Is WorldRemit Safe? What to Check Before You Send
WorldRemit is a regulated money transfer company, and it describes several layers of protection for your data and your money. It is also not a bank, which affects what happens to your money if the company ever fails. Here is what WorldRemit itself says, followed by a checklist you can use on any transfer.
What WorldRemit says it does to protect you
These points come from WorldRemit's own articles on security and on verification (published in 2020, so treat them as how the company describes itself, and check its current pages).
- Regulation. WorldRemit says it is an Authorised Electronic Money Institution regulated by the UK's Financial Conduct Authority. Its homepage gives FCA registration number 900891 for WorldRemit Ltd.
- Encrypted connections. All connections through its website and app are secured and encrypted.
- Card security. Card payments use 3D Secure. Your card issuer may ask for a code, which WorldRemit says it cannot see.
- Fraud monitoring. It says it screens transactions for fraud and money laundering and has teams monitoring suspicious activity.
- Identity checks. It is required by law to verify its customers. The ID verification guide covers what is checked and how long it takes.
How your money is held
WorldRemit's "Keeping your money safe" page explains that your money is usually held for only a short time, because most transfers pay out quickly. When a transfer takes longer, WorldRemit says it keeps customers' money in a special account that only holds customer funds.
It also says plainly that WorldRemit is not registered as a bank, so the money does not get depositor FSCS protection like UK bank deposits. That means:
- it may take longer to get your money back if something goes wrong, and
- you may get back less than you gave if the account pays for administrators' fees.
This is worth knowing, and it is the reason to send what you need to send and not leave money sitting in any money transfer service.
What WorldRemit says it will never do
According to its security article, WorldRemit will never:
- create transactions on your behalf,
- ask for your debit or credit card details over the phone, or
- ask you to share your login details.
If an email claiming to be from WorldRemit looks suspicious, the article says not to reply and to contact staysafe@worldremit.com.
A checklist before you send
- Use the real website or app. Go to worldremit.com or the official store listings from WorldRemit's official links. Check the address before you type a password.
- Know the person you are paying. Money transfers are hard to undo once collected. Check the recipient's name and details twice, and be careful with anyone you have never met in person.
- Pay with a card or method you trust. Credit card issuers may charge a cash advance fee on transfers, so ask your bank.
- Do not share codes. Never give your password, your PIN or a verification code to anyone.
- Check the amount. The app shows the fee, the exchange rate and what your recipient gets before you pay. The fees guide shows what to look at.
- Keep records. Save your transfer reference. You can track a transfer in the app.
Is it legit and safe for you?
Safe use depends partly on the company and partly on you. The company side is regulation, security systems and safeguarding of customer money. Your side is using the official app, double-checking recipients and never giving out codes. If you want a separate look at the company's credentials and what customers say, read Is WorldRemit legit?.
If you decide to sign up, you can use the referral link and the code REFERNNF57P9SAA1L on the sign-up form. How to use WorldRemit walks through the first transfer.
FAQ
Is WorldRemit a bank?
No. WorldRemit says it is not registered as a bank and that customer money held in its safeguarding account does not get FSCS protection like UK bank deposits.
Who regulates WorldRemit?
WorldRemit says it is regulated by the UK Financial Conduct Authority as an Authorised Electronic Money Institution, and it follows requirements from other regulators where it operates.
Will WorldRemit ask for my card details by phone?
WorldRemit says it never asks for your debit or credit card details over the phone, and never asks for your login details.
What should I do if I get a suspicious email?
WorldRemit says not to reply and to contact staysafe@worldremit.com.
Is it safe to use a referral code from a website?
A code only gives you an offer on a transfer. Sign up on the official site or app, never share your password, and never pay anyone for a code. This site is independent and shares one referral code. See the affiliate disclosure.