It’s a financial service private company founded on 21st January 2004 by Jonathan Quin and Nick Robinson together. It has his headquarters in Milbank London. It deals in foreign exchange and to make payment to corporate, e-commerce and private clients in U.K. and number of other countries.
WorldFirst was brought into existence so that cross boarder exchange of money can take place in a fair, fast and effortless manner with the aim to offer people alternate to big banks. It has the best rates of exchange for people who want to transfer funds across boarder. By keeping fewer margins than the bank and making everything visible to the customer, so that he knows all the charges. The online portal is user friendly and easy to access. One can open an online account in just few minutes to carry on transactions in the future.
Safety feature- All the necessary licence is held by WorldFirst in countries like Canada, Australia, US and UK. It’s a complaint- focused and sound company.
The fee is charged in two ways by WorldFirst given below:
1) Fee for transfer- The fee structure is transparent and very simple. Any client who transfers payment of over $10000, then the transfer fee is free of cost. And any transfer done below $10000, a flat fee of $10 is charged which almost half the fee is charged by all banks. Even for smaller transactions amounting between $250-1000 it is recommended to transact online and above $1000 the transaction can be done online or by telephone.
2) Rate of exchange- The WorldFirst website has a handy calculator online which shows the current interbank exchanging rates applicable. In order to secure the current rate you need call at WorldFirst and quote first.
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1) Rate to be booked- In order to get the benefit of the exchange rate, the customer needs to call and get his rates booked. This means the transaction will take place at the booked rate even if the currency value fluctuates at a later date. Once booked, this rate can be locked in for next 3 years by depositing an initial amount known as the “forward contract”. The remaining amount is paid at the end and if the rate changes against you then you need to pay the difference or vies-a-versa. However if at any point the customer wants to cancel the trade then as WorldFirst has also transacted with the bank so that the customer gets the quoted rate, in this case the currency needs to be sold by WorldFirst and if the loss is incurred then it will be charged as fee to the customer.
2) Sending the money- After the rate is booked then the amount can be send through the bank account by net banking to WorldFirst as they don’t accept credit cards.
3) Receiving the money- After the money reaches the WorldFirst, the amount is transferred to the concerned person’s account as directed by the sender.
-it starts with creating an account online and then verifying it.
-Enter your personal details such as name or address in order to create an account.
-Then you need to fill the details of where you want to supply and how much and in what currency you want to send the money.
-It also provides the service to do online transaction, via phone or through the android or IOS app.
Payment of Funds:
Money can be sent in two ways mentioned below:
1) By online or telephone, money can be received on the same day or the following morning.
2) For corporate client the funds are transferred by direct debit but this may take up to 3 days to get cleared.
WorldFirst do not accept credit card for any transactions as payments can be stopped anytime. The currencies that are available at WorldFirst comprise of Great British Pounds, US dollars, Australian Dollar, Euro, Canadian Dollar, Japanese Yen, Indian Rupees and Mexican Peso. However the whole list is not mentioned on website so by contacting WorldFirst customer care one can get other relevant information.
WorldFirst is good for businessmen and for individuals too as it gives competitive rates online as compared to banks. It has a simple set up process and easy payments can be made online. The minimum amount to be transferred is $500 so it will not be able to attract small amount senders.
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