Must read: WorldFirst has closed its private customer business
WorldFirst has discontinued its services for private customers until further notice. Money transfers services for business customers will remain unaffected.
Check out our full list of pros and cons below.
1 - 2 days
Transfer Speed
SGD 2,000
Min. Transfer Amount
No limit
Max. Transfer Amount
Min. Transfer Amount | SGD 2,000 |
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Max. Transfer Amount | No limit |
Transfer Methods | Online, Phone |
Transfer Speed Minimum transfer time | 1 - 2 days |
Online Transfer Fee | SGD 0 |
Available Currencies | AED, AUD, BBD, BGN, CAD, CHF, CZK, DKK, EUR, FJD, GBP, HKD, HUF, IDR, ILS, INR, JPY, KES, LKR, MUR, MYR, NOK, NZD, PHP, PLN, RUB, SEK, SGD, TND, USD, ZAR |
Online Transfer Fee | SGD 0 |
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WorldFirst has discontinued its services for private customers until further notice. Money transfers services for business customers will remain unaffected.
Because WorldFirst takes a smaller margin than the major banks, it’s typically able to offer better rates than a bank can. In fact, its currency transfers may be up to 3x cheaper than the banks and it also backs up its exchange rates with a Best Rate Guarantee.
Calculate how much sending money overseas would cost with WorldFirst by using our tool below. You can also check out the real-time exchange rate WorldFirst offers and if there are any additional fees.
In August 2019, WorldFirst announced it was launching a new pricing structure aimed at making the margins applied to each transfer more transparent and easier to understand. Most popular currencies are available to purchase at these rates online, but for some, you’ll need to contact WorldFirst by phone. These rates apply to personal, business and online seller customers.
Annual transfer amount (SGD) | $0-$750K | $750K-$7.5m | $7.5m+ |
Exchange rate margin | 0.50% | 0.25% | 0.15% |
Cross currency fee | $0 | $0 | $0 |
Take note that same currency transfers will incur a percentage-based fee depending on the amount transferred. The transfer service is also not applicable to regional currencies such as IDR, INR, MYR, PHP, VND.
Annual transfer amount (SGD) | $0-$750K | $750K-$7.5m | $7.5m+ |
Exchange rate margin | 0.50% | 0.25% | 0.15% |
Cross currency fee | $0 | $0 | $0 |
Same currency fee | 0.50% | 0.25% | 0.10% |
Take note that a flat fee of S$10 will incur for all cross-currency fees.
Annual transfer amount (SGD) | $0-$750K | $750K-$7.5m | $7.5m+ |
Exchange rate margin | 0.30% | 0.20% | 0.10% |
Same currency fee | $20 | $15 | $10 |
If you get a better quote from another international transfer service, WorldFirst will beat it. You just need to:
Conditions do apply:
WorldFirst offers money transfers to over 30 different currencies. You can check out the full list of the currencies above, but some of the more popular ones include:
What separates WorldFirst from most traditional banks and currency brokers is the fact that they offer foreign exchange methods that banks typically reserve for large corporate clients. However, WorldFirst only offers bank-to-bank transfers — meaning, funds must be drafted from your bank account, which will then be deposited into your recipient’s bank account. You cannot use cash or a debit or credit card to make the transaction.
While you can’t schedule recurring transfers, WorldFirst offers these specialised services and features for those with individual client accounts to get the most out of your transfers.
WorldFirst only accepts payments via domestic bank transfer (FAST payment, Express transfer or GIRO).
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’ll first need to sign up for a free WorldFirst account. In addition to your name and contact information, you’ll also need to upload a copy of your government-issued ID — such as your NRIC or passport.
First, you’ll need to wire money to your WorldFirst account by domestic bank transfer (FAST payment, Express transfer or GIRO). WorldFirst will then transfer your money to your recipient’s bank account.
To initiate a transfer, you’ll need to:
The first step is to sign up for an account. You’ll need to provide:
Due to Singapore regulatory requirements, WorldFirst will need to meet all new account holders face-to-face. So after you’ve completed the online form, a WorldFirst representative will be in touch to schedule a time that suits for a brief meeting at their office: 6 Shenton Way, OUE Downtown Tower 1 #36-03.
Once you have an account, enter the details of your transaction, including how much money you’re sending, where you’re sending it and who will be receiving the funds. Provide your recipient’s bank account details and the currency you wish to send, and you will be presented with an exchange rate quote.
You can choose to send the money right away or lock in a rate for a future transaction. It’s then a matter of depositing funds with WorldFirst from your bank account, and the company will convert the money into your currency of choice and send it to your recipient.
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.
Our table below shows you the exchange rate and fees of other money transfer specialists.
Yes, the WorldFirst app is available from the Apple App Store and the Google Play store. It allows you to place transfers whenever and wherever is convenient.
This depends on the currency you’re sending, the bank you’re using and the size of your transaction. Sterling, US dollars and euros usually transfer the same day that WorldFirst receives your cleared funds. With other currencies, it sends your payment out on the date agreed to, but you’ll need to allow one to four days for your funds to reach the recipient.
You will need to send the money by domestic bank transfer, either FAST payment, Express Transfer (RTGS/CHATS) or e-Transfer/Telegraphic Transfer (GIRO).
WorldFirst makes the payment to your beneficiary on the date you agree to when you book your trade. Your beneficiary might not be able to access the money right away, as their bank might take some time to clear the funds for them.
No. WorldFirst transfers money to bank accounts only.
Existing clients can contact WorldFirst at +65 6805 4370, and new clients can contact them at +65 6805 4380.
We spoke to WorldFirst’s CEO Jeff Parker about the trends he’s seen in business transfers since lockdown.