WorldRemit Singapore: Fees, exchange rates and transfer speed

WorldRemit is a global international payment provider. With WorldRemit you can send money online, using the app, and in person, to a broad range of countries all over the world. ¹

If you need to send money to someone based overseas, you’ll want to know you’re getting a good deal. There are many different payment services out there, including your regular bank, money transfer stores, and modern online alternatives. Fees and exchange rates offered vary between providers - making it important to do some research before choosing the right one for your needs.

This guide helps you compare the costs of using WorldRemit, against an alternative - Wise. We’ll also look at how you can open a WorldRemit account, and the ways you can get started with WorldRemit international payments.

Learn more about Wise here 📖

WorldRemit Singapore fees

To get started, let’s look at a couple of worked examples. Imagine you want to send a payment from Singapore, to Malaysia². The payment will be funded using a bank transfer, and needs to arrive in your recipient’s MYR account.

To help show how the fees and exchange rates on offer from WorldRemit measure up, we’ll look at them alongside a competitor - Wise.

Payment example - sending a total of SGD200 to Malaysia:

Payment example - sending a total of SGD1,000 to Malaysia:

• Fees and exchange rates correct at time of research 19th February 2021

As you can see, in this example your recipient will get more when you choose Wise. The payment may also arrive more quickly using Wise compared to WorldRemit - allowing you to send a gift, settle an invoice, or pay money to friends and family fast.

WorldRemit transfer fees and exchange rate

When you send a payment with WorldRemit you’ll pay a transfer fee and also an extra cost in the form of an exchange rate markup. The transfer fee is clearly indicated when you arrange your payment online - and can be attractively low. You’ll also be told the transfer fee in the WorldRemit office, if you choose to arrange your payment in person. It’s worth noting that the fee is added to the transfer amount, so you’ll need to check the overall cost of your payment before you proceed.

The exchange rate available to you is also made clear when you model your payment. However, it may come as a surprise that there’s an extra fee within the rate used. Here’s what the WorldRemit terms and conditions say about the exchange rates on offer: ³

“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.”

This is not at all uncommon among international payment services. It means that you need to review both the transfer fee and the exchange rate available for your payment before you choose a provider, if you want to make sure you’re getting the best deal.

Some providers, like Wise, choose to use the mid-market exchange rate without a markup, and charge a low, transparent fee. This makes it easier to see what you’re paying for your transfer, and can also mean you save money.

Minimum and maximum transfers

There are limits to the amount you can send overseas with WorldRemit. These limits depend on where you’re sending money to, and also the way you choose to fund the payment.

The limits imposed for payments originating in Singapore dollars mean you’ll not be able to send more than SGD10,000 in any 24 hour period. However, there may be further limits based on where you’re sending to, which could reduce the amount you can send further. When you model the payment online, you’ll be able to see the specific limits for your transfer. ⁴ ⁵

Using WorldRemit Singapore

You can send a payment in person or online through WorldRemit Singapore. If you want to have a face to face service, you can visit the World Remit office at:

**Lucky Plaza, 304 Orchard Road, 238863 - Level 03, Unit: #03-55 **

Or, you can open an account online or using the WorldRemit app. Here’s what you need to know about getting started with WorldRemit.

Getting verified with WorldRemit

Before you can send any money with WorldRemit you will need to verify your account. This can be done in person, or by submitting documents online and awaiting a phone call for verification. You’ll need to provide:

• Government issued ID - NRIC, Employment Pass or a Singaporean passport
• Proof of address - a utility bill in your name, which is under 6 months old, or a letter from your employer for example
• If you’re applying online you’ll need to provide a live photo ‘selfie’, and wait for a call to verify your ID

Until your identity has been confirmed you will not be able to use your WorldRemit account.

How to fund your payment

From Singapore you can fund your payment through WorldRemit by bank transfer or using a credit or debit card. Don’t forget that your own bank or card issuer might charge you fees when you transfer a payment to WorldRemit. In particular, WorldRemit highlight the risk that you’ll be charged cash advance fees by your credit card issuer, or unauthorized overdraft charges if there are insufficient funds in your account to cover the costs of your bank transfer.³

WorldRemit transfer speed

WorldRemit will inform you of the likely transfer time when you model your payment online or when you visit the WorldRemit office.

How your payment can be received

Depending on where you’re sending money to, you’ll have a range of options for getting your payment to your recipient safely.

You can arrange to have the payment sent directly to their bank account, for example, or in some cases they’ll be able to collect the money in cash at a local WorldRemit agent.

Some regions allow payments to be received using mobile money, airtime top-up or even cash home delivery. You’ll see the options available to you when you model your payment online.

WorldRemit service area

WorldRemit is a global company, offering international payments to over 130 countries in a wide range of currencies. You can check if your destination country is covered online. We’ve also highlighted some key markets by region, below:

Asia

Bangladesh, China, Hong Kong, China, India, Indonesia, Malaysia, Pakistan, Philippines, Russia, South Korea, Sri Lanka, Thailand, Vietnam

Europe

Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Netherlands, Norway, Poland, Portugal, Spain, Sweden, United Kingdom

Oceania

Australia, New Zealand

The Americas

Argentina, Brazil, Canada, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Haiti, Honduras, Jamaica, Mexico, Peru, Puerto Rico, Uruguay, USA

WorldRemit serves these destinations and more, including countries in Africa and the Middle East. Services available vary according to the destination country - get the full details on the WorldRemit website.⁴

FInding a provider to send an international payment shouldn’t be hard work. But getting the very best deal available for your transfer might require a little research. Don’t forget to look carefully at both the transfer fees and exchange rates available from different providers, and check out a range of services including Wise, to save on costs.