- WorldFirst is a specialist currency exchange provider.
- WorldFirst is headquartered in the UK with offices around the globe and provides international money transfers for businesses.
- WorldFirst's two core products are the WorldFirst International Payments Account and the WorldFirst International Collections account.
This review will look at WorldFirst's offerings and see how it stacks up as an international money transfer provider.
WorldFirst
Minimum Transfer Amount
$2,000.00
Transfer Speed
1 day
Transfer Fee
$0.00
Highlights
- With no hidden fees, you can set-up an account for FREE and benefit from single rate, transparent tiered pricing with a value of up to 50% less than the competitors and 8 times cheaper than the banks.
- Built with intuitive same-day account opening you can also make same-day payments in 30 different currencies.
- Make transfers online 24/7 or over the phone via your dedicated currency specialist.
Inside this review
What is WorldFirst?
WorldFirst is designed for businesses that need to move money overseas. The company stopped supporting individual accounts in November 2021, transferring its existing personal client base to XE.
WorldFirst's pricing is up to 7x cheaper than the banks. It promotes "bank-beating" exchange rates and margins of 0.60% or less. It's free to set up an account with WorldFirst, and there are no maximum transfer amounts. However, they charge fees based on the amount of money being moved. Transfers over $10,000 are free, those between $2,000 and $9,999 will incur a $10 fee, and those less than $2,000 will incur a $20 fee.
You can transfer money from your bank account with WorldFirst in three ways: using their website, via customer service, or through the mobile app.
Who is WorldFirst for?
WorldFirst is suitable for businesses that send money to overseas suppliers or accept payments from international customers.
Its WorldFirst International Payments Account is aimed explicitly at businesses importing and paying overseas suppliers, while The WorldFirst International Collections Account is for businesses selling via online marketplaces and websites.
WorldFirst positions itself as an alternative to banks by offering "bank-beating" exchange rates available and same-day transfer within the country when making your money transfer.
Available currencies
WorldFirst supports more than 60 currencies, including AED, AUD, BBD, BGN, BHD, BWP, CAD, CHF, CLP, CNY, COP, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HRK, HUF, IDR, ILS, INR, JMD, JOD, JPY, KES, KRW, KWD, LKR, MAD, MUR, MXN, MYR, NOK, NPR, NZD, OMR, PEN, PHP, PKR, PLN, QAR, RON, RUB, SAR, SEK, SGD, THB, TND, TRY, TTD, TZS, UGX, USD, VND, XCD, and ZAR.
Clients can open receiving accounts in USD, GBP, EUR, HKD, SGD, CNH, CAD, AUD, JPY and NZD. These accounts can only receive funds from marketplaces in those countries.
WorldFirst only conducts wire transfers and cannot facilitate any cash or travel money transactions.
Payment methods
WorldFirst only accepts payments using traditional bank transfers, not cash, credit, or debit cards.
Transfer times
Settlement dates can vary depending on your bank, your recipient's bank, the currency used and the size of your transfer.
However, your transfer should generally reach the recipient within a couple of days. In most cases, WorldFirst will usually credit UK, US, or European accounts the same or the next day. Local currency AUD and USD payments generally credit the same day they are paid out. For other currencies, transfers may take 1-4 days to process.
Key features
- The WorldFirst International Payments Account — For businesses importing and paying overseas suppliers.
- The WorldFirst International Collections Account — For businesses selling via online marketplaces and websites.
- WorldFirst has an app you can download onto your Android or iOS device or tablet.
- WorldFirst offers spot contracts, forward contracts, regular payments and firm orders.
- Xero integration with International Collections Accounts.
- Online currency converter that calculates indicative FX quotes for transactions based on real-time market pricing.
- WorldFirst market update emails - Receive rate alerts or market trends.
Pros and cons
Pros
- Same-day transfer of money online for major currencies.
- Competitive rates with margins of 0.60% or less.
- No account opening or maintenance fees.
- No maximum transfer limit.
- Lock in rates up to two years in advance with forward contracts.
Cons
- Available only to businesses, not individuals.
- Only accepts bank transfers, not credit or debit card payments.
- Facilitates only wire transfers, not cash or travel money transactions. Cash collection is no supported.
WorldFirst
Minimum Transfer Amount
$2,000.00
Transfer Speed
1 day
Transfer Fee
$0.00
Highlights
- With no hidden fees, you can set-up an account for FREE and benefit from single rate, transparent tiered pricing with a value of up to 50% less than the competitors and 8 times cheaper than the banks.
- Built with intuitive same-day account opening you can also make same-day payments in 30 different currencies.
- Make transfers online 24/7 or over the phone via your dedicated currency specialist.
Opening an account
You can register for a WorldFirst account in Australia within minutes online. You will need to provide your details, including ID documents, and indicate what currency pairs you are interested in transferring. A WorldFirst representative will contact you directly by phone within one working day after you register to verify your identity.
Once your identity is verified, you can make your first money transfer.
Is WorldFirst safe?
According to their website, WorldFirst Pty Ltd. is regulated by the Australian Securities and Investments Commission (ASIC) AFS Licence number 331945. Australian Company Number (ACN) 132 368 971. WorldFirst Pty Ltd. is a designated remittance provider registered with the Australian Transaction Reports and Analysis Centre ("AUSTRAC"). WorldFirst has transferred more than $160 billion to more than 250,000 customers and sends more than one million monthly payments. WorldFirst is a ProductReview.com.au Award Winner for 2022 and 2021 in the Money Transfer Services category.
Alternatives
On website
Highlights
- Send money to 220+ countries and territories.
- Xe rates are consistently some of the best in the business and trusted by millions.
- With millions of transfers under its belt last year, Xe knows how to ensure your money and information are treated accordingly.
Pros
Cons
Azimo
Highlights
- Instant or one-hour transfers possible to 80+ countries.
- Your first two transfers are fee-free.
- Great rates & low fees.
- Save up to 90% compared to banks and traditional money transfer providers.
Pros
Cons
On website
Highlights
- Wise Borderless multi-currency receiving accounts. This gives you access to a digital currency wallet that you can hold and transact in over 50 currencies.
- Borderless Debit Card. The FX optimised debit card is attached to your Wise Borderless account that can be used to withdraw or pay for purchases in foreign currency within or outside Australia.
- Android and Apple Apps. Indulge convenience by transacting thru the Wise App anytime and anywhere!
- Fund options. Loads of options to fund your Wise account including transfer from Debit and credit cards, or thru a local bank transfer. Quick and easy!
Pros
Cons
On website
Remitly
Highlights
- Enjoy great exchange rates and low fees.
- Every transfer carries a delivery promise. Have your money delivered on time or get your money back.
- Safety and security. Remitly uses industry-standard security protocols and encryption.
Pros
Cons
WorldRemit
Highlights
- Send 70 currencies to 130 countries, from your smartphone or computer.
- WorldRemit uses industry-leading technology that protects your money and guarantees it arrives safely every time.
- See WorldRemit's low fees and their best exchange rates upfront, with no hidden costs
Pros
Cons
On website
Highlights
- Provide clients with excellent foreign exchange rates.
- Manage your international currency payments for free, with no hidden fees.
- A personal Account Manager is on hand to ensure a fast, seamless transfer.
Pros
Cons
Highlights
- Send and receive money to and from 150+ countries in 20+ currencies.
- Get same-day transfers on most major currencies.
- Exchange currencies immediately at bank-beating rates or choose your own rate and wait for a match on CurrencyFair's unique peer-to-peer marketplace.
Pros
Cons
On website
Send
Highlights
- 4.9 star rating on Trust Pilot
- Competitive Exchange Rates for Both Small and Large Transfers - Up To x5 Cheaper Than Banks
- Personal Account Manager - Large Transfers Specialists
- Australian Company, Australian Headquarters, and a Highly Professional Australian Team
Pros
Cons
The verdict
WorldFirst offers businesses competitive exchange rates and low margins, as well as no account opening or maintenance fees or maximum transfer limit.
However, if you want an individual account, move smaller amounts of money, pay by card, or send money for cash pickup, it's not for you.
