With WorldFirst you can send money to 180+ countries. You can open receiving accounts in the UK, USA, Netherlands, Canada, Australia, New Zealand, Hong Kong, Singapore, and Japan. They’re recommending their existing customers to Xe, which they say is offering a comparable service. WorldFirst did offer personal accounts up until recently (April 2021) when they decided to focus solely on business customers. Your fixed fee is reviewed at the end of every quarter and is changed in line with the last 12 months’ transaction volume at the time of review.
International Collections Account FX fees
Worldfirst currency rates of exchange free#
Free to open multiple international currency accounts.The fintech is geared towards businesses selling via online marketplaces and businesses importing and paying overseas suppliers.
WorldFirst customers can open one or multiple local currency accounts online, for free, and make foreign exchange transactions in 68 currencies easily and quickly. They make it easy to manage your money and FX transactions all in one place. Some customers may also avoid Revolut because it uses what is known as the ‘interbank’ rate for settlements made at weekends – this could cause significant losses if the market moves in the customer’s favour before the real rate has a chance to catch up.Since the founding of the company, more than 240K businesses have used WorldFirst to send more than £87bn around the world! Western Union ‘agents’, as they are known, are scattered all over the globe and are a crucial node in the firm’s ability to ensure that cash is transferable in more than 200 nations. Revolut also offers a distinctive product portfolio, including cryptocurrencies – meaning that there is, in some ways, more choice for the end-user.įor many customers, and especially those in locations where underbanking is a problem and there is little digital penetration, the main advantage of Western Union is that it offers physical branches for customers to use. There, fees can range from £1 to closer to £5 depending on the nature of the transaction. No fees are levied on cross-border payments transactions with Revolut, and this isn’t the case for Western Union. However, Revolut can still hold its own in many ways – and especially in terms of fees. They both offer local settlement options across the world, and transfer speeds are between one day and three days for each. In some ways, the two firms are on an equal footing. While the latter has significant momentum and has grown in stature since it was launched in 2013, it is nowhere near as old as Western Union, which was founded back in the 19 th century. The main difference is, of course, that Western Union is a global corporation, while Revolut is a start-up. Western Union and Revolut are two of the biggest companies in the online money transfer market, and they have a number of similarities and differences.
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