Is WorldFirst safe for international money transfers? | finder.com
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How safe is a World First money transfer?

World First gives you the most for your money during international transfers, emphasizing security with better exchange rates.

With more than 70,000 clients, it’s quick and easy to set up an account and make your first overseas transfer with World First. Further appealing are its low transaction fees and competitive exchange rates — and extensive security measures that protect your information.
World First Foreign Exchange

World First International Money Transfers

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No fees: There is a $0 online transfer fee for all finder.com customers.

  • Competitive exchange rates
  • Spot contracts, forward contracts and hedging options available
  • Weekly updates on market exchange rates

    How does World First protect my money?

    World First broke the record for fastest international transfer by completing a transaction in 6 minutes and 49 seconds. An established leader in the money transfer business, it takes the duty of protecting your money seriously.

    • Licensed. World First is a licensed money transmitter business that adheres to the rules of the US Office of Foreign Assets Control and Financial Crimes Enforcement Center (FinCen).
    • High credit rating. World First has a 3A2 rating from Dun & Bradstreet, further ensuring that your funds are covered.
    • Segregated client accounts. Your money is kept separate from World First’s money. This makes it easy to identify and protect should anything happen to the company.
    • Award-winning. World First has won several awards for its service, including the 2016 Queen’s Award for Enterprise in International Trade.
    • Years of experience. Founded in 2004, World First has grown from its headquarters in London to include offices in Austin, DC, Hong Kong, Singapore, the Netherlands, and Sydney.

    What are my rights when it comes to money transfers?

    The Consumer Financial Protection Bureau established rules in 2013 to protect US citizens when transferring money internationally. Federal law now requires many credit unions, money transfer services and banks to disclose information both before and after a transfer.

    Before a transfer, you have the right to know:

    • The exchange rate.
    • Fees and taxes collected from you.
    • Fees charged by agents overseas and others involved in the transfer process.
    • The amount your recipient is expected to receive (excluding foreign taxes and recipient fees).

    You also have the right to know:

    • Your ability to cancel the transfer. Unless the transfer has been picked up or deposited, you have 30 minutes (and sometimes more) to cancel at no charge.
    • The company or bank’s process to investigate and fix any mistakes. It generally has 90 days to resolve any problems.

    These rules apply to all international transfers of $15 or more.

    How do I report suspicious activity to World First?

    World First will never email you to confirm passwords, transaction details or personal information. If you receive an email from someone claiming to be World First, do not respond. If you’re concerned about an email or call, forward the email to usoffice@worldfirst.com or call 1-844-571-2682.

    How to avoid a money transfer scam

    Money transfer scams are a real threat. You probably know of someone who has been victimized by one. Protect yourself with these easy tips.

    • Don’t answer unsolicited phone calls and emails. Phishing scams often involve an email asking you to resend passwords or information. If you’re not sure whether it’s legit, go to the company’s website directly instead.
    • Don’t transfer money to someone you don’t know. If for an online sale or auction, be sure that you have all of the seller’s information. And do a little research online before sending your payment.
    • Ask questions. If a business responds quickly and accurately, that’s a good sign you’re working with a reputable company.

    Tips for picking up cash safely

    Knowing your money is secure during a transfer is important. But it’s just as vital to be safe when retrieving money. Follow these easy tips.

    TipDescription
    Call ahead.Learn the company’s business hours and choose a safe time to pick up your cash. Daylight hours are best.
    Bring a friend.Carrying money when alone can be dangerous. Ask a friend to come along.
    Deposit your money immediately.The likelihood of losing your money to theft or simple carelessness grows the longer you have it with you. Go straight to a bank and deposit your cash as soon as possible.
    Keep your cash hidden.Place your money in your purse or wallet before leaving the office. Carrying cash out in the open could make you a target.

    Bottom line

    World First is a secure and inexpensive way to send money overseas. It is also highly regarded for its speed. Compare minimum transfer amounts and transfer fees to see which service is right for you.

    Common money transfer scams to watch out for

    ScamWhat to watch out forWhat to do
    Online purchasesAsking for money up frontDo not pay up front, ask to meet or arrange escrow
    Lottery and sweepsMust pay a fee to receive your prizeIgnore it; it’s not a real prize
    “Guaranteed” loansRequest to pay for your application or taxes before you receive the loanRip it up; do not send the money
    PhishingAsking for personal details over email (bank accounts, passwords, SSN)Do not reply or click any links – forward the email to spam@uce.gov
    CharityDonation requests from a fake charity posing as real one.Never wire money when donating to charity, regardless of their legitimacy.
    Nigerian dignitarySomeone contacts you to help recover a large sum of money, and need your bank account info to help pay fees.Never provide financial information over email.
    “Stranded traveler”A loved claims to be in trouble, and they are asking for you to send cash.Never send a money transfer until you can verify you know the recipient.
    Online datingGetting to know someone online and after you feel a connection, they ask you to wire money.Never send money to someone you have not met in person.

    Keep your money safe from money transfer scams

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    2 Responses

    1. Default Gravatar
      DiannOctober 6, 2017

      I’m overseas now and need transfer money into my account from my bank in USA ….how can I be sure this company has a secure way to transfer the cash into my account in South Africa ?and can it be a one time transfer? And will this company forget the account number after transaction done? Are there something set up for one time transfer?

      • Staff
        MariaOctober 6, 2017Staff

        Hi Diann,

        World First’s credibility in protecting your money is stated on this page as follows:
        – Licensed
        – High Credit Rating
        – Segregated Client Accounts
        – Award Winning
        – Years of Experience

        You can read further on each one when you scroll up.

        Also, you may check out this page on World First that mentions one-time international money transfer as part of their services.

        With regards to forgetting your account number after the transaction, you may confirm this with them directly by clicking on “Go to site” and look for their contact page.

        I hope this helps.

        Best,
        Maria

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