Key Data

wfCompany Name: World First
Established: 2004
Ownership: Original Co-Founders: Jonathan Quin and Nick Robinson
Status: Privately Owned
Services : Online Money Transfer, Regular Transfer, Telephone Transfer, Corporate FX, Merchant Services (To Learn More View Money Transfer Service Guide)


Reliability Level: High

World First foreign exchange is one of the largest UK Foreign Exchange firms with a turnover of more than £7.7bn in 2015. It has been running since 2004, and has local offices in all 5 continents – with local authorization as a payment provider in UK, USA, Australia and Singapore. World First is the perfect combination – both established and technologically innovative.


Fees: None From UK, EU, Australia – $10 In USA Below $10,000| Anticipated Spreads: 0.5% – 1.5%

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Millbank Tower, 21-24 Millbank, London SW1P 4QP, United Kingdom

Comparing World First To Other Companies

 

 Foreign-Exchange Company Payment OptionsFee Spread Structure Dedicated DealerUser ReviewsBottom Line
wfFund via Domestic Bank Transfer or Debit Card, Receive into bank accountFree From UK, $10 From USA Below $10,000Dependent on Volume and DestinationGlowing.Great for sending amounts of $1,000 or more
transferwiseFund via Domestic Bank Transfer or Debit Card, Receive into bank accountUp to $5 Per TransferFixed: 0.5% To Most Destinations But 1% to USA, 1.5% To IndiaGlowing.Great for sending small volumes abroad
westernunion logoFund via Domestic Bank Transfer, Debit Card, or in Cash in branch, Receive into bank account, or withdraw in cash from branchUp to $10 Fee Online, Higher Fees in BranchesDependent on Volume and Destination and Delivery✓(Website/ Telephone)Very Poor.Not recommended, especially cash to cash transfers in branches

 

 World First Foreign Exchange Review

World First is one of the newer foreign exchange options, and one of the fastest growing. In their 12 years of existence, they’ve built a very satisfied client base, with zero fees and excellent customer service. They boast the accomplishment of being the first foreign exchange broker licensed to sell currency options.

Background

worldfirstofficesWorld First was started in 2004 by two friends who wanted to “change how we change money”. They had a slow first month – making a loss on their first trade – but soon after increased their staff to three, signalling the start of a rapid rise.

The founders of World First met working at CitiBank, and together recognised that smaller Forex companies were struggling to get good rates. They saw the opportunity to change that, and left their jobs to pursue this goal once they had saved up enough capital.

Since then, they have become a big player in the Forex market, moving over £26 billion. They are also a popular source of white collar solutions, providing the technology that has launched Virgin Money’s transfer capabilities, as well as solutions for The Times Currency Services.

Technological firsts

World First also pride themselves on their development and early adoption of new technological solutions. Their money transfer smartphone app (for Android and iOS devices) is one of the few highly functional apps of its kind, with a 4.4/5 rating on Google Play.

In 2015, World First released its app for certain Android and Samsung watches, the first of its kind. While smartwatches may still have a way to go before becoming mainstream, World First’s investment in the medium shows a drive to keep their services up to date with the latest innovations.

Management

World First boasts a highly experienced, 17 person strong management team. Heading it up are:

Jonathan Quin is the Chief Executive Officer (CEO) and one of the co-founders of World First. With degrees in Law and Accounting, his previous positions include various roles at Citibank, and heading up Business Development within the Financial Markets division of RBS.

Sir David Clementi is currently Chairman of World First, having served as Senior Advisor from 2006 to 2011. He concurrently serves as chairman of King’s Cross Central. He has an illustrious career behind him in financial services industry, serving as the Deputy Governor of the Bank of England from 1997 to 2002, and chief executive of Kleinwort Benson, among other roles.

Nick Robinson currently serves as Vice Chairman of World First. He is also one of the co-founders. He held important roles at Citibank, managing high profile clients, after which he joined Credit Agricole Indosuez to launch their UK Corporate foreign exchange and interest rate hedging business.

Financial reports

Size and reach

Despite its relatively young age, World First is one of the biggest Forex transfer companies in the UK. Their rapid growth is due to their excellent rates and technological advantages. They have a staff of over 400 employees worldwide.

They are also one of the most global Forex firms based out of the UK. There are World First offices in USA, Australia, Hong Kong and Singapore, and cater to non-English clientele.

Recent performance

By all accounts, there recent performance has been strong. In 2014, they turned over a value of £7.7 billion, up 26% from the previous year. Their revenue reached £37.9 million, up 45% from the previous year. They made a net profit (after tax) of £7 million1.

World First appears confident that 2015 has been an even better year, with reports due at the end of January.

Licensing info

World First is authorised and regulated by the FCA and HMRC. Their operations in the US, Canada, Asia, and Australia are licensed by the regional regulatory commissions.

Reputation and awards

World First have built a solid reputation, based on excellent customer service, groundbreaking technology, as well as charitable enterprises.

On reviews site Feefo, they have a customer rating of 98%, hailing and praising their above-industry-standards exchange rates. They have also won multiple business awards in the UK and Europe.

World First donated £107 270 to charity in 2015, helping them maintain their image of giving back to the broader community.

 

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