How to Receive Money from Overseas Using WorldFirst
By the end of this article you should have a much better idea of how to receive an international money transfer with money transfer specialists, WorldFirst.
When it comes to receiving money from overseas, WorldFirst is a great choice. Dedicated currency providers like WorldFirst provide money transfer services at lower fees and better exchange rates than banks or PayPal, so you end up with more in your account.
How to receive money from overseas using WorldFirst
1. Create a WorldFirst account
You will need to be a customer of WorldFirst to use their services and receive money from overseas. You can easily apply for a WorldFirst account online and it shouldn’t take longer than ten minutes.
Here’s how:
- Register and fill in your personal details online.
- This means your full name, date of birth, address, occupation, email and a contact number.
- In some cases you may need to provide additional verification details like proof of address or a passport.
- Your account will be created and ready to send money.
2. Get your receiving bank account details
When you are completing the order with WorldFirst, you will list yourself as the beneficiary. When it comes to selecting your payment method, choose ‘bank transfer'. This way WorldFirst will provide you with the relevant bank details for the country you're receiving the funds from.
3. Transfer the foreign currency to WorldFirst
Once you have their bank details, you can give them to the sender. They will have to transfer the foreign currency to that bank account.
4. Receive your Australian Dollars
WorldFirst will notify you once they have received your foreign currency and you can finalise the transaction and exchange rate over the phone or online. The Australian Dollars are then transferred to your local bank account.
How long it takes
Depending on the country you’re receiving money from and the currency the sender is using, funds will normally be deposited into your bank account either the same day or within 1 – 4 working days. This time can be extended slightly, depending on how long it takes WorldFirst to receive funds from the sender.
How much it costs
- WorldFirst is fee free for all international money transfers.
Will you have to pay any fees as the receiver?
As the receiver, you may pay receiving bank fees. International money transfers sent to or from an overseas bank may be subject to commissions, fees and other charges applied by your bank. These are typically deducted by the overseas bank from the funds paid to you.
Advantages of receiving money from abroad with WorldFirst
- Setting up an account is quick and easy.
- They can easily make transfers to you online.
- WorldFirst has much better exchange rates than banks and PayPal.
- Business senders will get a dedicated account manager assigned to them.
- You can make transfers online or over the phone.
- WorldFirst allows for bulk payments and other business features.
- WorldFirst is fee free for all international money transfers.
Disadvantages of receiving money internationally with WorldFirst
- The lowest amount you can transfer is $1,000 USD or equivalent.
- You can only fund the transfer via a domestic wire transfer, not credit or debit card.
- You can’t pay via debit card, credit card, cash or cheque.
Additional information for receiving money with WorldFirst
There are a lot of numbers and pieces of information you hear about when it comes to international money transfers. Below, are some extra details you might need and the things you don't require when you're receiving money.
WorldFirst IBAN number
IBAN is an account format used by European banks. Australian banks do not use this format and an IBAN is not required to send money to an Australian bank account using WorldFirst. Other parties with an IBAN field on their overseas payment form can simply leave this field blank. However, if you're transferring money from Europe, you may need an IBAN to do it through WorldFirst.
WorldFirst routing number
If the other party requests a National Clearing Code, Routing Number, BSB Number or Sort Code, you should use the first six digits (bank and branch codes) of your account number for which you wish to receive the payment into. For example, if the account number is 01-0123-0123456-00 use 010123.
WorldFirst account number details
The details of WorldFirst's account are only provided to their customers. Once you have completed an order to make an international money transfer, you will be provided the correct details. You can then provide these to the person you're paying and they can make payment to WorldFirst.
View currency exchange rates for WorldFirst
- Rates for transferring funds internationally through WorldFirst are available through their rates page.
- The currency exchange rate the sender will get does vary from moment to moment.
- You will get the up-to-date, dynamic rate when they are booking the transfer.
- WorldFirst will also send rate alerts.
Further WorldFirst information from The Currency Shop
- You can find out more about WorldFirst here.
- Dedicated account managers are available for business users to help them setup and execute transfers.
- You can fix an exchange rate for some point in the future using a forward contract. They also allow businesses to use “firm orders” to exchange when rates reach a certain level.
- WorldFirst lets businesses make bulk payments.
- They provide automatic rate alerts, email updates and currency and economic market news.
- WorldFirst has apps available for both Apple and Android devices.
- The sender can easily setup recurring, regular payments.
- They provide specialised, dedicated services for online sellers.
- They provide a price promise and say they will beat any other provider’s rates.
WorldFirst disclaimers
WorldFirst does not check payment details.
If payment details are incorrect it may result in an unsuccessful transfer or the wrong account receiving funds. It is pivotal that you provide the correct details to the person making the payment. This will save time for both parties and ensure you receive your payment without any issues.
Why ask the sender to use WorldFirst, rather than their bank?
You might wonder why your sender won’t send money via their bank instead of their dedicated money transfer provider, and the answer is a simple one — cost. Currency exchange specialists are able to give better exchange rates and lower fees than banks, resulting in you receiving more money.
As an example, here’s how much more you will receive if they send money via WorldFirst rather than a couple of popular Australian banks.
Converting $5,000 EUR to AUD
- With WorldFirst you get the most money — $8,179 AUD.
- With ANZ you get $7,963 AUD — $216 more expensive than WorldFirst.
- With CommBank you get $7,869 AUD — $310 more expensive than WorldFirst.
Converting $20,000 EUR to AUD
- With WorldFirst you get the most money $32,718 AUD.
- With ANZ you only get $31,886 AUD — $832 more expensive than WorldFirst.
- With CommBank, you only get $31,465 AUD — $1,253 more expensive than WorldFirst.
*All details shown above are correct as of August 2020.
If your sender uses a dedicated money transfer service like WorldFirst, Wise, OFX or another dedicated currency exchange provider, they could save you hundreds of dollars on a transaction. To see how much they could save, get them to take a look at our free online comparison tool.
Summary
And that’s it! This is everything you need to know about receiving your money from overseas using WorldFirst.
The next time you or someone else needs to send money internationally, you may want to check how much you can save using this money transfer comparison tool.
