How to Receive Money from Overseas Using WorldFirst

By the end of this article you should have a much better idea of how to receive an international money transfer with money transfer specialists, WorldFirst.

When it comes to sending money from overseas, WorldFirst is a great choice. Dedicated currency providers like WorldFirst provide money transfer services at lower fees and better exchange rates than banks or PayPal, so you end up with more in your account.

But did you know that WorldFirst can also help you receive money from overseas?

How to receive money from overseas using WorldFirst

1. Create a WorldFirst account

You will need to be a customer of WorldFirst to use their services and receive money from overseas. You can easily apply for a WorldFirst account online and it shouldn’t take longer than ten minutes.

Here’s how:

  1. Register and fill in your personal details online.
  2. This means your full name, date of birth, address, occupation, email and a contact number.
  3. In some cases you may need to provide additional verification details like proof of address or a passport.
  4. Your account will be created and ready to send money.

2. Get your receiving bank account details

When you are completing the order with WorldFirst, you will list yourself as the beneficiary. When it comes to selecting your payment method, choose ‘bank transfer'. This way WorldFirst will provide you with the relevant bank details for the country you're receiving the funds from.

3. Transfer the foreign currency to WorldFirst

Once you have their bank details, you can give them to the sender. They will have to transfer the foreign currency to that bank account.

4. Receive your Australian Dollars

WorldFirst will notify you once they have received your foreign currency and you can finalise the transaction and exchange rate over the phone or online. The Australian Dollars are then transferred to your local bank account.

How long it takes

Depending on the country you’re receiving money from, and the currency the sender is using, funds will normally be deposited into your bank account either the same day or within 1 – 4 working days. This time can be extended slightly, depending on how long it takes WorldFirst to receive funds from the sender.

How much it costs

  • WorldFirst is fee free for all international money transfers.
  • Receiving bank fees — International money transfers sent to or from an overseas bank may be subject to commissions, fees, and other charges applied by that bank. These are typically deducted by your bank from the funds paid you.

*All details shown above are correct as of November 2017.

Advantages of receiving money from abroad with WorldFirst

  • Setting up an account is quick and easy.
  • They can easily make transfers to you online.
  • WorldFirst has much better exchange rates than banks and PayPal.
  • Business senders will get a dedicated account manager assigned to them.
  • You can make transfers online or over the phone.
  • WorldFirst allows for bulk payments and other business features.
  • WorldFirst is fee free for all international money transfers.

Disadvantages of receiving money internationally with WorldFirst

  • The lowest amount you can transfer is $1,000 USD or equivalent.
  • You can only fund the transfer via a domestic wire transfer, not credit or debit card.
  • You can’t pay via debit card, credit card, cash, or cheque.

Related video: WorldFirst review

Additional information for receiving money with WorldFirst

There are a lot of numbers and pieces of information you hear about when it comes to international money transfers. Below, are some extra details you might need and the things you don't require when you're receiving money.

WorldFirst IBAN number

IBAN is an account format used by European banks. Australian banks do not use this format and an IBAN is not required to send money to an Australian bank account using WorldFirst. Other parties with an IBAN field on their overseas payment form can simply leave this field blank. However, if you're transferring money from Europe, you may need an IBAN to do it through WorldFirst.

WorldFirst routing number

If the other party requests a National Clearing Code, Routing Number, BSB Number or Sort Code, you should use the first six digits (bank and branch codes) of your account number for which you wish to receive the payment into. For example, if the account number is 01-0123-0123456-00 use 010123.

WorldFirst account number details

The details of WorldFirst's account are only provided to their customers. Once you have completed an order to make an international money transfer, you will be provided the correct details. You can then provide these to the person you're paying and they can make payment to WorldFirst.

View currency exchange rates for WorldFirst

  • Rates for transferring funds internationally through WorldFirst are available through their rates page.
  • The currency exchange rate the sender will get does vary from moment to moment.
  • you will get the up-to-date, dynamic rate when they are booking the transfer.
  • WorldFirst will also send rate alerts.

Further WorldFirst information from The Currency Shop

  • You can find out more about WorldFirst here.
  • Dedicated account managers are available for business users to help them setup and execute transfers.
  • You can fix an exchange rate for some point in the future using a forward contract. They also allow businesses to use “firm orders” to exchange when rates reach a certain level.
  • WorldFirst lets businesses make bulk payments.
  • They provide automatic rate alerts, email updates, and currency and economic market news.
  • WorldFirst has apps available for both Apple and Android devices.
  • The sender can easily setup recurring, regular payments.
  • They provide specialised, dedicated services for online sellers.
  • They provide a price promise, and say they will beat any other provider’s rates.

WorldFirst disclaimers

WorldFirst does not check payment details.

If payment details are incorrect it may result in an unsuccessful transfer or the wrong account receiving funds. It is pivotal that you provide the correct details to the person making the payment. This will save time for both parties and ensure you receive your payment without any issues.

Why ask the sender to use WorldFirst, rather than their bank?

You might wonder why your sender won’t send money via their bank instead of their dedicated money transfer provider, and the answer is a simple one — cost. Currency exchange specialists are able to give better exchange rates and lower fees than banks, resulting in you receiving more money.

As an example, here’s how much more you will receive if they send money via WorldFirst rather than a couple of popular Australian banks.

Converting $2,000 HKD to AUD

  • With WorldFirst, you get $335 AUD.
  • With Commonwealth Bank, you only get $315 AUD — $20 (6%) more expensive than WorldFirst.
  • With ANZ, you only get $309 AUD  — $26 AUD (7.8%) more expensive than WorldFirst.

Converting $20,000 HKD to AUD

  • With WorldFirst, you get $3,368 AUD.
  • With Commonwealth Bank, you only get $3,244 AUD — $124 AUD (3.7%) more expensive than WorldFirst.
  • With ANZ, you only get $3,226 AUD — $142 AUD (4.2%) more expensive than WorldFirst.

*All details shown above are correct as of November 2017.

If your sender uses a dedicated money transfer service like WorldFirst, Transferwise, OFX, HiFX, or another dedicated currency exchange provider, they could save you hundreds of dollars on a transaction. To see how much they could save, get them to take a look at our free online comparison tool.

Summary

And that’s it! This is everything you need to know about receiving your money from overseas using WorldFirst. Here at The Currency Shop, we want to give you the right information to help you and the sender save money and help you make an informed choice for all your currency exchange needs.

The next time you or someone else needs to send money internationally, check how much you can save using our money transfer comparison tool. If you’ve still got questions we’re here to help, so feel free to give us a call on 1800 004 930.

Compare other ways to receive money from overseas

The best deal for you

TransferwiseRead ReviewTotal (AUD)$13,810.95Exchange Rate0.7274Transfer Fees$63.36Transfer Time1-2 DaysLearn MoreTotal (AUD)$13,810.95Rate Updated 11:52PM 15/11/2018GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7274 will cost you $13,810.95 which includes a fee of $63.36

About TransferWise

Transparency and an easy online experience are the 2 things that set TransferWise apart from the banks and other money transfer companies. If you prefer to bank online, you'll like TransferWise. Setting up an account and making a transfer is very easy. They are also very clear on the exchange rate and fees you'll pay before you make a transfer. Click here for the full review

Pros

  • Clear and transparent exchange rates fees
  • The online experience is first class
  • Like the banks, they are regulated by ASIC and registered with AFSL
  • Constantly bringing out new innovative products

Cons

  • There are currently a number of global currencies they do not currently support
  • Limited support based in Australia
  • Percentage based fee can add up on very large transfers

More trusted money transfer options

Provider Exchange Rate Transfer Fees Transfer TimeTotal (AUD) Rate Updated 11:52PM 15/11/2018
TorFXRead ReviewTotal (AUD)$13,816.68$5.73 more expensive Exchange Rate0.7238 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,816.68$5.73 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7238 will cost you $13,816.68 with no fees.

About TorFX

TorFX are particularly good taking care of customers over the phone but using their website isn't the easiest to use. They don't charge a flat fee which is great but it's important to consider their exchange rates. While, they don't offer fantastic rates for small amounts under $2000 , TorFX offer exceptionally good exchange rates for larger transfers to the UK, New Zealand, South Africa and Europe.

Pros

  • No transfer fees
  • Highly competitive exchange rates
  • Secure transfers with authorised
  • Assigned account manager
  • 24 / 7 Assistance
  • Available range of transfer options

Cons

  • Limited exotic currencies available
  • Exchange rates on small transfers aren't great
  • Website experience could be better
XERead ReviewTotal (AUD)$13,827.80$16.85 more expensive Exchange Rate0.7232 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,827.80$16.85 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7232 will cost you $13,827.80 with no fees.

About XE

XE is a well known and trusted name in the money transfer industry. With over twenty years experience, they now help 33,000 people and 2,000 businesses make transfers each year. Over 60 currencies can be transferred with XE and they pride themselves on the free tools and transparent rates they offer. Click here to read the full review

Pros

  • Well known and trusted brand.
  • Very informative website. Extensive information on currency and money transfers.
  • XE App is available on both iOS and Android. It allows you to see the interbank rate for over 100 currencies.
  • XE themselves charge no fees for international money transfers.
  • Offers support for both individuals and businesses when it comes to international money transfers.

Cons

  • Cannot pay via cash or cheque. Must pay via bank transfer, BPay is also accepted in Australia.
  • Maximum transfer amount is $500,000USD.
  • While XE compares more than 100 currencies, there are only 60 that are available for money transfers.
WorldFirstRead ReviewTotal (AUD)$13,830.58$19.63 more expensive Exchange Rate0.7230 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,830.58$19.63 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7230 will cost you $13,830.58 with no fees.

About World First

World First was founded in 2004 in the UK and has grown rapidly with offices now in the U.S., Canada and throughout Asia. They consistently receive strong customer reviews and in a recent study, 98% of their clients said they would use them again.World First have a strong online offering, particular for businesses selling online. They do provide local support as well with offices in Sydney. Click here to read the full review

Pros

  • Low fees and great exchange rates
  • Safe and secure transfers
  • Regulated by ASIC and registered with AFSL
  • Great for personal and business payments

Cons

  • Does not accept BPAY, credit card, cheque or cash
  • Limited currencies available
HIFXRead ReviewTotal (AUD)$13,830.58$19.63 more expensive Exchange Rate0.7230 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,830.58$19.63 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7230 will cost you $13,830.58 with no fees.

About HiFX

HiFX are one of the biggest money transfer companies in the world. Their parent company Euronet is listed on the NASDAQ and recently acquired Xe.com. They are particularly useful for individuals doing regular transfers overseas. HiFX provide competitive exchange rates no matter how much is being transacted. Their $50 minimum transaction size and flat fee makes them a great option for any international payment. Locally, HiFX have Australian offices in Sydney, Melbourne and are expanding to the remaining capital cities. Click here to read the full review

Pros

  • Fantastic bank - beating exchange rates
  • Low fees for transactions less than $10, 000
  • No fees for transactions of $10, 000 or more
  • High security transfers regulated by ASIC and FMA
  • Fast and easy for personal or business accounts

Cons

  • Only electronic bank transfers accepted
  • Limited exotic currencies
WorldRemitRead ReviewTotal (AUD)$13,864.77$53.82 more expensive Exchange Rate0.7215 Transfer Fees$3.99 Transfer Time1-2 DaysGet discounted rate $13,864.77$53.82 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7215 will cost you $13,864.77 which includes a fee of $3.99

About WorldRemit

WorldRemit are particularly good for transfers under $10,000 to destinations across Asia, Africa and South America. Sending money online is significantly easier than using companies like Western Union or Moneygram and their exchange rates and fees are clear and transparent. With 2 million users, WorldRemit has a focus on improving access to remittances for the billions people worldwide who don’t have access to banking. Because of this, WorldRemit has a number of ways to both make and receive transfers. They concentrate on servicing individual needs as opposed to businesses. Click here for the full review

Pros

  • They have a great network in Asia and Africa and number of receiving options like cash-pick up or bank transfer.
  • They are clear about their exchange rates and fees
  • No minimum amount

Cons

  • Maximum transfer sizes for every transfer
  • No support for business customers
  • They are not licensed to provide financial advice.
OFXRead ReviewTotal (AUD)$13,935.34$124.39 more expensive Exchange Rate0.7176 Transfer Fees$0.00 Transfer Time1-3 DaysGet discounted rate $13,935.34$124.39 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7176 will cost you $13,935.34 with no fees.

About OFX

OFX (formally known as Ozforex) is the largest Australian owned money transfer company. It launched in 1998 and grew rapidly until finally listing on the Australian Stock Exchange in 2013. OFX excels in 2 areas – Online experience and customer service. The company was born online and continues to develop easy, intuitive products. While OFX customers do most of their transactions online, they are backed up with exceptional customer service.

Pros

  • Better exchange rates compared to banks
  • Highly safe and secure transfers
  • 1 - 2 days delivery times for most countries
  • Quick response time
  • Fantastic customer service

Cons

  • Credit cards, cheques and cash are not accepted
  • Transfers to Thailand can take up to 4 days
  • Fees for transfers smaller transfers
ANZRead ReviewTotal (AUD)$14,226.77$415.82 more expensive Exchange Rate0.7029 Transfer Fees$0.00 Transfer Time1-2 DaysGet discounted rate $14,226.77$415.82 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7029 will cost you $14,226.77 with no fees.
ANZ International Money Transfer is a secure and fast way to transfer money overseas.

Pros:

  • Fast transfers
  • Safe and secure
  • No fee for transfers under $10 000 via Internet banking

Cons

  • $12 fee for transfers under $10 000 via Internet banking
  • Poor exchange rates
  • 24 hour hotline not available
Commonwealth BankRead ReviewTotal (AUD)$14,498.46$687.51 more expensive Exchange Rate0.6903 Transfer Fees$12.00 Transfer Time1-2 DaysGet discounted rate $14,498.46$687.51 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.6903 will cost you $14,498.46 which includes a fee of $12.00
Commonwealth Bank provides secure and easy transfers to over 200 countries and more than 30 currencies.

Pros:

  • Fast transfers+ Easy transfers
  • Security guarantee covers any losses from unauthorised transactions

Cons

  • $6 fee for transfers under $1000 via Internet banking
  • $12 fee for transfers under $1000 via Internet banking
  • Poor exchange rates