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 TrustPilot users. While World First rates 9.1 out of 10, TransferWise comes in at 9.6.
TransferWise lets its customers use its websites in different languages such as English, Dutch, Spanish, Italian, French, and Portuguese. World First, on the other hand, has dedicated websites for its customers in the UK, France, US, Canada, Australia, China, Japan, Hong Kong, and Singapore.
I’ve put together this TransferWise vs. WorldFirst comparison 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
- Ease of Use
- Regular Overseas Payments
World First follows an easy-to-understand fee structure where you simply have to look at transfer amount thresholds. 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.
- If you use the UK website, there are noy transfer fees. A minimum transfer amount limit of £1,000, or its equivalent in another currency, applies.
- If you use the U.S. website, transfers of $10,000 or more don’t attract any fees. If you transfer less than $10,000, a flat $10 fee applies.
- Similarly, when using the Australian website, a $10 fee applies for transfers less than $10,000. Transfers over this amount are free.
- Using the Hong Kong-based website requires that you transfer a minimum of HK $100,000. No transfer fees apply.
- To find out the latest fee structure, visit 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/.
- The fees TransferWise charges are a percentage of the amount you transfer. It varies depending on the destination country.
- This company has minimum and maximum fees in place.
- Go through the fee breakdown table to find out how much your transfer through TransferWise will cost.
- Find out how you can use the exclusive TransferWise Coupon.
Ease of Use
Signing up with World First 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.
- To transfer funds, you have to follow a simple process.
- You can make payments using debit cards.
- World First 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
World First 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.