About the Author

Founder & author

Gavan started iCompareFX in 2014 after discovering the easiest way to wire money internationally was through a specialist provider and not the big banks. Working with global clients, he has become an expert in comparing money remittance companies. An ex-financial/IT nut turned entrepreneur, he reviews the best and cheapest providers available on the market.

Spot contracts

Forward contracts

Real exchange rates used

Transparent low fees

Personal account managers

Multi-currency receiving accounts

Xero accounting integration

Mobile app

Forex tools

Firm orders

Regular payments

Payment options

Local bank transfer
 

Payout options

Bank transfer 
 

Transfer options

Online

Phone

WorldFirst mobile app
 

Regular transfers

Available

Send money from

AUD, EUR, GBP, USD, AED, CAD, CHF, HKD, JPY, NZD, PLN, SGD, THB
 

Send money to

AED, NOK, AUD, NZD, BGN, OMR, BHD, PHP, CAD, PLN, CHF, QAR, CNY, RON, CZK, RUB, DKK, SAR, EUR, SEK, HKD, SGD, HUF, THB, ILS, TND, JPY, TRY, KES, USD, KWD, ZAR, MXN

More currencies available on request
 

Multi-currency receiving accounts

GBP, EUR, USD, CAD, CNH, HKD, JPY, NZD, SGD, AUD

24/5 customer service

Email - enquiries@worldfirst.com

Phone - International phone numbers location: https://www.worldfirst.com/support/


Personal Features

50

What WorldFirst offers

  • International money transfers for individuals
  • WorldFirst mobile app
  • Regular transfers
  • Rate alerts

International money transfers - Also known as Spot Contracts. Exchange and send money overseas at the current market exchange rate plus a transparent low fee.

WorldFirst mobile app - Android and Apple apps are available for initiating international transfers. The app is basic but functional.

Regular transfers - Schedule regular international payments when you set up a regular payment plan. Look forward to a quick and secure way of sending money overseas regularly.

Rate alerts - Create rate alerts to notify you of your ideal currency exchange rate.
 

What WorldFirst doesn’t do

  • Multi-currency receiving account for individuals.
  • FX optimized travel cards.
  • US residents cannot create WorldFirst accounts.
  • Cash pick up or international bill payments.

 

WorldFirst score

The WorldFirst score for Personal Features reflects the lack of multi-currency account availability to individuals and having no FX optimized travel card. WorldFirst scores highly in all other services for individual needs.


Business Benefits

89

WorldFirst has a suite of tools to help businesses operating in the global marketplace. WorldFirst prides itself on educating small business owners on how to lower costs on online marketplaces such as Shopify, Amazon and eBay. 
 

What WorldFirst offers

WorldFirst offers one of the best business solution suites. Specializing in supporting and partnering with small and medium sized businesses operating in global markets and marketplaces.

  • Business account management
  • Multi-currency receiving accounts
  • Forward contracts
  • Firm orders
  • Xero integration

Business account management

The WorldFirst business account management team is available to help business owners manage global currency risk. 

Multi-currency account - WorldFirst World Account

The World Account offered by WorldFirst is a multi-currency account. You may sign up for this account as a business, an online seller, a sole trader, or a freelancer. Once you register, you get access to multi-currency virtual receiving accounts that give you the ability to bank like a local in different parts of the world. The currencies in which you get free bank account details include:

  • Great British pound (GBP)
  • Euro (EUR)
  • U.S. dollar (USD)
  • Canadian dollar (CAD)
  • Chinese yuan renminbi (CNH)
  • Hong Kong dollar (HKD)
  • Japanese yen (JPY)
  • New Zealand dollar (NZD)
  • Singapore dollar (SGD)
  • Australian dollar (AUD)

These accounts save you having to open bank accounts in foreign countries, thereby giving you easy means to receive funds from international customers. 

You may use your World Account to hold funds in multiple currencies. Pay out of the World Account to suppliers or overseas employees in local currencies.

Forward contracts

With a WorldFirst forward contract, you can lock in a favorable exchange rate for up to two years. While you may have to make an initial deposit, you would have to pay the remainder only when the contract ends. If the rate fluctuates negatively, you may have to add to your deposit.

Firm Orders

If you have an idea of what exchange rate you are hoping to receive, but don’t want to keep track of the FOREX market, you can get WorldFirst to do it for you. When the rate gets to a point within your desired range, WorldFirst books it for you immediately.

Xero Integration

Integrate WorldFirst with Xero to reduce your bookkeeping admininstration for your business.
 

What WorldFirst doesn’t do

  • Business debit cards optimised for foreign currency denominated purchases.
  • USA resident support due to Ant Financial purchase of WorldFirst in 2019. US residents cannot create a WorldFirst account.

 

WorldFirst score

WorldFirst’s review of business benefits gives it a high score amongst its peers. Having no debit card available has impacted it’s scoring by iCompareFX.


Fees & Exchange Rates

79

WorldFirst money transfer fees

Annual Transfer Amount£0 - £500K£500K - £5M£5M+
WorldFirst Fees0.50%0.25%0.15%

WorldFirst fees are simple and transparent. The above fee structure is non-negotiable. The fees also only apply to eligible currencies.

AED, AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, QAR, RON, SAR, SEK, SGD, THB, TRY, USD, ZAR

Pricing on all other currencies can be negotiated if available.
 

WorldFirst World Account fees

WorldFirst World Account has no fees for receiving money into the accounts. Fees apply when funds are withdrawn from the multi-currency accounts.
 

Are there additional WorldFirst fees?

Nope. None.
 

WorldFirst Fees score

WorldFirst’s score reflects its simple and low fee structure. Their fees being non-negotiable has affected it’s score.


Ease of Use

57

What WorldFirst does well

  • Fast registration process
  • Create money transfers via phone, online or through the WorldFirst app

 

Where WorldFirst could improve

ID verification - ID verification for compliance can be cumbersome. While verification can take up to 1 hour in the UK, other parts of the world you may need to wait up to 24 hours to be contacted by WorldFirst.

WorldFirst mobile app - Testing as part of the WorldFirst review process has shown that WorldFirst needs to improve it’s mobile app user experience. The World Account is also not integrated with its simple money transfer app.

Payment options - Sending your money to WorldFirst is by local bank transfer only. It would be beneficial to some customers to use faster options, such as a debit card, to ensure their money is received by the foreign recipient faster. Faster payment options may increase the fees on the transfers. 

Minimum transfer amount - The WorldFirst minimum transfer amount is $2000 / £1000 for individuals. For business clients there is no minimum transfer amount.
 

WorldFirst score

WorldFirst has lost some points within the Ease of Use category due to these four areas above. These can be seen as opportunities for WorldFirst to improve their customers' experience.


Support & Countries

56

What WorldFirst does well

China - Major support for the Chinese market benefiting importers and exporters.

Languages - Multiple language support on their website, Traditional Chinese, Simplified Chinese, Dutch, English, French, Japanese.

Supported destination countries - 130 currencies available to send money online to.

Customer support - 24/5 availability. Telephone, email and online chat support (UK only).
 

Where WorldFirst could improve

USA support - WorldFirst does not support residents from the USA. This had a major impact on the score for this WorldFirst supported countries category.

Online chat support - Extending online chat support to more countries.
 

WorldFirst score

WorldFirst’s enhanced support for China improves its score in this category. However, a major impact is that USA residents are not supported as customers. 


Trust & Transparency

94

What WorldFirst does well

  • WorldFirst is safe and fully regulated by the FCA. Customer accounts are segregated from business bank accounts.
  • Fully transparent fee structure.
  • WorldFirst private and multi-currency account customers introduced by iCompareFX.com make thousands of transactions yearly.
  • WorldFirst’s TrustPilot score has an Excellent rating.
  • WorldFirst reviews on TrustPilot show an overall score of Excellent.

 

WorldFirst score

The safety and transparency score for WorldFirst is very high. Their perfect transparency of fee structure and excellent TrustPilot rating contributes to the high score.

How to sign up to WorldFirst

Step 1
Visit WorldFirst.com and select register

Provide your name date of birth, profession, contact number and home address

Choose one or more countries you wish to send money to

Select up to 10 currency pairs

Provide transfer amount estimates

Provide details from your passport, driver’s license or Medicare card

Submit your application

Receive a confirmation email

Step 2
Login to your WorldFirst account and create your profile

Accept WorldFirst’s trading terms and conditions

Wait to hear from a WorldFirst dealer to activate your account

Complete a manual 100 point ID verification process, which requires that you upload relevant documents

Step 3
After the manual review, your account becomes active

FAQs

Is WorldFirst Legit??

Yes! WorldFirst is a legitimate international money transfer business. WorldFirst is regulated by the FCA in the United Kingdom. 

What is the maximum amount you can transfer through WorldFirst?

There is no maximum transfer amount with WorldFirst. There may be countries that have a maximum relating to money laundering legislation or capital controls.

What is the minimum amount you can transfer through WorldFirst?

The minimum you can transfer through WorldFirst for individual clients is $2000 / £1000. There is no minimum for WorldFirst business clients.

Summary

84

WorldFirst offers international money transfer solutions to individuals and businesses. WorldFirst has a perfectly transparent fee structure. Their basic fee of 0.5% is highly competitive. WorldFirst World Account’s receiving accounts allow businesses to bank like a local. WorldFirst actively educates freelancers, small and medium sized businesses on how to reduce their foreign currency exchange costs when offering sales and services overseas.

Pros

  • Fee transparency and competitiveness
  • Multiple languages and countries supported
  • Specializes in educating small to medium businesses on how to save money

Cons

  • No US support
  • Minimum transfer amounts for individuals
  • Some customer service areas need improving