WorldFirst

Launched in 2004, WorldFirst has won a whole host of awards in the past few years and is one of the very best international money transfers companies on the market. The fact that former deputy governor of the Bank of England – Sir David Clementi – serves as chairman of the board shows how secure an operation it runs.

A leader when it comes to transparency on its deals, WorldFirst consistently impresses customers and clients with its lack of transfer fees and innovative, user-friendly, international payments app.

 

TransferWise

One of the real success stories from the tech start-up field, TransferWise was only founded in 2011. But it has already attracted remarkable levels of investment and is challenging some of the traditional big players in the money transfers world.

This peer-to-peer money transfer service was set up to eliminate bank fees. It has a no-fee policy of its own that has helped it move over £3bn of its customers’ money since its formation. TransferWise’s innovation has also been well received, and as a company they are continually striving to make transferring money easier and more cost-effective for its clients.

 

WorldFirst
Amount Received
£ 10,000.00
EUR11,230.31
USDn/a
CAD17,023.52
AUD18,261.06
£ 253.40 Avg. Saving vs. Banks ?
Go to site
TransferWise
Amount Received
£ 10,000.00
EURn/a
USDn/a
CADn/a
AUDn/a
£ 0.00 Avg. Saving vs. Banks ?
Go to site
?
Est. 2004
WorldFirst
Fee: ? No Fees on all transfers.
Bank Partner: ?
Speed: ? 1-3 days
Local Settlement: ? Worldwide
Transfer Methods ?
Phone and online transfer services
Regulated By: ?
FCA, FinCEN, FinTRAC, ASIC
General Notes Pricing for WorldFirst is based on the total amount transacted in a year.
Country Notes Regulated in UK, Europe, Asia, Australia and Canada
TransferWise
Fee: ? 0.5% to 1.5%
Bank Partner: ?
Speed: ? 1-5 days
Local Settlement: ? Europe
Transfer Methods ?
Phone and online transfer services
Regulated By: ?
FCA, FinCEN
General Notes Get your free multi-currency account, to pay and get paid around the world with the real exchange rate. Say bye bye to crazy bank fees for good.
Country Notes When you pay by debit or credit card, most banks charge an additional fee. These processing fees vary depending on the kind of card you use and where it was issued.

WorldFirst Features

  • Payments complete in 1–4 days
  • Spot, forward and options contracts but no exotic hedging products
  • Live rate alerts
  • Currency performance reviews via live online charts
  • Regular payments function fixed against pre-agreed rates
  • £1,000 minimum transfer
  • Android and iOS apps
  • Secure trades through wearable tech
  • High ratings on both Trustpilot and Feefo (5 and 4.7 stars respectively)
  • Websites available in English, Dutch, French, Japanese and Mandarin

TransferWise Features

  • Peer-to-peer platform
  • Nominal fees on transfers
  • Transfers completed within 1–4 days
  • Borderless accounts without overseas address requirement
  • Offers four currencies: AUD, EUR, GBP or USD
  • Single payment or repeat payment options
  • Provides rate information and fees prior to transfer via online calculator
  • Payments via debit card, Apple Pay, SWIFT transfers and bank transfers
  • Secure payments function available via TransferWise feature in Facebook Messenger
  • 5-star Trustpilot rating from over 40,000 reviews
  • Uses mid-market rate supplied by Reuters

The pros and cons of using WorldFirst

pros

Can accept payments across a larger number of currencies and into many countries

Set up for payments on the go that you can manage via Android, IOS apps and wearable tech

Due to the volumes of transfers that they handle (billions), they are able to offer large discounts to the interbank rate

Specialist in serving ecommerce and marketplace customers

cons

More specialised in serving marketplace and ecommerce clients

Not suitable for handling small, regular remittance payments

The pros and cons of using TransferWise

pros

Make transferring on the go simple, with their new TransferWise bot available through Facebook Messenger

Offers the ability to carry out batch payments to up to 1000 recipients – useful for regular payments to self-employed contractors or freelancers.

The main website is available in: English, French, German, Italian, Japanese, Hungarian, Polish, Portuguese, Russian and Spanish.

cons

Difficult to compare easily to other providers due to the fees, but does make them transparent and details them all at the start, so there are no surprises

Cannot accept out bound payments from Hong Kong

Customers have voiced concerns about the specific point at which Transferwise verify your identity as this may not be your first transfer. This could impact your transfer timescales, so best to confirm directly with them if you do have an urgent, large transfer due.

cons

More specialised in serving marketplace and ecommerce clients

Not suitable for handling small, regular remittance payments

cons

Difficult to compare easily to other providers due to the fees, but does make them transparent and details them all at the start, so there are no surprises

Cannot accept out bound payments from Hong Kong

Customers have voiced concerns about the specific point at which Transferwise verify your identity as this may not be your first transfer. This could impact your transfer timescales, so best to confirm directly with them if you do have an urgent, large transfer due.

WorldFirst
Amount Received
£ 10,000.00
EUR11,230.31
USDn/a
CAD17,023.52
AUD18,261.06
£ 253.40 Avg. Saving vs. Banks ?
Go to site
TransferWise
Amount Received
£ 10,000.00
EURn/a
USDn/a
CADn/a
AUDn/a
£ 0.00 Avg. Saving vs. Banks ?
Go to site

Price Comparison

WorldFirst does not charge any fees for outbound transfers from the UK, Australia or the EU and there is a fixed fee of just $10 for cross-border payments from the US. With currency exchange rates, WorldFirst promises to match any other company. But because it specialises in larger transfers – the minimum is £1,000 or equivalent – WorldFirst is able to offer some attractive flexibility of its own anyway.

TransferWise also adopts a no fee policy when it comes to moving money out of the UK and also has very good exchange rates compared to most of their competitors. Its commitment to transparency on all dealings means customers know exactly what is going on at all times, but it does concentrate more on relatively smaller amounts of money and can be beaten when it comes to larger transfers.

 

International Presence

The global reach of WorldFirst is definitely impressive. With offices in five continents and dedicated dealers worldwide it is able to move a lot of money with its outstanding connections. This system of bank settlements means that its transfers stay domestic, eliminating any further recipient fees. WorldFirst truly operate worldwide with the ability to handle over 150 different currencies in more than 200 countries.

TransferWise has a very impressive global reach given that it is a relatively new business. But it still concentrates largely on Europe – although there is a good presence in large parts of Asia as well. It has offices all over the world but only deal with around 40 different currencies at the moment and is yet to make a real play for the African market. TransferWise’s digital innovation extends to its localised websites though, which help expand the business year on year.

 

Ease of Use

WorldFirst’s scope of operations means that its customers get a local service from a global company. The support offered is excellent and innovations such as its app and wearable technology mean that the business is open to more markets than some of its competitors. An incredibly fast sign up procedure has also helped it grow to where it has become one of the best international money transfers company on the market.

TransferWise prides itself on its start-up credentials and its accessibility offers an advantage over many of its rivals. Its lack of presence in some areas of the world is a minor downside for one of the real success stories of recent years.

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