Send money with WorldFirst : All you need to know

WorldFirst Review - Introduction

Worldfirst is one of the fastest growing Fintech companies in Europe as the company not only offers currency exchange but also international payments to private clients, corporate and e-commerce clients. Founded in 2004 by Jonathan Quin and Nick Robinson in London, the aim of the company was to offer people a true alternative to big banks. In 2009 Worldfirst UK was granted ‘Authorized Payment Institution’ status by the Financial Services Authority. It made Worldfirst amongst the first companies allowed to make international payments. Headquartered in London the company has several offices in the US, Australia, Hong-Kong and the Netherlands. What you can do with Worldfirst: mortgage payments, repatriation of salary, international school fees, import & export.

WorldFirst Review - History

  • 2004: Founded, first transaction made the same month
  • 2005: 5 members in the team
  • 2007: 1 billion transferred – 40 employees
  • Payment options: Bank transfer, credit card and cash
  • 2008: FSA authorization approved
  • 2009: authorized as Payments Institution – first payment made this year
  • 2010: launching of the online platform
  • 2011: 5 billion transferred
  • 2014: WorldFirst team reached 200 employees. Opening of Singapore office.
  • 2014: 300 employees worldwide. Opening of Hong Kong office. 1 millionth trade reached
  • Firm type: UK-based foreign exchange company
  • Geographical presence: worldwide
  • Payment options: Bank transfer, direct debit
  • Delivery options: Bank deposit
  • Security: FCA regulated
  • Trustpilot rating

WorldFirst Market Coverage

WorldFirst has a worldwide coverage with many currencies covered.

WorldFirst Services

WorldFirst provides a lot of services besides international remittances:

* international payments: very useful not only for individuals but for businesses
* regular transfers: possibility to set up automated payments
* exchange rates alerts: be notified when the rate reaches the desired rate
* market analysis on currencies
* forward contracts: lock in an exchange rate now and make the transfer later (up to 3 years)
* spot contracts: make a payment now but this one will happen when the rate reaches the desired rate

WorldFirst also has the option “request money” from someone. So that the sender doesn’t have to worry about fulfilling the information of the recipient.

WorldFirst Pros & Cons

Pros

  • a big market coverage with a worldwide presence
  • competitive prices
  • many services offered: international payments, regular payments, currencies market analysis, exchange rates alerts and options
  • no maximum amount

To improve

  • no value for small transfers as there is a minimum of 1’000£ to be sent
  • all the steps to transfer can’t be made online as you need a phone call to verify your ID
  • no quotes online but over the phone
  • the speed of transfer can be long sometimes depending on the country you send money to
  • the ways of transferring the money are limited as it is only bank-to-bank transfers

How WorldFirst Works

Steps: on the road of a transfer with WorldFirst

  • sign in- enter your personal information
  • upload your documents and verify your identity by receiving a phone call
  • book a rate by phone and receive an email of confirmation
  • send the money to WorldFirst account

Account with WorldFirst – Documents needed:

  • ID and a proof of residence from less than 4 months received by post (not electronically)
  • If you do not have a residential proof you can also ask for an activation code which will be sent to you by post in order to check the address. You will also receive a phone call to activate your account.