Today’s world moves fast, and the demand for sending money abroad is increasing.
With expensive bank fees, people are looking for cheaper alternatives. They want more than a low price; they want a fast transfer.
In 2019, hundreds of millions of people are living abroad. Most of them have close ties to their home countries – sentimental and financial.
In our article, we focus on the fastest ways to send money abroad and what can you do to speed up the process.
Avoid the slow players in the game
Banks are fundamental for national economies, but they certainly aren’t the fastest or most affordable way to transfer money abroad.
In terms of international transfers, banks have limited payment and delivery methods. A bank-to-bank transfer usually takes several working days, making it one of the least favourable services to use for your transfer abroad.
There are many online remittance companies for you to choose from. Some of them consistently deliver excellent service. And others have less advanced systems to back them up. If you need to send money quickly, choose a well-established company - like WorldRemit.
Last year, over 4 million people used WorldRemit to send money abroad. We’ve also got more than 125 thousand 5-star reviews across multiple platforms. With us, your money is in safe hands.
Read more about WorldRemit’s security here.
High street agents
For over a hundred years, people have been using high street agents to transfer money abroad. This allowed offline agents to charge high fees and offer low exchange rates.
Even nowadays, transfers via high street agents are the least convenient way of sending money abroad. Why? It requires you to physically visit the branch, queue up, and wait for an available agent to process the payment for you.
Ismail Ahmed, a Somaliland migrant living in the UK, knew the struggle well. Frustrated by this time-consuming way of sending money to his loved ones, he thought to himself, “There must be a better way!”.
Choose the best money transfer service for you
Does the service fit your needs?
Most money transfer companies offer more than one service – each one of them takes a different time to be received abroad. The most common services include cash pick up, bank deposits, or mobile money transfers.
WorldRemit takes pride in having more pay-out options than any of our competitors. Here is a list of our services and the approximate settlement time.
- Cash pick up - Available for collection instantly.
- Mobile money - Mostly instant. Rarely, some providers can take up to 1 working day.
- Bank deposit - Instant transfers are available to selected banks. Other timings can vary depending on the bank, day of the week, or transaction creation time.
- Airtime to up - Instant, or near-instant.
- The WorldRemit Wallet - Instant. Your recipient can choose when to retrieve the money.
Cheap vs. fast – can you have it both?
Exchange rates change all the time, so if the time is pressing, you might miss out on the best deal. But you can be assured that WorldRemit always offers fair rates – one of the best ones on the market.
How fast is WorldRemit?
WorldRemit is making life easier for you and your loved ones by being one of the fastest money transfer companies.
- Over 85% of our mobile money transactions are paid within 10 minutes or less.
- Over 50% of our bank transfers are paid within 10 minutes. This number is even higher in Nigeria and India – 90% of transfers are credited within minutes.
- Cash pick up transactions are available for collection instantly, and more than 70% of them are collected within one day.
- Transactions to the WorldRemit wallet are available for withdrawal immediately.
Our customers frequently praise us for the speed of our service. Take a look for yourself.