Is WorldRemit safe? [2023]
WorldRemit offers payments in 70+ currencies, to over 140 countries around the world, with a focus on helping anyone working overseas to send money home safely and cheaply. If you’re thinking of using WorldRemit, you probably have one key question: Is WorldRemit legit? This guide has you covered.
Is WorldRemit safe?
We’ll move into more detail about WorldRemit’s approach to customer safety and security in just a moment. To start us off, here are some key facts and figures about WorldRemit
Regulators: WorldRemit is entered on the Financial Services Provider Register in New Zealand, and also regulated by global authorities in other countries it trades in
Established in: 2010
Customer numbers: 5.7 million
Volume of transfers: 26.7 million USD/year
In New Zealand, WorldRemit is on the Financial Services Provider Register. It’s a UK based business, and so is also overseen by the Financial Conduct Authority (FCA) in the UK. In fact, as a business trading globally, World Remit is also licensed and regulated by bodies around the world like FinCEN in the US, FINTRAC in Canada, or AUSTRAC in Australia.
Is WorldRemit safer than traditional banks?
Sending money through WorldRemit is safe. Of course, you’ll need to take sensible steps to keep your account and funds secure – as you would with a bank account – but assuming these are in place, your payments can move faster with a specialist provider, and often for a lower fee.
As a licensed money transfer service, WorldRemit must comply with international regulations which require it to protect customer money – often this is through using industry standard payment processes, holding a minimum capital requirement, and paying a surety bond. All this helps make sure you can transact with confidence with WorldRemit and other specialist money transfer services.
Customer reviews on Trustpilot
Here’s a summary of what customers say about WorldRemit on Trustpilot:
| Provider | Number of reviews | Score (out of 5) | Rating |
|---|---|---|---|
| WorldRemit | 65,000+ | 4.1 | Great |
The majority of customers are positive about WorldRemit – in fact 75% give the best possible rating on Trustpilot. However, there are also a minority of people (8%) who have posted Bad reviews – the worst score available.
Where security is commented on in negative reviews, the issue is often that customers have had to provide additional verification documents, or had accounts locked. This can happen if a money transfer service is concerned about fraudulent activity. In New Zealand this may also be required following updates to the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, which required financial service providers to re-verify customers in some situations.
In both cases, verification processes are used to double check all transactions are legitimate, and comply with legislation – this is common to all money transfer services, and regular banks.
It’s worth noting that there are the odd couple of customers who claim to have been caught out by fraudsters through WorldRemit. We’ll look in more detail about how to stay safe and away from scams, in just a moment.
WorldRemit security measures
WorldRemit puts customer security measures in place for all payments and accounts. There’s a verification process used to make sure accounts are kept safe, and a dedicated anti-fraud team which will monitor accounts for unusual transactions. If they spot anything out of character, they’ll be able to pause a payment until they’ve checked it is legitimate.
Additionally, WorldRemit suggests customers take a few sensible steps of their own to stay safe when sending money:
- Choose a strong account password and don’t share it with anyone
- Learn to spot and avoid fraud and scams
- Maintain your devices – keep them password protected and use anti-virus software if you can
- Check the website you’re using is secure (the padlock symbol in the browser shows this)
Trust and Credibility
WorldRemit is a global company with a large user base and an agent network around the world. They’ve been in business for over a decade, and help millions of customers get payments home fast.
Choosing a credible, trusted provider when you opt to send a payment through a specialist service is crucial – and WorldRemit has both the required licenses to send payments, and a strong reputation among customers.
Is WorldRemit safe to transfer money?
Using WorldRemit is safe. Once your payment has been set up online or in the WorldRemit app, you’ll fund it by card or POLI. Once the money arrives in WorldRemit’s account, they’ll pass it right on to your recipient. 95% of WorldRemit transfers are available for the recipient in just a few minutes.
Is WorldRemit safe to keep money with?
Typically, WorldRemit won’t hold customer funds. Once the money arrives it will be passed on quickly to the recipient. However, if there is ever any reason to hold customer money – for example pending verification checks – customer funds will be kept separately to WorldRemit’s own funds for safety.
Is WorldRemit safe for large amounts?
WorldRemit has maximum send limits in place, which help to keep customers safe. If you’re paying with a card you can send up to 6,000 NZD in a single transaction and per day, and if you pay using POLI, the transaction maximum is 50,000 NZD, with the same limit in place per 24 hours.
Before you make a large payment with WorldRemit it’s worth checking you’re fully verified. Because WorldRemit has to stick within legislation both in New Zealand, and in the destination countries it sends to, you may be asked to provide additional documents when you make a larger payment. Getting this step out of the way before you get started can help the process run smoother.
Can you get scammed on WorldRemit?
Fraudsters and scammers can look for victims through a range of financial service providers, including WorldRemit. It’s important to stay vigilant when you use any money transfer service, to make sure you’re not caught out. Usually, all you need to do is take some simple and sensible precautions to avoid WorldRemit frauds.
WorldRemit advises customers to consider the following pointers when trying to spot fraud:
- They create panic – if someone, for example, is suggesting your account has been compromised or locked – double check it’s genuine before replying
- You should never feel pressured into sending money or handing over personal data
- If someone is being overly helpful when trying to arrange a payment or resolve a problem, double check their credentials and details
- Fraudsters may text, email and call to try to demonstrate credibility – you still need to check you’re talking to a genuine member of WorldRemit staff before sharing any information with them
Services which offer cash collection services, like WorldRemit, are also targeted by fraudsters because cash payments can be received in minutes and are usually impossible to get back once collected.
Scams include people posing as a friend or relative and asking you to send a payment, or asking for money in order to release a larger amount – as an administration payment to get an inheritance or lottery prize for example.
Can I avoid falling victim to fraud?
To stay safe, it’s best to use WorldRemit only to send money to friends and family, and people you trust.
If you have questions or need to check if a message purporting to be from WorldRemit is real, you can get in touch via Twitter on @WorldRemitHelp. If you have an urgent issue about a transfer that’s already in progress, you can also log into your account to get the right number to call based on the specific problem.
Is your personal data safe on WorldRemit?
WorldRemit takes the security of customers’ personal data seriously, and manages all customer information in line with the Privacy Act 2020.
There are a number of reasons why WorldRemit will collect information about customers – to comply with legislation, to process transactions, and to improve their services, for example. Customers can’t opt out of some types of data collection, but can ask to stop their data being used for marketing.
Customer data is kept securely, and WorldRemit will not sell, rent or disclose information to unaffiliated third parties. It will share data with other companies in the same group, though, and may also use customer data for analysis purposes. This is pretty standard among companies which need to collect customer data in person and online.
What personal data does WorldRemit collect?
The types of data WorldRemit may collect about you include:
- Your personal and contact information – name, email, phone number
- Demographic information about your age, gender, and interests
- Bank and payment details
- Information from other social media services if you give consent
- Technological information – your browser or device type for example
- Information about third parties – such as the personal information of anyone you send money to
Any information WorldRemit collects about you will be kept for as long as is legally or practically required. This usually means it will be held for up to 7 years after you close your WorldRemit account or stop processing transactions.
How to get started on WorldRemit?
You can create a WorldRemit account online on the desktop site or by downloading the WorldRemit app on your mobile device.
- Select Sign Up
- Confirm the country you’re sending from
- Enter your email address and set a password
- Follow the onscreen prompts to add your personal details
- You may be asked for verification documents depending on the transfer type you want to make
For customer safety and to comply with global legislation, you’ll need to get verified to use WorldRemit.
All customers are asked to provide evidence of their identity and their address. Usually this means you upload a photo of your passport, driving licence or other government issued ID paperwork; and proof of address like a utility bill or bank statement in your name. You’ll also often be asked to submit a selfie.
When you need to verify your account, WorldRemit will guide you through the processes and confirm the acceptable documents based on the situation.
