Review of WorldRemit Money Transfers in New Zealand: Guide to Fees, Exchange Rates, and more

Sending money to bank accounts overseas has become easier with new companies providing quick and cheap transfers. WorldRemit is one provider of international money transfers from New Zealand. Keep reading to learn more about how WorldRemit works and compares to other online providers like Wise.

What is WorldRemit in NZ?

WorldRemit is an international money transfer service provider offers international money transfers in over 130 countries. New Zealand residents can use WorldRemit to send money to bank accounts worldwide.

To get started with WorldRemit, you can proceed with the free registration process to sign up for the WorldRemit account. With the convenience of WorldRemit's secure mobile app, users can send money online, track payments, and view their transfer history from anywhere.

WorldRemit is transparent about its fees, and users can benefit from competitive rates when sending or receiving money. However, there is a mark-up on the currency exchange ratecover to be aware of - more on that later in the article.

Is WorldRemit safe?

WorldRemit is a trusted international money transfer service provider. In New Zealand, WorldRemit is authorized and regulated by the Registrar of Financial Service Providers (Registration No: FSP422206).¹ The money transfer process with WorldRemit includes a secure login procedure.

WorldRemit International Transfers in NZ

New Zealand residents can use WorldRemit to send money in multiple foreign currencies to loved ones, employees or businesses in over 170 countries. At the same time, you can receive money sent from abroad into local New Zealand accounts. While sending money requires them to have a secure account with WorldRemit, there are no requirements for receiving money through WorldRemit from others abroad.

Let’s discuss how to send and receive money through WorldRemit.

How to send money abroad with WorldRemit from NZ

New Zealand residents must have a secure account with WorldRemit to transfer money internationally. Here are the steps:²

Signing up for a WorldRemit Account:

1. Access the official signup page of WorldRemit to create your account.
2. Provide information on where you intend to send money.
3. Enter your email address and password.
4. Submit the form to create your account.
5. You will receive a verification email. Please complete the verification process by providing your identification and supporting documents.
6. Once approved, you can login and use the WorldRemit international money transfer facility.

Sending Money Using WorldRemit:

1. Log in to your WorldRemit account.
2. Select the recipient’s country.
3. Enter the amount you want to send.
4. WorldRemit shows its fees and exchange rates upfront.
5. Enter the recipient’s details and choose the mode of delivery (see below for context).
6. Continue with the payment. Select your payment option from cards (debit/credit), bank transfer, or any other mode available.
7. WorldRemit takes you to the payment page where you complete the transfer.
8. The fund settlement usually happens immediately. However, the standard settlement time is one to two days, depending on the recipient’s country.

The delivery modes depend on the country from where you are sending money. Each country has specific delivery modes. The different modes available on WorldRemit are:

1. Bank Transfer
2. Cash Pickup
3. Mobile Money
4. Airtime Top Up
5. Home Delivery

For example, New Zealand offers debit or card, bank account transfer, and POLi for transferring money from New Zealand. Similarly, other countries have different modes, such as Interac, iDEAL, Klarna (Sofort), Apple Pay, Trustly, and Mobile Money (electronic wallet service). You’ll have to choose the mode that applies to the recipient’s country.³

WorldRemit Transfer Limits

New Zealand residents have the following transfer limits on WorldRemit depending on their transfer mode.⁴

Please note that transfer limits may vary from country to country and depend on the regulations and restrictions in the recipient’s country.

How to receive money with WorldRemit in NZ

You don’t need a WorldRemit account to receive money in New Zealand. The sender is responsible for opening their account with WorldRemit before sending the money. The received funds are deposited in your NZD account locally or per your chosen delivery method.

The different types of delivery modes are as follows:

1. Bank Transfer
2. Cash Pickup
3. Mobile Money
4. Airtime Top Up
5. Home Delivery

Remember that New Zealand residents can receive money in New Zealand dollars alone. The sender must also enter your mobile number and email address so you can be notified of the transfer progress.

Here is a quick table for delivery times per the method chosen:

New Zealand does not have any specific transfer limits for receiving money.

WorldRemit Fees in NZ

WorldRemit has a transfer fee when sending money. The fees for transferring money abroad vary from country to country and depend on the currency, remittance amount, and transfer mode. For example, transfers to India and the US cost 1.99 NZD per transaction, while they cost 3.99 NZD for Canada.

New Zealand residents can get the fees and exchange rate details on the WorldRemit calculator, which is available when entering the remittance details.⁵

But another fee to keep in mind is the one hidden in your WorldRemit exchange rate.

WorldRemit Exchange Rates

You'll find in their calculator that the exchange rates provided by WorldRemit is different from the mid-market rates you usually see on Google. So this means that for every dollar you convert, there's an additional hidden cost. This markups can seem small, but it can quickly add-up based on how much you’re able to send.

To help avoid these exchange markups, we invite you to check out Wise. Wise offers currency conversions at the mid-market rates without any markups and transfer fee shown separately.⁶

Sending money internationally? Wise could help you save.

Wise uses smart tech to make international money transfers cheap, fast and truly worldwide. You get the mid-market exchange rate and just one low fee on every transfer. Wise also covers more of the globe, with international transfers available to 160+ countries.

You can transfer money directly to local bank accounts right from Wise’s award-winning app or website. Plus, you’ll see exactly how much your transfer will cost before you send it, making it easier to compare providers.

Over 10 million people have used Wise to send money worldwide. Join today and see how much you can save on your next transfer.

Get Started with Wise 👉