Is WorldRemit safe? [2023 Updated]
WorldRemit offers payments to over 130 countries around the world, with a focus on helping immigrants 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.
- FinCEN registered in the US, with state licenses and oversight from global regulators
- 24/7 automatic and manual anti fraud protections in place
- Strict verification process to keep customers and accounts safe
- Customer funds are safeguarded and kept separate from operating capital
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 registered with the Financial Crimes Enforcement Network (FinCEN), holds US state licenses, and is also licensed and regulated by global authorities in other countries it trades in
Established in: 2010
Customer numbers: 5.7 million
Learn more about WorldRemit: WorldRemit Review
How is WorldRemit regulated?
In the US, WorldRemit is FinCEN registered, and also holds state licenses which cover the services offered in different parts of the country.
As a global business, World Remit is also licensed and regulated according to local laws in any other country in which they operate. Regulatory bodies around the world include the Financial Conduct Authority (FCA) in the UK, FINTRAC in Canada, or AUSTRAC in Australia.
Is WorldRemit as safe as banks?
Sending money through WorldRemit is safe. As WorldRemit isn’t a bank, it isn’t regulated in exactly the same way as a bank might be. That’s because banks usually offer a broader range of services, such as credit cards or loans. For the services WorldRemit offers – international transfers – it is as safe as using a bank, and for this specific service it is regulated in a very similar way to a bank.
Services such as WorldRemit which are registered as a money transmitter are regulated by both state and Federal law, and must register with the Financial Crimes Enforcement Network (FinCEN) in the US.
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.
How does WorldRemit keep your money safe?
As a licensed money transmitter, WorldRemit must comply with state 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.
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 with a bank transfer. Once the money arrives in WorldRemit’s account, they’ll pass it right on to your recipient. 95% of WorldRemit transfers sent for cash collection 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. You’ll be able to send up to 9,000 USD a day. If you’re paying with a card you can send up to 5,000 USD in a single transaction, and if you pay using Apple Pay, the transaction maximum is 300 USD.
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 the US, 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.
Is WorldRemit legit?
Yes. WorldRemit is legit. In fact, 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.
Is WorldRemit trustworthy?
WorldRemit has over 5 million customers worldwide, and is a trustworthy provider to pick.
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 the WorldRemit website safe?
WorldRemit has built its website with safety in mind, and 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)
Is the WorldRemit app safe?
The WorldRemit app is safe to use. It’s regularly updated to sort out vulnerabilities and glitches, and the team are very responsive to online reviews of the app which help them to deliver a better service.
WorldRemit 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|
The majority of customers are positive about WorldRemit – in fact 74% give the best possible rating on Trustpilot. However, there are also a minority of people (11%) 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 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 banks.
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.
World Remit also has a handy online security center which covers some common types of scam and fraud to look out for. 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, or using the online WorldRemit contact form.
Is your personal data safe on WorldRemit?
WorldRemit takes the security of customers’ personal data seriously.
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 IP address, 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 6 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. Usually this means you upload a photo of your passport, driving license or other government issued ID paperwork; and proof of address like a utility bill or bank statement in your name.
When you need to verify your account, WorldRemit will guide you through the processes and confirm the acceptable documents based on the situation.
Conclusion: Is WorldRemit safe to use?
WorldRemit is a very popular service for international payments from the US to 130+ countries. Services are available for personal customers, with a flexible selection of payout options to meet a range of customer needs.
It’s safe to use WorldRemit to send money for personal purposes. WorldRemit is a licensed and regulated company which is as safe as a bank for the services it offers.
WorldRemit safety FAQs
Is the WorldRemit app safe?
Yes. The WorldRemit app is safe to use, regularly updated and well liked by customers.
Is WorldRemit available in the USA?
Yes. You can send money in 70 currencies, to 130+ countries from the USA.
How long does WorldRemit hold your money?
Generally WorldRemit won’t need to hold your money when processing a payment. Your funds are passed to the recipient as soon as possible. Where there is a need to hold money, for example, when verification checks are being completed, WorldRemit will safeguard your funds so you know your money is secure.
Is WorldRemit money transfer safe?
WorldRemit is safe to use. In the US it’s registered with FinCEN, and holds state licenses covering the areas in which it trades.
How is WorldRemit regulated?
In the US WorldRemit is regulated at State and Federal levels; and it’s also overseen by global regulators which cover its international services.
Is WorldRemit good for international money transfers?
WorldRemit offers global transfers with a good variety of payout options which can be much more flexible than a bank. Compare the service available against the options your own bank can offer, to see which is best.
Is it safe to link a bank account to a WorldRemit account?
If you need to link a bank account to WorldRemit your data is stored safely, and according to legal data protection requirements.
How good is the WorldRemit service in the US?
WorldRemit offers a good service in the US. The range of WorldRemit products and services available to you may vary based on the country you’re sending money to, though..
Who owns WorldRemit?
WorldRemit was founded by Ismail Ahmed, and is now a part of the WorldRemit group alongside other companies like Chime Inc.