We’ve got the inside scoop on WorldFirst as a money transfer provider and whether you should send money through WorldFirst.
WorldFirst was launched in 2004 and initially, they presented themselves as a way to transfer money across borders in a fast and cheap way. They aimed to undercut the high costs many big banks charged for this service.
The founders, Jonathan Quin and Nick Robinson, started out working in their apartment in London but if you fast forward to today the company has 6 offices spanning the US, UK, Australia, Hong Kong and Singapore.
The Currency Shop Says:
- WorldFirst has some of the most competitive rates for sending money abroad.
- Their website is simply designed and easy to use.
- If you’d like to compare foreign exchange rates, fees and services of other providers check out our comparison tool.
What we’ll cover
The most important thing is to get a clear idea of the cost involved when you choose to send money through WorldFirst. In the following, we’ll explore:
- Can you trust your money to WorldFirst?
- What fees should you expect?
- How can you send or receive money overseas through World First?
- Is WorldFirst recommended?
Can you trust your money to WorldFirst?
WorldFirst UK Limited is the parent company of WorldFirst in the US. They hold all licenses required by law to operate within the US (and other areas they do business).
World First USA, Inc. is registered in the USA, corporations file number: 4971976) and is registered as a Money Services Business in the United States. For more information click here.
What fees should you expect?
Worldfirst makes money in 2 ways, they charge fees and add an exchange rate margin.
Fees – The fee structure of WorldFirst is extremely simple. If you transfer over $10,000 you pay nothing, and for anything under $10,000 you pay $10.
For transactions ranging between $250 and $1000, it’s best to handle them online. For larger amounts, you can complete the transaction via telephone (or online).
Exchange rates – WorldFirst’s website features a handy comparison tool which will show you current interbank exchange rates. Unfortunately, these rates are not necessarily what you’ll get, to be sure request a quote.
On the other hand, you can give our comparison tool a try. This is a great way to compare WorldFirst’s exchange rate against the big 4 banks.
How can you send or receive money overseas through World First?
- Book a rate
- Transfer Money
- Receive confirmation
Like all online financial services, the first step is setting up and verifying an account. To do this properly you need to clarify whether you plan to use it for business or personal uses, and then proceed accordingly. You’ll also need the bank details of where you plan to send money to. Next select the bank you want to send to, the individual receiving the money, and indicate in which currency you want to send.
Transfers can be made on the phone, online or through an Android or IOS application.
How to fund a WorldFirst Transfer?
You can approach this in two ways:
- Online/telephone Banking: This typically arrives the same day or the following morning.
- For corporate clients sending USD, WorldFirst can collect funds through a direct debit, but this can take up to three days to complete.
Credit cards are currently not accepted by WorldFirst. You can use WorldFirst to transfer in US Dollar, Great British Pound, Euro, Australian Dollar, Canadian Dollar, Japanese Yen, Indian Rupee and Mexican Peso.
Unfortunately, the company doesn’t publish a full list of currencies on their site, so to be sure contact WorldFirst.
Is WorldFirst recommended?
For businesses relying on their banks for international transfers, WorldFirst can represent a more competitive choice. They’re also good for people who like to do everything from their phone.
- Easy registration and setup process.
- Simple online payment platform.
- For businesses, they have very competitive terms.
- WorldFirst has a minimum transfer amount of $500. This is higher than many other money transfer specialists and it can pose a problem if you want to transfer small amounts.
- They only have one office in Austin, Texas.
Related Link: Click here to visit the WorldFirst website