WorldFirst is a market leader in the international payments space and is consistently ranked among the most reliable and cheapest money transfer handlers for four-figure sums.
WorldFirst: A Summary
Providing you meet minimum transaction requirements (usually a low four-figure sum that varies with each currency) WorldFirst is one of the best services for sending money across borders.
WorldFirst exchange rates include the company’s fees and are extremely competitive, allowing for big savings over transfers handled by banks.
WorldFirst is business friendly, in that it offers forward contracts, limit orders, bulk payments and FX dealer phone support.
WorldFirst transfers can be processed over the phone, on the site or via the WorldFirst app.
Update Feb 2019: Following the takeover of WorldFirst by Ant Financial in early 2019, WorldFirst has exited the US market, which means that US-based readers will no longer be able to open WorldFirst accounts.
What Savings Can You Expect?
On most transactions, WorldFirst advertises savings between 0.25 and 4 percent of the transaction amount when compared with the FX service of a typical bank. Let’s see what this means in real currency terms.
Using BER’s Foreign Transfers comparison table, below, we’ll pretend we’re sending 5,000 Australian dollars to New Zealand. Given exchange rates at the time of writing, if sending via WorldFirst, the recipient of funds would receive NZ$5,154 (rounded to the nearest dollar). If sending at the average bank rate, the received amount drops to only NZ$5,010 for a saving of NZ$144.
In terms of percentages, using the interbank exchange rate (AUD/NZD 1.044 at the time of writing), it’s easy enough for us to determine that the banks are charging 4 percent of the amount that would be received under zero-fee conditions (NZ$5,220). WorldFirst by comparison charges only 1.3 percent (these charges are easily seen in BER comparison tables under “total cost”).
When compared with other FX specialists, WorldFirst consistently ranks near the very top for savings on international payments, across a range of currencies and amounts. A random sampling of 30 currency routes in February 2019 showed WorldFirst to be the first or second cheapest provider 80 percent of the time.
WorldFirst – How it Works and FAQS
How to use WorldFirst
After you register via this promo link (to get your two fee-free deals) the steps to transfer via WorldFirst are as follows:
1. WorldFirst will call you to verify your identity and set up your online account, you can then monitor the rate in real-time.
2. When you are ready to do your transfer you simply login into the WorldFirst website and enter the details (Currency, Amount & Beneficiary Account) and then transfer the FROM amount to the WorldFirstbank account.
3. WorldFirst then send the money to the beneficiary foreign currency account at much better rates than you would get using your own bank.
4. WorldFirst notifies you when the funds have been received into the destination account.
No Cash, Cheques or Credit Cards Accepted
WorldFirst does not send cash or allow cash to be paid into its account. Using cash will result in the payment being stopped and the return of funds involves a lengthy process that includes a formal identification process.
WorldFirst does not accept cheques under any circumstances, for any currencies.
WorldFirst Exchange rates
WorldFirst deals with more than 60 global currencies with very competitive rate margins and generally offers the best or close to the best exchange rates in the market.
As with all foreign exchange providers their exchange rates get better the more you send, with margins often going under 0.7% once you are sending over GBP 50K.
WorldFirst do not charge Transfer Fees.
WorldFirst has one fees when using their online platform where you can send as little as £100 on a fee-free basis.
Occasionally, third-party banks may deduct a fee from your transfer before paying your recipient. This fee may vary and WorldFirst receives no portion of it. If you’re concerned, simply talk to one of the WorldFirstteam members to discuss your transfer as you may need to send extra to account for any possible bank imposed fees.
WorldFirst Foreign Transfers
WorldFirst mentions in the News
World Accounts now let your business collect funds and pay local suppliers in HKD or make payments to offshore CNY (CNH) accounts in China.
Last update: 16 May, 2019
Remittances to low and middle-income countries reached a record high last year, the World Bank has said. Average transaction costs remain high, with an average of 7 percent paid to transfer $200 or equivalent.
Last update: 11 May, 2019
WorldFirst World Account – Independent BER Review World Account: A Summary WorldFirst, a market leader in the international payments space, offers a multi-currency “World Account” that allows businesses to hold, send and receive funds in 8 major currencies (GBP, EUR, USD, AUD, CAD, JPY, SGD and NZD). With a World Account, businesses can invoice customers […]
Last update: 16 May, 2019
Ant Financial, the Chinese fintech giant that recently acquired WorldFirst, has set its sights on Europe, where it plans to take its share of both cross-border and point-of-sale payments.
Last update: 11 May, 2019