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The company focuses on transferring large amounts of money internationally. The minimum amount to start a transaction is 1000 GBP. Their goal is to create the world’s best foreign exchange platform for individuals and international businesses.
All you have to do to transfer, even big sums, internationally is register a free account, fill out the details of the transaction, secure the exchange rate, and then send the money via a bank transfer to Worldfirst so that they can handle the rest for you.
The transfers are free for amounts above $10,000. For smaller transactions, you need to pay $10. Depending on the transfer method, the transaction takes 1-4 days.
Their exchange rates are very competitive, and in many cases, the pairs are much stronger and more appealing for the customer than in regular banks or financial institutions. Because of the scale of their operation, Worldfirst is able to access the interbank rates, which is the inner market between financial institutions.
Worldfirst offers Best Rate Guarantee, which means that if you manage to find a better rate on other services, they will beat it and offer your cheaper option.
An interesting feature is the possibility to schedule payment and secure an exchange rate even up to 3 years in advance. That way, your transaction won’t be disturbed by any fluctuations on the currency market.
The most noticeable limit is the minimum amount, as it is quite high in comparison to other service providers. Depending on the country, you have to transfer more than 250 GBP or even 1000 GBP in the UK, for example.
While they are cooperating closely with big international banks, they still manage to provide better exchange rates than any other financial institution.
To start using their services, you need to open a free account on the Worldfirst website. Fill out the form, provide your name, postal address, and other information and then undergo a verification process. The support team will contact you to confirm the account information, and you will be required to provide some documentation to prove your address for review. You can scan, for example, a letter or bill sent to your address.
The company has ceased to provide its services in the United States and have started slowly to close the accounts and support. However, they are still offering their services worldwide and are actively developing the platform in the UK market.
Worldfirst properly complies with financial laws. They are approved by the Financial Conduct Authority (FCA) to issue electronic money and provide payment services. To handle the transactions, they cooperate with Barclays and Citibank, which are reliable and well-established banks.
You can also set up a two-factor verification to increase the security of your account.
Most of the time, the company has been praised for the quality of their service. They process around million transactions per year.
They have won a few awards for being a prosperous money transfer company in the UK. And are scoring high in the enterprise rankings.
After researching Worldfirst reviews, one gets a positive impression as the majority of the reviews are positive, and people are enjoying the services. It seems that the strongest side of the company is customer support.
“My dealings with WorldFirst both online and over the phone were simple and stress free. Any queries I had over the correct way to fill in their forms were speedily dealt with over the phone. Although I spoke to different advisors they seemed well informed and I didn’t have to repeat myself at every phone call! Thank you for the excellent service.” ~ praises Denis in his Trustpilot review
“Easy and fast to set up. Money left my account in GBP and was in the company I was paying account in USD in the same day as setting up my account and with minimal fees or fuss. Will definitely continue to use for my foreign currency transactions. Saved me £400 in bank fees.”~ says Ali on Trustpilot
Most of the negative feedback focuses on problems with limited services in different countries or closing the accounts in some parts of the world:
“Do not open account if you are currently abroad. [...] I've tried opening a US account while studying abroad. I then had to go through various hoops to prove that I am really a US citizen who will be back in the US. In the end, they wanted an official letter from my university saying that I will be finishing this year. This was too much for me so I moved on to a different service which does not have all these ridiculous requirements to go through. [...]” ~ warns Yevgeniy on Trust Pilot
“I was a good customer for a few years (5-6 years) and they decided to take on an Israeli partner that would have access to all my financial information. It was completely unnecessary, the business partner had zero authority in Israel and had zero benefit for me and they basically announced this as a "must have" service. [...]” ~ EB on Trustpilot
The customer support is very responsive. They answer most of the feedback left by people on various money transfer review sites and are willing to solve any potential problems. You can call their experts on a phone number or email them. All of the info is transparently available on the Worldfirst website in the Contact us section.
With the high minimum amount, Worldfirst is better for businesses or individuals handling bigger international deals. However, the sole quality of the service is at a very high level. Many people praise their customer support, and the company remains transparent with their customers. The site has a good design, which makes it easy to use and send money online.
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