- Large transfers
- No fees and a competitive rate
- Same-day transfers
- Sending money to a major currency
Not so great for
- Small transfers
- Cash or card payments
- Cash pick-up
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Unfortunately, you won’t be able to send money from an account in the Philippines. However, you can still receive money through WorldFirst in most Philippine banks. You can check out the other options you have for sending money overseas from the Philippines here.
WorldFirst offers money transfers to over 60 different currencies.
WorldFirst offers four main transfer types to help you get the most out of your transaction.
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.
A number of factors affect the transfer time: the currency, what bank is used and the size of the transaction. If you’re transferring to GBP, USD or EUR, the transfer is normally completed within the same day. With other currencies, you should allow one to four days for your money transfer to be completed.
Keep in mind that these times are from when WorldFirst receives your funds, so depending on how fast your bank processes money transfers.
Transfers typically take
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.
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.
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.
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.
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