Personal Features

WorldRemit

67

67

WorldRemit offers

WorldRemit is tailored for individuals with account services that include:

  • Foreign bank transfers
  • Cash pick-up
  • Foreign bill payments (ie electricity, credit cards and television services)
  • Pre-paid mobile credit top-ups
  • Recurring / regular transfers are also supported

Note: bill payments and cash pick-up services are not available in all countries.

WorldRemit has two unique features. These are:

  • Mobile money - Shop in-store, online and withdraw cash at authorised agents
  • WorldRemit Wallet - Money can be received through their vast global network into a multi-currency wallet

 

WorldRemit does not offer

  • Travel debit cards
  • Access to a personal account manager (helpful when transferring large sums of money)

Wave

50

50

Send money to anyone for only 1%.

Pay your bills for Woyofal, Senelec & more for free.

Buy airtime on Orange, Free and Expresso instantly.

The services of Wave can only be used through its Android or iOS app for mobile devices.


WorldRemit wins!

WorldRemit scores better in the Personal Features category.

WorldRemit
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Winner

Business Benefits

WorldRemit

0

0

WorldRemit does not provide a business service, although WorldRemit could be used for business transfers. The Mobile Wallet could be used for business, however it may not be suited for this purpose.


Wave

0

0

Wave does not support business services.


It’s a draw!

Both equally compare in the Business Benefits category.

It's a draw!
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Draw

Fees & Exchange Rates

WorldRemit

46

46

WorldRemit Fees

Most of the WorldRemit fees are within the exchange rate offered. The exchange rate offered can and does change depending on payment type, receiving option and the amount being transferred.

  • Bank deposit - 0.5% - 2% depending on the destination country and amount
  • Bill payment fee - 1% - 4%
  • Cash pick up fee - 1% - 4%
  • Mobile airtime top up - 1% - 4%
  • Additional fee - $1 - $5 per transfer

New customers signing up via iCompareFX receive 3 transfers fees for free using the code 3FREE


Wave

33

33

Exchange Rates

Wave adds a slight markup to existing market rates.

It notifies you of the confirmed exchange rate in advance.
 

Fees

Transfers through Wave attract no fees.

The cost of your transfer depends solely on the exchange rate.


WorldRemit wins!

WorldRemit scores better in the Fees and Exchange Rates category.

WorldRemit
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Winner

Ease of Use

WorldRemit

86

86

Registration - Simple and easy through their website or mobile app.

ID verification -  If requested, it is a simple process that can be actioned through their mobile app or via email. Simply upload the requested documentation as photos from your phone. 

Transfer speed -  Speed ranges from instantaneous to up to 2 days. This depends on the country you are sending money to, and if it is a bank transfer or sending cash. 

Payment options - Uploading your funds to WordRemit is also a simple process. With in-country solutions such as Australia’s POLi or via debit card, you can instantly transfer your funds to WorldRemit. This speeds up the entire process of sending money overseas.

Mobile app - There is a WorldRemit mobile app to help manage your transfers end to end.


Wave

67

67

You need to use the Wave app to initiate a transfer.

You can transfer a maximum of $999/£750 per day and $2,999/£2,500 per month without providing a government-issued photo ID.

You can only pay using a debit card.

The company provides round-the-clock local phone support in the U.S., the UK and Canada.


WorldRemit wins!

WorldRemit scores better in the Ease of Use category.

WorldRemit
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Winner

Support & Countries

WorldRemit

88

88

WorldRemit supported countries

WorldRemit has an impressive list of supported countries. 

  • Mobile Money - 23 countries
  • Cash pick up - 80 countries
  • Bank transfer - 150 countries
  • Bill payment -  Selected countries
  • Phone support - Multiple languages
  • Multilingual website
  • Local settlement accounts in dozens of countries.

Customer support

There are reports on TrustPilot and through its mobile app reviews of poor wait times to talk to a customer service representative.


Wave

44

44

Supported Countries

Where you and the recipient live may have a role to play in whether you can use the services of Wave.

Wave lets you send money using debit cards issued by banks in the U.S., the UK and Canada.

It lets you send money to mobile money wallets in Ghana, Kenya, Uganda and Tanzania.

You may use its services to transfer money to bank accounts in Nigeria.
 

Customer Service

On the Google Play store, Wave gets an average score of 4.2 out of 5. 


WorldRemit wins!

WorldRemit scores better in the Support and Countries category.

WorldRemit
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Winner

Trust & Transparency

WorldRemit

56

56

  • WorldRemit is regulated by multiple financial regulators globally including the FCA in the UK. 
  • Their company structure is sound and customers funds are segregated from their company accounts thereby reducing the risk for their customer.
  • The WorldRemit fee structure for money transfers includes a hidden fee within the offered exchange rate which reduces transparency. This is unfortunately common amongst most international money transfer companies.
  • High TrustPilot rating. However, there are an increasing number of poor reviews. This will be monitored by iCompareFX. 

Wave

31

31

Wave relies on high encryption levels to keep online transmission of data secure.

Wave has the required licensees to provide its services in all its countries of operation.

It does not store customer funds in its bank accounts, and transfers the money to the mobile wallets of intended recipients immediately.


WorldRemit wins!

WorldRemit scores better in the Trust and Transparency category.

WorldRemit
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Winner

The Result

Winner ribbon iconWinner

 WorldRemit

With neither provider offering business services, this makes this head to head comparison very like for like.  WorldRemit takes the lead in all categories over Wave.  The standout wins are across the Ease of Use and Support and Countries sections suggesting WorldRemit offers better service offerings, customer support and country options.