WorldFirst misc info

[Evidence Alpha]

Since it’s the weekend, I’ll query you guys if you don’t mind...

1) What about their currency rates, are they the mid market rates or about ? Do they apply a fee on top ? Constant during all the days of the week (unlike Revolut which bumps during the weekend)
2) is it providing an account with real dedicated IBAN to own name or only a sub-account / virtuak bank account ? If so, located in the UK ?
3) is it working like Transferwise balancing funds from local / regional accounts, or is it performing SWIFT transfers through borders ?
4) typical fee for SEPA and SWIFT transfers ?
5) top up deposit through card available ?
6) Visa/MC with 3D Secure enabled ?

Thx in advance. Cheers !

 

[JohnLocke]

Do you have any URL you want to provide so it may be easier for us to visit their website

 

[Evidence Alpha]

Haha ok I get it
Thought they were popular since I was recommend ed them on the “alternative to Transferwise” thread
I believe WorldFirst UK | International Foreign Currency Exchange Specialists is what we’re talking about

 

[Evidence Alpha]

What I don’t appreciate is that they asked for documents (photo) and information (my bank account details), like they were going to proceed for the refund immediatly, then only to stop to communicate entirely. That’s deceiving, and mean if that’s a trick.

 

[fshore]

They used to add 1%, was a while ago I talked to them. And it depends on your volume.

 

[Evidence Alpha]

1%, so that’s more than TransferWise

Tentatively trying to reply to my own queries. Correct if wrong

So this really is a currency broker

1) +1% over interbank rate. Constantly ? Unsure
2) no IBAN. Send funds away at their name
3) through SWIFT network
4) no fees on their side for individual accounts, trying to avoid intermediary banking fees as much as possible. Some fees betwen free and £15 based on volume for corporates
5) yes, debit card payment of fx trade available. Fees ? Donno
6) not providing

 

[Spinat]

I don't know them but after reading here I won't want to open an account with them, thanks for this thread interesting read.

 

[Evidence Alpha]

It seems like most if not all “currency brokers” like WorldFirst, or CurrencyFair and the likes are closed to Andorra

I think I’m gonna use InteractiveBrokers for FX conversions. It seems to beat TransferWise

 

[fshore]

I checked the emails I received from them a few years ago, and it is 2%, not 1%, sorry about that. You also have to pay the 2% if you don't exchange (withdraw same currency).
The IBAN account holder name for receiving is world first + your name.
And you can only withdraw to an account in your name.