Frequently asked questions
Sometimes the banks in the middle and at the end will take a charge, so it seems that not all the money has been sent but we try our best to make sure all your money gets to where it needs to by covering correspondent and receiving charges where we can.
There are no fees for Online Sellers transferring funds back to domestic accounts. However there are fees for transfers to your home account without a currency conversion. Email us to find out more.
Opening an account online should only take a few minutes and we can usually get you up and running within an hour (we'll need to verify your identity).
Over the phone shouldn't take longer than 10 minutes.
Business clients and online sellers can open an account online too and our team will get you sorted out as fast as they can.
We are authorised and regulated by the FCA, and are required to hold sufficient capital to protect our business and further safeguard our customers. We maintain high levels of capital and have a 3A2 credit rating from Dun and Bradstreet. If you'd like a bank reference for us please give us a call, we'd be happy to oblige. You can find out more about where the companies under the WorldFirst Group are registered and regulated here.
You'll find full information on our security page, where you can also download our audited financial statements.
- Buying a house overseas
- Living or working overseas and sending money home
- Paying for tuition fees and living expenses overseas
- Receiving your pension in another country
The process is simple; most service providers make money on foreign exchange by adding a margin – known as a ‘spread’ – to the rate they buy the currency at before selling it you. At WorldFirst we simply take a smaller spread than most banks.
WorldFirst is one of the UK's leading currency brokers, having already helped move more than £60bn around the world for nearly 100,000 clients since 2004.
If it's sterling, US dollars or euros then we'll usually make a same-day payment when we receive your funds. This will arrive fully cleared with your bank the same day though they may not credit your account until the next business day.
With other currencies, we send your payment out on the date agreed but you'll need to allow one to four days for your funds to reach the recipient. The length of time depends on the currency. For example for Swedish kroner, it will be 1 day; for East Caribbean Dollars it could be 4 days. Transfers to Australia and New Zealand will usually clear within 24 hours.
If you're sending USD to another country (not the US) then you should allow up to 4 days for it to clear.
If you need funds to arrive by a particular date please call us for advice and accurate information for the country you are sending funds to.
In rare circumstances delays may occur. WorldFirst will do everything reasonably possible to ensure that funds arrive on time but is not liable for delays caused by intermediary or receiving banks.
Please note that the funds will arrive in the beneficiary's account from WorldFirst, rather than your name. There will be a reference which starts with WFPAY followed by a sequence of numbers.
- Europe - IBAN and SWIFT
- Canada - account number, SWIFT and Transit code
- Australia - account number, SWIFT or BSB code
- New Zealand - account number, 6 digit bank code and SWIFT
- USA - account number, ABA routing number or SWIFT
- UK - account number and sort code or SWIFT and IBAN
- India - account number, SWIFT and IFSC number, reason for transfer
- China - account number, SWIFT
- Mexico - account number, (Clabe no.) and SWIFT
SWIFTs are also known as BICs codes. Please call us for information on other countries.
Once you've booked your trade, you'll receive an email confirmation which includes our client bank account details. It'll also tell you when you need to send the money to us by.
When you book your trade, you will be given a 'funds in' date based on the method you chose for sending funds to us. You need to make sure that your funds are with us and cleared by that date.
You can send your money to us by either of these 5 methods:
- Debit Card: If you're a private client you can use your debit card to send us your money. This is one of the fastest ways you can pay.
- Online/Telephone Banking (Faster Payment): This usually arrives with us the same day or the following morning.
- BACS: A BACS payment takes two working days for funds to arrive. They will be cleared funds on the third day, which is when your payment will be able to leave WorldFirst.
- Direct Debit: If you're sending us GBP funds, we can collect them by Direct Debit. Talk to us if you'd like to set one up. Once this is done, we arrange collection of the funds and it is similar to a BACS payment in terms of clearing times.
- CHAPS: A CHAPS payment is a same-day payment and will arrive with us on the day you send it.
We can only send payments once your funds are with us and have cleared, so if you were to send funds to us via a slower payment method (such as a BACS, for example), your payment will take longer to leave. If you send your funds in via CHAPS or Faster Payment, your payment will leave sooner.
You can send funds to WorldFirst at any time as long as they are cleared by the date of the outgoing payment on your trade confirmation. If your funds aren't yet with us, your payment won't leave. For same day payment your money need to be with us by this time:
EUR payments: 13:00
GBP payments: 14:00
USD payments: 14:00
We'll make the payment to your beneficiary on the date we agree when you book your trade. Your beneficiary might not be able to access the money right away as their bank might take some time to clear the funds for them.
Please note that the funds will arrive in the beneficiary's account from WorldFirst, rather than your name. There will be a reference which starts with WFPAY followed by a sequence of numbers.
As we are making the payment on your behalf, the funds will arrive in your beneficiary's account from WorldFirst and not in your name. There will also be a reference which starts with WFPAY and followed by a sequence of numbers. Make sure to let your recipient know just in case they're expecting to see the money arrive in your name.
Yes, you can book a same-day transfer for a large number of currencies and the earlier you book your trade, the better. To make a same-day outgoing payment in EUR, USD or GBP, you will need to have your cleared funds with us by the times below (given in local UK time)
- EUR payments: 13:00
- GBP payments: 14:00
- USD payments: 14:00
If we receive your funds after these times we will still try our best to make the payment on the same day.
This doesn't often happen, but if your funds don't arrive within the expected timescale, then let us know as soon as possible so that we can set up an investigation with our bank. We will continue to liaise with our bank until the issue has been resolved and the beneficiary has received the funds, and we promise to keep you informed every step of the way.
WorldFirst can initiate a non-receipt investigation (trace) if funds have not reached the beneficiary in an appropriate amount of time. The most common reason for delays are below:
- Further Information Request: Our correspondent banks and/or their banking partners may request further information on a payment. It will be released when a satisfactory response has been supplied.
- Incorrect Details: Before launching a trace on your payment, it is a good idea to check the payment details with your beneficiary. If the details are indeed incorrect, an amendment would be more appropriate in most cases.
- Value Date: Select currencies cannot credit the beneficiary on the same day as we make the payment - your account manager will be able to confirm this detail for you.
For most of our payments, you may request a copy of the outbound payment message sent to your beneficiary’s bank. This will contain all the beneficiary details that you confirmed for the payment.
All of these details will provide the beneficiary bank an opportunity to verify the payment against their own records.
WorldFirst may be able to initiate a payment recall on a best endeavour basis if you require funds to be returned – just let your account manager know.
Similarly, as your beneficiary may have to authorise the return of the payment, it is essential to make them aware of their role in the investigation.
If you have provided an incorrect account number, name, address, or payment reference prior to the payment being processed on our side, we may be able to change the details for you.
In cases where the payment has already been processed by WorldFirst, we may be able to issue an amendment request to the beneficiary bank, although in some instances we may have to wait for funds to return in order to reprocess the payment. The course of action will be determined by the currency, bank or destination, so it is once again recommended to discuss this with your account manager.
Unfortunately, if a payment has been made to the wrong bank (i.e. your beneficiary has provided the wrong SWIFT BIC or sort code), our only options are to wait for a return of funds or to recall the payment from the incorrect destination.
It is advised that you log the incident with the appropriate local crime authority as soon as you have reason to believe the payment is fraudulent. It is also essential that you make your account manager aware as soon as possible, as this will give us a better chance to recover funds.
There are many factors to which can contribute to how long an investigation can take, such as – number of intermediary banks involved in the payment journey, if incorrect details have been supplied, or if a bank is holding the payment.
We assure you that WorldFirst will continue to keep you updated on the progression of the investigation; each case is reviewed on a 2 day basis.
When you make a payment, WorldFirst will ask you to either enter a 6-digit code (received via SMS) or confirm via a push notification (received on the Authy app). For more information please refer to https://www.worldfirst.com/uk/psd2/faq/.
IBAN stands for International Bank Account Number. It’s a standardised way to identify a bank account and used to facilitate the processing of cross-border transactions without error. It consists of up to 34 characters.
Your IBAN doesn’t replace your sort code & account number ─ it’s an additional number with extra information to help overseas banks identify your account for payments.
This is an example format of a UK IBAN number:
GB 29 ABCD 601*** 945*****
[Country code] [Check digits] (Bank code] [Branch code] [Bank account number]
Read our guide to the difference between IBAN and SWIFT.
SWIFT codes are not the same as sort codes.
A SWIFT code (sometimes also called a SWIFT number) is an international bank code that identifies banks all over the world for international payments. It is also known as a Bank Identifier Code (BIC).
A SWIFT code is a set of 8 or 11 characters (numbers and letters) that represents a bank branch, and comprise the first three or all four of the following:
- Bank Code
- Country Code
- Location Code
- Branch Code
Read our guide to the difference between IBAN and SWIFT.
When making global transfers, there are two internationally recognised methods of identifying bank accounts. One is a SWIFT code (Society for Worldwide Interbank Financial Telecommunication), and the second is an IBAN (International Bank Account Number).
A SWIFT code is used to determine which bank account you are using when you are transacting, while your IBAN identifies the specific bank you are using to make a payment/transfer.
When making a money transfer to the USA, you’ll need to ask for your payee’s ABA number.
An ABA number, also known as a bank routing number, is a nine-digit code that identifies banks in the U.S.
We reserve the right to close accounts where it is inactive for an extended period, in which case we'll contact you by email to notify you.
Please note that we cannot pay to third parties - the account must be held in the same name as the WorldFirst account.
If you are unsure on any of your bank details please check them with your bank.
Who can send money to this account?
- Accountant who is a member of a recognised professional body
- Bank/building society official
- Embassy official
- Barrister
- Commissioner of oaths
- Justice of the Peace
- Serving police officer or Senior Civil Servant
- Solicitor/Lawyer/Barrister/Advocate who is a member of a recognised professional body
- Medical doctor
- Director, officer or manager of a regulated financial institution
- Notary Public
- Actuary who is a member of a recognised professional body
The certifier must confirm that:
- they have seen the original document; and
- the document signed is a complete and accurate record of the original; and
- the photograph bears a true likeness to the individual requesting the certification.
The certifier must also include all of the below information on each document that they certify:
- The date
- Their signature
- Their name and title printed clearly
- Their personal or business address
- Their contact number
- Their registration number (if applicable)
When a merchant opens a new marketplace storefront or changes the bank account details linked to an existing storefront, marketplaces often require proof of account ownership - such as a statement or account opening letter (often referred to as an ‘account verification letter’) - to begin receiving payments into the new account.
This is an important document for merchants to open a new marketplace store front. We’ve recently made it a much easier and quicker process- allowing you to move faster with your marketplace account setup.
Read our step by step guide on 'Proof of account ownership'.