- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Travel Debit Card
- Global Virtual Receiving Bank Accounts
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 8.8 out of 10 on Trustpilot, TransferWise comes in at 9.6 out of 10.
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 a company that 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 where you simply have to look at a transparent pricing band. 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.
- A transparent pricing band (shown in the table below) applies over existing interbank rates. It varies depending on your estimated annual transfer amount.
- Minimum and maximum amounts you may transfer depend on where you live.
- Nominal fees apply on accounts for businesses and online sellers.
- 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.
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%|
One company does better than the other in this section as of now.
- TransferWise offers a multi-currency debit Mastercard for residents of the UK, the U.S., any country in the EEA (except Greece), Switzerland, Australia, New Zealand, and Singapore
- 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.
- You may connect your World Account with Xero and save on currency conversion fees by using matching currency accounts to make and receive international payments.
- 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.
- The TransferWise Mastercard gives you easy access to funds in your Borderless account.
- 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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