WordlRemit has been created in 2010 by a Ismael Ahmed from Somalia. When studying at the university in London he realised that there was an opportunity to decrease the costs of international money transfers and to improve the experience of sending money abroad. It turns out that WorldRemit is often the cheapest solution for amounts below €1,000. In 2015, 3.5 million transactions were made using the platform representing over $1 billion.
Currently, WorldRemit operated from 50 countries and delivers money to more than 120 countries around the globe. Money can be delivered to bank accounts, mobile wallets and by cash if needed.
Like most of the new actors on the market, WorldRemit operates exclusively online, this means that you do not have to go to an agent location to make a transfer. They’ve also developed an app that is very user friendly.
One of the most interesting feature from WorldRemit is the possibility to send money to mobile wallets. This enable users to store, send and receive money with their mobile phone. This is particularly interesting for migrants or people who do not have a bank account in developing countries. According to WorldRemit, a third of their transactions are received on mobile phones and the company claims to be the leader of remittances sent to mobile wallets.
Sending money with WorldRemit is quite easy:
- Select the country you want to send money to and it will determine your options to receive the money.
- Enter the amount you are willing to send and the payout method.
- Pay. You can use debit/credit card, make a bank transfer (only if you are in the UK) or use a banking payment service.
- Your money is being sent and the delay to receive it will depend on the payout option you’ve chosen.
Like for many online money transfer operators, the fees you’ll be paying vary according to the payout option you’ve selected. However, you can be reassured that the global fees will be much lower than if you had used your bank to make your transfer.