Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. We may also receive compensation if you click on certain links posted on our site. We may receive compensation from our partners for placement of their products or services. While we are independent, the offers that appear on this site are from companies from which receives compensation. Although they now have offices in Hong Kong, Japan, the US, the Netherlands and Singapore, the Sydney office was the second non-UK one launched.į is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. The pair wanted to use WorldFirst to make international money transfers cheaper and easier than what’s normally offered by the banks. WorldFirst was launched in 2004 by two ex-Citibank colleagues in London. You’ll be able to track the transfer online and receive email updates during the process. You can find WorldFirst’s bank account details in the confirmation email you’re sent. Transfer the money to WorldFirst’s bank account.Double-check the exchange rate is the one you want as this is the one you’re locking in.
It can either be for as soon as possible or at a later date. Pick what date you want WorldFirst to make the transfer.Even though you can only use a bank transfer in Canada, you can choose if the money is coming from a bank account under your name or not.
You’ll need to include the currency you hold and what you want to send, as well as the amount. You’ll find this button on the homescreen of your log-in page. How do I make an international money transfer with WorldFirst? Once this is set up, you can make your first money transfer. WorldFirst may contact you and ask for a scanned copy of either your passport or driver’s licence to finish verifying your account. You can sign up for an account with WorldFirst online and, once you register and are verified the first time, it’s quick and easy to make future transactions.įor customers in Canada, this usually doesn’t take longer than an hour.
How to register an account with WorldFirst WorldFirst’s margin generally ranges between 0.1% and 4% per transfer, depending on market volatility and the specific currencies you’re buying or selling. This margin varies from company to company, so it’s important to compare both the exchange rate the money transfer service is offering as well as their additional fees. In other words, it’s the difference between the wholesale cost of the currency, and the rate WorldFirst offers to you. This is because a lot of money transfer companies and banks add on a small margin to the interbank rate to cover their own costs. You may have noticed that the exchange rate you see on Google or XE is different to the one being quoted to you. WorldFirst makes its money off the spread, which is also known as the margin. The Monetary Authority of Singapore (MAS) Financial Transactions Reports Analysis Centre of Canada (FINTRAC)įinancial Crimes Enforcement Network (FinCEN)Īustralian Securities and Investments Commission (ASIC)