Compared to banks, World First and TransferWise offer lower fees and better exchange rates on money transfers. Here’s how they stack up against each other.
World First and TransferWise 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.
 |  | |
|---|---|---|
| World First | TransferWise | |
| Fees | $10 transfers below $10,000 $0 for $10,000 or more | From 0.5% to 1.5% of your transaction |
| Exchange rates | Usually 0.2% off the mid-market rate | Converts money at the mid-market rate |
| Speed | 1–6 business days | 1–6 business days |
| Max Transfer Amount | $25,000 initial transaction maximum and $50,000 after | $49,999 (personal) and $199,999 (business) maximum |
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World First vs. TransferWise: How they work
World First transfers money for businesses, online sellers and individuals. For a personal transfer, you tell World First how much you want to send, then they quote an exchange rate. After you send your money, World First will convert the funds and send them to your recipient’s bank account.
Sending money through TransferWise is a similar process: Input how much you want to transfer, then send your money to TransferWise. They will convert your money and send it to your recipient’s bank account.
Who offers lower fees?
World First
For personal transfers, there’s a $10 fee for transfers below $10,000 and none for $10,000 or more. There’s no cost to send money to World First, although your bank may charge fees.
TransferWise
While World First charges a flat fee for transfers, TransferWise 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).
You can easily find out what you’ll pay by visiting its “How much does TransferWise cost?” page.
Winner: It depends
TransferWise is cheaper for very small amounts, given its minimum fees. World First is cheaper for large amounts, charging a flat fee instead of a percentage fee.
Case study: $1,000, $5,000 and $10,000 to Canada
Depending how much money you want to send, you’ll pay varying fees to transfer through World First and TransferWise. Let’s see what costs are for transferring different amounts of money.
$1,000: It’s about even, with a slight advantage to TransferWise
| World First | TransferWise | |
|---|---|---|
| Send in money (ACH bank transfer) | $0 | $0 |
| 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 Canadian dollars received | 1,313.73 CAD | 1,316.73 CAD |
The difference is 3 Canadian dollars (or $2.26).
$5,000: World First wins
| World First | TransferWise | |
|---|---|---|
| Send in money (ACH bank transfer) | $0 | $0 |
| 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 Canadian dollars received | 6,621.73 CAD | 6,583.67 CAD |
The difference is 38.06 Canadian dollars ($28.62). World First is cheaper in this example.
$10,000: World First is the big winner
| World First | TransferWise | |
|---|---|---|
| Send in money (ACH bank transfer) | $0 | $0 |
| 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 Canadian dollars received | 13,270 CAD | 13,186.74 CAD |
With a difference of 83.26 CAD ($62.60) and a $0 transfer fee, World First comes up big here.
Winner: World First
With a $1,000 transfer, World First and TransferWise cost about the same. Transferring larger amounts earns you higher savings with World First.
While World First 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). World First requires you to send money through wire transfer for your first personal transfer.
What is an ACH bank 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.
Who offers better exchange rates?
World First
World First offers a pretty tight spread between its exchange rate and the mid-market rate — usually 0.2% off the mid-market rate.
TransferWise
TransferWise converts money at the mid-market rate, which is stellar compared to banks. Just watch for the percentage fees charged for transfers.
Winner: Tie
World First and TransferWise offer similar exchange rates. Though TransferWise’s rate — the mid-market rate — is an almost unbeatable deal.
What is the mid-market rate?
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.
Who’s faster?
World First
For your first transfer, World First 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, World First 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.
TransferWise
First, sending money to TransferWise could take up to four days. Credit or debit card is the fastest way to send money; ACH bank transfer takes the longest.
TransferWise 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.
Who offers more options?
| Payment Methods | Minimum and maximum transfers | Delivery methods | Transfer speeds | Countries and currencies | |
|---|---|---|---|---|---|
| World First | 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 |
| TransferWise | Bank transfer, credit or debit card | $3 minimum; $49,999 (personal) and $199,999 (business) maximum | Bank transfer | 1–6 business days | 39 countries |
Bottom line
Costs for World First and TransferWise run neck-and-neck for smaller transfers.
For your first transfer, you’ll pay more through World First because you’ll have to send money via wire transfer. For larger transfers, World First is generally cheaper because it charges a flat rate, while TransferWise charges a percentage of your transfer.
Ultimately, you’ll want to compare your options to find the best service for your situation.
Compare your international money transfer options
Use our comparison calculator to weigh the fees, exchange rates and other details of specialist companies to find the best value on your next international transfer.
