WorldFirst is a solid option to send money overseas based on iCompareFX’s WorldFirst review. Their scoring highlights not only the strong individual options on offer and but also their experienced business solution abilities as well.
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
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 administration 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
79
WorldFirst money transfer fees
Annual Transfer Amount
£0 - £500K
£500K - £5M
£5M+
WorldFirst Fees
0.60%
0.35%
0.25%
WorldFirst fees are simple and transparent. The above fee structure is non-negotiable. The fees also only apply to eligible currencies.
Pricing on all other currencies can be negotiated if available.
WorldFirst World Account fees
There are no World Account set-up fees. WorldFirst World Account has no fees for receiving money into the accounts. Currency conversion margin fees apply when funds are withdrawn from the multi-currency accounts. Additional fees may apply if you have registered a WorldFirst account from the UK or Australia. See below in ‘additional fees’.
Are there additional WorldFirst fees?
Yes. If your business is registered in the UK or Australia, there are some additional fees to be aware of. They are different for Australia and the UK. We've summarized them below for your convenience.
Additional fees for WorldFirst UK customers
Payment Fee Type
< £5,000
> £5,000
Payment with FX conversion
£5
£1.50
Payment without FX conversion
£15
£15
GBP payment without FX conversion (domestic)
£1.50
£1.50
So, unless you are receiving in GBP and sending out of the World Account in GBP, it can become costly to pay out small amounts from the World Account. This can mean that WorldFirst World Account is quite costly for small businesses. If this is the case, choosing an alternative international multi-currency account provider may be worth while investigating.
Additional fees for WorldFirst Australia customers
FX Transfer/payment amount
Fee
> AUD$10,000
$0
AUD$2,000 - AUD$9,999
$10
< AUD$2,000
$20
WorldFirst Australian online sellers paying foreign suppliers for small invoice amounts have high costs associated with their FX transactions. This makes it quite cost prohibitive for small businesses.
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
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
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
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
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
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