How to choose the right digital money transfer service

If you have ever received money from a friend or relative living abroad or if you live and work in the diaspora and need to send money back home, it is likely that you are familiar with several digital money transfer services.

The pandemic has proved a significant growth catalyst for the digitisation of remittance services[1]. As such, many of the major international remittance players have posted significant increases in the use of digital solutions. As more online money transfer services go to market, it is important that consumers know how to choose a service that fits their needs.

Knowing the difference between a good online money transfer service and a great one is important regardless of whether you are sending money or receiving it.

As part of our coverage on the financial and technology sector, we are focusing on WorldRemit – a leading international online money transfer service that is headquartered in London and that has a strong and growing presence in Kenya, in addition to more than 130 countries globally.

How it works

So, with that background, how does WorldRemit work?

●       If you are sending money

The service allows you to easily and quickly send from 50 countries to recipients in 130 countries around the world via the WorldRemit website or on the app, which is available on Android and iOS. Countries that have large Kenyan diaspora populations are covered – the U.S., Canada, U.K., France, Germany and other European countries, as well as countries in Australia, Asia and the Americas. You can get the full list of countries HERE 

Registering for a WorldRemit account is simple and easy. Because your WorldRemit account is linked to your bank, card or online wallet, you can simply send money with just a few taps on your mobile device or laptop. Within minutes your transaction will be processed, with all fees clearly labeled upfront.

Unlike traditional money transfer services that require you to travel to the physical location and speak to an agent in-person in order to send money abroad, WorldRemit is 100% digital (cashless), enhancing convenience and security. The absence of physical agents also reduces WorldRemit’s cost of remittances, allowing it to pass on the cost savings to users through affordable fees.

●       If you are receiving money

For those receiving money, WorldRemit offers a wide range of options, including bank deposits, cash pick-up, mobile airtime top-up and mobile money. More options mean greater convenience. You can receive money in 130 countries, including Kenya. A full list of countries can be found HERE

For those who do not have time to visit a physical bank, you can opt to receive money on your M-PESA. Conversely, for those who want to collect their transaction in hard currency, you are able to at a safe location. You may even want to receive money – especially if it is small amounts – as airtime; this may prove useful for people like students or those that work online and need data bundles.

What we liked

+Safety first

●       There is also comfort in knowing that all connections to WorldRemit through the website and mobile app are secured and encrypted so that information exchanged between your browser and the site is not accessible to any third party.

●       In the online money transfer space, safety, security and privacy are highly important considerations when selecting a service.

+24/7 support

●       We also liked the fact that WorldRemit’s customer care team is responsive and available 24/7. Even with the best technology, you sometimes need human intervention at times of need – this is particularly true when you are expecting money or have sent money.

+Trusted reviews

●       Customer reviews are important in assessing what service to use. The app has an aggregate rating of 4.2 stars out of 5 on Google Play and has received more than 125,000 5-star reviews on TrustPilot and an overall TrustPilot rating of over 4 stars.

+Simple, fast and affordable

●       The speed, simplicity and affordability of sending money via WorldRemit are certainly worth mentioning. It is also convenient to receive money, given the options available to customers – cash pickup, airtime top up, mobile money and bank deposit.