WorldFirst has discontinued its services in the US effective January 30, 2019. The company will accept no new trades or transactions after this date, and inbound transfers received after 5 p.m. CT will be returned to the sender.
If you’re a personal or business customer who’s concerned about your account, call 737-226-5240 for assistance.
To find a suitable alternative, compare money transfer specialists to find the best rates, fees and turnaround you’re eligible for.
WorldFirst and Wise are two strong contenders in an increasingly crowded market for money transfers. Let’s compare their fees, exchange rates and transfer speed to see which one comes out on top.
While WorldFirst charges a flat fee for transfers, Wise charges a percentage fee plus a small fixed fee. They range from 0.5% to 1.5% of your transaction — and sometimes a bit higher, depending on the currency you’re transferring to. For example, to send $1,000 to China, you’ll pay 1.1% of your transaction (or $18.79). To send to the Philippines, the fee drops to 0.75% ($10.92).
While WorldFirst charges a flat fee for transfers, Wise charges a percentage fee. They range from 0.5% to 1.5% of your transaction — and sometimes a bit higher, depending on the currency you’re transferring to. For example, to send $1,000 to China, you’ll pay 1.5% of your transaction (or $15); to the Philippines, the fee drops to 1% ($10).
Winner: Tie
Wise is cheaper for very small amounts, given its minimum fees. WorldFirst is cheaper for large amounts, charging a flat fee instead of a percentage fee.
WorldFirst offers a pretty tight spread between its exchange rate and the mid-market rate — usually 0.2% off the mid-market rate.
Wise converts money at the mid-market rate, which is stellar compared to banks. But watch for the percentage fees charged for transfers.
Winner: Tie
WorldFirst and Wise offer similar exchange rates. Though Wise’s rate — the mid-market rate — is an almost unbeatable deal.
The mid-market rate is what your money’s actually worth on the global market compared to another currency. It’s the midpoint between worldwide supply and demand for that currency — and the rate banks and transfer services use when they trade among themselves.Use this rate as a baseline to compare against the rates provided by your bank or transfer service. With it, you’ll discover which companies offer the best rates.
For your first transfer, WorldFirst requires a wire transfer, which usually takes a business day. Afterward, you send money via ACH direct debit, which takes a few business days.
If you’re sending British pounds, US dollars or euros, WorldFirst will make a same-day payment once it receives your money, though it may take up to one business day for your account to be credited.
For all other currencies it takes one to four days for money to reach your recipient. To transfer US dollars to other countries, it may take up to four days.
First, sending money to Wise could take up to four days. Credit or debit card is the fastest way to send money. ACH bank transfers takes the longest.
Wise will then convert your money within a few hours to two days, and your recipient will receive the funds within a few business days. In total, it takes from one to six business days to complete a transfer.
Winner: Tie
| Payment Methods | Minimum and maximum transfers | Delivery methods | Transfer speeds | Countries and currencies | |
|---|---|---|---|---|---|
| WorldFirst | Bank transfer (wire for first transfer; ACH Direct Debit available after) | $1,000 minimum; $25,000 initial transaction maximum and $50,000 after | Bank transfer | 1-6 business days | Most popular countries include Australia, Canada, Europe, USA and UK |
| Wise | Bank transfer, credit or debit card | $3 minimum; $49,999 (personal) and $199,999 (business) maximum | Bank transfer | 1-6 business days | 39 countries |
Depending how much money you want to send, you’ll pay varying fees to transfer through WorldFirst and Wise. Let’s see what costs are for transferring different amounts of money.
| WorldFirst | Wise | |
|---|---|---|
| Transfer fee | $10 | $9.90 |
| Exchange rate | 1 USD = 1.3270 CAD | 1 USD = 1.3299 CAD |
| Transfer speed | 1-5 business days | 1-6 days |
| Total received | 1,313.73 CAD | 1,316.73 CAD |
The difference is 3 Canadian dollars (or $2.26).
| WorldFirst | Wise | |
|---|---|---|
| Transfer fee | $10 | $49.50 |
| Exchange rate | 1 USD = 1.3270 CAD | 1 USD = 1.3299 CAD |
| Transfer speed | 1-5 business days | 1-6 days |
| Total received | 6,621.73 CAD | 6,583.67 CAD |
The difference is 38.06 Canadian dollars ($28.62). WorldFirst is cheaper in this example.
| WorldFirst | Wise | |
|---|---|---|
| Transfer fee | $0 | $84.41 |
| Exchange rate | 1 USD = 1.3270 CAD | 1 USD = 1.3299 CAD |
| Transfer speed | 1-5 business days | 1-6 days |
| Total received | 13,270 CAD | 13,186.74 CAD |
With a difference of 83.26 CAD ($62.60) and a $0 transfer fee, WorldFirst comes up big here.With a $1,000 transfer, WorldFirst and Wise cost about the same. Transferring larger amounts earns you higher savings with WorldFirst.
While WorldFirst wins on fees if you send money through an ACH bank transfer, your costs increase if you send money via wire transfer (which typically comes with a fee of $15 to $30). WorldFirst requires you to send money through wire transfer for your first personal transfer.
The Automated Clearing House (ACH) is a network that moves money and information between bank accounts through direct deposits and payments. It processes more than $40 trillion each year and supports more than 90 percent of all electronic payments in the United States.
Costs for WorldFirst and Wise run neck-and-neck for smaller transfers.
For your first transfer, you’ll pay more through WorldFirst because you’ll have to send money via wire transfer. For larger transfers, WorldFirst is generally cheaper because it charges a flat rate, while Wise charges a percentage of your transfer.
Ultimately, you’ll want to compare your options to find the best service for your situation.
How do WorldFirst and Wise compare to banks?
Both services beat banks on fees and exchange rates. Either one will save you money on currency transfers.
Does WorldFirst or Wise charge for accounts?
No. It’s free to sign up for an account on both platforms.
Does WorldFirst or Wise accept cash or check payments?
Unfortunately, neither service accepts cash or check payments.
