FAQs about storing money in the WorldRemit Wallet
The WorldRemit Wallet offers you a new way to securely send, receive or store money with WorldRemit. Here we answer a few questions you may have about storing money with the WorldRemit Wallet. If you’re interested in questions about sending, receiving or withdrawing money with the WorldRemit Wallet you can jump to those FAQs sections through their links, or head to our general Wallet FAQ page here.
What are the benefits of storing money in the WorldRemit Wallet?
The WorldRemit Wallet offers a number of great benefits for those who want to store money in the WorldRemit Wallet. They include:
- A multi-currency Wallet, where you can choose what currency you would like to store money in. It could be just one or several currencies.
- It costs nothing to store money in your WorldRemit Wallet.
- Being able to choose when and how you go on to use your funds. You can make use of our payout network, meaning funds can be sent to someone or withdrawn to yourself to a bank account, to a mobile money account or collected as a cash pickup, depending on the particular country’s payout network.
- A safe, secure and convenient account to hold money in, available as a smartphone app.
How do I store money in my WorldRemit Wallet?
Storing money is really easy with the WorldRemit Wallet. If you’ve received funds and have a registered Wallet that’s all it takes. Your money will be safe and secure in your account. If you need any help about receiving money into your account your can visit our Wallet How it Works section.
How do you keep my money safe in the WorldRemit Wallet?
WorldRemit is an expert at keeping customer’s money safe. We’re had years of experience in verifying those who use our services, plus processing funds on behalf of customers. We have a wide range of fraud detection controls and tools at our disposal to ensure that money remains belonging to those whose it is. We’re also authorised and regulated as a financial services company in over 50 countries, so you know your money is safe with us.
What currencies can I store money with in the WorldRemit Wallet?
Today customers can store money in the following currencies:
- United States Dollar
- Great British Pound
- Philippine Peso
- With many more to come
The particular currencies available in your region will vary. Go to those region’s pages listed in the General Wallet FAQ section to find out more.
If you want to send money to a Wallet through WorldRemit it doesn’t matter what currency you’re funding your payment with (you can always select which of the available Wallet currencies you want your recipient to receive).
How much money can I store in my WorldRemit Wallet?
Like many digital accounts, WorldRemit sets a cap on how much money can be held within each Wallet for security purposes. Balance limits vary by region so the amount you can hold depends on where you live.
Balance limits come in two forms: one can be set by WorldRemit on specific currency account(s) and another type can be set as a total balance for the Wallet, which is totalled between all the currency accounts held by a user.
As an example, Sandra may have a WorldRemit Wallet and hold three currency accounts: US Dollar, British Pound, and Philippine Peso. The Wallet Balance Limit may be $2000, meaning Sandra could approximately hold $1000, £400, and P2600 in each of her accounts and stay within the Wallet Balance Limit.
But, if there was a $500 currency account balance limit on the US currency account, Sandra wouldn’t be able to hold any more than that in her US Dollar currency account, but could still hold up to $2000 equivalent between all of her currency accounts.
So, in summary a Wallet will always have a Wallet Balance Limit; it may also contain specific Currency Account Balance Limits too.
The particular limits applied to your region will vary. Go to those region’s pages listed on the General Wallet FAQ page to find out more.
Can I get interest on the money I store in the WorldRemit Wallet?
As WorldRemit isn’t a bank we’re not permitted to offer interest to customers on the balances they hold with us. That said, we’re confident you’ll find the Wallet very useful and hope you’ll enjoy using it.