Making money transfers through WorldRemit: fees, rates & limits
Many people today regularly send money across borders for personal, family, or business reasons. Some regularly send remittances to support their loved ones back home, while others occasionally transfer funds to pay for goods or manage financial obligations. Whatever the reason, finding fast, reliable, and affordable international money transfers has become a necessity for practically every individual living in an interconnected world.
In this article, we explore the features, fees, exchange rates, transfer limits, and everything else you need to know about how to send money with WorldRemit. We also compare it with other leading international money transfer services to help you decide if it’s the right platform for your needs.
What is WorldRemit?
WorldRemit is a digital remittance company that allows individuals to send money internationally through online platforms. Its services can be accessed through its mobile apps or website, thus providing a fast and convenient way to transfer funds.1
The idea for a mobile-first approach to global remittances was conceptualized by WorldRemit founder Ismail Ahmed.2 While studying in London, he experienced difficulties in sending money abroad. Whenever he needed to send remittances to his family in East Africa, he had to deal with agents who charged hefty fees. To ease these challenges, he sought to find a solution that would disrupt traditional methods and make money transfers less prohibitive.
Right after earning his Executive MBA from the London Business School, he established WorldRemit with co-founders Richard Igoe and Catherine Wines. Since 2010, the company has been helping make financial services more accessible to migrant workers and unbanked individuals. Today, WorldRemit serves almost six million customers worldwide and holds approximately 1.2% of the global digital remittance market.3
How does WorldRemit work?
WorldRemit operates entirely online, with services accessible through its mobile apps and website. To facilitate international money transfers, it works with partner banks, payment processors, local agents, and other financial institutions.4 These partnerships allow the company to offer multiple payment and delivery options.5
| Payment options | Delivery methods |
|---|---|
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How to create a WorldRemit account?
To send money with WorldRemit, you must have a WorldRemit account. Since it is a financially-regulated company, account holders must provide personal information and verify their identity. On the other hand, recipients do not need to have a WorldRemit account to receive transfers. All they need is a mobile number or email address and an ID that matches the information provided by the sender.
Create your WorldRemit account through the mobile app or website. Sign up with your full name, mobile number, email address, local address, and birth date. You will be required to furnish a government-issued ID with your photo, full name, address, and date of birth. IDs typically accepted for identity verification7 are passports, driving licenses, and national IDs. You may also be required to send a selfie image and an OTP sent to the mobile number you registered with.
Some countries, including Australia and New Zealand, require additional documents for complete verification. Depending on where you are located, you may also be asked for proof of address (utility bills or bank statements no older than three months), financial documents, and your reason for sending money.
How do you send money using WorldRemit?
Once your WorldRemit account is verified, sending international money transfers takes just a few steps:
1. Log into your WorldRemit account using the app or the website.
2. Choose the destination and enter the transfer amount.
Depending on your location, you may send money to over 130 countries8. The maximum amount you can transfer will also depend on your chosen destination.
3. Select the payout method from the options available in the destination country.
WorldRemit offers five different receive methods: bank transfer, cash pickup, mobile money, airtime top-up, and home delivery. However, not all payout options are available for each country. You may only choose methods that are available in the destination country.
4. Add a recipient and provide their required information.
Provide the recipient’s full name, mobile number, and email address. Make sure the name you provide matches the name on their ID. The recipient will receive notification and updates regarding the transfer through the mobile number and email address you provide.
5. Choose your payment method and pay for the transfer.
Choose from the payment methods available for your transfer type. Before completing payment, you will see the transfer fees, exchange rates, payment amount, and the amount your recipient will get. Once you have reviewed the details of your transaction, pay the final amount to initiate the transfer process.
How to track money transfers through WorldRemit?9 , 10
According to WorldRemit, 95% of their transfers are completed in minutes.1 However, the actual transfer time varies depending on the sending and receiving countries, the type of service, and the payment method. For instance, cash pickups are typically available instantly, while mobile money or bank transfers can take a few minutes to several days. Home delivery may take as fast as 24 hours or entail a wait of up to seven days.11
Both you and your recipient are notified about the progress of the transfer through SMS or email. You can track the status of your transaction through your WorldRemit account under the ‘My Transfers’ section. While most transfers are completed within minutes, final confirmation of completion may take up to an hour.12
WorldRemit fees explained
WorldRemit transfer fees vary depending on the destination country, transfer amount, and receiving method.
Destination country
The destination country plays a role in determining the fees. Fees can vary because of the local financial system in the receiving country. Countries with more robust banking infrastructure or higher competition among remittance services might have lower fees compared to countries where traditional banking systems dominate.
For example, sending 100 USD through bank transfer to India incurs a fee of 2.99 USD, while the same transfer type and amount to the Philippines is charged only 0.99 USD. In Nigeria, this transfer type and amount is free of charge, albeit the transfer takes a longer time.
Transfer amount
Higher transfer amounts generally attract higher fees, but the WorldRemit fee structure is often scaled, meaning larger amounts may result in a relatively lower percentage fee. For small transfers (typically under $100), WorldRemit may charge a higher fee compared to larger transfers. Keep in mind, though, that the specific fees will vary by destination.
Payout or receive method
How the recipient receives the funds also affects the fees. Sending funds to mobile wallets is typically the most affordable option, with WorldRemit waiving charges for most Mobile Money transfers. Fees for Cash Pickup are usually the highest among all payout options, as they involve local agents and payment providers with physical locations. Bank transfers may be less expensive compared to cash pickups, but they may be subject to additional fees for international transactions.
Payment method
The method you choose to pay the transfer may also incur additional charges. The charges would depend on the policies of your bank, card provider, or e-wallet service.
To minimize transfer fees, you might want to do the following:
- Plan your transfers. Instead of sending small amounts frequently, send larger sums less often. Aside from limiting fees per transfer, you may also enjoy waived transfer fees and better exchange rates when you remit large amounts.
- Avoid using credit cards. Card companies typically charge high fees for international money transfers. Instead of using your credit card, pay for your WorldRemit transfer through bank deposit, debit card, or mobile wallet.
- Choose a payout method with lower fees. Cash pickup and home delivery tend to have higher transfer fees. Whenever possible, opt for mobile money or bank transfer.
Exchange rates offered by WorldRemit
WorldRemit exchange rates vary per transaction and are determined based on central bank and market rates.13 The exchange rate it uses is typically lower than mid-market rates because it applies a markup that WorldRemit to make a profit from the currency conversion. This is a common practice in the remittance industry and contributes to the overall cost of your transfer.
WorldRemit exchange rates also vary by amount and receiving method. Generally, better rates are offered for bank transfers.
WorldRemit transfer limits
According to their terms and conditions, WorldRemit may impose limits on the number and value of transfers users can make daily, weekly, monthly, or any other period of time. These limits vary according to account type, sender’s location, and payment method.
Here are some of the current limits they place on transactions from popular sending regions:
| Payment method | Transfer from | ||
|---|---|---|---|
| United States14 | United Kingdom15 | Australia16 | |
Card (debit/credit/prepaid)
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Apple Pay
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Bank account transfer
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Different limits and specific payout methods may also be imposed for first-time users. You will not be able to proceed with the transfer if you go beyond the sending limit.
Pros and cons of using WorldRemit
Still unsure whether WorldRemit is the right choice for you? Here are some of its pros and cons to help you make an informed decision.
- Transparent fees and rates. WorldRemit maintains transparency with transfer fees and exchange rates shown upfront before the money is sent.
- Accessible to more individuals. WorldRemit is designed to be accessible for people with no access to traditional banking services. It does not require either the sender or recipient to have a bank account. Recipients can also receive money without a WorldRemit account.
- Transfer updates. Both the sender and recipient receive notifications about the transfer status, keeping them informed of important updates such as when the funds are picked up or deposited.
- Limited payout methods in some locations. While WorldRemit offers several receiving methods, not all options are available in every region. In many countries, transfers are only available through Airtime Topup and Mobile Money.
- High exchange rate markup. Because WorldRemit applies a markup, exchange rates for currency conversions are less favorable.
- Longer processing time for some transfer types. Although most transfers are sent within minutes, some transactions may take longer to complete.
Comparing WorldRemit to competitors
WorldRemit is indeed convenient and accessible for most people. However, you may want to consider alternative money transfer providers that may be more aligned with your needs.
| Transfer Fees | Exchange Rates | Transfer Speed | Coverage | |
|---|---|---|---|---|
| WorldRemit17 | Varies, but typically range from $0.99 to $2.99 | With currency exchange rate markup | Within minutes (except for home delivery, which may take 24 hours to 7 days depending on location) |
Send from 50 countries Send to 130+ countries1 |
| BOSS Revolution | As low as $1.99 | Close to mid-market exchange rates | Within minutes | 40+ countries |
| Wise | 0.57% of the transfer amount plus a fixed fee18 | Mid-market exchange rates19 | Within one day19 | 50+ countries20 |
| Western Union21 , 22 | Includes a percentage of the transfer amount plus a fixed fee | With currency exchange rate markup | Within minutes | 200+ countries |
| PayPal | 5% of the transfer amount plus an international fee of up to $4.9923 | With a currency conversion spread of 4%24 | Within minutes | 110+ countries25 |
For money transfers from the United States, BOSS Revolution offers low transfer fees and favorable exchange rates. If you regularly send small amounts of money to family and friends, it may be the most cost-efficient platform for you. Other money service providers may enable large amounts of transfers, but they come with steep transfer fees and exchange rate markups.
Maximizing savings with WorldRemit
If you’d like to try WorldRemit's services, follow the tips below to maximize your savings and the value of the money you send.
- Use Mobile Money options for faster and cheaper transfers.
- Take advantage of promotions and discounts such as fee-free transfers or premium exchange rates.
- Monitor exchange rates and send money when they are more favorable.
- Choose the most cost-effective payment and payout methods.
- Avoid frequent transfers of small amounts to minimize multiple transfer fees.
Is WorldRemit right for you?
With its low fees, fast transfers, and accessibility, WorldRemit is a good option for international money transfer services. It’s especially well-suited for personal transfers, such as sending money to family or paying freelancers abroad.
However, the limitations in payout methods and exchange rate markup may be a drawback for some users. If you prioritize the best exchange rates or need a wider variety of payout options, explore alternatives such as BOSS Revolution.
Sources: all third party information obtained from applicable website as of January 20, 2025
- https://www.worldremit.com/en/about-us
- https://www.linkedin.com/in/ismailiahmed/
- https://www.globenewswire.com/news-release/2024/09/23/2951285/28124/en/Digital-Remittance-Market-Opportunities-and-Strategies-to-2033-Competitive-Landscape-and-Company-Profiles-for-PayPal-Revolut-MoneyGram-Remitly-and-WorldRemit.html
- https://www.worldremit.com/en/how-it-works
- https://www.worldremit.com/en/faq/getting-started#what-services-do-worldremit-offer
- https://www.worldremit.com/en/faq/home-delivery
- https://www.worldremit.com/en/faq/verification
- https://www.worldremit.com/en/faq/send-from
- https://www.worldremit.com/en/faq/my-transfer-is-taking-a-long-time
- https://www.worldremit.com/en/faq/wheres-my-money
- https://www.worldremit.com/en/faq/getting-started#what-services-do-worldremit-offer
- https://www.worldremit.com/en/faq/wheres-my-money
- https://www.worldremit.com/en/about-us/terms-and-conditions
- https://www.worldremit.com/en/faq/send-from/americas/usa
- https://www.worldremit.com/en/faq/send-from/europe/united-kingdom
- https://www.worldremit.com/en/faq/send-from/australia-oceania/australia
- https://www.worldremit.com/en/faq/getting-started#what-services-do-worldremit-offer
- https://wise.com/us/pricing/
- https://wise.com/us/send-money/#transfer-speed-section
- https://wise.com/help/articles/2571942/what-countriesregions-can-i-send-to
- https://www.westernunion.com/us/en/home.html
- https://www.westernunion.com/us/en/web/send-money/start
- https://www.paypal.com/us/digital-wallet/paypal-consumer-fees#SendAndReceiveMoney
- https://www.paypal.com/us/digital-wallet/paypal-consumer-fees#statement-currency
- https://www.paypal.com/us/digital-wallet/send-receive-money/send-money
This article is provided for general information purposes only and is not intended to address every aspect of the matters discussed herein. The information in this article is not intended as specific personal advice. The information in this article does not constitute legal, tax, regulatory or other professional advice from IDT Payment Services, Inc. and its affiliates (collectively, “IDT”), and should not be taken or used as such by any individual. IDT makes no representation, warranty or guaranty, whether express or implied, that the content in this article is current, accurate, or complete. You should obtain professional or other substantive advice before taking, or refraining from, any action on the basis of the information in this article.
