World First provides personal and commercial clients a variety of currency exchange options across over 20 currencies. With a strong customer service focus and personalised account management, World First are one of the leading companies in the industry. World First offer services such as spot contracts, forward contracts and hedging options which are traditionally only offered by big banks to corporate customers. The great thing is you can utilise the expertise of World First with a transfer minimum of only AUD 250.
World First has its headquarters in the UK and provides international exchange services to more than 75,000 customers each year. It has assisted individuals and businesses since it was established in the UK in 2004. Today, the company employs over 300 staff across 4 continents and transacts over $4billion annually.
|Product Name||World First Foreign Exchange|
|Min. Transfer Amount||AUD 250|
|Transfer Methods||Online, Phone|
|Transfer Options||One off payments, Market orders, Forward contracts|
|Transfer Speed||2 days|
|Customer Service||Phone, online|
|Available Currencies||AED, ALL, AMD, ANG, AOA, ARS, AUD, AZN, BAM, BBD, BGN, BHD, BIF, BMD, BND, BOB, BRL, BSD, BWP, BYR, BZD, CAD, CDF, CHF, CLP, CNY, COP, CRC, CVE, CZK, DJF, DKK, DOP, DZD, EGP, ERN, ETB, EUR, FJD, GBP, GEL, GHS, GMD, GNF, GTQ, GYD, HKD, HNL, HRK, HTG, HUF, IDR, ILS, INR, IQD, ISK, JMD, JOD, JPY, KES, KHR, KRW, KWD, KYD, KZT, LAK, LBP, LKR, LRD, LSL, LTL, LVL, MAD, MGA, MKD, MNT, MRO, MUR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SEK, SGD, SLL, SRD, STD, SZL, THB, TND, TOP, TRY, TTD, TWD, TZS, UGX, USD, UYU, VEF, VND, VUV, WST, XCD, XOF, XPF, ZAR, ZMW|
Personal foreign exchange
For individuals, World First offer quick and easy transfer options across 20 currencies with dedicated customer account management. World First are a great choice when buying a home overseas or sending money to family and friends. With competitive rates that can be better than the big 4 banks, you get access to first class resources and expert advice.
Business foreign exchange
World First understands that every business is different and it offers a variety of transfer methods for activities such as exporting, importing, paying wages overseas, or paying supplier invoices. Protection from currency fluctuations is made easier with forward contracts that allow a rate to be fixed for up to two years in advance. For companies that make regular international payments, World First simplifies this with bulk payment arrangements and the ability to create automated solutions to save time and resources.
As World First transacts over $4billion per year, its buying power means they have access to the same interbank rate as conventional banks and as they take a smaller margin, they provide more ways to save. Savings generally range from 0.25% - 4% depending on the amount. Not only can you receive customer service online and over the phone like most currency exchange providers, World First also have an iOS and Android app for additional support.
World first offer specialist access to investment advisors as well as the option of signing up to rate alerts for when favourable market conditions occur. World First offers clients 24/7 access to their account online or via the app. You can also monitor live rates, add or modify transaction recipients, view statements and make instant transfers.
World First holds professional indemnity insurance with AIG Europe Ltd and Nexus Executive Risks Ltd which covers and protects companies in the World First Group. World First is committed to providing a strictly secure exchange service and their full regulatory information worldwide can be found here. In Australia, World First is regulated by ASIC and their Australian Financial Service Licence is 331945.
The company holds approximately $10m collateral with its banks as security against transactions. When you engage with World First to transfer internationally, the company also enters into a similar irrevocable covering agreement with its bank. It is this agreement that turns your sold currency into your bought currency and from which your outward payment is made without risk.
To use World First, individual or business clients need to apply for an account which can be done online. The application process is quick and once submitted, your request is verified allowing you to get up and running in as little as an hour. Once approved, you will be contacted by a representative to determine your requirements and there is no obligation to use the service.
Timing is important when transferring currency and to help customers stay informed, World First releases free, weekly newsletters outlining market updates, economic trends and advice. These provide valuable information for investment activities such as buying and selling currency at today's prices.
To send funds with World First, money is first deposited into your World First account. This can be done either through direct deposit, telephone banking or by debit card which is an added option that is not offered by all other providers in the market. There is no fee for making this deposit into your World First account. This money is then converted to the appropriate recipient's currency and processed into the nominated account. Information required includes the recipient's account number, account name, the physical address plus other regionally specific details such as:
Transfers can take between one to four business days depending on the country, currency and transaction amount. World First is a member of SWIFT, the primary system used throughout the world and ensures speed, security and reliability. Customers receive a confirmation email once everything has been cleared. Please note, the funds will appear in the beneficiary's account under "World First", rather than the client name. It will be listed as WFPAY followed by a series of numbers.
Setting up an account with World First is 100% free and there are no on-going obligations to transfer money. Private international payments over $10,000 do not attract any fees. A flat fee of $10 is charged for payments under $10,000 which is cheaper than most banks that typically charge between $25 and $40. For businesses, a fee is agreed upon with a World First account manager and can range between $0-$10 per transaction.
It is important to note that the beneficiary’s bank may charge fees for payments received.
World First aims to match competitor rates for international transfers. To receive a price match, you need to be a registered customer of World First, be registered with the competitor, the transaction amount needs to be the same and you will need to submit the quote within 3 hours of when it was received.