WorldRemit was founded in 2010 by Ismail Ahmed, who began developing WorldRemit while studying for an MBA at London Business School. His own frustrating experience of sending money to relatives in Somaliland using offline, agent-based services was part of his inspiration for starting WorldRemit.
In March 2014, it was announced that WorldRemit 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.
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:
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 dependents abroad. 24/7 availability is another plus with global users.
Rates aren’t easy to compare- there’s no currency calculator on site, so client has to depend on WorldRemit quote during the transfer process. Using credit card exposes client to additional unseen charges that increase their costs. WorldRemit puts all its emphasis on the positive feeling that comes from helping others, none is spent on guaranteeing the sender a great rate of currency exchange.
World Remit features their services and branding as offering value money transfers for skilled workers. The site is the most racially diverse in images of clients seen in the industry. The still images shown on the website are seen as video on WorldRemit’s very popular Face Book page which has over 746,224 likes. Family values and sending money back to families in Asia and Africa are highly emphasized in a number of highly professional short videos.
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 under developed countries where clients can rely on their mobile to make purchases.
TRUSTPILOT rates WorldRemit as excellent with a rate of 9.5 from 7318 reviews. One theme of the complaints is disappointingly low returns after expectation of great exchange rates. Comments made in many languages from so many users reflect WorldRemit’s impressive global reach.
Complaints Board lists 47 complaints demonstrating that the downside to using digital exclusively, without the service of a dedicated dealer to serve as a point of contact is decreased satisfaction with customer service. Contacting WorldRemit when money transferred is delayed has been described as a lengthy, frustrating experience. Increased tracking capability is needed as well as increased customer service phone support.
WorldRemit emphasises sending money to third world countries because that is simply all it’s really designed to do. With just that one service- transfers, combined with using the digital platform, the promise of great rates seems to be easy to keep. But there isn’t evidence that proves their rates are in fact better than any competitor except those with the highest fees. What reviewers seem elated about is that their transfers went through-although that’s hardly miraculous as it’s the service promised. When transfers do not go through as planned WorldRemit has not been able to rapidly put things right. When the company inadvertently informs clients their transfers have been delivered, clients are hard pressed to do anything but wiat for the company to track and correct their errors.
For simple third world transfers, WorldRemit does usually work out fine, and they are very easy to use, although rates aren’t the best. We award them 4 out of 5 stars for transfers.
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.