WorldFirst vs TransferWise Comparison – Which Is the Best Option?

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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 TransferWise 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 TransferWise 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.

Best Company For Large Amounts
Editorial Rating 90.2%
  • Very High Positive Client Feedback
  • Fixed Margins- Auto Applied, not Based on Negotiation
  • Large and Trusted
  • Largest Variety of Currencies
Established
2004
Available
Exept USA
Currencies
130
Min transfer
£/€/$ 1000
Trading via
Offices
Australia United States United Kingdom China
+ 4 more
  • Netherlands Netherlands
  • Hong Kong Hong Kong
  • Singapore Singapore
  • Japan Japan
Best Company For Small Amounts
Editorial Rating 90.1%
  • Multi-Currency Debit Card
  • 0.5% FX Margin for Most Currency Routes
  • 84,000+ Reviews on Trustpilot
  • Market Leader in the Fintech sector
Established
2011
Available
Worldwide
Currencies
49
Min transfer
£/€/$ 1
Trading via
Offices
Australia United States United Kingdom China
+ 9 more
  • Belgium Belgium
  • Estonia Estonia
  • Hungary Hungary
  • Japan Japan
  • United Arab Emirates United Arab Emirates
  • Brazil Brazil
  • Ukraine Ukraine
  • Malaysia Malaysia
  • Singapore Singapore

The Similarities Between WorldFirst and TransferWise

Credibility

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 TransferWise 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.

Better than banks

The key similarity is that both WorldFirst and TransferWise 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 Differences Between WorldFirst and TransferWise

User Experience

While both of these services give you the option to easily send money or receive money online, TransferWise 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.

Customer Service

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, TransferWise 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.

Global Reach

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, TransferWise also allows credit card.

Most of TransferWise’s customers are concentrated in Europe. They offer 40 currencies and work on all continents, except Africa. However, WorldFirst offers transfers to Africa.

Currency Rates & Fees

If WorldFirst works by a fee-free model, TransferWise has a percentage-based fee. On the TransferWise’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, TransferWise fees vary depending on the country of destination.

For WorldFirst, in Australia, you’ll pay no fees for transfers over AUD 10,000, while TransferWise will take you an initial 0.7% on an initial amount of AUD 10,000, plus 0.5% on any amount over that.

Experience

Although both of these companies are highly experienced, there is no doubt that WorldFirst’s 16 years on the market beat the 9 years TransferWise has. WorldFirst has managed to serve over 400,000 global customers and around 150,000 businesses, enabling more than 1 million transfers each year.

 

Overall

In a WorldFirst and TransferWise, there is no doubt that WorldFirst has a clear edge.

If you want to to read more similar comparison articles, check the ones below:

OFX vs TransferWise

OFX vs WorldFirst

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