World First Money Transfer Review

WorldFirst money transfer is ideal for businesses importing and paying suppliers overseas and businesses selling via online marketplaces. Among other things, it allows you to open 10 local currencies, make IBAN payments and SEPA payments and sell products on platforms such as Amazon and Alibaba.

WorldFirst stopped offering private client services on 23 April, 2021 to focus on business services. Slow transfer speeds and high minimum transfer amounts are the major cons that discourage potential clients from using WorldFirst’s services.

How WorldFirst Works

Signing up for a WorldFirst account is fast and free of charge. You can do this either online (on the website or World First money transfer app) or on phone (WorldFirst phone number is +44 207 801 1065). You will need to provide personal details such as full name, email address, contact details, date of birth, social security number, country of residence, and proof of identification such as passport or driver’s license.

When you are transferring money, you will need to enter details of the transaction including the amount you want to transfer, the currency, you want to send, the destination of the transfer, and details of the recipient (bank account details). Once you provide these details, you get an exchange rate quote. From here, you can decide to send the money right away or lock in this rate and send the money later. When making the transfer, you will need to deposit the funds into your WorldFirst account for conversion into the required currency. WorldFirst will then complete the transfer (send it to the recipient bank).

WorldFirst Features

WorldFirst has a wide range of products and offerings ideal for individuals, businesses, and online sellers. The features include the following:

  • Online sellers. Sell products on platforms such as Amazon, Alibaba, Americanas, Etsy and eBay.
  • Business account management. WorldFirst has a dedicated business account management team that is always available to help business owners manage global currency risk.
  • Forward contracts. A WorldFirst forward contract allows you to lock in a favorable WorldFirst exchange rate for up to 2 years by making an initial deposit and paying off the remainder at the end of the contract.
  • Multi-currency account (WorldFirst World Account). You can sign up for a WorldFirst multicurrency account as a business, a sole trader, or as a business. This account enables you to receive funds from international customers in 10 local currencies.
  • Firm orders. You can tell WorldFirst about an exchange rate that you hope to get then let them book it for you when it gets to your desired range.
  • Xero integration. You can integrate WorldFirst with Xero to reduce your bookkeeping administration for your business.

WorldFirst Payment Methods

The only payment method accepted by WorldFirst is a bank transfer. However, you may be able to use a debit card to make payments if you have a business account. The company does not accept credit cards.

WorldFirst Transfer Fees and Exchange Rates

WorldFirst offers low transaction fees and transparent exchange rates. This gives its customers competitive transfer deals.

  • Fees. WorldFirst does not charge clients for personal transfers and payments but charges for business transactions. For transfers of $10, 000 or less, WorldFirst will charge a standard fee of $10. The company will not charge any fee for transfers above $10, 000. If you choose to send money to a bank account, it is advisable to send at an agent location since its cheaper compared to online transfers.
  • Exchange rates. WorldFirst is one of the cheapest companies you can use to transfer money abroad. WorldFirst exchange rates range between 0.5% and 0.15% below the inter-bank rate.

WorldFirst Supported Countries

WorldFirst serves corporate clients from 4 continents. Its services are popular in the EU, Canada, Singapore, Australia, Japan, Hong Kong, Switzerland, the UK, and the rest of Western Europe.

WorldFirst US: WorldFirst discontinued its availability in the US on January 30th, 2019. It also stopped offering customer-to-customer money transfers except for those from Australia from April 10th, 2021. However, Business-to-business money transfers are still available.

WorldFirst Supported Currencies and Languages

WorldFirst deals in 130 currencies including USD, ZAR, AED, PLN, GBP, HKD, EUR, CHF, THB, CAD, DKK, JPY, SGD, ILS, QAR, TRY, SAR, SEK, RON, HUF, CZK, MXN, AUD, NZD, etc. It is available in several languages including Japanese, traditional and simplified Chinese, Cantonese, French, Dutch, French, and English.

WorldFirst Limits

WorldFirst is designed for transferring larger amounts overseas. This means that there is no upper cap on how much you can send with WorldFirst. WorldFirst minimum transfer varies with the currencies involved. In the UK, you can transfer a minimum of £250 online or £1,000 over the phone or its equivalent in a local currency in other locations. There is no WorldFirst minimum transfer amount for business clients. WorldFirst allows you to transfer money using their website, WorldFirst app (on Android or iOS) or you can call their customer service center.

WorldFirst Money Transfer Reviews

WorldFirst has a reliable customer service. Its representatives are available through phone or email during business hours Monday to Friday. WorldFirst customers rate the company as excellent with a score of 4.6 out of 5 on Trustpilot from over 1900 customers (September 2021). This means that most clients are satisfied with its services. The few customers who gave negative reviews are not satisfied with delayed transfers, price hikes without notice, closed accounts for not using on a monthly basis. etc.

Is WorldFirst Safe?

Yes. WorldFirst is a trustworthy, secure, and effective way to transfer money. It is regulated by the Financial Conduct Authority (FCA) in the United Kingdom and by the Australian Securities and Investments Commission (ASIC) in Australia. In Singapore, WorldFirst is regulated as a remittance business by the Monetary Authority of Singapore (MAS) and the Hong Kong Customs and Excise Department in Hong Kong. WorldFirst uses sophisticated security to protect clients’ financial information and payment data. Moreover, WorldFirst is required by law to hold your funds separate from the company’s own business accounts. This means even if the company incurs losses or it goes out of business, your funds would be safe.

WorldFirst Alternatives

Being designed for larger transfers, WorldFirst may not be suitable for those who want to transfer smaller amounts. The following are ideal alternatives:

Read our article on WorldFirst vs Payoneer

Final Thoughts on WorldFirst Review

WorldFirst payments are idea for companies transferring larger amounts. Some of the disadvantages of using WorldFirst include support for only local bank transfers to fund your account and transfers can only be made to a bank account, meaning there are not cash pickups or airtime. It would be best if WorldFirst international money transfers can introduce other options such as debit and credit cards.

Daisy Neema is a graduate of Chuka University. She is a prolific writer and researcher and has an interest in finance. She also loves writing about businesses and startups.