WorldFirst offers transparent FX fees from 0.15% – 0.5%.
What is WorldFirst?
WorldFirst is one of the best international money payments and transfer service providers based in the UK. The company was established in 2004 and has assisted more than 250,000 online sellers, businesses and people transfer money globally and supports more than 130 currencies. Due to the global nature of WorldFirst, it has been able to offer transfers of more than £70bn. WorldFirst prides itself on providing fair and safe means of money receiving payments from international marketplaces, sending money to other countries, and paying overseas suppliers.
Apart from the London offices, WorldFirst also has other offices based in the UK, Japan, Singapore, Australia, China (Hong Kong), and the Netherlands. Some of the major countries where WorldFirst is allowed to operate are the UK, the USA, New Zealand, Spain, Europe, France, Canada, and Australia. Additionally, WorldFirst money transfer has eased customer’s lives by signing contractual agreements, especially with the local banks of the receiving and sending countries. Unlike other money transfer service providers, WorldFirst provides uniform services.
How does WorldFirst work?
If you wish to use WorldFirst to make money transfers, you can follow the steps highlighted below.
- Sign up your account either through a mobile app or website which can take a few minutes.
- Verify your identity and submission of any documents required. Some of the details you may be required to provide are your full name, email address, contact information, social security number, country of residence, and a government-issued ID.
- Log into your account and confirm the live exchanges to set up your transfer
- You must enter the details of your recipient, including the amount you wish to send.
- After that, you can pay for your transfer using bank transfer, debit card, credit card, or any other method accepted in your country.
- WorldFirst will convert your funds to the required currency before sending it to your recipient using bank transfer.
WorldFirst Products and Services
- Spot contract- With a spot contract, you be offered a rate based on the live market rates. Consequently, if you wish to make any transfer immediately, WorldFirst will carry out the transaction so long you have agreed with the rate offered and also sent the funds to your account.
- Forward contracts allow customers to fix a rate and use it for a maximum of 3 years. Forward contracts can be the best for budgeting as customers will know the exact rate they will use to make a transfer in the future.
- Firm order allows customers to instruct WorlFirst Company to execute a transaction on their behalf at the rate they choose for themselves. In this case, the company will be responsible for executing a transfer once the rate matches that one agreed by the customer.
- API- through the API service, customers can access other services around the world without leaving the platform or app.
- Xero- A customer can connect one of the fastest-growing cloud accounting systems to their WorldFirst accounts to reconcile their transactions continuously.
- Online marketplaces- WorldFirst supports trading of its customers, especially on major marketplaces such as Newegg, Lazada, Rakuten, Cdiscount, and Amazon. In this case, customers can make cross border payments without facing any challenges.
WorldFirst Money Transfer Speed
The currencies involved, such as EUR, USD, and GBP, take the same day. However, the transfer speed usually depends on various factors such as:
- Security checks- Sometimes, the process may take longer, especially when you transfer huge amounts of money.
- The recipient’s country
- The banks involved in the transfer process
One of the main benefits of using WorldFirst is that it does not charge any fees. Although WorldFirst does not charge any fees, the banks involved in the transfer process do charge some fees not revealed by WorldFirst. Additionally, WorldFirst has a minimum transfer limit of $1,000 for businesses and individuals.
WorldFirst Regulations and Security
Is WorldFirst safe?
Due to the global nature of WorldFirst, it is regulated and licensed by various financial authorities in countries where it operates. In the UK, WorldFirst is licensed as an online money transfer company by the Financial Conduct Authority.
In Australia, WorldFirst is known as World First Pty Limited and is authorized by the Australian Securities and Investment Commission.
In China, WorldFirst is registered as World First Asia Limited and is regulated by the Hong Kong Customs and Excise Department.
In Singapore, WorldFirst is known as World First Asia Limited and it is authorized as a remittance business by the Monetary Authority of Singapore.
The regulations above ensure the confidentiality and safety of customer information and funds. Additionally, WorldFirst stores all its information electronically in a secure manner, which protects its availability, integrity, and privacy. Data is stored on highly maintained servers that have firewalls.
- Regularly updated, competitive, and transparent foreign exchange fees.
- Interbank exchange rates
- Secure and fast money transfers
- WorldFirst supports transfers of few currencies.
- High minimum transfer amount
WorldFirst money transfer is one of the fastest-growing companies in the UK due to the high level of satisfaction from its customers. WorldFirst is highly regulated and has gained a lot of reputation from the customers since its inception.