[Guide] WorldRemit Online Money Transfer

[Guide] WorldRemit: Online Money Transfer

If you’re looking for a better PayPal alternative or seeking a cheaper transfer option, you may consider using WorldRemit to transfer and receive funds from anywhere in the world. WorldRemit offers comprehensive money transfer services similar to TransferWise for both local and international fund transfers, making it ideal for freelancers and virtual assistants in the Philippines.

Discovering the WorldRemit Benefits

WorldRemit is a secure and convenient money transfer service brand that allows you to transfer funds online in over 90 currencies through your computer or smartphone. With no hidden costs and high upfront fees, this only charges affordable transfer rates while offering the best exchange rates for its users. Using this feature-packed application, you can transfer funds, receive a salary, and monitor transactions comfortably all in one place.

How to Sign up in WorldRemit?

WorldRemit allows you to send, store, and receive funds online from its website or mobile apps, which you may download from Google Play or App Store. To sign up for an account, you may visit the official homepage worldremit.com or download the WorldRemit app.

Once you download the WorldRemit app, open it, and tap the “Get Started” button. This will take you to a login screen to register. Choose your country of residence and then sign up with your name, valid email address, and a secure password. Create a 4-digit PIN code that you need to key in each time you access the app, but don’t forget to confirm the PIN code for the second time before proceeding to the next step.

You may also use the touch ID or face recognition features of your smartphone for added security and convenient access. On the send money page, go to the profile and register your personal information, including date of birth, gender, home address, and mobile number. Upload a government-issued ID (PRC, SSS, LTO Driver’s license, etc.) and then click save to finish the registration process. You will receive an SMS notification from WorldRemit, informing you that your profile has been officially registered.

On the wallet tab, you may activate your digital wallet by submitting some details, like a home address and mobile number, which will be used as your WorldRemit wallet ID. Upload a clear photo from any government-issued ID and wait for confirmation. Once confirmed, you may now start sending and receiving funds from local and foreign clients. Other acceptable IDs include:

  • Valid passport
  • GSIS
  • Tax Identification card
  • Company ID (private or government organization)
  • Postal ID
  • Voter’s registration card
  • NBI or PNP clearance
  • School ID

Upon signing up, you are entitled to make three consecutive transactions for free, using the 3Free code. You may also earn reward points through its “Refer a Friend” scheme, allowing you to get service discounts or extra free transfers. Minors are not encouraged to use this platform without any written consent from the parents or legal guardian.

WorldRemit vs. TransferWise (Fees, Exchange Rates & Speed)

WorldRemit and TransferWise are two of the most popular money transfer service providers in the world, both offering affordable transfer options in multiple currencies. Though both options can provide blue-ribbon services, choosing between WorldRemit and TransferWise will depend on your specific needs in terms of transfer speed, exchange rate, cost-effectiveness, and overall user experience.

Service fees

The transaction fees of WorldRemit significantly vary according to the transfer amount and the method your recipient wants to receive the funds. Exchange rates and payout methods also determine the amount of services fees being charged to the sender. For each transfer, WorldRemit charges between $3.99 and 24.99 depending on the payment method and currency of transfer destination.

TransferWise, on the other hand, charges a progressing percentage fee ranging between 0.6 and 1.0 of the transfer amount and lets you transfer funds through interbank. Its service fees appear more competitive than bank remittance services, which normally charge between three and five percent of the total transfer amount depending on currency and payment method.

WorldRemit and TransferWise feature an intuitive currency converter showing a complete breakdown of the service transaction as well as the exact amount your recipient will receive. This offers transparency for both senders and recipients. While most WorldRemit transfers cost $3.99 per transaction, TransferWise may charge you one percent of the amount from $301 to $5,000 and 0.7% for fund transfers beyond $5,000.

Exchange rates

With regard to the exchange rate, WorldRemit acceptable margins appear less than 1% over the mid-market rate depending on overall market performance and your transfer amount. TransferWise relies on the prevailing mid-market rate, following the set exchange rate for 24 hours.

Delivery speed

On WorldRemit, regular bank transfers may take up to three business days. However, there are selected local banks offering instant fund transfer for an additional cost while transfers to the mobile wallet can be delivered in real time. The minimum and maximum amount you can transfer will vary by country, but you can send money in over 140 countries. Payment options for WorldRemit include bank account (personal and corporate), credit or debit card, and digital wallets.

TransferWise, on the other hand, may require at least two business days to process your transfer request and few more days to deliver the money to the recipient, pushing up the whole process to six days at the very least. Payment options for TransferWise include bank transfers, credit or debit card, and selected digital wallet providers. The maximum amount you can transfer is only $50,000, though this platform supports over 50 countries.

The payout option is another key difference between the two prominent money transfer platforms. TransferWise only allows you to receive funds through bank transfer while WorldRemit lets you receive instant cash through remittance centers, direct fund transfer, e-wallet and mobile banking.

How Clients make an International Bank Transfer to Pay for Their Freelance Contractors?

Global clients can now pay their Filipino independent contractors through WorldRemit. Employers will be required to sign up an account on the website or download the mobile app either from the Google Play or the App Store. Once the WorldRemit app has been installed, simply follow the registration process discussed earlier. Remember to upload a clear picture from any of your credible identification cards, preferably government-issued, to verify your account faster.

Choose among 150 countries or transfer destinations and then select your preferred transfer method. Transfer options include direct bank transfer, cash pickup from accredited remittance centers, WorldRemit wallet, digital wallets, and airtime pop-up. Fortunately, these transfer methods are mostly available in the Philippines.

Indicate the amount you want to transfer, and you will see the exchange rate and corresponding fee upfront. After this, add the details of your freelancer, such as bank information, email contact, and mobile phone number. For repeat transactions, you may choose from a list of recipients you have sent to before. Finally, pay for your transfer request through debit card, credit card, Apple Pay, bank transfer, Trustly, and Poli, among others.

For every transfer, both the sender and recipient will receive an SMS notification, indicating the transfer amount and expected date to receive the funds. However, you should expect some transaction delays brought by several factors, such as suspended operations, legal holidays at the transfer destination, and random technical issues.

How Long do International Bank Transfers Take?

Delivery time varies depending on where you’re sending the funds.

In the Philippines, the transfer would likely be instant, though the WorldRemit conversion process may take up to three business days to complete. But for mobile money transfer, you may receive the funds within a few minutes.

How can Clients do Bank Transfer to Their Filipino Freelancers or Virtual Assistants?

WorldRemit has made it secure and quick for clients to send money to their freelancers in the Philippines. Freelancers can receive money through the following payout methods:

1. Cash pickup

Recipients can receive direct cash from reputable remittance centers, including Mlhuillier, Cebuana Lhuillier, TrueMoney, LBC, Western Union, Palawan Express and RD Pawnshops. Cash pickups are also accessible from different banks, like Bank of Commerce, Metrobank, PS Bank, Banco de Oro (BDO) and BDO Remit in selected SM mall branches.

2. Bank transfer

WorldRemit makes it fast to send and receive money instantly with assistance from the following local banks:

  • Metrobank
  • Philippine National Bank (PNB)
  • LandBank
  • Banco de Oro (BDO)
  • Bank of the Philippine Islands (BPI)
  • Other Philippine bank accounts being supported by WorldRemit

Note that transfer speed may vary as per individual bank policies with regard to transfer limit and the time when the transaction was made. It ranges between a few minutes and as long as three business days, depending on the source of the transaction. WorldRemit also forms a partnership with Unionbank of the Philippines EON Cyber, where recipients can get the money in less than 10 minutes.

3. Mobile wallet

You may receive instant cash through popular mobile wallet service providers, including GCash, PayMaya, and Coins.ph.

4. Airtime top-up (subject to service availability in your area)

WorldRemit is believed to be an affordable money transfer option offering fair currency conversion rates for both clients and independent contractors. Your choice of money transfer service ultimately boils down to the present exchange rate, the currency of the transfer amount and crediting speed that would work for both parties.

Owner at Be Visible Media
Dale Basilla is a content writer for various niches, SEO (Off-page & On-Page), and lives in a location where there are lots of beaches in the Philippines. He loves to watch anime, TV series (mystery and solving crimes), and movies. In his spare time, he plays chess, plays the guitar, and spend time with his ever busy girlfriend.

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