Review: WorldFirst international money transfers

Available currencies

WorldFirst offers money transfers to over 60 different currencies.

What types of transfers can you make with WorldFirst?

WorldFirst offers four main transfer types to help you get the most out of your transaction.

1. Spot contracts. Make a one-time transfer at the time of payment.
2. Forward contracts. Lock in today’s exchange rate and schedule a transfer now for up to two years later.
3. Regular payments. Set up automated payments online or over the phone.
4. Limit orders. Use these to execute a money transfer when your ideal exchange rate is met.

What payment methods does WorldFirst accept?

WorldFirst only accepts payments via bank transfer.

After you’ve booked your money transfer, you’ll receive an email with WorldFirst’s bank account details for you to transfer your money to. You can organise your money transfer with WorldFirst either over the phone or online.

Is WorldFirst safe to use?

WorldFirst is regulated in Australia by ASIC (the Australian Securities and Investments Commission), which is the body that regulates finance companies to protect consumers. Part of ASIC’s Client Money regulation means that WorldFirst has to keep its customers’ funds separate from its own. This protects its users’ money if the company runs into financial difficulties.

Two-factor authentication (2FA) allows you an extra layer of security. It requires you to use two types of verification when you’re logging into your account. These are usually your password and a number either sent to you by text or generated by an authenticator.

• Where is WorldFirst regulated?

  Country	Regulated by
  Australia	Australian Securities and Investments Commission (ASIC)
  United Kingdom	Financial Conduct Authority (FCA)
  Canada	Financial Transactions Reports Analysis Centre of Canada (FINTRAC)
  United States	Financial Crimes Enforcement Network (FinCEN) Regulatory authorities vary by state
  Hong Kong	Hong Kong Customs and Excise Department
  Singapore	The Monetary Authority of Singapore (MAS)

How does WorldFirst make money?

WorldFirst makes its money off the spread, which is also known as the margin. You may have noticed that the exchange rate you see on Google or Xe is different to the one being quoted to you. This is because a lot of money transfer companies and banks add on a small margin to the interbank rate to cover their own costs. In other words, it’s the difference between the wholesale cost of the currency, and the rate WorldFirst offers to you.

This margin varies from company to company, so it’s important to compare both the exchange rate the money transfer service is offering as well as their additional fees. WorldFirst’s margin generally ranges between 0.1% and 4% per transfer, depending on market volatility and the specific currencies you’re buying or selling.

How to register an account with WorldFirst

You can sign up for an account with WorldFirst online and, once you register and are verified the first time, it’s quick and easy to make future transactions.

• Step 1: Head to WorldFirst's website

  On WorldFirst’s homepage, they offer a currency converter. Keep in mind that the rate shown is the interbank rate and not a quote of the exchange rate you’ll actually be offered. This interbank rate doesn’t have the margin included.

• Step 2: Sign up for an account

  Provide your personal details as well as a username and password for the account. The details WorldFirst needs at this stage include your full name, phone number, email, address, date of birth and occupation.

  

• Step 3: Fill out the currency pairs you're interested in

  WorldFirst is interested in the countries you’re wanting to transfer to and the specific currency pairs. Some, like AUD/INR or AUD/PHP have certain restrictions around them – you’re advised to speak to the WorldFirst representative assigned to you about them.

  

• Step 4: Provide your ID details

  Because of Australia’s Anti-Money Laundering laws, WorldFirst has to verify your identity. You won’t need scanned copies of any ID just yet, just the details of either your passport, driver’s licence or Medicare. You can choose to provide them with this information later if you don’t have it handy.

  

• Step 5: Wait for your account to be verified

  For customers in Australia, this usually doesn’t take longer than an hour. WorldFirst may contact you and ask for a scanned copy of either your passport or driver’s licence to finish verifying your account. Once this is set up, you can make your first money transfer.

How do I make an international money transfer with WorldFirst?

1. Log in and click ‘make a transfer’. You’ll find this button on the home screen of your log-in page.
2. Choose your currencies. You’ll need to include the currency you hold and what you want to send, as well as the amount.
3. Select your payment method. Even though you can only use a bank transfer in Australia, you can choose if the money is coming from a bank account under your name or not.
4. Pick what date you want WorldFirst to make the transfer. It can either be for as soon as possible or at a later date.
5. Review your transfer. Double-check the exchange rate is the one you want as this is the one you’re locking in.
6. Transfer the money to WorldFirst’s bank account. You can find WorldFirst’s bank account details in the confirmation email you’re sent.
7. WorldFirst sends your money transfer. You’ll be able to track the transfer online and receive email updates during the process.

What is WorldFirst’s background?

WorldFirst was launched in 2004 by two ex-Citibank colleagues in London. The pair wanted to use WorldFirst to make international money transfers cheaper and easier than what’s normally offered by the banks. Although they now have offices in Hong Kong, Japan, the US, the Netherlands and Singapore, the Sydney office was the second non-UK one launched.

How does WorldFirst compare to other providers?

Our table below shows you the exchange rate and fees of other money transfer specialists.

Sort by:

Name	Product	Fastest Transfer Speed	Fees (Pay by Bank Transfer)	Offer
OFFER WorldRemit WorldRemit	OFFER	Within minutes	N/A	Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.	Go to site View details	Compare	loading Fetching your data...

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Frequently asked questions

• Does WorldFirst have an app?

  Yes, the WorldFirst app is available from the Apple App Store and the Google Play store. It allows you to make transfers whenever and wherever is convenient.

• Can I send money for cash pickup through WorldFirst?

  No. WorldFirst transfers money to bank accounts only.

• How long does it take to open an account with WorldFirst?

  You can open an account online in minutes, with verification usually taking place within an hour. After setting up the account, you’ll need to wait for a representative to contact you and finish verifying your identity. Read more about the registration process here.