Are you thinking of transferring funds internationally? Here at Exchange Rate IQ, we provide you the detailed and unbiased review of the “best money transfer companies” which are provided by performing complete research on customer satisfaction, safety, etc. So, today we bought you the review of WorldFirst which offer best exchange rates when compared to banks in more than 50 currencies over 80 countries.
WorldFirst is a known and well-established money remittance company. It serves to the individuals, businesses and also provides online e-commerce exchange services. The company manages to offer better exchange rates when compared to banks mainly because of the volumes it. Some of the benefits of using WorldFirst are:
Founded in the year 2004, WorldFirst is a UK-based company provides money transfer services to individuals as well as businesses. The company has its headquarters in London, UK. One can transfer the funds from Australia, Canada, France, New Zealand, Spain, UK and Europe to over 80 countries in more than 50 currencies. Till date, the company has served more than 111,000 customers and traded above £60 billion.
One can transfer the funds through a bank account, debit or credit card using the company’s mobile apps on Android, iPhone or Android Watch. The minimum amount of transfer must be £250 (or the equivalent in any local currency) online or £1,000 over the phone. The company also offers cash pickup through agents, so one can use the services when the recipient is in need of urgent money.
The company is also offering spot contracts, forward contracts, live exchange rate transfers, and rate alert services which help the customers to get the benefit of the best rates. The company aims to provide quick turnaround times as well as a high level of customer services to the users across the world. One can call customer support during the working hours or can request a call.
The company is highly secured and regulated by various authorities in different countries. So, one can use the services of WorldFirst without worries.
WorldFirst Transfer Fee
The company has a variable fee depending on the mode and currency you are transferring. Still, its standard fee ranges in between $0 to $10.
Sending money to an agent location is much cheaper than sending it to the bank account regardless of payment method.
WorldFirst Exchange Rates
The company’s exchange rates are 1% lower than the mid-market prices and interbank rates. This shows that a person has to pay the fee of $10 for transferring every $1,000.
WorldFirst also promises to provide the best prices and if you find any better rates with the other provider, get a quote for the same amount and currency pair, and submit your quote to World First within three hours of receiving it from the other provider. They will provide the best rates as long as they are not into the loss.
So, for its pricing and exchange rate, our experts rate it 7 out of 10.
WorldFirst Hidden Fee
The company has no hidden fees; it will show all the details of fee and exchange rates on the transaction page. However, there are many banks, which charge the fees for transferring the funds, so you must first check from your bank.
WorldFirst Tracking
The company provides all the details of the transaction on the dashboard. So, for tracking your transfers, you need to log in and know where your money has reached.
The company has no hidden fees and also providing tracking details on the dashboard. Though, it is not providing any transaction number, so that one can directly check the details of the transaction without logging. Therefore, we rate it 8 out of 10.
The money transfer speed of WorldFirst depends on various factors, including the mode of payment, the currency you are buying or selling, amount as well as your bank. Generally, the company transfers GBP and EUR on the same business day as soon as it receives the amount and the payment also get to the recipient’s bank on the same day. However, it depends on the bank if it releases the funds or not.
In other currencies, it may take 1 to 4 business days. This time essentially depends on the currency you are transferring. For example:
The company tries to transfer the funds timely, but it also depends on the intermediaries and receiving bank policies. Therefore, we rate it 7 out of 10 for its speed because many of its competitors are also offering instant transfers.
The company offers transfers in more than 50 currencies from Australia, Canada, France, New Zealand, Spain, UK and Europe. The currencies you can send through WorldFirst money transfer are:
| AED | NOK | USD | CAD | QAR | ZAR |
| KWD | EUR | DKK | HUF | CNY | GBP |
| SGD | ZAR | JPY | ILS | BHD | CHF |
| BGN | AUD | PHP | RUB | PLN | THB |
Besides the money transfer service, the company provides several other services to individuals and businesses which make transfers easier. These are:
The company recently stopped providing its services in the USA, effective from Jan 30, 2019 (after 5 p.m.) and therefore one cannot transact with WorldFirst from 4:00 pm February 20th, 2019. So, one can send money to the USA but not from the country. Besides this, there are many countries which it needs to get cover in Asia and Africa to be a top money remittance company. So, if you want to use the services of the WorldFirst login here.
So, on its coverage basis, Exchange Rate IQ’s experts provide 7 out of 10 scores to the company.
Step-By-Step Guide to Transfer Funds with WorldFirst
Go to the WorldFirst website.
Select the account you want to set up, i.e., Business, Marketplace Seller or Personal.
Click on “Sign up for Fee”.
You will be redirected to a new page.
Here enter all the personal details, phone number, etc.
Select the country where you want to send the funds.
Provide the image of your passport or fill the passport details asked by the company.
Select any two security questions to answer and answer them.
Enter the amount and details of the recipient.
Re-check the details and send the fund.
WorldFirst provides very high-quality services, but they do not have the lowest fee. The company is good, trustworthy and reliable. One can save up to 0.25% to 4% on the exchange rates when compared to banks. But there are some positive and negative aspects of the company, which are based on customers’ reviews, these are:
Positive:
Negative:
WorldFirst Customer Support Contact:
| COUNTRY | ADDRESS | PHONE | |
|---|---|---|---|
| Australia | Level 5 261 George Street Sydney NSW 2000 | mailto:[email protected] | 1800 835 506 |
| UK | Millbank Tower 21-24 Millbank London SW1P 4QP | [email protected] | 44 20 3468 6953 |
| USA | 251 18th Street South Suite 550 Arlington VA. 22202 | [email protected] | 844 571 2682 |
| USA | 211 E. 7th Street Suite 700 Austin TX. 78701 | [email protected] | 844 571 2682 |
| Hong Kong | Room 3003 -3008 30F Ace Tower Windsor House 311 Gloucester Road Causeway Bay Hong Kong | [email protected] | 852 3959 4810 |
| Singapore | 99A Amoy Street Singapore 069919 | [email protected] | 65 6805 4380 |
You can call the company in its working hours, or you can request a call from WorldFirst here.
World First Promo Code:
The company offers various discounts through promo codes which are shared to users by SMS, emails or mobile notifications.
World First Refer a Friend
If you refer a friend the services of WorldFirst through the unique link provided by the company, then your account will be get credited with 50 GBP or similar amount in other currencies. (T&C apply)
WorldFirst Money Transfer Apps
The company has been offering its apps, which you can use to make fast and easy transfers, anytime, anywhere. Download the apps here:
The company has combined fast, efficient technology and created dedicated systems to lower the cost of international money transfers. The company is growing with a rate of 40% per year to become of the top FinTech companies in the world. The company has offices in Sydney, Hong Kong, Singapore, Washington, and the Netherlands. So, on overall user experience, we rate it 7.5 out of 10.
One of the major factors you should consider before using the services of currency exchange provider is how safe and protected they are? So, you must be happy to know that the company is trustworthy and offers high security.
The platform uses sophisticated security to protect the personal and financial details of the users, and therefore, we rate it 10 out of 10 in security.
The company offers both personal and business transfers which have similar transfer limits. These are:
WorldFirst Minimum Limit: USD $1,000 or similar amount in other currencies
WorldFirst Maximum Limit: USD $10,000 or similar amount in other currencies
No. WorldFirst does not offer its cash pick-up services, so users can only send the money from bank account or make the wire transfers.
No. WorldFirst does not offer instant money transfer. It will take approximately 1 to 4 working days to reach the funds to the recipient.
So good service 🙌🏻
Excellent customer service. The service rep, Uma, was very patient and knowledgeable. Helped me pay a supplier and do a foreign exchange! Thanks very much.
Jill was very efficient and very polite
W1 is completely useless, it is not a bank, it is a joke. I knew that receiving funds from third parties was prohibited (Why, btw? Ooooh, those scary third parties, let's avoid them), but the VAT return option was available for me in a dashboard. I decided to use W1 at least to receive VAT repayments. I fed W1 details to HMRC and received a first repayment from them. W1 asked to verify the incoming payment. Okay. I decided this was just a technical procedure, and I submitted our last VAT report to W1 support. Those clowns rejected the report and sent a damn 5K+ GBP back to HMRC. They explained this by some limits on my account. Well, dear W1, if you limit your client don't forget to turn off the inactive features in the dashboard. You work with money, right? Sometimes 5K+ is important a lot. And you failed to just receive it from the strange third party -- the UK government.
