Simply picture this: you are on a 2-week vacation in Australia and you enjoy your vacation until you hear that the country is on lockdown. Since you cannot go back to your own country, you desperately need more money in order to be able to survive.
For that, you can choose a reliable money transfer tool that can be used by your friends or relatives back home to send you money, quickly and safely, with no hidden fees or high exchange rates. That’s where WorldFirst or Wise comes into play. Both of these companies offer dependable overseas fund transfer services. Both come with great ratings and have conducted millions of transfers so far.
So, which one should you choose? What is the best choice for you? In this WorldFirst vs Wise comparison, we’re going to look at the differences between these two platforms in order to help you choose the right one for your needs. However, let’s take a quick look at some of the similarities and differences.
Both of these companies are based in the UK, are licensed and are safe to use. They both have very good ratings on TrustPilot and other review sites. Additionally, they offer multiple website versions, in languages such as French, Chinese, Australian, Japanese, Spanish and Portuguese.
The key similarity is that both WorldFirst and Wise are superior to regular banks when it comes to money transfers overseas. You can get much better rates using these companies, plus you get an exceptional level of security, as both of them are ASIC and FCA compliant.
The key similarity is that both WorldFirst and Wise are superior to regular banks when it comes to money transfers overseas. You can get much better rates using these companies, plus you get an exceptional level of security, as both of them are ASIC and FCA compliant.
While both of these services give you the option to easily send money or receive money online, Wise is slightly easier to use. This service also allows you to sign up for a multi-currency account for free, so you can send and receive funds across the world at the real exchange rate, without being subject to interbank exchange fees and rates.
However, thanks to its years of experience, WorldFirst seems to be more highly recognized than its competitors. It also offers better support and offers a superior user experience, making it easy for customers to send money all across the globe.
When it comes to customer service, WorldFirst is again superior. You can easily contact their phone number and they’ll help you with any problem you might experience. Conversely, Wise is very good at hiding their contact information. It’s hard to find their phone number online. However, they have a fairly good live chat feature.
When using a money transfer service to send money from one continent to the other, the global reach is a key factor in making the right choice. Both companies allow users to transfer money to and from many countries of the world, using EFT and direct debit. However, Wise also allows credit card.
Most of Wise’s customers are concentrated in Europe. They offer 40 currencies and work on all continents, except Africa. However, WorldFirst offers transfers to Africa.
If WorldFirst works by a fee-free model, Wise has a percentage-based fee. On Wise’s homepage, you can calculate how much you’ll pay for any type of transfer. In terms of fees, if WorldFirst comes with a transparent pricing model, Wise fees vary depending on the country of destination.
For WorldFirst, in Australia, you’ll pay no fees for transfers over AUD 10,000, while Wise will take you an initial 0.7% on an initial amount of AUD 10,000, plus 0.5% on any amount over that.
Although both of these companies are highly experienced, there is no doubt that WorldFirst’s 16 years on the market beat the 9 years Wise has. WorldFirst has managed to serve over 400,000 global customers and around 150,000 businesses, enabling more than 1 million transfers each year.
In a WorldFirst and Wise, there is no doubt that WorldFirst has a clear edge.
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