Occasionally, people who want to transfer funds overseas ask others if they should use CurrencyFair or WorldFirst. The answer to this is not easy. However, most experts can say with certainty that both specialist money transfer companies serve as better alternatives when compared to the big banks.
If you turn online, you can find reviews about different kinds of businesses, international fund transfer companies included. While CurrencyFair achieves 9.6 out of 10 on Trustpilot, WorldFirst scores 8.8 out of 10. However, making a decision 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 German. WorldFirst 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. This WorldFirst vs. CurrencyFair comparison takes 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 WorldFirst. Both companies provide easy-to-understand fee structures.
- CurrencyFair charges an average of 0.4% of the transferred amount in fees.
- If your transfer finds a matching customer, you pay 0.25% to 0.3% 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 0.6% of the transfer amount.
- An additional flat €3 fee applies on all transfers.
- You need to pay an additional fee when making an express deposit.
- More information is available on this page.
- The transparent pricing band that applies on existing interbank rates depends on your expected annual transfer amount, as shown in the table below.
- Your country of residence might play a role in transfer limits.
- Nominal transfer fees apply for businesses and online sellers.
- Businesses and online sellers have to pay nominal fees.
- View the company’s simple fee-structure in the table below.
WorldFirst Money Transfer Fees Table
|Annual Transfer Amount||£0-£500k / AUD$0-$750K||£500k-£5M / AUD$750k – $7.5M</>||£5M+ / AUD$7.5M|
|Real Exchange Rate Plus Fee||0.50%||0.25%||0.15%|
Ease of Use
Whether you register with WorldFirst 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.
- You may make express deposits in various European currencies by using Mastercard or Visa debit cards.
- Residents of Australia may make payments using BPAY.
- 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 may integrate different currency accounts from your World Account with Xero, and then use matching currency accounts to avoid currency conversion fees when reconciling inward or outward payments.
- You can access WorldFirst apps on Android and iOS devices.
Regular Overseas Payments
Both CurrencyFair and WorldFirst offer you the ability to make regular overseas transfers. With WorldFirst, you can set the transfers to adjust to prevailing exchange rates, or you can fix rates in advance.
- Learn how to apply the CurrencyFair Coupon for free transfers.
- Watch video on How CurrencyFair Works.
- When CurrencyFair and TransferWise go head to head.. who wins?