WorldFirst is a well-established specialist currency exchange provider. The company is known for both their normal international money transfer service, as well as their specialised services for individuals and businesses.
The company was designed to service those who want to make larger international transfers. As such you will find that you get better rates and have an all-around better experience when you use them for large transfers. They have a much higher minimum transfer size requirement than most of other money transfer companies, so they’re a better option if you need to send larger transfers. You’ll have to send a minimum of £250 if you want to use their online service. For WorldFirst’s over-the-phone service, the minimum transfer amount is £1000.
It should also be noted that WorldFirst doesn’t accept electronic documents as proof of identification. This can be quite annoying while you’re getting started with them.
What are their exchange rates?
WorldFirst is more highly regarded for excellent customer service than it is for costs. That being said, WorldFirst offers decent rates.
WorldFirst’s exchange rates fall between 0.3% and 1.1% of the mid-market rate. The rate that they charge you is determined by the size of the transfer. If you are sending a smaller amount of money, say $1000, you can expect to pay around the typical 1% for their exchange rate markup.
If you’re sending over $10,000 at once, then you can be sure you’re getting great rates.
What WorldFirst costs to use?
WorldFirst charges a standard fee of $10 on all transfers valued at under $10,000. This fee is flat and doesn’t vary, but the company’s hidden currency exchange markups change as the transfer volume goes up.
To get the best rates with WorldFirst, you’d need to send over $10,000. If you do, you won’t have to pay their flat $10 fee. Furthermore, at over $10,000 you’d pay a much smaller margin on the exchange rate.
Let’s use the example of sending money to Germany (EUR) from Australia (AUD).
|Money Sent (AUD)||Money Received (EUR)||Midmarket Rate|
How do I transfer money with them?
Sending money abroad with WorldFirst is about as simple as sending money with most services like it. You just need to follow a few simple steps…
1. Set up your account with them. Their proof of identification standards might be annoying, but you should have no problems after your identification is verified. 2. Make an international transfer on their platform. This is as simple as choosing the currencies and amount to be sent. Then, you just set the destination. 3. You’ll make a payment to WorldFirst, at which point they’ll see to it that your money reaches its destination.
What other products do they offer?
WorldFirst offers financial services to both individuals and businesses. These services are all centred around currency conversion and money transfers abroad. The company services over 400,000 individual customers and over 150,000 businesses for all their international payment and transfer needs.