WorldFirst was established back in 2004 and advertises itself as a fast and fair way to transfer money from one country to another. Basically, international transfers with WorldFirst is a better alternative to using the banks.
Originally set up by two friends in a flat in London, the company now has seven offices around the world, one each in the UK, Australia, Hong Kong, Singapore, the US, Japan and The Netherlands.
The Currency Shop says:
- WorldFirst has some of the most competitive exchange rates in the UK for people who want to send money abroad.
- They have a simple online platform.
- Have a look at our comparison table to compare exchange rates and the fees and services of a number of providers.
What we will cover
We want to see if making money transfers with World First is safe, when you should use them and how they work. This article will explore:
- How safe is using WorldFirst?
- WorldFirst’s fees and charges.
- Receiving and sending money through WorldFirst.
- Is WorldFirst a good option?
How safe is using WorldFirst?
WorldFirst as a company have all the required licenses to operate in the UK, Europe, US, Canada, Asia and Australia. You have peace of mind that they are a compliant company worldwide.
WorldFirst’s fees and charges
WorldFirst have a handy online calculator to show you the latest interbank exchange rate but it’s worth remembering that this isn’t necessarily the rate you will receive. In order to secure a rate you must actively request a quote.
You can use The Currency Shop’s online comparison tool. Compare WorldFirst with the big banks and other money transfer companies.
How to send or receive money overseas through WorldFirst.
The WorldFirst website explains the process in clear detail which summarizes into three steps:
- Book a rate
- Send your money
- The funds are sent
As with most money transfer specialists the process begins by setting up an account and getting it verified. Make sure at this stage you select an account that best suits your needs, whether that be business or personal. After that you need to give your full name and address and the details of the bank where you intend to send the money.
The next thing to do is establish how much money you want to send, in which currency you want it sent and the full details of the person who will be receiving it.
WorldFirst has an online portal and you can make your transfers here, over the phone or by using a phone app.
How do I pay funds to them?
WorldFirst can receive your money in two ways:
- Online/telephone banking – Usually the funds arrive the same day or the following morning.
- For corporate clients funds can be collected by Direct Debit but funds can take up to three working days to be available.
Do they accept credit cards?
They do not.
Available currencies and countries
If you use WorldFirst, the currencies available to you to send abroad include the US Dollar, Canadian Dollar, Australian Dollar, the Euro, Japanese Yen, Indian Rupee, Mexican Peso and of course, sterling. They do not provide a comprehensive list on their website so to find out more info you have to contact them directly.
Is making international transfers with WorldFirst any good?
It can be a very competitive choice if you have a business that is still using a bank for international transfers. If you are an individual who likes to do everything online then it’s also a good choice.
Pros of making your international transfers with WorldFirst
- Simple set up and registration process.
- Easy to use online platform and mobile apps.
- Competitive terms for businesses.
Cons of making international transfers with WorldFirst
- The minimum transfer amount of £1000 is high, higher than most other money transfer options. If you don’t need to send this much then it isn’t an option.
- If required, their only UK office is in London.
Amanda is from Glasgow but is going to university in California. She has received a scholarship from a local Scottish company who will be paying her university tuition fees. Instead of transferring the money to the US however, the company has transferred the money into Amanda’s own bank account.
Amanda has been given £10,000 to pay for the first years tuition fees in California. She sets up an account with WorldFirst. She knows there is no fee but she compares exchange rates to ensure she is getting a good deal before requesting a quote, locking the rate in. She then makes the transfer to the university account.