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Must read: WorldFirst has closed its private customer business
WorldFirst has discontinued its services for private customers until further notice. Money transfers services for business customers will remain unaffected.
WorldFirst and Wise are two strong contenders in an increasingly crowded market for money transfers. Let’s compare their fees, exchange rates and transfer speed to see which one comes out on top.
The fees and rates used in this comparison are accurate as of 31 October 2018.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
WorldFirst doesn't charge fees on any international transfers out of Australia, whether it be a business transfer or a personal one. However, keep in mind that your recipient's bank may charge a receiving fee.
Wise
Wise charges a percentage fee as well as a small flat fee. The flat fee is around $1–$2 for a lot of the main currencies but can reach as much as $15 if you want to send money to South Africa, for example. The percentage fee ranges from 0.45–1.5% of your transaction amount.
Winner: WorldFirst
WorldFirst offers no fees, making it a clear winner in this category. However, keep in mind that this doesn't necessarily mean your transfer will be cheaper with WorldFirst. Each provider offers different exchange rates, which we'll go into below.
Let's crunch the numbers: Sending $1,000 and $10,000 to the UK
To show you how the two providers stack up, let's take a look at how WorldFirst and Wise compare when sending two different amounts to the UK. We're also going to add in a column with the preferential exchange rate WorldFirst is offering Finder customers on their first transfer. Keep in mind, rates vary for other countries.
In our imaginary scenario, we'll be using a bank transfer.
Sending $1,000 to the UK
WorldFirst
WorldFirst deal for Finder users
Wise
Transfer fee
$0
$0.00
$5.97
Exchange rate
1 AUD = 0.549 GBP
1 AUD = 0.554 GBP
1 AUD = 0.552 GBP
Transfer speed
Same day
Same day
1 day
Total British pounds received
GBP£549
GBP£554
GBP£548.70
Sending $10,000 to the UK
WorldFirst
WorldFirst deal for Finder users
Wise
Transfer fee
$0
$0
$50.75
Exchange rate
1 AUD = 0.549 GBP
1 AUD = 0.554 GBP
1 AUD = 0.552 GBP
Transfer speed
Same day
Same day
1 day
Total British pounds received
GBP£5,490
GBP£5,540
GBP£5,492
On a $1,000 transfer, WorldFirst's preferential rates for Finder customers mean your recipient will get GBP£5.30 more than if you'd used Wise.
The $10,000 transfer works out similarly. With Finder's first transfer deal, you'll end up sending GBP£50 more than if you went directly through WordFirst. However, if you've used WorldFirst before and are ineligible for the deal, Wise works out fractionally better at GBP£2 more.
Which offers better exchange rates?
WorldFirst
WorldFirst makes its money off the margin it charges on top of the standard mid-market rate, as opposed to a transfer fee. This margin can range from 0.6% to above 1%, depending on the currency you're sending to. However, for your first transfer with WorldFirst, Finder users get access to a smaller margin on the mid-market rate, equivalent to 0.4%.
Wise
Wise converts money at the mid-market rate, with no added margin on top. Just watch for the percentage fees charged for transfers.
The mid-market rate is what your money's actually worth on the global market compared to another currency. It's the midpoint between worldwide supply and demand for that currency – and the rate banks and transfer services use when they trade among themselves.
Use this rate as a baseline to compare against the rates provided by your bank or transfer service. With it, you'll discover which companies offer the best rates. You'll be able to find it on Google, Xe or Reuters.
Winner: Wise
Wise offering the mid-market rate is hard to beat. It means you'll get a better exchange rate than you would with WorldFirst, no matter where you transfer to.
Which is faster?
WorldFirst
If you’re sending to British pounds, US dollars or euros, WorldFirst will make a same-day payment once it receives your money, though it may take up to one business day for your account to be credited.
For all other currencies, it takes one to four days for the money to reach your recipient. To transfer US dollars to other countries, it may take up to four days.
Wise
Transfer time with Wise depends a lot on how you pay. Credit or debit card is the fastest way to send money and can be instant to a lot of currencies. Bank transfers will take longer, but shouldn't be more than four days.
Winner: Tie
Both WorldFirst and Wise offer instant transfers for a lot of the popular currencies, but may take several days. However, the most accurate time frame you'll get is when you're booking your transfer. There are lots of things that will affect the transfer time, from the country you're sending to, to how you want to pay.
General features
Payment methods
Minimum and maximum transfers
Delivery methods
Transfer speeds
Currencies
Safety
WorldFirst
Bank transfer
Alipay (China only)
Bank account
Mobile wallet
Minimum: $1
Maximum: Unlimited
24 hours
10 currencies
Regulated by: ASIC, FCA, FINTRAC, FinCEN, C&ED, MAS
Wise
Bank transfer
Credit card
Debit card
PayID
Alipay (China only)
Bank account
Minimum: $1
Maximum: $1,800,000
Within minutes
52 currencies
Regulated by: ASIC, FCA, FINTRAC, FinCEN, C&ED, KLFB, DIA, MAS
WorldFirst
WorldFirst has money transfer options for businesses, online sellers and for your own personal use. For a personal transfer, you tell WorldFirst how much you want to send, then it quotes an exchange rate. After you send your money, WorldFirst will convert the funds and send them to your recipient’s bank account.
Wise
Sending money through Wise is a similar process: Input how much you want to transfer, then send your money to Wise. Your money will be converted and sent to your recipient's bank account.
There's no clear winner. While WorldFirst wins on its $0 transfer fees, Wise's no-margin exchange rate means you shouldn't overlook it. Ultimately, the best service for you depends on the currency you're sending and the payment method you choose.
Looking for more options?
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Rosie Russell is a money transfers producer at Finder. She is on a mission to make personal finance easier to understand. Rosie has a Bachelor of Communication (Journalism) and Bachelor of Arts in International Studies from the University of Technology Sydney.
Are you due to receive a large sum of money from another country? Familiarise yourself with Australian laws and tax regulations regarding money transfers.
Minimum and maximum transaction limits can restrict your international money transfer options, so compare overseas transfer limits in this handy guide.
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