WorldFirst is a company founded in the UK in 2004 as a better alternative to international payments made through traditional banks. Since then, the company has grown to have seven global offices and is now a firm competitor in the field. We’ve put together a WorldFirst review below to help you decide if they are a good company to make international payments. It prides itself on four things:
- Being cheaper than banks
- Customer Service
- Security of Your Money
- 5* value awarded by Canstar
What will this WorldFirst review cover?
Here at The Currency Shop, we like to know that the companies we recommend to you for international transfers are good value for money and offer a level of ease and convenience for you and your circumstances. And most importantly, we want to ensure your money is safe and secure as it can be. In this article, we will explore:
- How to make an international transfer
- How safe is WorldFirst?
- Fees and Charges
- How long does the transfer take?
- Pros and Cons of WorldFirst
How to make an international transfer
WorldFirst’s website is very easy to use and navigate your way around to find the information you would like. If you can’t find the information, they do have a number you could call (+65 6805 4380) and a live chat you can use to ask any queries you might have.
The location of their office:
99A Amoy Street
And here are the steps to make your international transfer:
- Create an account with them (usually takes up to 1 hour)
- Tell them how much you would like to send and where to, and they will give you a rate based on their exchange rate at the time
- Send them the payment via bank transfer or debit card
- They transfer your funds for you
You have three options to make an international payment through them, which can be handy depending on your different circumstances at the time:
- Spot Contract: This is where you will receive a rate from WorldFirst, and you decide to make the payment immediately
- Forward Contract: This is where you will receive a rate, and if you wish to lock it in then you can do so, and wait to make the payment when you’re ready. You fix this for up to 2 years if you wish.
- Regular Payments: You can set up regular payments through WorldFirst and can either choose to send the payment on the live exchange rate, or lock in an exchange rate before the payment is made.
- Currency Options: When you wish to lock in a rate and make a payment later, but if the rate moves more towards your favour then you are able to change it.
- Firm Orders: Ideal for businesses or busy individuals. If you don’t have time to watch the exchange rate, and you know what exchange rate you don’t want, then tell WorldFirst and they will keep an eye out for you. If the exchange rate is where you have requested it, WorldFirst will automatically lock that in for you before your payment.
Ways to make an international transfer
You can make an international transfer in 3 ways:
- Through the WorldFirst app (available to apple and android customers)
- Over the phone
How safe is WorldFirst?
World First Pty Ltd is a member of the Financial Ombudsman Service (FOS) membership number 13405.
Ensuring the safety and security of your money is central to WorldFirst. They comply fully with all relevant regulations and ensure your funds are appropriately segregated from business funds in line with requirements. Being authorised and regulated requires the company to hold sufficient capital to protect our business and further safeguard you as customers or suppliers.
Fees and Charges
WorldFirst boast about being a company that take smaller margins than banks do. As such, they are able to give you a better exchange rate. They also have a price promise; that is, they will match you if you are given a better rate. In order to receive this price promise, you need to be registered with WorldFirst and the company you obtained the quote from, which should have been obtained within three hours before submitting it to WorldFirst.
- No fees charged for private clients. But, they have a minimum transfer of S$ 2000.
- Charges are only incurred from the banks who handles the transfers.
How long does the transfer take?
The time taken to process and complete your overseas payments is dependent on the following factors:
- The currency you are sending or buying
- The bank used
- Transaction size
Payments processed on the same day are typically transfers in USD or EUR (only when submitted before cut off time). As for other currencies such as NZD, it can take up to 4 business days to reach the recipient.
Note: The length of time depends on the currency.
Pros and Cons of WorldFirst
|No fees charged for personal transfers||
You have to create an account with them
|Price promise guarantee||Minimum of S $ 2000 transaction|
|Various payment plans to enable you to get the best possible rate|
|5* Canstar review rating|
Amy wanted to make a payment to her best friend in the US so she needed to find a way to convert her SGD to USD affordably. Her friend mentioned WorldFirst, as they have various payment methods that allow you to really take advantage of the exchange rates.
After extensive research, Amy found the website really useful and easy to use. She was able to organise a transfer to her friend and request the day she would like the funds to be sent. Not to mention, she was also able to lock in the exchange rate in case it fluctuates against her favour. Plus, she was allowed to unlock the exchange rate if it becomes more favourable.
Amy secured her payment and the date for it to send knowing that she had got all the value for her money that she could get, with minimum hassle.