CurrencyFair was established in 2009 in Ireland. They operate a peer-to-peer currency exchange matching platform, where buyers are matched to sellers. It is through this platform that they are occasionally able to beat the interbank rate. It offers an auto transaction feature that enables you to carry out a transfer quickly, or alternatively you can state your preferred rate and if they can find a customer to match your trade to, then they will complete it. If there is no available customer to match your exchange to, then CurrencyFair will complete the currency exchange with you. CurrencyFair is able to support regular payments through its platform and can handle over 20 currencies, although this is growing continually, so it is always best to check directly with them. They cannot support currency matching in every country, so some transfers may not be able to be carried out. For example, you cannot carry out direct exchanges from the US, but you can use their services if you live abroad and want to transfer money back into a US account.
If it is remittance payments and smaller amounts that you are interested in transferring, then CurrencyFair has a much lower minimum payment of under €10. They charge fees on all money transfers, which are quite are straightforward. Each transfer attracts a fee of 0.35% on the value of the currency exchange and a transfer fee of €0.35 per transaction. They have earned a 5-star rating from Trustpilot with over 2,500 reviews.
WorldFirst first started trading in 2004. It operates as a traditional currency exchange broker with additional forward and options contracts. Like CurrencyFair, they can also handle regular international payments. WorldFirst caters for larger transfers, requiring a minimum amount of £1,000. Therefore, their service is more suitable if you are looking at larger monthly pension transfer payments, if you already live abroad, if you are buying a property internationally, if you are exchanging your monthly salary, if you are paid in a different currency, or if you are studying abroad. They are not going to be the right provider for you if you are looking to transfer small remittance payments to family and friends.
WorldFirst enables you to track the performance of currencies through live rates and graphs. They also have an app to manage your account that is available for both Android and iOS. To keep up with recent technological developments, they also can accept trade instructions via your wearable tech, such as the Apple Watch.
WorldFirst does not charge any fees relating to currency exchange transfers, so you can now trade fee-free. You may see reviews that refer to clear fees as this alteration happened towards the end of 2017. Customers seem happy with the service and reviews via Feefo earn them 4.7/5 stars from over 1,800 reviews.
CurrencyFair Features
WorldFirst Features
Easy to set up an account
Android and iOS apps
Regular payments ideal for pensions or mortgages
Personal and business accounts
Auto-transaction capability
Match to trade at your preferred rate
CurrencyFair takes on the trade if there’s no customer
Priority transfers service (attracts higher fees) to complete exchanges faster
No forward contracts to the US
Exchanges subject to live market rate
Can only add money to your account via bank transfer
Can accept payments across a larger number of currencies and into many countries
Set up for payments on the go that you can manage via Android, IOS apps and wearable tech
Due to the volumes of transfers that they handle (billions), they are able to offer large discounts to the interbank rate
Specialist in serving ecommerce and marketplace customers
More specialised in serving marketplace and ecommerce clients
Not suitable for handling small, regular remittance payments
Price Comparison
CurrencyFair
Rate is 0.35% of the total amount exchanged plus €0.35.
WorldFirst
No fees charged on any of its currency exchange services.
International Presence
CurrencyFair supports foreign exchange transactions in 20 currencies in over 155 countries. It has offices in the United Kingdom, Ireland and Australia.
WorldFirst supports foreign exchange transactions in over 30 currencies to more than 100 countries. It has offices in the UK, USA, Australia, Hong Kong, Japan, Netherlands and Singapore.
CurrencyFair provides its clientele with a good selection of currencies to choose from, though provides less than what WorldFirst has to offer. It does, however, offer a wider reach with 155 countries on its roster. WorldFirst, on the other hand, may have more currencies to choose from, while it has less countries available. It makes up for this by its larger presence through global locations. Note that this list constantly changes for either company. Contacting them directly to inquire about the full country and currency details is advised.
Ease of Use
CurrencyFair allows for quick account openings and fast uploading of documents online for identification purposes. Accounts can easily be managed on-the-go by downloading the iOS and Android apps. The customer services department can be contacted through phone or email. It normally takes 1–3 days to complete a transfer. Automated services and transfers may be enabled for quicker completion times.
WorldFirst also has mobile management and on-the-go payments accessibility through its iOS and Android apps. Opening a personal online account is quick and easy. On the other hand, a business account application can be set up once company data is uploaded and verified. It normally takes 1–4 days to establish an account after the requirements are submitted. Trading may immediately commence upon completion.
OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.
Average of the top US Banks costs as compiled by our own FXC Intelligence group. For more details on the how the bank price comparisons are calculated that include Bank of America, CIBC, Capital One, Citigroup, HSBC Bank USA, JP Morgan Chase, PNC Financial Services, Santander USA, The Northern Trust Company, Toronto Dominion Bank USA, Wells Fargo, see our IMTI page.
FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.
