How to sign Up and Send money to Nigeria using worldRemit; Charges; All you need to know

WorldRemit offers an international online mobile money transfer service that touches almost everywhere in the world. WorldRemit, established in 2009 by co-founders C. Wines and R. Igoe is an efficient way to send money across countries, boundaries, and continents. 

For Nigerians in diaspora who wish to send money to family and friends back home in Nigeria, this is your best bet. Their services are convenient, fast, safe, and fees are extremely low.

This article will focus on how WorldRemit works, how to sign up and use WorldRemit, how to send money using WorldRemit, how to receive money sent through WOrldRemit, and many more.

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How does WorldRemit work?

WorldRemit partners with the local commercial banks in every country where they have a presence. This enables them to conclude quickly on settlement of funds and credit their beneficiaries even before the funds sent land in their own coffers. Once the sender concludes the leg of the transaction, the beneficiary is usually able to receive the cash in USD/hits the beneficiary account within MINUTES. On top of this great service, the fees are relatively cheap. That is impressive.

WorldRemit can be used to send funds, buy airtime, and pay for goods and services online.

WorldRemit is simple, low-cost, fast, and safe.

How to Register/Sign Up on WorldRemit

This is very easy. You can create an account/sign up by using the web only. WorldRemit has no mobile app.

1. Visit the WorldRemit Website
2. Click Sign Up at the top right corner of the screen
3. Enter your location
4. Enter your preferred login details
5. You’re in and set!

You would have to enrich your profile with other info, add your debit/credit card, and other things later though. From this stage, you can initiate your first transaction without issues.

How to Send Money to Nigeria Using WorldRemit

I know this is where you have been looking forward to. One thing to note here is that your beneficiary DOES NOT need to have a WorldRemit account. Here is a guideline on how to transfer money to your beneficiary using WorldRemit:

1. Go to WorldRemit Website
2. Choose the country you’re sending from
3. Select the service that you prefer to use from the displayed.
4. The total fees, exchange rates, and delivery methods are usually written immediately after you enter the amount you’re transferring.
5. Choose your preferred delivery method

The delivery methods greatly impact how much you pay for the transfer, and how your beneficiary gets the funds. Here are the various delivery methods below, and how they increase or decrease your beneficiary’s waiting time

How to Send WorldRemit to Nigeria through Cash Pick-Up

Your beneficiary will have to go to a WorldRemit cash collection centre (usually still a bank) to present a reference number and claim the fund. View a list of supported countries.

Here is the step-by-step procedure to send money through cash pick-up:

1. Enter amount
2. Choose Cash pick-up
3. Click continue
4. Add the beneficiary’s full name (as it appears on BVN)
5. Email address
6. Purpose for sending
7. Continue.
8. A Reference Code will be generated

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Afterwards, you can instruct your beneficiary to go to their preferred bank with their reference code and identification to go claim the funds.

How to Send WorldRemit to Nigeria through Direct Bank Transfer

This is the direct bank deposit option. You enter the amount to be sent, the bank of the beneficiary, and the beneficiary NUBAN US Dollars bank account. Other details you may need from the beneficiary are the email address, phone number, full correct name, and so on.

The money is credited minutes after the sender concludes the transactions.

How To Receive Money From WorldRemit

In December 2020, the Central Bank of Nigeria introduced the new set of regulations that bans International Money Transfer Operators (IMTOs) from paying our remittances in Naira. 

Direct bank deposit

Due to this, beneficiaries now must have USD accounts to receive funds from abroad directly into their domiciliary accounts. You can learn how to open a domiciliary account here. There is no exchange shortfall or overage – you send dollars, you receive dollars.

Cash Pick-Up

Also, if you’re receiving Cash pick-up, you need to go to any of the partner banks below to claim your funds. The process of claiming funds sent through WorldRemit is usually concluded within minutes.

You can proceed to any of the banks above with the following: 

• ID Card
• Transaction reference number
• Account number
• BVN

Which Banks does WorldRemit Partner With in Nigeria?

WorldRemit partner banks are:

• FCMB
• First Bank
• Access Bank
• Fidelity Bank
• GT Bank
• UBA
• Union Bank

How Long Does It Take to Receive Money Sent through WorldRemit?

• Cash Pick-Up: 3 Minutes
• Direct Bank Transfer: Same day

You can also track the transfer using the Reference number as tracking number.

What are WorldRemit Fees?

WorldRemit’s transfer fees to Nigeria and the rest of the world are not fixed. However, they can be as little as $3.99 or as much as 24.99. The fees are largely dependent on the following: 

• Sender’s currency
• Receiver’s currency
• Amount to be sent
• Sender’s country
• Beneficiary’s country
• Delivery options

How Can I Contact WorldRemit?

WorldRemit contact numbers are: Canada: +1 888 772 7771 · Canada (French): +1 888 961 4869 · USA: +1 888 772 7771.