How to Send Money with World First

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 Services

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.

The Process

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.

 

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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.

 

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The last step in the signup process is choosing a user name, password, and security questions.

 

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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.

Retiring Overseas? Transfer your Pension with an FX Firm to Save Money

Retiring abroad and living in some beautiful tropical paradise or a Mediterranean villa can be the ideal way to spend your golden years. Often the cost of living will be lower and your dollar will go further, ensuring you have the money to comfortably see you through your retirement. Before you take that long-awaited leap though, make sure you spend a bit of time getting your financials in order.

You’ll need to take into account your tax position and filing, moving your pension, transferring your daily spending money and more. Today we’ll focus on moving your pension.

 

The Best Way to Transfer Your Pension Overseas

Because of all the time involved in researching the best way to transfer pensions overseas, many people put it off until the last minute. Living on a fixed income during retirement though makes proper budgeting and a good money management policy doubly important and that includes ensuring your getting the best deal on transferring your money.

Using a bank for your pension disbursement is probably your worst option. The old school way of thinking was to contact your home bank or use their online service to initiate an international transfer, but the average person will lose around 8% of their money handling it this way. If your pension is $2,000 a month, the banks will be getting about $160 of that every time you make a transfer. That means you’ll be losing $1,920 a year to bank fees and poor exchange rates. That’s nearly a month’s pension!

A better method is to set up a regular international money transfer using a firm like World First or Xoom. The process is just as easy and secure as your bank, but the fees are much lower. Both of these companies offer free transfers and competitive exchange rates putting your total lose during transfer somewhere between 2% and 3% which is on par with the best market currency exchanges. By the end of the year, you would wind up with an extra $1,500+ in your pocket instead of the banks. That could be a month’s rent or your airfare flight back home to visit family and friends. We’ve also written easy to use guides explaining how to send money with Xoom and how to send money with World First.

 

Set Up Regular Transfers to Send Your Pension Overseas  

Making everything even more convenient is the regular money transfer options that World First and Xoom offer. Instead of wasting your time every month arranging a new transfer with your bank, you just set up an account with one of the previously mentioned services and elect for regular transfer schedule. This way, the money will be automatically debited from your home bank or pension account, converted into a foreign currency, and deposited into your foreign bank account on the date of your choice.

Using an international money transfer firm also gives you more flexibility in specifying the transfer amount and locking in favorable rates. You can choose to specify the transfer amount in USD so you know how much will be debited from your account every month, but you the amount you receive will fluctuate based on the current exchange rates. If you are more concerned with receiving a fixed amount, you can specify the amount to be transferred in the foreign currency of your choice which means the amount debited from your pension account will fluctuate.

To ensure you are always getting a good exchange rate on your transfers, you can set up forward contracts to lock in a fixed rate. Most of the international money transfer firms allow you to lock the rate for up to two years.

 

Sending Your Pension with an International Money Transfer Firm Quick Benefit Guide

  • Saves between 5% and 6% over bank rates
  • Time saving regular payment plans
  • No fees and competitive exchange rates
  • Ability to lock in favorable rates for up to 2 years
  • Added flexibility in specifying transfer amounts base on currency choice

 

 

How to Transfer Money as an Expat

No matter which country you choose to move to, there is one problem that every expat faces at some point, how to transfer your money overseas without losing a large chunk of it to fees and poor exchange rates. This is a common issue for expats and you’ll see it appear in numerous expat-related forums from Thailand to Colombia. Before moving overseas, most people never consider sending money abroad and therefore aren’t too educated in their potential options.

The average expat will generally just visit their bank’s website and opt for a foreign wire transfer. After all, that’s how you send money isn’t it? I know that’s what I did when I first moved overseas. I opened up a foreign bank account in my new homeland, went online and transferred $2,000 from my home bank to my new foreign bank.

The end result was a charge of $45 from my bank in America, plus a $22 fee from my new foreign bank. It cost me $2,045 and I wound up with only $1,978. That’s over 3% in fees! Thankfully I was in a country which uses the USD as an official currency or I would have lost even more to the banks poor exchange rates.

How to Send Money Abroad Cheaper

After that first time using my bank to transfer money overseas, I started looking for a cheaper way to send money abroad. I didn’t want to lose $60 or $70 in fees every month just trying to access my own money.

So what’s the best option then? How do you send money overseas cheaply? Simple. By using a private foreign money transfer firm you can save money when sending funds abroad. If you are looking for the cheapest way to send money internationally, they can’t be beat. Not only do they charge limited fees, they give a much better exchange rate than the big banks; usually 3% – 4% more for your money.

I sent the same $2,000 to myself the following month from my home bank account, but instead of using their private wire transfer service, I used Ria’s foreign money transfer service. I was given two options, I could have the money there within 12 hours and I would be charged a $26 fee or it could be available in four days and there would be a $5 fee. My bank to bank transfer took three days and still cost me $67, so I opted for the 4 day transfer. The end result, I paid $2,005 and $2,000 was deposited into my Cambodian bank.

If you’re looking for the cheapest way to send money overseas, I highly recommend you look into private money transfer companies. The Send Money Cheaper comparison tool will help you figure out which service to use for your personal transfer needs.

Now that you’ve found out how to send your money abroad cheaper, go out and buy yourself a fancy dinner in your new homeland. You’ve earned it.