CurrencyfairVsWorldfirst_Supplied_250x250

WorldFirst vs CurrencyFair

These two money transfer services face off to find out which offers the best-value international money transfers.

WorldFirst and CurrencyFair are two established names in the world of online money transfers. Both offer convenient international transfers with lower fees and better exchange rates than the banks.

But which one should you choose to handle your next overseas payment? To find out, let's compare WorldFirst and CurrencyFair in terms of fees, exchange rates and transfer speeds.

The fees and rates used in this comparison are accurate as of 27 March 2019.

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 5 1 - 2 days EUR 3.00 0.689 USD
6,893
Special offer: Pay zero fees on your first 5 transfers
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.69 USD
6,900
Limited offer: $50 Myer gift card for first time users transferring over $5,000 in May 2019. T&Cs apply.
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.
Go to site Show details

Compare up to 4 providers

The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.

Which has lower fees?

WorldFirst

There are no transaction fees to pay when you send an international money transfer with WorldFirst. However, the receiving bank may impose a fee in some cases.

CurrencyFair

CurrencyFair charges a flat fee of €3 (equivalent to approximately AUD$4.70 at time of writing) per transfer.

Trophy icon
Winner: WorldFirst

While CurrencyFair has a transparent fee structure and minimal transaction fees, it's impossible to beat WorldFirst's zero fees. However, please note that this doesn't necessarily mean that WorldFirst offers cheaper transfers, as the exchange rate you're offered will also affect the total cost of your transaction.

Let's crunch the numbers: Sending $2,000 to the UK

To give you a clearer idea of how WorldFirst and CurrencyFair compare, let's look at the example of sending a $2,000 transfer from Australia to the UK.

Sending $2,000 to the UK
WorldFirst CurrencyFair
Transfer fee $0 €3
Exchange rate 1 AUD = 0.5375 GBP 1 AUD = 0.5374 GBP
Transfer speed 1 business day 1 business day
Total pounds received £1,075 £1,074.80
Receiver gets £0.20 more £0.20 less

As you can see in the table above, the AUD/GBP exchange rates offered by WorldFirst and CurrencyFair are close enough to identical that they make minimal difference to the amount that ends up in your recipient's bank account. However, CurrencyFair charges a €3 transfer fee whereas WorldFirst doesn't charge any fees, making the latter a better choice in this scenario.

Which offers better exchange rates?

WorldFirst

WorldFirst adds a margin on top of the mid-market exchange rate when you exchange currency. The size of this margin varies between currencies, but typically ranges from 0.5-1%. For example, if you want to exchange AUD for USD:

  • If the mid-market rate is 1 AUD = 0.713751 USD
  • WorldFirst's rate might be 1 AUD = 0.710092 USD

CurrencyFair

CurrencyFair is a peer-to-peer currency marketplace where you can exchange funds with other users looking to exchange the opposite currency. This means that users get to set their exchange rates, and CurrencyFair charges 0.25-0.3% of the total transaction amount when customers match each other – this fee is included in the exchange rate you are quoted.

However, if you can't be matched with another user, CurrencyFair will match with you and charge a fee of 0.4-0.6%. Using the same AUD/USD example:

  • If the mid-market rate is 1 AUD = 0.713751 USD
  • CurrencyFair's rate might be 1 AUD = 0.7104 USD

Trophy icon
Winner: Tie

We found the exchange rates offered by WorldFirst and CurrencyFair to be quite similar across a range of currency pairs, so we couldn't pick a clear winner. It's worth getting a quote from both services for your specific transaction to see who is offering the best rate at the time.

Which is faster?

WorldFirst

Transfer times with WorldFirst vary depending on where you're sending money, how much you transfer and your bank. Transfers to USD, EUR and GBP are completed on the same day, while transfers to other currencies can take 1-4 business days.

CurrencyFair

Transfer times vary depending on the currency you're sending but can range anywhere from same-day completion to up to 4 business days. For example:

  • Transfers to GBP take 0-1 business days
  • Transfers to USD take 1-2 business days
  • Transfers to SGD take 3-4 business days

Trophy icon
Winner: Tie

Transaction processing times are once again quite similar across the two providers, so they're evenly matched in this category.

General features

Payment methods Receiving options Minimum and maximum transfers Transfer speeds Currencies
WorldFirst Bank transfer Bank account Minimum: $2,000

Maximum: No limit

1 day 55+ currencies
CurrencyFair Bank transfer, BPAY Bank account Minimum: $5

Maximum: $10,000,000

1 - 2 days 18 currencies

WorldFirst

WorldFirst offers online transfers of $2,000 or more in more than 50 currencies. Transfers can be sent via the WorldFirst website or mobile app, but you'll need to register for a free account before you can send any funds. You can pay for your transaction via bank transfer and the funds you send are deposited into your recipient's bank account.

CurrencyFair

CurrencyFair offers a peer-to-peer marketplace where you can exchange currency directly with other users. You'll need to sign up for an account and verify your details before you can send a transfer, with bank transfer and BPAY the accepted payment methods. The funds you send are deposited into your recipient's bank account, and CurrencyFair also allows you to send transfers via the dedicated mobile app.

Bottom line

WorldFirst and CurrencyFair are quite evenly matched, so it's worth comparing quotes from both providers to find the best deal for your transaction. It's also worth pointing out that WorldFirst's minimum transfer limit is $2,000, so CurrencyFair is well worth considering if you want to send a smaller amount.

However, you'll need to compare WorldFirst and CurrencyFair with a range of other international money transfer services to ensure that you find the best value for money.

Looking for more options?

Use our calculator below to find out how WorldFirst and CurrencyFair compare to a range of other transfer services in terms of fees, exchange rates and transfer speeds.

I want to send

to

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 200 1 day AUD 0.00 0.69 USD
6,900
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.69 USD
6,900
Limited offer: $50 Myer gift card for first time users transferring over $5,000 in May 2019. T&Cs apply.
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.
Go to site Show details
AUD 250 1 - 2 days AUD 0.00 0.69 USD
6,900
$0 transfer fees for Finder customers.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.
Go to site Show details
AUD 1 1 - 2 days AUD 45.00 0.693 USD
6,897
Make online transfers at the mid-market rate with transparent fees in 45+ currencies. Go to site Show details
AUD 200 1 day AUD 0.00 0.69 USD
6,899
Low minimum transfer amount of just AU$200, with no set-up fees or transfer fees. Go to site Show details
AUD 5 1 - 2 days EUR 3.00 0.689 USD
6,893
Special offer: Pay zero fees on your first 5 transfers
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
AUD 1 Within an hour AUD 3.99 0.689 USD
6,891
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available. Go to site Show details
AUD 3,000 1 day AUD 0.00 0.69 USD
6,899
Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.
Go to site Show details
AUD 1 1 day AUD 0.00 0.689 USD
6,893
With global payments provider XE, enjoy fast and secure transfers and a range of foreign currency tools and calculators while benefiting from $0 transfer fees. Go to site Show details
AUD 200 1 - 2 days AUD 50.00 0.693 USD
6,890
Exclusive: Finder customers receive $15 off their first transaction. T&Cs apply.
Quick and simple international money transfers with zero-margin exchange rates. There's a flat 0.5% transfer fee for most transfers. Earn loyalty points on sign up, referral and every transaction.
Go to site Show details

Compare up to 4 providers


The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.

Was this content helpful to you? No  Yes

Related Posts

International Money Transfer Offers

Important Information*
Logo for TorFX International Money Transfers
TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.

Logo for WorldFirst International Money Transfers
WorldFirst International Money Transfers

Limited offer: $50 Myer gift card for first time users transferring over $5,000 in May 2019. T&Cs apply.
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.

Logo for OFX (Ozforex) International Money Transfers
OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.

Logo for TransferWise International Money Transfers
TransferWise International Money Transfers

Make online transfers at the mid-market rate with transparent fees in 45+ currencies.

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Ask a question
Go to site