippines, World Remit came in at 37th from the best rate with a total fee of AU$14.00 when sending AU$200.
Excellent 9.5 rating on TRUSTPILOT with 10,215 reviews – nearly all clients express happiness with the quick, easy and reliable service provided, many comparing the company favourably to Western Union, the transfer company they had previously had to travel to make transfers from. Compared to Western Union, those using WorldRemit’s app were positively overjoyed with the ease of service. Although clients also said that when they made errors such as inputting one wrong number when entering transfer information, it took months of emailing to rectify the error and receive a refund, they still felt very satisfied with the services received.
Contacting WorldRemit by email is the only option when money hasn’t been transferred, as clearly the company isn’t spending any of its profits on telephone customer service support.
WorldRemit offers a very lean sort of currency exchange fare which should theoretically allow for spectacular savings. Alas, where services are available, the company isn’t at the top of the list of affordable remittance. And for workers in the UK, where WorldRemit is based, it’s surprising to see remittance to Poland and India isn’t offered. Since customers who use the company are so thrilled with the improvement over Western Union (which still has better rates to many destinations), it seems WorldRemit must be doing something right. Maybe it’s the app, or just not having to travel to a Western Union location to make a transfer.
4 out of 5 stars
For ease of delivery to third world locations where banks aren’t available, mobile delivery services like mobile wallets are essential. Also mobile airtime top-up is helpful for those with dependants abroad.
Rates aren’t easy to compare- there’s no currency calculator on site, so client has to depend on the WorldRemit quote during the transfer process. Using credit card exposes client to additional unseen charges that increase their costs.