World Remit Refund – According to a recent report by the “Central Bank of Nigeria (CBN)” the average annual remittance inflow from diaspora to Nigeria is estimated to about $2 billion USD, which suggests that Nigeria can leverage on these funds to further ease compounding pressure on the naira.
On the heels of this, the Central Bank of Nigeria finds it pertinent in December 2020 to mandate banks and money transfer operators to commence the payment of these remittances in USD.
Why CBN did finds revert trend necessary?
- This is to make for transparency in the money transfer administration control, which apparently affords receivers an opportunity to debate and find favorable exchange rate.
This is evidently against the backdrop of time where the banks determine the exchange rate to their own advantage.
- This trend will as well ensure equitable distribution of dollars in the market which should further see its price take a nosedive.
You are aware that Nigeria performs little or no export to attract the inflow of USD for settlement of goods and services, which ultimately would have aid the economy enough USD in circulation.
The science of dollar scarcity and its pressure against the naira is an easy one to understand, you may choose to approach it with the conventional law of demand and supply, thus;
“The higher the supply, the lower the price, and the lower the supply, the higher the price.”
The above conventional law gives a perfect interpretation to the problem of dollar scarcity in Nigeria that even an illiterate should be able to come to terms with it.
Away from that now, if as a Nigerian or African, you wish to put an end to herculean challenge that comes with receiving money from loved ones abroad by using “World Remit Transfer.”
Probably a Nigerian in diaspora facing challenges sending money back home to loved ones, at some point you may find it difficult to cancel a transfer, then get a refund on World remit, this guide will put an end to all your stress and puzzles.
I wish you could discuss this World Remit Transfer elaborately, think I heard you ask this question deeply in your mind?
About world Remit
World Remit is an online money transfer plat-form, which provides international money transfer solutions to users across the world.
Interestingly, it was founded by the trio of Ismail Ahmed, Catherine Wines and Richard Igoe in 2010, headquartered in United Kingdom.
In its network coverage, World Remit serves over 150 countries, Nigeria inclusive, with a simple and secure funds delivery at all times.
The next question you may want to ask is;
How do I send money via the “World Remit?”
This literally isn’t a herculean task, sending a transfer on the world remit platform is as easy as lacing up your shoes strings.
The below steps apply;
As a sender who resides abroad, you will have to first and fore most either get the world remit app or visit its website.
On arrival at the world remit platform, kindly follow the recommended process and sign up accordingly.
Having signed up, it’s pertinent to link your credit/debit card, since it forms the channel to which your transfer will be paid for.
At this point, you are good to consummate a transfer back home.
Justbefore then, it’s expected that you already have the receiver’s details which would be required on the world remit platform to complete your transfer.
Usually the receiver’s complete name, phone number, country, email address where applicable.
Sending money properly
- Click on the “Send money”
- Input the receiver’s details (complete name, phone number, email, country etc) in the column provided
- Input the sent amount
- Select the destination country from the list of countries as seen on the platform.
- Having completed the process, click on “send”
- You will receive an SMS as well the receiver, this SMS notifies you about the transfer success as well details of the transfer which include; amount sent, sender’s name and eight digits reference number.
Note: The above process involves sending either through your app or the website.
You may as well choose to visit an agent location, you are expected to provide the transfer details, both that of the receiverand yours.
On completion of the transfer, you both should as well receive a notification SMS, which should aid your cash pick-up.
Let’s quickly take a shot at how the receiver could go ahead and claim the money.
How would a loved one receive the transfer?
As a beneficiary, receiving a transfer should come with its enormous excitement.
To do this, kindly;
- Visit any Nigerian bank that pays world remit transfers usually (Polaris bank, First bank, UBA)
- Endeavor to visit with a valid and verifiable ID card usually (National ID, driver’s license, voter’s card or international passport)
- Enquire to make a cash pick-up via the world remit platform
- You are required to complete a world remit transfer form with afore received details from world remit early via SMS.
- The transaction will be processed and the cash hand over to you in dollars.
At this point, its’s a win, win situation. Congratulations on receiving your first transfer.
That said, there are times a sender may have a need to cancel his/her transfer then request for a world remit refund.
Cancelling your transfer should not come with mountain of tasks, so long such transfers have not been received or paid out to the receiver.
Suffix it even to say that once a transfer has been claimed, world remit refund may not be possible.
How then should I request a world remit refund having cancelled my transfer?
It is paramount to say that “To request a refund” you should first of all get the transfer cancelled.
- You will need to log into your account via the website or the app
- Go to your “Transfer activity” section
- Choose a transfer you’d wish to cancel
- Click on “Request cancellation” and have your transaction properly cancelled.
Note: cancellation can only take place if such transfer has not been paid out, order wise world remit will turn down such request by notifying you of the transaction status as picked.
How do I get a World Remit Refund afterwards?
Once a transfer has been cancelled, world remit will process your refund in similar fashion.
However, kindly note that it will take about 7 working days for such refunds to be credited back to you.
It may exceed depending on your credit card service provider.
A number of Nigerians cannot use either Money Gram or Western Union platforms to receive funds at this time.
There has been strict measures on Nigerian bound transfers, to this end, world remit has become an immediate substitute.
Sending and receiving money is safe, easy and very fast, world remit refund beats what has been experienced with the aforementioned competitors when it comes to customer/user experience.
Are there questions you’d wish to ask on this topic? Let’s continue the conversation at the comment section, it’s nice having you here.
Raphael Orji is an avid writer with major interest in banking, personal finance, cryptocurrency and entrepreneurial development. You may check him over at www.financengr.com