Discover everything you need to know about Ria money transfer in Canada. Learn about fees, exchange rates, and how to send money securely and conveniently.
WorldRemit provides international payment services to over 140 different countries, including bank transfers, mobile money, and cash for collection or delivery. The exact services available depend on where you’re sending money to — and the fees will also vary according to the exact transfer you want to make.
This WorldRemit review covers all you need to know, from the fees and foreign exchange rates used, to the options available and how to model a payment. We’ll also cover an alternative service as a comparison — low cost international payments from Wise.
Wise customers can send and receive money all over the world, using the mid-market exchange rate with no markup or hidden fees. It’s a simple, safe and convenient service, which can work out cheaper than using a regular bank or payment provider. All the details you need, coming right up.
WorldRemit offers a number of different ways to send money to friends and family overseas. You can send money direct to a bank account, or choose an alternative such as having your recipient collect local cash at a Worldremit location near them.
The services available to you will depend on the country you’re sending money to, so you’ll need to visit the WorldRemit website and model the payment to see which routes are provided for that destination country.
Here’s the full list of international payment services WorldRemit provides: ¹
You can send money online through WorldRemit, to your recipient’s bank account overseas. This is a convenient way to arrange a cross border payment, and is offered in many different countries. The fees you will pay depend on the country you’re sending money to — there’s more on the costs you need to know about a little later.
If your recipient doesn’t have a bank account, or needs to get local cash immediately, you can arrange to have them pick up their money at a WorldRemit location near to them. The cash will be available as soon as your payment has cleared — which can mean it’s almost instant. This service is not available in all countries.
In some countries, recipients can get their payment via mobile money. This is an electronic wallet connected to their mobile phone number. You can make a transfer to the mobile money account, and your recipient will then be able to use the money to pay bills, top up their phone, or make a withdrawal via an agent.
As an alternative to sending money, you can also directly top up the airtime of your recipient’s mobile phone. This service is not available in all locations, so you’ll need to check the WorldRemit website for details of your destination country.
If you’re sending money to someone based in Vietnam you can arrange to have the payment delivered by a courier, to your recipient’s home. This can take a few days depending on the location, and your recipient will have to show the correct government issued ID to take delivery of the cash. At present this service is available only in Vietnam.
This guide will focus on the bank transfer service offered by WorldRemit. If you’re thinking of sending money overseas using a direct bank transfer, you’ll want to do some research into the many different options available to you, to make sure you’re getting the best deal for your needs.
One alternative to WorldRemit is to choose a currency specialist like Wise, for low cost payments to customers all over the world. It’s good to know that choosing a service like Wise can work out to be much cheaper than making an overseas transfer with your regular bank. Payments are fast and safe, with bank level security - but because Wise use a smart new approach to cross border payments, the costs are lower. You’ll be able to make transfers using the mid-market exchange rate with no markup added, and pay just a low transparent fee.
You can also get yourself a Wise borderless account, which makes it even easier to send and receive payments all over the world. Hold your money in over 40 different currencies, and get local bank details to receive payments for free in major currencies.
Before you make a payment with WorldRemit you’ll be shown all of the fees you need to pay, and the exchange rate which will be used for the transaction. You can compare these costs with other providers before you confirm the payment, to make sure you’re getting the best service and price available.
There are several different fees you need to think about — here are some of the key points to consider when making your decision:
|Fee type||WorldRemit charge ⁷ ⁸ ⁹ ¹⁰|
|Transfer fee||The transfer fee depends on what currency you’re sending, the payment route you choose, and how much you want to transfer. You’ll model the payment before you confirm it, which allows you to see the exact transfer fee applied. As an example, transferring CAD1,000 to a bank account in the Philippines (BDO PHP account) or to India will cost CAD6.99, while the same payment to France will be CAD3.99. Extra services — such as having your payment delivered to your recipient’s home — may cost more.|
|Exchange rate markup||Many banks and international payment services add a markup or margin to the mid-market exchange rate when they calculate their own currency conversion rate. This can mean your payment costs more than you expect it to. More on that in a moment.|
|Intermediary or card fees||Depending on how your payment is routed, you may also have to pay costs related to the SWIFT network. This is a network of banks which is commonly used in international payments. Several banks may be involved in processing your transfer, and they can each charge a fee if they choose to. Your card issuer may also charge a fee if they treat your payment as a cash advance — it’s a good idea to check your card’s terms and conditions before you confirm the transaction.|
WorldRemit is a global company, and supports payments to over 140 different countries.¹ However, the services available depend on where you’re sending from, and the payment route you want to use. To find out if your destination country is available you’ll need to go to the WorldRemit website and model the payment. You’ll then be able to see exactly what services are available, as well as the limits and fees you need to know about for your particular transaction.
To learn more about the currencies and countries which are covered by a Wise borderless account you can visit the borderless account web pages. You’ll find that you can hold your money in over 40 currencies in a borderless account — and make payments in over 50, saving you time and money compared to using a regular bank.
The exchange rate used for any international payment can make a big difference to the overall cost.
If you look for the exchange rate for your currency pairing on Google, or using an online currency converter, the chances are that you’ll find the mid-market rate. However, this is not necessarily the rate which the bank or international payment provider will apply to your cross border transfer. Instead, it’s common for payment services to add a markup or margin to the exchange rate they use, and keep the difference as profit.
Here’s what WorldRemit say about their exchange rates: ⁷
“When you pay a Transaction Amount in one currency and the Payout Amount is in another currency, there will be a difference between the exchange rate at which we buy foreign currency and the exchange rate provided to you. WorldRemit and its Service Providers usually make a small profit in these circumstances. We guarantee you the Payout Amount in local currency. The margin taken on foreign currency exchange covers our risk in guaranteeing this.”
Check the exchange rate you’re offered by WorldRemit or any other international payment service carefully. It’s a smart idea to compare it to other services such as Wise, to see which best meets your needs. Wise process all international payments using the mid-market exchange rate with no markup, and charge a fee for the service. This makes it simple to see the true costs of your payment, and can work out cheaper than using a bank or other payment service.
WorldRemit apply limits to the amount you transfer, based on the method of payment you choose. Here’s what you need to know:
|Credit or debit card, Apple Pay or Google Pay||Maximum in 24 hours: CAD40,000Maximum send per transaction:CAD4,000|
|Interac||Maximum in 24 hours: CAD40,000Maximum send per transaction: CAD40,000|
It helps to know that there may also be some limits applied by the country you’re sending money to. This may mean, for example, that you have to provide extra information or verification to send larger amounts. This detail is shown when you model the specific payment you want to make online.
If you’re making a bank transfer with WorldRemit the amount of time taken will depend on the banks involved, the country and currency being sent. Some bank transfers will be made on the same day, but others can take a few business days to be processed.
Payments for cash collection, mobile money and airtime top ups are typically instant or almost instant. Home delivery can take from 24 hours to 7 days. ¹
If you need to talk to a member of the WorldRemit team, you have the following options: ¹²
- Call the service team from within Canada: +1 888 772 7771, or use +1 888 961 4869 for a French speaking service
- Email using the form provided online on the WorldRemit website
- Write to: WorldRemit Inc., 1000 rue de la Gauchetiere Ouest, Suite 2400, 24th floor, Montreal, QC H3B 4W5
- There’s also a helpful FAQ section online which covers common questions and issues
Before you choose a provider for your international payment or remittance, it pays to do some research. There are plenty of options out there, so you’ll find one which suits your needs as long as you do a bit of homework, looking at the services available, as well as the fees and exchange rates offered. Don’t forget to compare a good range of providers, including regular banks, and newer alternatives like Wise, to find the one which works best for you.
- https://www.worldremit.com/en/faq/getting-started# 5 July 2019
- https://www.worldremit.com/en/faq/cash-pickup 5 July 2019
- https://www.worldremit.com/en/faq/bank-transfers 5 July 2019
- https://www.worldremit.com/en/faq/mobile-money 5 July 2019
- https://www.worldremit.com/en/faq/airtime-top-up 5 July 2019
- https://www.worldremit.com/en/faq/door-to-door 5 July 2019
- https://www.worldremit.com/en/about-us/terms-and-conditions 5 July 2019
- https://www.worldremit.com/en/Philippines 5 July 2019
- https://www.worldremit.com/en/France 5 July 2019
- https://www.worldremit.com/en/India 5 July 2019
- https://www.worldremit.com/en/faq/send-from/americas/canada 5 July 2019
- https://www.worldremit.com/en/contact-us 5 July 2019
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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