World First Money Transfer Review 2018
- Large and Trusted: 75,000+ Active Clients
- 98% Positive Client Feedback
- Best Rate Guarantee (UK)
- Largest Variety of Currencies
- Great Online System and App
- Easiest Sign-Up, Most Courteous Staff
- Unavailable in some U.S. states, and in Quebec
- Minimum Transfer Amount is £1,000 or equivalent
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Global Reach & Service
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World First Limited, registered and headquartered in the UK, is a phenomenal foreign exchange company. It offers currency exchange and international payments to both private clients and corporate clients. Since its establishment in 2004, the company has grown rapidly, and today it has offices across four continents while employing more than 600 people in 2016.
WorldFirst is ranked among the top UK international money transfer companies in the UK in terms of revenue and boasts more than 75,000 “yearly active” customers.
Such rapid growth won the company an inclusion in the Sunday Times Virgin Fast Track 100 in 2011, and earned it a position in the top 10 Sunday Times FastTrack – companies in 2015, 2016 and 2017 – 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 the UK National Business Award in 2011.
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.
The firm has recently been awarded the best payment solution for small businesses in the U.S FinTech Breakthrough Awards 2017.
On June 21, 2017, WorldFirst has changed its previous logo to an eye-catching new logo. This change reflects the new tone that WorldFirst wishes to convey to its clients and prospective clients: serious, straightforward, and no “fluff” transactions.
In addition 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 on the site.
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 that World First is highly secure, credible and very safe. Moreover, it’s one of the fastest-growing businesses in the UK, which definitely attests to the level of satisfaction from clients.
There are 7,100+ 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.
Below is a genuine, verified, comment by a client we have referred to them:
Very good, speedy service. Staff I spoke with regarding opening the account were very friendly & knowledgeable. Setting up the transaction, beneficiary etc., was simple and straightforward, and the money arrived in the beneficiary’s account very quickly. To top it all, total transaction was £60 cheaper than my bank!
Clients are extremely satisfied with the services provided to them by World First online, and over the telephone. The few complaints (only dozens out of 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, regardless of 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 excellent.
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”.
Fees: World First’s fee policy indicates that there are no fees for outbound transfer from the UK, EU, or Australia, and as of August 2018 – the USA. That means that there are absolutely no fixed transfer fees from any location to any location.
Guarantee: For UK clients, World First guarantees that they would match the rate of any other firm. If you happened to receive a better quote elsewhere, World First promises to beat it. This makes its exchange rates the best in the business!
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 rate you can get.
The online platform’s exchange rates will usually show a savings of 50% when compared to banks, with margins of normally less than 1%, which is comparable to other leading companies and better than many others. It is not recommended to use this platform for large transfers of £20,000 and up without speaking to your dedicated dealer over the phone beforehand, in order to get even better rates than these.
Limits: The minimum transfer amount is £1,000 (or €1,000 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 handle many business clients and online merchants and help them transfer millions, to those clients’ utmost satisfaction.
Furthermore, as a World First corporate client you are able to open collection bank accounts overseas in these regions.
Ways to Contact: Email, toll-free telephone number, call-back form, and meetings in worldwide offices.
Translations: World First is available in several languages, including English, French, Chinese, and Japanese.
Accepts Clients: Generally speaking, globally.
Currencies Handled: Over 100.
Client Reviews: Often praise the quality of support and dedicated dealer functionality.
With a dedicated dealer team consisting of hundreds of dealers worldwide and offices on 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 currency translations than 99% of its competitors. It has dedicated support centers on each continent, which makes service much more localised than with most companies. It is also worth mentioning that the sign-up process take less than 60 seconds, while most competitors retain perplexing and complex sign-up forms.
When it comes to global reach and service, World First FX is 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, thus avoiding recipient bank account fees, which is another invaluable asset. Here is how this works:
- 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 February of 2017, World First decided to drop World First Markets UK which was a subsidiary company owned by World First UK and offered Participating Forwards and Call/ Put options. The reasoning behind that decision is to focus on the core business of payments and the fact that its corporate businesses were not using World First Markets enough to justify the costs.
In May of 2017, World First launched World Account, the top corporate FX feature we have ever seen. It enables small businesses to open bank accounts across the globe, where they can receive payments and also keep the money there and use it for future payments. This service is currently available in the UK and Canada.
Read more about World First’s refocus on international business in
World First is one of the 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 that is highly complex and one that most companies would rather avoid, but World First makes it happen and reduces costs and overheads in the process.
E-Commerce is a growing segment for World First, and we have covered the ins and outs of it on our Online Seller Account page.
WorldFirst has one of the top ranked money transfer apps. Unlike most companies, which 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 extremely important for expats who constantly need to move money back and forth between different currencies.
The app can be found on iTunes, and Google Play and can even be used on Smart Watches (perhaps the only app in the industry that is suitable for these devices).
This is yet another area in which World First really excels. It is one of fewer than 10 international currency transfer companies in the world with a live, functional app. It is one of around 5 companies that can help you open offshore accounts to accept payments. Its hedging options are more sophisticated than the usual – options since convertible forwards are hard to find.
Even large financial service providers, such 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.