Review
By MoneyTransferComparison.com
Company Name: WorldFirst Money Transfer
Trading Name: World First Limited UK
Companies House #: 05022388
Authorised Payment Institution By The FCA
Website: https://www.worldfirst.com/
Review By: Matt Di Vincere, Editor
Last Updated: September, 2017
Review Word Count: 2,000 Words.
World First Money Transfer Review
Our Rating: 97.8%
Editorial World First Review Summary: “World First is the best money transfer company in the market right now. Extremely reliable, client-oriented, and has a Best Rate Guarantee for UK clients. Sign-up is all online and can be completed within 60 seconds. “
Aggregated Client Reviews: 5,000+ reviews, mainly on Feefo’s platform. Average Rating: 98%.
Our Readers’ Comments: 58 comments, vast majority praising the company.
- Large: 75,000+ Active Clients
- Best Rate Guarantee (UK)
- £500 Voucher Raffle (Exclusive)
- 100+ Currencies (Largest Variety)
- Consumer & Business Awards
- 98% Positive Client Feedback
- Easy 2 Minute Signup
- Great, Functional, App
- View Live, Real, Rates Before Signing Up
- Unavailable in some USA States
- Minimum Transfer Amount is £1,000 or equivalent
World First – Basic Company Information
Established: 2004.
International Clients: ✓ Accepted
Currencies Offered: 121.
Minimum Transfer: £1,000 (UK) / €1,000 (EU) / $1,000 (USA)
Trading via: Online Platform, Email or Telephone.
Offices In: UK, USA, The Netherlands, Australia, Hong Kong and Singapore.
Regulation: ✓ Financial Conduct Authority (UK), FinCen (USA), Financial Transactions and Reports Analysis Centre (Canada), ASIC (Australia), Customs and Excise Department (Hong Kong).
Fees: No fees for UK, European or Australian Clients, regardless of transfer size. No fees above $10,000 from North America (and $10 per transfer below that market.
There is also also an Exchange Rate Guarantee for UK Clients – World First guarantees to beat any quote from any competing companies.
World First Promotions
World First offers a Best Exchange Rate Guarantee for clients from the UK. When you register with them, simply show them a written quote you have received from your bank or other Foreign Exchange company, and they guarantee to beat it.
The full T&C is available on World First’s website. Just click on the button below, and then click the green button that says “Find out more”.
Additionally, you can win a £500 Amazon voucher if you use our referral link. View more details clicking on the button below.
Read More – Full World First Review
Is World First Reliable?
Company size:
World First Limited, registered and headquartered in the UK is a phenomenal Foreign Exchange company. It offers currency exchange and international payments to private clients and corporate clients. Since its establishment in 2004, the company has rapidly grown, and today it has offices across 4 continents while employing more than 300 people.
WorldFirst is ranked among top UK international money transfer companies in the UK in terms of revenues and boasts more than 75,000 “yearly active” customers.
Regulated By:
Financial Conduct Authority (UK), FinCen (USA), Financial Transactions and Reports Analysis Centre (Canada), ASIC (Australia), Customs and Excise Department (Hong Kong).
Awards:
The rapid growth has won the company an inclusion in the Sunday Times Virgin Fast Track 100, in 2011, and gained it a position in the top 10 Sunday Times FastTrack companies in 2016, more than any other financial services provider in the UK.
In addition to that, it has won several prestigious awards such as the UK Customer Experience Awards in 2013, and UK National Business Award in 2011.
Recently, in April 2016, the company has been announced as the winner of the Queen’s Award for International Trade, one of the most lucrative and prestigious awards in the UK.
Re-branding:
On June 21, 2017, WorldFirst has changed it’s previous logo to a new fresh and clean logo. This change reflects the new tone WorldFirst wishes to convey to its clients and prospective clients: serious, straightforward, no “fluff”, transactions.
Moreover to the new logo and website design that has been initiated, World First has also decided to increase its levels of transparency. If you choose an account type, you will be able to view live rates in the same fashion as on Transferwise‘s website. View our re-branding news item here.
Conclusion:
Considering the evidence above, and the fact that the former deputy governor of the Bank of England, Sir David Clementi, serves as the chairman of the board, we conclude World First is highly safe, secure and credible. Moreover, it’s one of the fastest growing businesses in the UK, which definitely attests to the level of satisfaction by clients.
Do Clients Like WorldFirst?
Research:
There are 5,100+ World First client reviews on Feefo, one of the largest, most credible user review companies on the planet. Major companies such as Expedia and Booking.com proudly present user experiences listed on Feefo.
There are approximately 200 WorldFirst reviews to be found on ReviewCentre, another of the largest client review engines. World First has 98% positive reviews on Feefo, and 95% on ReviewCentre.
Here’s a genuine, verified, comment by a client we have referred to them:
Clients praise World First on every aspect of the service. There’s a multitude of client reviews describing:
- Easy sign up process.
- Happy with the rates they are given.
- Dedicated dealers are often mentioned by name, and described using the following adjectives: Professional, Knowledgeable, Polite, Customer Oriented, and Helpful .
- Satisfaction with prompt execution of transfer. Often overnight.
Among many positive reviews, we also witnessed several complaints. The majority of them focused on:
- Slower transactions to specific locations (for instance Brazil), where the process might be a tad more complicated, and requires a sign-off from the funds’ recipient.
- Will not provide original copies of certain documents.
- Money not received during bank holiday .
Conclusion:
Clients are extremely satisfied with the services provided to them by World First online, and through telephone. The few complaints (dozens from thousands of reviews) focused on areas that are objectively difficult to handle. They are required to retain original documentation, in accordance with Anti Money Laundering laws, as are all Foreign Exchange firms. Transactions are slow to reach specific areas, no matter which company you choose. In most countries, banks do not handle incoming international transactions during holiday seasons.
Overall we couldn’t find any consistent, reasonable, complaints that would make us believe the service at World First is nothing short of perfect.
Read Enough?
World First’s Exchange Rate & Fees
Research:
Fees: None incurred in the UK. None incurred in Europe. $10 in fixed fees for transfers under $10,000 in the USA.
Exchange Rates: As with all international money transfer companies that are geared towards larger transfers, rates are flexible. The more you transfer, depending on the currency pairs, the better the exchange you can get.
The online platform’s exchange rates will usually show a saving of 50% when compared to banks, with margins around the 1% mark, which is comparable to other leading companies, and better than many others. It’s not recommended to use this platform for large transfers of £20,000 and up without speaking to your dedicated dealer over the phone beforehand, and get better rates than these.
Guarantee: The thing that makes World First undoubtedly cheaper than others is the best price guarantee they have in place.
Limits: The minimum transfer amount is £1,000 (or €1000 if you are transferring from Europe), and with World First’s size and liquidity, there is no upper cap on how much you can send. They are handling many business clients and online merchants, and help them transfer millions, to their utmost satisfaction.
Conclusion:
The best way for us to learn about the exchange rates that were offered to clients is via real client reviews. With 95-98% satisfaction on the two popular review platforms, with many clients explicitly mentioning how happy they were with the rates offered to them, we can conclude that exchange rates are quite optimal.
As far as fees go, they are waived for UK clients and European clients, but the $10 in fixed fees for USA and Canadian Clients could make smaller transfers from there a tad expensive.
Global Reach & Service
Research:
- Dedicated Dealer: Yes.
- Offices: UK, USA, The Netherlands, Australia, Hong Kong and Singapore. More over, as a World First corporate client you are able to open collection bank accounts overseas in these regions.
- Ways to approach: Email, Toll-free telephone number, Call-back form, and meetings in worldwide offices.
- Translations: World First is available in several languages. English, French, Chinese, Japanese.
- Accepts clients: Generally speaking, globally.
- Currencies Handled: Over 100.
- Client reviews: Often praise the quality of support and dedicated dealer functionality.
Conclusion:
With a dedicated dealer team consisting of hundreds of dealers worldwide, and offices in 5 continents (including a new office in the Netherlands which is due to be opened by the end of June), service and global reach can’t get much better than this.
World First Foreign Exchange deals with more currencies than any other company we have compared it to. It has more local translations than 99% of its competitors. It has dedicated support centers in each continent, which make service much more localised than with most companies. It’s also worth to mention the sign up process take less than 60 seconds, while most competitors stick to perplexed and complex sign-up forms.
When it comes to global reach and service, World First FX are among the top 10 money transfer companies in the world, and with such an extensive setup of bank settlements across the world, they can make sure the transfer always remains domestic, and avoid recipient bank account fees, which is another invaluable assets. Here is how this works:
Additional Functionalities
Hedging:
- Market Orders.
- Limit Orders.
- Rate Watch.
- Forward Contract.
Many types of forward contracts, as well as many types of rate watch functionalities, make World First one of the best companies for large, hedged transactions.
In Feb 2017, World First has decided to drop World First Markets UK which was a subsidiary company owned by World First UK offering Participating Forwards and Call/ Put options. The reasoning behind that is focusing on the core business of payments, and the fact its corporate businesses was not using World First Markets heavily enough to justify the costs.
In May 2017, World First launched World Account – the top corporate FX feature we have seen. It enables small businesses to open bank accounts across the globe to receive payments into, and also to keep it there and use it for future payments.
Read more about World First’s re-focus on international business on our news item.
For Online Sellers:
World First is one of few FX companies that help merchants receive payments by setting up bank accounts for them abroad (since May 2017 it is available to all corporate clients). This is an area which is highly complex and most companies would rather avoid, but World First makes it happen, and reduces costs and overheads by doing so.
eCommerce is a growing segment for World First and we have covered the ins and outs of it on our Online Seller Account page.
App:
WorldFirst has one of the top ranked money transfer apps. Unlike most companies – who either don’t have an app at all, or have apps that can only watch rates – with World First you can actually make transactions on your mobile phone. This is a great function for expats who constantly need to move money back and forth between different currencies.
The app can be found on iTunes, Google store and is even apt for Smart Watches (perhaps the only app in the industry which is suitable for these devices).
Conclusion:
This is yet another area at which World First really excels in. It is one of less than 10 international currency transfer companies in the world with a live, functional app. It is one of around 5 companies that help you open offshore accounts to accept payments. Its hedging options are more sophisticated than the usual (convertible forwards are hard to find).
Even large financial service providers as Virgin Money (a licensed UK bank established by the Virgin Group’s founder, Richard Branson, who is a multi-billionaire and one of the investors in rival company Transferwise…) use World First to transfer money for their clients.
Review Summary
- Credibility Score - 98%98%
- Client Feedback - 95%95%
- Fees, Exchange Rates - 92%92%
- Global Reach, Availability, Service - 96%96%
- Added Values - 98%98%
Bottom Line
In our opinion, World First provides one of the best money transfer services in the world. Clients tend to agree with us, with over 95% reporting a positive experience with World First.
Every aspect we have tested, from service, availability, global reach and, of course, price (no fees, and a Best Rate Guarantee) is superb. On top of that, the unique hedging and merchant services, and the fully-functional money transfer app, make it especially ground-breaking.
Recent Feefo Feedback from a client who registered through MoneyTransferComparison:
“Very prompt and courteous service, and a rate that was better than others on offer on the day. Easy to use website/app. Recommended! I made a one-off transaction (£-€) and am considering swapping from current provider for regular transactions..”
– DS.
Happy to help!
Another comment that was recently submitted to us from a client via email:
“I have shopped around with several companies and found World First to be the top choice for me. It’s easier to sign up than with other companies, the trading interface is clearer, and the service is helpful.
I tried some of the other companies that were recommended by you, and failed to sign up with some of them, while others were cumbersome or unfriendly. The only ones I liked were World First and Currencies Direct, and World First had better rates.”
— This feedback was reworded because it contained some personal details that we thought would be inappropriate to post publicly.
Recent review (copied from UKForex review page, by someone that had difficulties selling AUD on the UKForex platform and wanted to find alternatives):
“So I went with World First in the end. Was an easy setup process and so far their customer service to get me setup and make my first transfer was great. I like their idea of assigning you a personal trader. I have his number and direct email – he’s been very switched on and responded straight away. Feels much better than just going to random people picking up in a call center and passing you around.
Their front site is slick and onboards you well. The back is less user friendly in the design but it’s functional and easy to use. I was setup and made my first trade within the same day. Saved $12AUD on a better rate than OFX. Not a huge amount but was nice to have a better rate while trialling their service.
I guess now I have both services setup I’ll compare the rates and go with the best deal at the time. Bottom line is the money in the end. But World First is clearly better service and more dialled into the Aussie market from my point of view.”
— Anthony, Australia
Pingback: How to save money upon international transfers | BudgetPulse Blog | Personal Finance Tips and News
Review updated, let us know what you think about our choice here.
They are brilliant. In my case Andrew Vidler is my contact. He is extremely helpful. My transfers aren’t large. Just supporting a friend with study costs in Peru.
Bob we appreciate your feedback! That’s great to hear.
All I can say about their service is worse than pathetic. It has been over 12 business days and my family hasn’t received the amount yet. I read review before I choose this company; I am not saying all feedback are fake however it seems like most of them are not real. WILL NEVER DO BUSINESS WITH THEM EVER AGAIN…
Let’s see if World First even post my review.
Mike,
Springfield, VA
Hi Mike!
As you can see your comment has been posted. We’re very sorry to hear about the bad experience you had with World First.
None of the reviews on this website are fake. Everything is 100% genuine, and so are the reviews on Feefo (we have actually looked into their system and visited World First in their offices).
We also sent a mystery shopper to World First which absolutely loved it and the transition went very smoothly for her.
So honestly, we took all the measures we could have taken before recommending World First, and as you can see readers were extremely content with them.
I have no idea what could have caused the delay you are describing, and would be very happy if you add some details about it here on the comment section, or send it directly to us via the contact form on our about us page. We look after our readers and would be happy to serve as mediators who have direct contact with the company.
Please do add more details, and I am sure we will resolve it.
Regards,
Staff
Hi Mike, looking forward for more details on your deal. I will get a representative from World First to publicly respond to your case without revealing any personal details.
One of the friendliest websites, very inviting. I have used several FX companies in the past, and will positively consider World First.
Solid company and good service by phone. Would deal with again.
Great service cannot find anything to complain about as they have provided a first class service to me over the last five plus years..
We’re delighted to hear that!!
Very fast service.
The amount they quote at the beginning of the transaction is exactly what we have received 2 days later.
I strongly recommend them
I have just opened my account but minimum transfer is £1000 which is quite high in comparison with other websites.
Alfonso where are you based? The minimum for an online transfer in the UK is £250. We have seen actually witnessed people who transferred less than £1,000 online. If you’re talking about a phone transfer it does make sense the minimum amount is a tad higher and the reason is that with the labor involved, it might be unprofitable to make such a small transfer. Please do update us! Thank you!
I just signed up and have been told the same, £1000 min. Rates are still better than XE and hifx, taking into account the other transfer fees.
Thank you Tony, will amend my review. Let me know how the experience was please!
Hello there,
I did my sign up and added my beneficiary but when I click on the Make International Transfer it says my Access is denied and one of my dedicated dealer will contact me shortly but no calls I received so far yet. Please help thanks.
That is weird. Feel free to leave your details with us, and we can get a response directly from the company representative. Here our contact us form.
This is a late reply for this comment, however for the sake of anyone else who might experience this same problem, the reason this happens is simply because the account being a new setup is still in need of verification. Once the account holder’s identification and information had been verified, this restriction will be lifted and you will have full access to all available features functions of this service.
This is extremely ridiculous. Registration should require a user name and a password, nothing else! If one decides to go ahead with the transactions, only then the site should request all the required personal information.
I had to provide much more information than what I’m comfortable sharing just to sign up and I still don’t even know if the company trades in the currency I need…
Gabriel, in fact, World First does only ask for very basic details before you are able to log into the system and view the rates.
UNLIKE 99% of the companies in this industry who would require you to undergo a much more comprehensive KYC process before even showing you the rates.
So you’re right with your observation that you want to be able to access the platform as quickly as possible, and besides very few companies in the industry, you won’t find a quicker sign-up than with World First.
World First also require details besides the currencies involved to know if they are able to go through with the transaction. If you aren’t comfortable with providing this information, then this industry is not a good fit for you.
Thanks!
hi…My situation is the same what Arun mentioned about..
Could you pls do something about this ?
Hi, I suppose you are from an area which is restricted for trading, or need currencies that World First does not deal with (very exotic one perhaps). If you want us to look into to it with the company, feel free to contact us via the form as I suggested Arun. Cheers.
Joined World First a few years ago as giving them a chance to see if they could better UK Forex, who I used for a long time. Was frustrating initially because Thai Baht was not a “on-line Currency” and it wasn’t always convenient to receive a callback.
They then added the THB as an online trade, and the rate was broadly similar to UK Forex on amounts between GBP 3 & 10K. I did one one trade, it went ok, but not enough of an incentive to change.
Thought I would check again 12 months later (today)with a 3k GBP trade to Baht … admittedly the markets were closed on the weekend, but they would have given me THB161,253 if I traded. UK Forex were also similar.
Tried Xendpay, and got THB164,769 … in UK currency, thats an extra GBP £64 on just a £3k trade.
Time for them to sharpen their pencils, I think !
Hey Russ. Thank you for the feedback. World First margins are just around the same mark as our other top rated firms when it comes to default rates. However, World First has a best rate guarantee mechanism in place. That means that if you get a similar or slightly better rate with any other company, you can get them to match that… and of course if you transfer regularly, you can negotiate the pricing and save a bit more on each transfer.
What’s the saving you were getting with UKForex/ World First in comparison to banks?
Top quality service! Would recommend this to any friends! Bradley my advisor was extremely helpful and efficient as it was the first time I used this service I had lots of questions he was always immediately available and always ready to help! Transaction was clear and very fast money arrived in the same day! Thank you for a great service will certainly use this again!
Amanda, thank you so much for your feedback! It’s great to hear about your pleasant experience with World First. Did you try any other company before World First that you could compare to them?
please is it a bank transfer or cash pick up and if cash pick up where can i collect my money from?
Hello Beatrice, World First only does bank to bank transfers about GBP 1,000 or equivalent.
am Felicia from Ghana and please i want to know whether you offer cash pick up or is only bank transfer…please if is cash pick up which banks in Ghana here are you working with?
Hello Felicia, World First only handles bank to bank transfers. It does trade Cedi though.
Used World First a few years ago. Great service from Chris, who sadly turns out not to be with WF any longer. Replacement contact responded to my email. Gave me a rate and then disappeared. Auto responder ‘out of office’ on Friday ( fair enough) but now it’s weds nite – still nothing. Market has moved and I’m losing out. NOT what one should expect from a top rated company… Very disappointed
Shawna thank you for your review. We have sent this through to WF and hopefully you will get a prompt response now!
UPDATE: We have contacted World First and they have re-contacted Shawna. They are now working on a comprehensive case review to see what went wrong. Hopefully, Shawna will return to this review and tell us about her recent experience with them.
I just signed up with World First today. Need to receive $15,000 from Australia into my Japanese bank account. I contacted World First on the phone to check any questions I had with the rates and the actual amount of money that I will receive in my account. The customer service rep I spoke with was professional and friendly. The set up of the account was the easiest I have experienced for such type of service, only requiring me to send in one form of photo ID. The money was deposited into their account today, so waiting to see if the exact amount I was quoted will show in my Japanese bank account, probably on Monday or Tuesday next week.
So far, (although the transaction hasn’t happened yet), no complaints about their service and also should point out that their website system is great. Easy to use and efficient.
Looking forward to getting my cash!
Thank you Hamish we really do appreciate the feedback. Indeed we believe one of the strongest point this company has is how simple and intuitive everything is about them.
We are looking forward to hear an update on the transaction after its completion if you would find the time for that. If you are encountering any problems or have any questions you should feel free to contact us via the About Us. Thanks again.
OK, so here is an update on my situation. Looks like the funds would have arrived into my account today as promised, however due to Japanese banks being completely anal and closed minded as (insert expletive as you wish here), they reversed the payment back to World First today and rejected the payment.
Why? Because in Japan names are written backwards to how they are written in the West, family name is written first, and first name is written last. My name was set up as the beneficiary as first name first and family name last. My account in Japan however is written as family name first, then first name, then middle name. The middle name was also left out at the Australian end of the transaction. So apparently a unique bank account number is completely pointless, because unless your name is written in exactly the correct order, your account number cannot save you.
So now I have to wait for the reversal transaction to complete (could be 2 or 3 days), then World First have to resend the money back to me with the correct name order (could take another 2 or 3 days) before I can receive the money.
Disappointing? VERY, but not exactly World First’s fault. I would point out to World First though that they should have a sub heading on the create beneficiary form that states to make sure the beneficiary account name is written exactly as it appears on their bank account to avoid this situation in the future.
Also, looking through some of the reviews posted here, I noticed that there have been some complaints from people about not getting their money within 2 or 3 days and that it takes longer and in some cases, a transaction fee was deducted from the quoted amount. It would seem that this is mostly in the case where the money is being sent either to or from banks in more exotic locations or places where the currency is considered outside of the major world currencies. For example, Thailand, India, Papua New Guinea and so on. These places will almost always need an intermediary bank to complete the transaction which will add time and cost to the transaction. Unfortunately this is out of the control of World First, but should be noted.
I hope this helps. Anyway, I will post again with a final update when I have my money which I am really hoping will be by this Friday. But I doubt it will arrive now until next week sometime.
Thank you for your insights! We completely agree with you on all points.
a. Japan isn’t a western country. It is extremely modern, well-developed, tidy and organised, but things are organised in a “Japanese” order so to speak. That makes all technical or bureaucratic procedures about ten times more difficult for foreigners, and of course the banking system is a big part of that. What you’re describing here is the gist of that.
b. I agree World First could have assisted to prevent this situation from happening but it probably fell between the chairs. Although World First are THE payment expert as far as we’re concerned (remember we’re in constant contact with the firm and frequently visit them in their offices) – Japan isn’t a very popular destination to send money to, and it is probable that the dealer that handled the transaction did not possess that knowledge.
c. You’re absolutely right about intermediary banks taking a fee when money is sent to some exotic destinations. If World First has a local bank account in any country, they can avoid using intermediate banking, but as large as they might be, they can’t hold bank accounts in every single country. The process could be extremely lengthy and complicated. In fact, I know that in Japan most banks take a whole 1% as “recipient fees” for all wire transfers from abroad. I would be curious to know if the amount you transferred to Japan remained as it was originally conceived, or was the recipient fee applied.
Thanks again for the valuable feedback and please do keep us updated.
Regarding your (b.) comment – Yes, it isn’t really World First’s fault exactly, but it would be good if they include that sub heading on the ‘create beneficiary’ form just to prevent the problem from arising again. Especially for first time users like myself, it kind of puts a dampener on the whole user experience right off the bat.
But I have been in constant contact with my appointed account overseer whose name is Patrick Idquival (I think in the Sydney branch) and he has been fantastic from the beginning. He knew about China being very strict with the name order but wasn’t aware of Japan being the same way.
Regardless, he has been great to deal with, direct and straight up which leads me to your (c.) comment – I haven’t received any funds yet because of this unfortunate situation, however when I spoke with Patrick yesterday, I asked him if the amount of money I receive will now change. He said that there may be a small reversal transaction fee incurred but that World First would absorb this fee on my behalf and I would in fact have no change to the amount I receive. He also previously mentioned that if there are any bank fees incurred that effect the amount I would receive as shown on the transaction page, to let him know and the amount would be reimbursed to me in Japanese yen.
So while I have not received my funds yet (I take part responsibility for this because I knew about the name order requirements with Japanese banks), I am confident that the funds will be resent to me after the reversal process has completed and that the payment will be in full as quoted. I believe that Patrick has been straight up and honest in his communication with me and I am, at this stage, happy with the service I have received from World First. Yes, the situation has been frustrating, and definitely would’ve been much more so if I was in need of the money right away, but as it is, I can wait a few extra days for the transaction to be carried out.
I have found World First to be a fantastic company to deal with, I that being said, even though I still haven’t received my funds for reasons already explained. So I am looking forward to getting my money and I will update with the result as soon as I have it in my account.
OK, as promised, here is my update regarding my payment situation. I am happy to inform that I received my money today in full exactly as promised. Apart from the problem that arose with my name information with my bank last week, everything has gone according to how World First promised it would.
I got my money and the amount was exactly as I was quoted. There were no surprise deductions or fees whatsoever and my consultant Patrick Idviqual, true to his word ensured that World First picked up the cost for the reversal transaction fee which was about $50.
I am very happy and satisfied with the customer service and cost of World First and highly recommend them.
A reminder for those people who live in more exotic locations or places that are not included in the major world currencies, such as the Philippines, Thailand, India, Papua New Guinea and so on, you need to remember that your transactions will not doubt have to go through an intermediary bank and therefore will take longer and will most likely incur extra fees. A process which is beyond the control of World First.
World First customer service and currency transfer rates are first class!
5 stars!
Hamish, thank you sir for this great review. We are very glad to hear that.
I just tried to sign up for WorldFirst from Japan, and I get a message that services are not available in Japan! The Japanese site seems to allow only accounts for “online sellers”, no way to create an account for personal use. I guess you signed up for an online seller account? If you are or someone from WorldFirst can comment on a way for me to create a personal account with Japan address, I’d appreciate it.
Thank you for your feedback. Indeed, World First would be unable to accept Japanese clients who are not Etailers. You could send money to and from Japan if you sign up with your non-Japanese passport, if you have one.
Have just been told by XE that they are moving transfer companies from Custom House to HiFX so that I though that I would look around to see how the market was now (been using XE/Custom House since 2005). Comments so far: WorldFirst – does not fill me with confidence that they charge differently based on your location. Your reviews: surely you should be even handed and downgrade WorldFirst as you have done with HiFX because they both charge fees rather than build all of their revenue into the premium on the interbank rate. Charging fees is not justifiable since it only serves to make it more difficult to calculate the true cost of a trade and do a cost comparison between companies. You need to remember that banks started charging fees as a means to avoid comparison shopping by clients. If these companies are trying to convince customers that they are better than the banks then why are they starting to adopt the same obfuscating policies? Surely a question you should be asking when doing a comparison?
Definitely a good point, Keith. Thank you for your valuable input. With World First, the thing is that 95% of our readers are UK, EU or Australia based. For them, World First offers a no-fee policy. The market in North America is a tad less competitive, and and a lot more difficult from the regulatory perspective as each company has to acquire a license in each state (and because of that, somewhat less profitable for the currency firms). Thus, World First charges a flat 10 dollar fee from its Americans and Canadians clients. It’s a round, straightforward, figure and we don’t feel its an obfuscating policy, for the following reasons:
a. Unlike international bank wires with banks, with World First, both fees and exchange rates are presented prior to the transaction. There are no hidden fees. When you’ll speak to your USA trader or use the online platform, it will clearly state the cost for a transaction from North America is 10 dollars.
b. You get a clear indication of the amount the recipient would get in its domestic currency. This is an industry standard for all the good / large firms, and enables you to easily compare between them.
c. A $10 fee doesn’t make a big difference for most of our N.A readers who are sending through tens of thousands of dollars or more.
We were happy to read about your feedback, though, and we will try to negotiate a unique deal with World First for our North American readers.
Hi, could someone clarify for me what the ‘minimum transfer amount’ refers to please? I am a translator, so my invoices do not usually amount to much separately. Does it mean that World First will not accept payments lower than 1,000€, or will not transfer less than £1,000 into a UK bank account? Any help on this would be much appreciated! (I have only just set up my business and so the whole ‘international payment’ world is still quite confusing for me, I apologise if this is a silly question!)
Hi Jenny. Welcome aboard. This is not a silly question at all. The payments world can be quite puzzling 🙂
As per your question – generally speaking they will not handle transactions below the 1,000 pound mark for private clients, but since you have signed up for a business account and expect to do multiple transactions periodically, they might take you on. The simplest way to know that is click on “Get Free Quote” button, and leave your details there. Alternatively, we can do that for you! If you wouldn’t mind providing more information about the expected volumes and currency routes, we will take the information and pass it onto World First. Let us know! You can leave a comment here and we will contact you via email. Cheers!
PS we have reviewed a plethora of other recommended companies with lower minimums, have a look around while you’re at it 🙂
Really excellent rates on the Euro. A must-check.
Thank you for your feedback. Great to hear that.
im expecting a large incoming fund to the usa from japan, what banks do you work with? Thank you
Hi Bruce. We are only reviewing them. Although we know a little about their banking partners, it is better you speak to them directly. You can contact them through clicking on the “Free Quote” button on this page. Thanks!
Hey guys, great review. I checked it for the transfer fees and I found a review at iCompareFX where it’s stated that every transfer over 10k is free of charge and I see that you also have that data. Can you please explain why are big companies like World First doing this and what’s their interest in that?
Hi Tracy. Their transfers are fee free from UK, Europe, and Austrlia, for every amount. In the USA it’s fee-free above $10,000. Banks charge about £15 wire fees in the UK, and $15-30 in the U.S (rough figures); on top of that they charge markups starting at 1.5% usually and up to as much as 3 or 4 per cent (markup being the difference between the real currency rate and the rate in which they sell you currency for). They do that because they have captured audiences who are already using their services. Companies like World First need to attract clientele and do so by offering much better markups and no fees (or a mere $10 fees for transfer below $10,000 in the USA and Canada). They still make good money applying much smaller markups, and they get recurring clients to use them over and over again which is superb by them. It’s a good, HONEST, business, in my humble opinion.