Xe Money Transfers
See what Xe has to offer for your international money transfer needs. Xe.com started life as a computer consultancy and internet service provider, but now …
Fact checked
WorldRemit was one of the first mobile-to-mobile online money transfer providers and is still amongst the most well-known international money transfer companies in the world.
Find out more about it to help you decide whether it’s the best option to use for your money transfer. You can compare a range of services right here with Savvy to help you choose the best transfer company for your needs with more confidence.
*All product information is correct as of August, 2022.
WorldRemit was founded in London, UK, in 2010, with the aim of making international money transfers easier and cheaper. It now has over 5.7 million customers worldwide, operates in 130 different countries using 70 different currencies, and employs over 1,000 people around the globe. In 2020, it bought the African-based remittance app Sendwave. In August 2021, the company undertook another capital raising of US $292 million, changing its name to Zepz in the process to include WorldRemit and Sendwave as its brands.
Online international money transfers
From the comfort of your home, you can send money overseas online either via the WorldRemit website or mobile app. Send the money either to a bank account, a debit or credit card, a mobile money account or a digital wallet.
WorldRemit has recently partnered with UnionPay debit cards in China, so they’re one of only a handful of companies in the world able to send money almost instantly to a debit card there through one of 14 linked Chinese banks.
Mobile money
Mobile money is money sent to a mobile app linked to a mobile phone account. It can arrive at its destination almost instantly. Once the recipient has received the funds, they can be used to pay other people or pay bills. Alternatively, with some mobile money accounts, the funds can be withdrawn in cash through an agency or, in some cases, an ATM.
Cash pickups
WorldRemit also offers cash pickups from one of its many agencies around the world. When you book and pay for a cash pickup, you’ll have to supply the recipient’s exact name as it appears on their government ID, as they will have to show this ID before collecting their money. You’ll be given a transaction reference number which you can supply to your recipient as they go to pick up their money.
Home deliveries
WorldRemit is also able to offer home deliveries of cash to many countries across the world, including in Africa, Asia, Europe, the Middle East, Australia and New Zealand. Cash deliveries will be carried out within 12 to 24 hours.
Phone airtime top-ups
Phone top-ups (also known as mobile phone recharges) are also available through WorldRemit. This system sends money to a pre-paid account on a mobile phone, which can be received almost instantly.
Speed of transfers
The speed at which your transfer will be delivered will depend on the service you choose, the country you wish to send money to, and the time of day and day of the week you send the transfer.
Some services, such as mobile money transfers and phone top-ups, are almost instant. Other standard money transfers which use the international banking system (such as a bank-to-bank transfer) can take from two to five business days.
Fees charged
WorldRemit offers the first three transfers you make free. After you’ve used up your free transfers, they charge a set fee of between $1.99 and $3.99 depending on the destination. They also charge a percentage markup on the exchange rate, which also depends on destination and currency but is usually between 1.5% and 3% above the mid-market rate.
Transfer limits
A cap of $5,000 applies to a single transfer, and there’s a cap of $50,000 which applies to all transfers in any one 24-hour period. There’s no minimum transfer amount.
You can open an account with WorldRemit either through their website or on their mobile app. The process involved is as follows:
WorldRemit will offer your first three transfers free of charge when you sign up to send money with them, saving you on fees in the process.
The fees and markups charged by WorldRemit compare very favourably with other similar companies such as Western Union, and they offer low-cost transfers to many African nations.
If you want to make an instant transfer to a debit card in China, WorldRemit may be your very best option, as it is partnered with UnionPay debit cards which are linked to 14 of the major banks in China.
WorldRemit has a $5,000 limit per transfer and a $50,000 daily limit, which precludes them from being used to make larger transfers should you need to.
As WorldRemit is focused on the retail international money transfer market, they don’t offer currency tools or assistance for business transfers.
For more remote destinations, such as some of the smaller African nations, WorldRemit may prove to be one of the cheapest transfer options, but their service may prove to be more expensive than some competitors for more popular destinations such as the UK and USA.
OFX |
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Special Offer: 5 fee free transfers (saving you up to $75 in fees) + preferential rates for international money transfersMore details |
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Enjoy $40 bonus on your first money transfers of $250 & above! Use code*: SAVVY20X2 (Minimum transfer of AUD 250 Valid till 31st August 2023)More details |
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Xe |
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Xe is a 2021 Canstar Award Winner and offers the best exchange rates, low to no fees so customers save the most moneyMore details |
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Western Union Money Transfer |
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Send money to over 200 countries and territories across the world onlineMore details |
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Wise Money Transfer |
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Send money cheaper and easier with Wise with no hidden fees.More details |
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TorFX |
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Excellent exchange rates with no transfer fees. Trusted by over 325,000 customers. Awarded Canstar’s 5 star rating 2018-2021.More details |
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Currencyfair |
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Send money overseas at better exchange rates, with no hidden fees.More details |
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Remitly |
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Remitly offers fast, safe and secure money transfers with excellent rates to over 100 countriesMore details |
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Revolut |
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Fast and easy, with super competitive rates across all major currencies. Join 25+ million customers saving on global transfers.More details |
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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
If you decide to initiate a money transfer with one of the providers listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the provider offering that product.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
