WorldFirst review
- Fees (pay by bank transfer)
- £0
- Minimum transfer amount
- £1,000
- Maximum transfer amount
- No limit
Enjoy competitive exchange rates and no transfer fees when you send large sums of money overseas with WorldFirst.
The biggest issue with WorldFirst is that it no longer offers its services to personal customers. Currently, it only supports international money transfers to businesses in the countries it operates in.
That said, if you’re a business, you can use WorldFirst’s World Account, which gives you up to 10 local currency accounts so you can pay or get paid like a local.You’ll also have a few forex tools to use to get the best out of your transfer such as spot contracts, forward contract and firm orders. It also offers competitive exchange rates on most currencies but a slight markup is added so it won’t ever be as good as the mid-market rate.
Pros
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Competitive rates. WorldFirst offers highly competitive transparent exchange rates to customers that are usually not too far from the interbank rate.
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Same-day transfers for major currencies. If you're transferring to USD, EUR and GBP, WorldFirst is able to deliver within a day.
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FX tools. Choose between spot contracts, forward contracts and firm orders to get the best rate for you.
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No maximum limit. With no limit, you can transfer as much as you'd like in one go.
Cons
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Only accepts bank transfers. You won't be able to use your credit card or debit card to pay for a money transfer.
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Some smaller currencies missing. WorldFirst has most of the major currencies covered, but not all of the smaller ones.
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Business transfers only. WorldFirst only caters to international money transfers for businesses.
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No cash pick-up. Transfers must be sent to your recipient's bank account. You can check out other money transfer providers that offer cash pickup here.
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Limited recurring transfer options. You can set up regular transfers but only to accounts in your own name.
Details
Product details
| Product Name | WorldFirst Business |
| Pay by | Debit card, Bank transfer |
| Receiving options | Bank account, Mobile wallet |
| Customer service | Phone, Live chat, Email |
| Available currencies | AUD, CAD, CNY, EUR, GBP, HKD, JPY, NZD, SGD, USD |
| Bank account required? | No |
| Personal account manager? | Yes |
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.
How much are WorldFirst’s transfer fees?
WorldFirst charges a fixed FX fee and a small payment fee. Typically, FX transaction fees are up to 0.75% and payment fees range between £1.50 and £15. WorldFirst encourages you to speak to its customer service team to find out what the fees would be for your prospective transfer.
How are WorldFirst’s exchange rates?
WorldFirst adds a margin to the mid-market exchange rates. This means WorldFirst’s exchange rate won’t be as good as the one you can see on Google or the news.
On the most popular currencies, WorldFirst guarantees that the margin will only be 0.5% on top of the exchange rate. The more you send, the lower it gets. For the other, less popular currencies, you won’t pay more than about 1% on top of the exchange rate.
WorldFirst claims its exchange rates are up to eight times better than the Big Four banks, and backs this up with WorldFirst’s Best exchange rate guarantee.
WorldFirst's Price Promise
If you get a better quote from another international transfer service, WorldFirst will beat it. You just need to:
- Register with WorldFirst.
- Let WorldFirst know how much money you’re looking to transfer and the rate you were quoted, including the time of day you received the quote.
Conditions do apply:
- You must have an active trading account with another provider.
- You must have the quote in writing or email to send to WorldFirst within three hours of receipt.
- WorldFirst cannot give you a rate better than the rate at which it buys the currency.
What are the ways I can send money abroad with WorldFirst?
WorldFirst offers four main transfer types to help you get the most out of your transaction.
- Spot contracts. Make a one-time transfer at the time of payment.
- Forward contracts. Lock in today’s exchange rate and schedule a transfer now for up to two years later.
- Regular payments. Set up automated payments online or over the phone.
- Limit orders. Use these to execute a money transfer when your ideal exchange rate is met.
How to make an international money transfer with WorldFirst
You will need to sign up for an account with WorldFirst online. Once registered and verified, it’s quick and easy to make future transactions.
What are WorldFirst’s payment options?
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.
How long does a transfer with WorldFirst take?
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
24 hours
Is WorldFirst safe to use?
- Security and regulation: WorldFirst is government regulated and holds its customers’ funds separate from the company’s own.
- Established: 2004.
- Number of customers: Over 240,000* businesses globally.
- Reviews: Trustpilot gives WorldFirst a score of 4.4* out of 5, based on over 1,998 reviews.
*According to WorldFirst and Feefo on 27 June 2022.
WorldFirst is regulated in the UK by the FCA (Financial Conduct Authority), which is the body that regulates finance companies to protect consumers. Part of the FCA’s 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.
How does WorldFirst compare to other money transfer services?
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