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April 10, 2015
Sending money overseas shouldn’t be a hassle and it shouldn’t be expensive either. At SendMoneyCheaper.com our goal is to provide you with the best options for you to get your money from point A to point B without losing a large chunk during the transaction.
Because World First is one of the fastest, cheapest, and most convenient ways of sending money abroad, we thought it would be good to write a guide for you going over the process of opening an account and sending money with them. Let’s start with a bit of useful info first to help you determine if World First is the right choice for your current international money transfer needs.
World First has a minimum transfer amount of $250, so if you are looking to send a smaller amount, you’ll need to consider another company like Western Union. If you are making a transfer over $1,000, you can use their live person telephone transfer service, otherwise you’ll have to stick with their 24 hour online payment system. They charge zero fees for all personal transfers no matter the size, and business transfer fees range from $0 to $20.
World First offers you the option of doing spot trades or purchasing a forward contract to reserve your rate for a later date. Using World First, you can transfer your money to a number of countries such as Australia, Canada, the UK, the USA, France, New Zealand, Spain, and more.
Your first step is to sign up for an account using their website. You’ll be presented with a form like you see below where you need to fill in information like your name, contact numbers, country of residence, etc.
The next form needs supporting details like your address, the currencies you require, reasons for the foreign exchange, where you’ll be sending money to, and an identity verification section.
The last step in the signup process is choosing a user name, password, and security questions.
Once your account is set up, you can initiate your first transfer using their website or by calling their customer support number. After your rate is agreed upon and the transfer is set up, you’ll receive a “fund in” date. In order for your transaction to go through, you need to have cleared funds sent to them by the set date. You can handle the payment in a few ways; either use your bank debit card, an online bank transfer, or an in-person bank transfer. If you are a UK resident, you can also choose to set up a direct debit.
If transferring USD, EUR, or BPD, your recipient can usually withdraw the money the same day or the next day at the latest. If transferring to other currencies, it can take anywhere from one to four days for the money to clear in the recipients’ account depending upon the destination and origin countries. Your money will be deposited into the specified recipient’s account under the name of World First, so be sure to let whoever you are sending money to know to be on the lookout for a deposit from them.
That’s about all it takes. The whole process can be completed in just a couple of minutes after you have an account set up, and 15 minutes if you need to set up the account and conduct the transfer at the same time. Not only will you have saved on international transfer fees using World First, but you’ll get a better exchange rate than your bank would have offered to.