Your bank, however, may hold off crediting your account until the next business day.įor other currencies, it takes 1-4 days before your funds reach the recipient, depending on the currency. ![]() If you’re sending pounds, US dollars, or euros, WorldFirst usually makes a same-day payment after your funds have cleared, meaning the funds will arrive the same day. The duration of the transfer process depends on several factors: the transaction currency, the bank used to fund the transaction and the size of the transaction. Within 48 hours on average, and same £10,000 sent by Rhonda, her Rome landlord will receive approximately €10,905, which is about €200 more than via a bank.Īs you see in this example, using the fair mid-market range (close to the exchange rate found on Google) in combination with no transaction fees, may change the final transfer amount completely. WorldFirst offers a way better deal with no transaction fee and a fair mid-market GBP-EUR exchange rate of 1.09. Account opening is free and online, so Rhonda will never need to even leave her house: after registration and an online quick authorization, her account will be up and running in no time, with her current Barclays bank account connected. However there are fees for transfers to your home account (or another beneficiary, if you are a World Account holder) without a currency conversion.Īlternatively, you can use a transfer service, such as WorldFirst. Online sellers are not required to pay a fee for transferring funds back to domestic accounts. Fees range from £0 to £15 per transaction. Occasionally, charges may be applied by a third party bank as part of the transfer process, but these fees are not part of the WorldFirst charges.įor business clients, the fee structure is based on the amount of business done together. WorldFirst charges no additional fee for receiving money or to foreign exchange transactions and also doesn’t charge account holders a monthly user fee. WorldFirst makes its money from the difference between the buying and selling prices of the currencies you’re transferring, which is known as the spread. Fees and exchange rates depend on the amount of money you transfer abroad, the currencies you’re exchanging to and the contemporary exchange rate at the time of the transfer. In general, savings range from 0.25% up to 4% of the transfer amount. The amounts WorldFirst clients save may not look impressive on a single small transfer, but they add up quickly on larger transfers. WorldFirst charges its clients a considerably smaller margin, which is how you save money on transfers. They add a margin on the interbank rate to set the exchange rates for clients. How can an online currency broker offer better exchange rates than banks?īeing a specialized currency exchange service transacting more than $7 billion per year, WorldFirst has access to the interbank exchange rate, which is the rate at which banks buy and sell currency to other banks. ![]() By using WorldFirst’s service, anyone transferring money across borders gets to save a considerable amount on money transfers compared to choosing “regular transfer methods” they may have used in the past (i.e. WorldFirst money transfer services involve no transfer fees or excessive currency exchange rates - conditions that are a lot better than what regular high-street banks offer their clients. Depending on the currency and the destination, payments can arrive on the same day. WorldFirst will convert your funds to the desired currency and transfer the amount to the designated account. WorldFirst offers you the opportunity to fulfill your KYC procedure, necessary for the initial registration, fully online, making the process eKYC - the most up-to-date standard that dismisses the need for the actual paperwork turnover.Īfter you book your rate, you’ll receive your transfer confirmation containing all the information you need to send the funds to WorldFirst by debit card or bank transfer.ģ) Instruct the recipient to collect the money Based on your details, you will be quoted a rate in order for you to book your transfer. Once your account is set up, you define the exact amount you want to send (with a minimum of £1,000 ), who to send it to, and in which currency. To transfer money with WorldFirst, you need an account.
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