How to Transfer Money to a Bank Account Overseas Using WorldFirst
WorldFirst is one of the most popular international money transfer services in the world. They combine low fees with a dedicated service to provide fast, value-for-money transfers. These factors mean they are generally cheaper than using your bank.
When it comes to currency exchange, you have many options. A dedicated money transfer provider like WorldFirst is often a better choice than your bank or PayPal — you will get superior service, better exchange rates, and cheaper fees, meaning your money goes further.
How to transfer money through WorldFirst
Before we get into the detailed steps involved in transferring money overseas with WorldFirst, let's have a look at an overview of the steps involved:
- Go the WorldFirst website. Here you can set up an account by filling in some personal details and providing some identification.
- Fill in the details of your transfer and recipient. This will give you a quote.
- Confirm the order and make payment to WorldFirst.
Learn more about WorldFirst
All details shown above are correct as of November 2017.
Advantages of sending money internationally with WorldFirst
- Setting up an account is quick and easy.
- You can easily make transfers online.
- Much better exchange rates than banks and PayPal.
- Business users will get a dedicated account manager assigned to them.
- You can make transfers online or over the phone.
- Allows for bulk payments and other business features.
- WorldFirst is fee free for all international payments.
Disadvantages of sending money internationally with WorldFirst
- The minimum transfer amount is $1,000 USD or more.
- You can only fund your transfer via a domestic wire transfer, not credit or debit card.
- You can’t pay via debit card, credit card, cash, or check.
Additional information for sending money with WorldFirst
There are a lot of numbers and information you hear about when it comes to international money transfers. Below there are extra details you might need for a money transfer overseas and the things you don't.
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.
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View currency exchange rates for WorldFirst
- Rates for transferring funds internationally through World First are available through their rates page.
- The currency exchange rate you will get does vary from moment to moment.
- You will get the up-to-date, dynamic rate when you are booking your transfer.
- World First will also send you rate alerts when you sign up for them.
Further WorldFirst information from The Currency Shop
- 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 / economic market news.
- WorldFirst has apps available for both Apple and Android devices.
- You 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 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.
How WorldFirst can save you money versus your bank
You might wonder why you wouldn’t send money via your bank instead of a dedicated money transfer provider, and the answer is a simple one — cost. Currency exchange specialists like WorldFirst are able to give you better exchange rates and lower fees than banks, resulting in more for you and your recipient.
For example, here’s how much you can save sending money via WorldFirst rather than a couple of popular Australian banks.
Converting $2,000 AUD to Japanese Yen
- With WorldFirst, recipient gets 173,572 Yen.
- With ANZ Bank, recipient gets 165,596 Yen — $90.98 AUD (4.6%) more expensive.
- With Westpac, recipient gets 163,528 Yen — $114.57 AUD (5.8%) more expensive.
Converting $20,000 AUD to Japanese Yen
- With WorldFirst, recipient gets 1,742,732 Yen.
- With ANZ Bank, recipient gets 1,669,496 Yen — $835.42 AUD (4.2%) more expensive.
- With Westpac, recipient gets 1,647,211 Yen — $1,089.64 AUD (5.5%) more expensive.
*All details shown above are correct as of November 2017.
And that’s it! That is everything you need to know about transferring your money overseas using WorldFirst. Here at The Currency Shop, we want to give you the right information to help you save money and 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.