WorldFirst Review: 5 Things You Should Know About
Based in the United Kingdom, WorldFirst has established a strong reputation as one of Europe’s most reputable foreign currency exchange services. Their platform can be accessed through smart phone applications, with a phone call, or online through their website.
With their expansive network of connections, WorldFirst manages to provide their clients with high quality international money transfers.
AN INFORMATIONAL REVIEW OF WORLDFIRST
The company specializes in delivering large quantities of currency. On that note, they keep fairly strict minimum requirements to filter out small transaction amounts.
As a general rule, WorldFirst requires a minimum of 250 pound sterling for online-based transfers and a minimum of 1000 pound sterling for phone-based transfers.
Naturally if you’re exchanging a different currency with them (for instance US dollars instead of UK pounds) then it would be the monetary equivalent.
WorldFirst’s Value to FX Users
While WorldFirst may not be the most affordable FX provider in terms of price competitiveness, they make for this with their attention to customer care.
Their services are highly respectable and trusted by many, which makes them a good option for FX clients that aren’t concerned about marginal savings.
WORLDFIRST – THE GOOD AND THE BAD
- High Quality Customer Service
- Convoluted Identification System (digital ID methods not accepted – obligatory hard copy)
- Quick-transfer Capabilities & Fast Turnaround Times On Currency Orders
- Transfer Minimums (differing online/over the phone)
- Great Degree of Fee & Rate Transparency
- Recurrent Unsolved Compliance Issues (related to customer accounts)
5 CATEGORIES TO CONSIDER BEFORE SELECTING WORLDFIRST FOREIGN EXCHANGE
We’ve created this review of WorldFirst to help you make a more informed decision. There are so many factors to consider when choosing an FX service provider, especially since there are so many options on the market.*
*Note that this review is performed independently. KnightsbridgeFX does not have an associate partnership/relationship with WorldFirst.
(1) WORLDFIRST FOREIGN EXCHANGE TRANSACTION PROCESS
STEP 1: Register online for your own personal account (at no cost)
STEP 2: Input your destination request. Transfer fees may vary depending on where your recipient is located in the world.
STEP 3: Input your transaction amount. WorldFirst will display the cost of the transfer.
STEP 4: Provide funding. This could be done via bank transfer or debit/credit payment.
(2) WORLDFIRST FEE STRUCTURE
Please note that although WorldFirst will provide you with an accurate outbound transfer cost, they are not responsible for any recipient bank charges.
Ultimately, the currency value received on the other end may change from the one proposed by WorldFirst. This is entirely dependent on recipient bank fees (if they are applicable).
WorldFirst makes it easier to transfer large currency orders than small ones, since the company prefers to place high-value low-volume orders. In this regard it’s worth mentioning that WorldFirst charges a $10 flat fee for any orders valued under $10,000.
If you’re planning to book an order that is worth more than $10,000 this flat fee is waived. Furthermore, if you often do business with WorldFirst, your account is eligible for a reduction in the $10 flat charge.
Exchange Rate Policy
The company displays their FX rate fees on their website to make them fully transparent and accessible. As a general statement, WorldFirst declares that using them instead of a large financial institution could save you upwards of 0.25% up to 4.0% on the offered exchange rate.
WorldFirst utilizes a tier-based pricing system for their exchange rate fees.
- $0-500k: These transaction amounts are subject to a rate of 50%
- $500k-5mil: These transaction amounts are subject to a rate of 25%
- Over $5 million: these transaction amounts are subject to a rate of 15%
The larger your transaction amount booked with WorldFirst, the higher your propensity to save becomes.
(3) WORLDFIRST REPUTATION AND TRUSTWORTHINESS
Like many other FX providers looking to maintain a competitive edge, WorldFirst grants individuals and businesses a “best rate guarantee” to a certain extent.
WorldFirst will match competitor quotes as long as it’s in their best interest (in other words they would still need to consider an acceptable margin on the transaction).
Widely regarded as a low-risk business by many, coupled with a substantial backing from their capital reserve, WorldFirst is a financially sound business.
Their customer payments/account values are held in separate deposits that are apart from the company’s operational balances for added safety. With this in mind, if the company ever fails client funds are protected.
U.K. FINANCIAL OMBUDSMAN SERVICE (FOS) - #13405
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION (AFS) - #331945
WorldFirst is a licensed subscriber of both of these regulatory financial boards, marking the company as highly reputable. Obtaining licensing permissions from either one of these boards is no easy task, since both of them place a considerable emphasis on client account safety and data protection.
After being in the FX business for more than 15 years, the company has successfully amassed a happy following.
With over 1000 customer reviews on Trustpilot they’ve managed to receive an outstanding 4.7/5 star rating on their services. And while the business is still growing to this day, they’ve performed over $75 billion in transactions.
The positive reviews online were praising WorldFirst’s customer service, while the negative ones brought up points such as money transfer complexity and communication failures on behalf of WorldFirst.
(4) WORLDFIRST FX SERVICE FEATURES
This is where we will mention the company’s “bells and whistles” which are made up of their service’s supplementary features.
The company provides customers with two primary methods of booking a transaction.
Their spot rate contracts allow you to lock-in whatever the live exchange rate is. This is the better decision to make if timeliness is important and you need to send funds immediately.
Alternatively, you could pre-agree on a forward rate contract which also involves locking in today’s rate – but made with a future payment. If you believe rates will worsen over time, you can use a forward rate contract to counter that risk.
Exchange Rate Viewing Tools
QUOTES: WorldFirst will always provide live updates on their exchange rates (whether it’s their mark-up or a mid-market rate change) on quotes.
NOTIFICATIONS: You can set price targets on WorldFirst for desired FX rate values, and when they meet this target you can set up alerts.
IN-HOUSE CONVERSION TOOL: WorldFirst’s currency converter lets you accurately convert currencies on paper using the interbank rate.
Smart Phone Technology
The company’s mobile app is compatible with both Android and iOS users. Assuming you’ve already registered and opened an account online with WorldFirst, the phone app will provide you with a simplistic interface.
Their app gives access to inbound and outbound international money transfers, live interbank exchange rates, and it also has payment tracing.
(5) WORLDFIRST COMPANY HISTORY
Founded in 2004 by the company’s CEO, Jonathan Quin, the company was first established as a simple platform that makes foreign currency transactions. WorldFirst’s value proposition (what made it stood out amongst competitors) was that it provided clients with more favourable exchange rates than the major financial institutions in the UK.
By specializing in customer service, WorldFirst managed to develop and grow a reputation of being trustworthy and safe. With more than 70k customers to date, WorldFirst has definitely made its mark in the fintech industry.
The company’s FX services resonate with users who wish to make offshore payments and foreign investments.
FINAL THOUGHTS: THE INTERNATIONAL EXCHANGE SERVICES AT WORLDFIRST
All in all, WorldFirst is assuredly a highly reputable foreign exchange firm in the UK. With this in mind, it’s still a good idea to search the FX market for the deal that’s right for you.
From this guide you’ve learned that unless you’re booking very large transactions with WorldFirst you may not be getting the best possible rate.
How We Can Help
KnightsbridgeFX can help save you hundreds of dollars on foreign exchange depending on your transaction amount. We take pride in our competitive exchange rates (which feature very low mark-ups from the live market rate) and our ability to provide free wire transfers on transaction amounts exceeding $2000.
By choosing KnightsbridgeFX you’ll receive a transparent rate that is guaranteed to beat the big banks, with absolutely no hidden fees involved. Signing up and booking a transaction is fast and simple!
Call us today learn more about our services or request a quote at: 1-877-355-5239
WorldFirst FAQ – Frequently Asked Questions
Is WorldFirst the cheapest FX provider?
The company does not try to compete in affordability, so even though it’s a good service it may not provide the best value per dollar. Instead of giving the most competitive exchange rate savings possible, the company strives to deliver good customer service and personalized account support.
What types of currencies do WorldFirst accounts accept?
CAD, USD, AUD, GBP, EUR, JPY, HKD, CHF, SGD, and NZD are all acceptable types of currencies at WorldFirst.
Is making a WorldFirst account quick and easy?
Due to frequent account set up issues in regards to authorization and compliance, registering with WorldFirst can sometimes be difficult. There is also the issue of electronic identification being turned down.