WorldFirst or TransferWise…which company should you use to transfer funds overseas? Both companies offer dependable services when it comes to transferring funds from one country to another. Both companies have received highly favorable ratings by thousands of users. While WorldFirst rates 9.2 out of 10 on Feefo, TransferWise comes in at 9.6 out of 10 on Trustpilot.
TransferWise lets its customers use its websites in different languages such as English, Dutch, Spanish, Italian, French, and Portuguese. WorldFirst, on the other hand, has dedicated websites for its customers in the UK, France, Canada, Australia, China, Japan, Hong Kong, and Singapore.
This TransferWise vs. WorldFirst comparison is put together so you can make an informed decision when looking for the company the suits your needs best. Here are categories that require your attention:
- Exchange Rates
- Multi-Currency Bank Accounts
- Debit/Travel Cards
- Ease of Use
- Regular Overseas Payments
WorldFirst follows an easy-to-understand fee structure. There are none. It’s that simple!
The fee structure that TransferWise follows is a bit more complicated, where the amount you transfer has a direct effect on the fees you pay. Nevertheless, both companies charge lower fees than banks. Which one will work better for you depends on factors such as the transfer amount and destination country.
- You pay no fees for personal transfers.
- A minimum transfer amount of HK $10,000, applies on transfers initiated from Hong Kong.
- Using the Singapore-based website requires that you transfer a minimum of SG $2,000.
- The fee TransferWise charges varies depending on the destination country, the amount you wish to transfer, and the transfer type.
- Go through the fee breakdown table to find out how much your transfer through TransferWise will cost.
One company does better than the other in this section as of now.
- TransferWise offers a multi-currency debit Mastercard for residents for the UK and it is in the process of making the card available in other markets as well
- WorldFirst has no such offering
Ease of Use
Signing up with WorldFirst or TransferWise requires that you follow a simple process. You can access the websites of both companies in local languages, depending on the country of your residence. Both give you access to live rates and let you sign up for rate alerts.
- Registering online takes no more than a few minutes.
- You can open an account over the phone.
- You can make payments using debit cards.
- WorldFirst offers apps for devices that use iOS and Android, enabling you to transact on the move.
- It is easy to sign up with TransferWise. You can use your Google or Facebook account to register, to speed up the process.
- Making a transfer requires that you follow a simple five-step wizard.
- You can use debit and credit cards to make payments.
- TransferWise provides apps for devices that run on iOS and Android.
Regular Overseas Payments
- WorldFirst lets you make regular scheduled transfers. You can set up an auto transfer on your account or consider fixing a rate in advance.
- TransferWise does not allow you to make regular payments, as of now.
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- Watch a TransferWise YouTube video on how to apply your exclusive discount.