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WorldFirst Review

Last Updated: December 28, 2020

Worldfirst business-screenshot
Score: 9.0
Score 9.0

WorldFirst is a global payment provider with more than 250,00 private users and 150,000 business clients. Its total transferred funds exceed £70 Billion from inception to the present. It handles more than 1 million transactions per year.

About XE

WorldFirst is a global payment provider with more than 250,00 private users and 150,000 business clients. Its total transferred funds exceed £70 Billion from inception to the present. It handles more than 1 million transactions per year.

WorldFirst has received multiple awards because it offers unconventional products delivered by more than 600 financial experts. You can transact through the WorldFirst platform in more than 180 countries and 27 currencies. On average, WorldFirst forex transfers are 85% more affordable than traditional banks.

Get Started with Worldfirst

Payment Solutions

Streamlining Outgoing & Incoming Payments

If your business trades internationally or procures from various countries, it’s imperative to simplify and streamline foreign exchange within your organization. Before online providers such as WorldFirst, companies had no real options other than accepting whatever rate was offered by their local banks.

Regular bank payments are costly and time-consuming. With WorldFirst, your entire international payment protocol is streamlined on one user-friendly platform. Experts in the forex industry monitor markets on your behalf so you can focus on your core business.

  • Quick to Sign Up – You can sign up for a new account at WorldFirst directly from the website. The entire process is online and automated, and takes no more than five minutes. You’ll have to provide documents to verify your company’s ownership and legality, which you can do via a user-friendly upload tool on the WorldFirst website.
  • All International Payments Centralized – You can effortlessly access all international payments from one central platform. It streamlines operations as there is no need to draw information from various sources. All vendors and payees can be uploaded as a one-off for quick access when you want to make payments.
  • Seamless Integration to Existing Accounting – WorldFirst creates order in the backend accounting when it groups all forex payments, making it easy to draw monthly reports. The platform streamlines the process by offering automated analytics and reports through integration with existing accounting software.
  • Fast and Reliable Foreign Currency Payments – It’s fast to load and send foreign currency payments in three easy steps. The minimum amount you can transfer is $1,000.

Mass Payment Features

If your business makes multiple international payments, the WorldFirst platform lets you make payments in your suppliers’ and vendors’ local currencies. You can set up automated batch payments in advance with multiple payees.

  • Multiple Payments in One Batch – If you have recurring payments, you can pre-load them into one file for payment on specified dates. The batch can consist of various currency pairs and amounts. You can upload it using a simple excel spreadsheet, directly from your accounting platform.
  • Multi-Level Authorization – You can set up multi-level authorizations for mass payments to automatically obtain the relevant signatories on the due release dates.
  • Integration to Accounting Software – WorldFirst offers an easy plug-in API for quick integration to existing accounting software. All mass payments will update on the backend as it’s released, keeping the accounting up to date for reporting.

Saving Money With Worldfirst

There are considerable savings involved when teaming up with a foreign exchange service provider such as WorldFirst. Besides the fact that it consistently outperforms all traditional banks with mid-market rates, you’ll never pay a registration or annual fee for using its platform.
WorldFirst also doesn’t charge transaction fees. The cost structure is simple, transparent, and consistent. You see what you pay for; you don’t have to expect any surprises or hidden fees.

With its hedging tools and strategies, you can have lucrative savings in the long run by fixing favorable rates for up to 24 months or only releasing payments at your specified levels.

WorldFirst gives you a fixed and transparent platform for every international payment. It has set rates, and you can budget your cash flow in advance. WorldFirst calculates its rates on a sliding scale.

  • Annual payments up to £500k = 0.5% fee.
  • Annual payments between £500k and £5 million = 0.25% fee
  • Annual payments more than £5 million = 0.15% fee

Risk Management Tool

If not correctly managed, foreign currency payments are exposed to very volatile markets and have profound financial implications. WorldFirst offers various tools to mitigate the risk of these uncertainties.

  • Forward Contracts – With the WorldFirst forward contracts, you can protect your company from volatile exchange rates. You can secure a current market level on a currency pair for future payment of goods or international property expenses. You can lock in a current rate for up to 24 months, and rest assured that it protects you from downside risk. You can book and manage forward contracts by phone or online on the World Account.
  • Firm Orders – If you don’t have time-sensitive transactions, the WorldFirst firm orders are a beneficial feature to activate. It allows you to set up payments against specific exchange rates on currency pairs. Once you complete the order, you can rest assured that the provider will only release the payment when the market hits your indicated level.

Risk Management Tools

XE offers several tools to help you reduce foreign exchange risk.

  • Hedging Strategies – XE partners with your business to develop a bespoke FX risk management strategy that allows your company to make informed decisions and protect your bottom line.
  • Market Intelligence – Live exchange rates and dedicated support help you take advantage of the best times to transfer funds.
  • Rate Alerts – You choose the currency pair you want to monitor, and XE sends you an alert via email or the app when the rate reaches the amount you selected.
  • Market Orders – If you don’t need to transfer on a specific date, you can choose the rate at which you’d like the transaction to occur automatically.
  • Forward Contracts – You can choose to secure a rate for up to three years, and all future transfers in the established period will use that quote.

Onboarding Process

1
Registration
You can complete and submit the online registration form on the WorldFirst site.
2
Phone Call
A WorldFirst team member will call you to complete the registration.
3
Documentation
You’ll have to supply proof of identification via email (passport, driver’s license, or national ID card).
4
Confirmation
You’ll also have to send proof of residence for validation and use of a recent bank statement, utility bills, local council notices, or revenue notices. Then, Worldfirst will approve your account

Expert Support

The support team at WorldFirst are highly trained foreign exchange experts, and you can reach them online or via phone. The site provides various toll-free numbers and a convenient call-back feature. The website has a very responsive live chat feature for when you need instant advice while making transactions.

  • Available from 8 am to 8 pm, Monday-Friday
  • Toll-free numbers for various departments are available
  • The website has an extensive FAQ section
  • You can instantly talk to a representative in the live chat feature

The Bottom Line

WorldFirst is well suited to business with offshore investments, vendors, and employees. The platform is easy to access and user-friendly across all devices. The hedging tools, coupled with customized solutions and low rates, make WorldFirst a convenient and noteworthy service provider to consider.

  • Suitable for small, medium, or large firms
  • Customized solutions and integrations
  • plug-in APIs for various extensions
  • Transparent rates and excellent mid-market rates
  • Various hedging tools to safeguard your business for up to 24 months against volatile markets