Occasionally people who want to transfer funds overseas ask me if they should use CurrencyFair or World First. The answer to this is not easy. However, I can say with certainty that both specialist money transfer companies serve as better alternatives when compared to the big banks.
On Trustpilot, a prominent website where you can find reviews about different kinds of businesses, one of these companies rates slightly better than the other. CurrencyFair achieves 9.6 out of 10, whereas World First scores 9.1. However, decisions based on this factor alone can be a mistake.
Do you want access to the chosen website in a language other than English? CurrencyFair makes its website available in French and Polish. World First operates dedicated websites for different markets. Depending on the website you log on to, you can get access in French, Chinese, or Japanese.
Before you choose between these two companies, other aspects deserve your attention. In this World First vs. CurrencyFair comparison, I will take you through these categories:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Worldwide Money Tansfer Fees
There are no hidden fees with either CurrencyFair or World First. Both companies provide easy-to-understand fee structures.
- CurrencyFair charges an average of 0.35% of the transferred amount in fees.
- If your transfer finds a matching customer, you pay 0.15% of the transfer amount as fees.
- If your transfer does not find a matching customer, CurrencyFair matches the transfer. In this case, the fee is 0.4% to 0.5% of the transfer amount.
- An additional flat €3 fee applies on all transfers.
- The World First website you use has an impact on the fees you have to pay.
- With the UK-based website, a minimum transfer of £1,000 applies. All transfers are free.
- If you use the U.S.-based website, you pay a flat $10 fee for transfers below $10,000. Transfers over this amount do not attract any fees.
- The Hong Kong-based website does not charge any fees for transfers. However, you have to transfer a minimum of HK $100,000.
- To check the most up-to-date fee structures of different World First websites, click on the desired link – WorldFirst.com/uk/, WorldFirst.com/us/, WorldFirst.com/au/, WorldFirst.com/en-fr/, WorldFirst.com/en-jp/, WorldFirst.com/en-cn/, WorldFirst.com/en-sg/ or WorldFirst.com/en-hk/.
Ease of Use
Whether you register with World First or CurrencyFair, submitting an online application takes no more than a few minutes. With both companies, you must wait for verification of information you provide before activation of your account. If website access in a foreign language will make things easier for you, choose accordingly.
- As a global customer, you can make payments only via electronic bank transfers.
- Residents of Ireland can make payments using debits cards issued by banks in Ireland.
- The company provides apps for devices that run on Android and iOS.
- You can initiate the account opening process over the phone.
- You can make payments via online and phone banking, direct debits, debit cards, CHAPS, and BACS.
- You can access World First apps on Android and iOS devices.
Regular Overseas Payments
Both CurrencyFair and World First offer you the ability to make regular overseas transfers. With World First, you can set the transfers to adjust to prevailing exchange rates, or you can fix rates in advance.
- Watch video on How CurrencyFair Works.
- When CurrencyFair and TransferWise go head to head.. who wins?
- Learn how to apply the CurrencyFair Coupon.