Money transfer providers like TransferWise and World First helps you remit money overseas without the high exchange rates and fees. But before you choose which company to use, it's crucial to compare which one will better suit your needs. The Currency Shop presents this comparison between Transferwise and World First.
What you'll find in this review
- Safety
- Exchange Rates
- Fees
- TransferWise and World First Sign Up And Transfer Process
- Accepted Payment Types, Min & Max Amounts
- Business Payments
- Supported Currencies & Countries
- Transfer Speed With TransferWise and WorldFirst
- Customer Support
TransferWise is a peer to peer money transfer service that is often recognised for its fast transfers and bank-beating exchange rates and fees. The company's headquarters is located in London and has offices in New York and Tallinn.
World First is a UK based company that offers currency exchange and money transfer services for individuals and businesses alike. The headquarters is located in London, and they have offices spanning throughout Australia, Hong Kong, Singapore, the Netherlands and USA. The company is able to offer good exchange rates as it trades currencies at the wholesale rate.
Safety
The Australian Securities and Investments Commission (ASIC) is the government body that ensures and regulates fair and transparent conduct of financial services. Every company offering financial services must be granted an Australian Financial Service (AFS) licence by ASIC to carry out business in Australia.
| TransferWise | World First |
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Winner: Tie. Both companies hold an AFSL and are regulated by ASIC. In order for either companies to provide financial services legally, they must be registered with the Australian government body.
Exchange Rates
Like banks, money transfer providers make money in two main ways: Firstly, the margin from which they purchase currency at a wholesale rate and the cost of currency sold on to customers. Secondly, an additional transaction fee.
Exchange rates are constantly changing. That's why comparing your options is one of the most important factors to consider before making a transfer. Here are three ways you can compare current exchange rates:
- View live rates on TransferWise and World First websites
- Call World First at 1800 835 506 (within Australia)
- Contact TransferWise through the Live Chat feature on its website
- Compare exchange rates online with our comparison engine
Winner: World First is the winner in this segment with their price promise to always try to quote a better rate than banks. Even if you receive a better quote, they'll match it.
Generally speaking, both companies excel in different range of transfer amounts. World First has the best exchange rate for transfer amounts between AUD 1000 to amounts less than AUD 10,000.
TransferWise has the better rate for smaller amounts less than AUD 1000.
This comparison could change by the time you read this, so remember to compare before you transfer.
Compare Australian Banks and Money Transfer Specialists
Fees
Money transfer providers make a profit from every transaction, even when no fees are charged. So it's just as important to compare fees as well as exchange rates. Note that a deposit fee may be charged by the recipient's financial instituition.
| TransferWise | World First |
|---|---|
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0.7% of transfer amounting up to AUD 10,000 (minimum fee AUD 2) |
AUD 10 for transfers less than AUD 10,000 |
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0.7% on initial AUD 10,000 plus 0.5% on anything over |
No fee for transfers over AUD 10,000 |
Winner: World First. World First makes their profit through a mark up on the exchange rates and a transfer fee. On the other hand, TransferWise makes money in fees calulated on a percentage of the transfer amount.
TransferWise's fees could turn out more expensive than expected. Just remember, that money transfer services make a profit from two factors: exchange rate margin and fees, make sure you compare both.
Related: How Much It Really Costs To Transfer Money Overseas
TransferWise and World First Sign Up And Transfer Process
To transfer money overseas with either of the providers, you must register an account. We review the steps for each provider below:
| TransferWise | World First |
|---|---|
| 1. Sign up manually or with Google or Facebook account | 1. Register your details online |
| 2. Select currency type and amount | 2. Verify your identity with valid ID |
| 3. Fill in your details
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3. Select currency you wish to buy and sell |
| 4. Provide recipient's details (you can also send to an email address) | 4. Provide beneficiary details and amount |
| 5. Transfer funds to TransferWise | 5. Select Payment Method |
| 6. TransferWise receives funds and transfers to recipient | 6. Select onward payment date |
| 7. Accept Rate and make payment to World First |
Winner: TransferWise. Their interface is straight to the point and extremely user friendly. It only took a minute to register an account and about 10 minutes to make a transfer.
Accepted Payment Types, Min & Max Amounts
| TransferWise | World First | |
|---|---|---|
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Payment Types Accepted |
*Paying with any card carries a 0.6% fee |
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Minimum Transfer Amount |
AUD 250 AUD 1000 (Over the phone) |
AUD 250 AUD 1000 (Over the phone) |
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Maximum Transfer Amount |
AUD 1.8 million (via bank transfer) AUD 3500 (card payment) |
No Limit |
Electronic Funds Transfer
Winner: TransferWise is the winner in this category with a variety of payment options to make transfers.
Business Payments
Money transfers for business are supported on both TransferWise and World First. World First really excels in this area as they offer so much more for businesses. Below are the business features available on World First. Some of these features may also be available for personal accounts.
- Forward Exchange Contracts – Lock in exchange rates ahead of time
- Order Types – Allows you to purchase currency at a determined rate
- Risk Management – An assigned account manager will provide currency analysis tailored to fit your business needs
- Free transfers – For amounts over AUD 10,000
Winner: World First. It's a clear win for World First in this area. If you are a business owner, you can expect more options that will suit your needs and receive support from a currency specialist.
Supported Currencies and Countries
This is an extensive list of currencies available for transfer on TransferWise and World First. Note that TransferWise can send and receive the currencies listed below. There are certain currencies the company can only send. Find out more on their website.
| TransferWise | World First* | ||
|---|---|---|---|
| TransferWise can send and receive:
AUD – Australian Dollar BGN – Bulgarian Lev BRL – Brazilian Real CAD – Canadian Dollars CHF – Swiss Franc CZK – Czech Koruna DKK – Danish Krone EUR – Euro GBP – Great Britain Pound
|
HUF – Hungarian Forint
JPY – Japanese Yen NOK – Norwegian Krone NZD – New Zealand Dollar PLN – Polish Zloty SEK – Swedish Krona SGD – Singapore Dollar RON – Romanian Leu |
AED – United Arab Emirates Dirham
AUD – Australian Dollar BGN – Bularian Lev BHD – Bahraini Dinar CAD – Canadian Dollars CHF – Swiss Franc CNY – Chinese Yuan Renminbi CZK – Czech Koruna DKK – Danish Krone EUR – Euro GBP – Great Britain Pound HKD – Hong Kong Dollar HUF – Hungarian Forint ILS – Israeli Shekel JPY – Japanese Yen KES – Kenyan Shilling KWD – Kuwaiti Dinar |
MXN – Mexican Peso
NOK – Norwegian Krone NZD – New Zealand Dollar OMR – Omani Rial PHP – Philippine Peso PLN – Polish Zloty QAR – Qatari Rial RON – Romanian Leu RUB – Russian Ruble SAR – Saudi Riyal SEK – Swedish Krona SGD – Singapore Dollar THB – Thailand Baht TND – Tunisian Dinar TRY – Turkish Lira USD – United States Dollar ZAR – South African Rand |
*World First has an extensive list. Here you can find their complete list of currencies.
Winner: Depending on the currency and country you are sending funds to, we'll let you decide who's the winner of this segment.
Transfer Speed With TransferWise and World First
The transfer speed depends on the amount and type of currency, country of transfer and turnaround time of your bank to clear payment.
| TransferWise | World First |
|---|---|
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Between 1 – 3 working days |
Between 1 – 4 working days |
Winner: TransferWise. They tend to be slightly more efficient with transfer speed than World First.
Customer Support
Should you have any queries, you can contact World First over the phone at 1800 835 506 (within Australia).
With TransferWise, it was difficult to find their contact number. We had to use their live chat feature to get in touch with a consultant and received a response within 24 hours.
Winner: World First. You can expect to receive prompt response and support for any of your queries through World First.
Final Verdict
TransferWise and World First excel in different areas. Dending on your needs, you may want to choose one over the other.
Generally, World First's exchange rates are better across a range of transfer amounts. Whereas TransferWise has better rates for smaller amounts up to AUD 2000.
Just remember to compare the exchange rates before you decide to transfer as rates change all the time.
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