Learn whether World First is a good option for making international money and currency transfers.
WorldFirst was launched in 2004 and promoted itself as providing fast and fair ways for people to move money across borders – a more competitive alternative to traditional big banks.
The founders, Jonathan Quin and Nick Robinson, originally set up in a basement flat in Stockwell, South London but today the company has 6 global offices, with two in the US, one in the UK, one in Australia, one in Hong Kong and one in Singapore.
The Currency Shop says:
World First has some of the best exchange rates in Australia for individuals who need to transfer money overseas.
Their online platform is easy to use
Use our comparison table to compare foreign exchange rates, fees and services of other providers.
What we will cover
We’re most interested in how safe World First is, how they work and when you should use them. In this article, we’ll explore:
How safe is World First
Their fees and charges
How can you send or receive money overseas through World First?
Is World First any good?
How safe is World First
WorldFirst UK Limited is the parent company of WorldFirst in Australia. They hold all the necessary licences in Australia, the UK, US, Europe, Canada and Asia – peace of mind that they operate as a sound, compliant-focused company.
In Australia, World First is regulated by ASIC. Their Australian Financial Service Licence is 331945. Find more information here
Their Fees and Charges
WorldFirst charge in 2 ways – with both a transfer fee and an exchange rate margin.
WorldFirst has a fee structure that is simple and transparent. For any private client who transfers any international payments over $10,000, the transaction is fee-free. For international payments under $10,000, the flat fee is $10 – around half the fee of most banks.
For smaller transactions between $250 and $1000, it’s recommended that the transfersare handled online. For transactions over $1,000, funds can be transferred via telephone or online.
WorldFirst.com.au feature a handy online calculator on their website to display the current interbank exchange rates. Unfortunately, this is not the rate you will receive. To secure that rate, you need to request a quote first.
Alternatively, you can click here and use our exchange rate comparison engine. You can see World First exchange rates and compare them to the Big 4 banks and other money transfer companies.
Compare Australian Banks and Money Transfer Specialists
How to send or receive money overseas through World First
The WorldFirst website explains the process in three straightforward steps.
Book a rate
Send your money
The funds are sent
As with most international funds transfer providers, it all begins with setting up an account and verifying it. To choose the right account that suits your needs, it’s important to clarify whether you are signing up as a personal or business client, then provide your name and address details. You also need to supply the bank details of where you need the money sent. Next, enter the details of how much money you’re sending and where you’ll be sending it.. You’ll also need to provide the details of the person you’re sending money to and the currency you want to send.
WorldFirst lets you place transfers online, over the phone, or by using its Android or iOS app. WorldFirst’s fee structure is simple. If you transfer less than $10,000 (or an equivalent amount in another currency), a flat fee of $10 will apply to your transaction. For funds transfers more than $10,000, you will not have to pay any fee, giving you real savings on your money transfer.
How Do I Pay Funds to them?
You can send your money to WorldFirst using 2 methods:
Online/Telephone Banking: This usually arrives the same day or the following morning.
For corporate clients sending AUD, WorldFirst can collect funds via Direct Debit but do note that the funds may take up to 3 working days to clear.
Do they accept credit cards?
Available Currencies and Countries
Currencies available to send overseas from WorldFirst include the US Dollar, Great British Pound, Euro, Australian Dollar, Canadian Dollar, Japanese Yen, Indian Rupee and Mexican Peso. Unfortunately, a full list of accepted currencies is not available on the company’s website, so to find out more, you have to contact WorldFirst.
Is World First any good?
For Australian businesses still using their regular bank for international payments, choosing WorldFirst can deliver more competitive choice. They are also good for individuals that like to do everything online.
Pros of Using World First for Your Money Transfer
Simple registration and set up process
Easy online payment platform
If you are in business, they have very competitive terms
Cons of Using World First for Your Money Transfer
Minimum transfer amount. WorldFirst has a minimum transfer amount of $500 – higher than many other money transfer specialists – a fact that can limit your options, if you don’t need to send a large amount of money.
They only have an office in Sydney
Related Link: Click here to visit the World First website
Let us do the hard work for you. Simply let us know which currency you want to buy and what rate you are after. We'll contact you as soon as we find a currency partner that can sell it at your nominated rate. If you have a large amount, call us on 1800 004 930
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A local consultant will call you back within one business day to help you out. Alternatively, you can call us directly on 1800 004 930.
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