Frequently Asked Questions
Please see below a list of Frequently Asked Questions and a Glossary of Foreign Exchange terms. If you have any further questions, please
contact us.
How do I save money?
We guarantee to quote you a better exchange rate than your bank. Savings are usually from 0.25% up to 2% of the amount being transferred. Please
contact us to compare your bank's rate with our rate.
Do you charge commission?
No, we never charge commission and there are no other hidden fees or account charges apart from payment charges for smaller transactions (see below).
Do you charge for payments/wire transfers?
For all transactions over A$25,000 (or equivalent in local currency) we will give you 1 international payment for free. For transactions under A$25,000 we charge A$25 per transfer. If you would like to make multiple payments from a single transaction over A$25,000 the first payment is free and the cost of subsequent payments will be agreed before the contract is entered into. We also try and cover all recipient banking fees for every payment we make.
What amounts can I transact with World First?
We can transact any amount over A$1,000. Smaller amounts are available for customers making regular transfers or by special request.
How do I open an account with you (Private Clients)?
Before transacting with World First you would either need to accept our online Terms & Conditions or complete or sign and return our Terms & Conditions together with:
a copy of your passport or driving licence.
a copy of a recent bank or credit card statement or utility bill issued in the past 3 months.
You will get a great rate however often you use us, but if you set up an account there is no obligation to transact with World First.
You can register
here (Private Clients).
How do I open an account with you (Corporate Clients)?
Please sign and return our Terms & Conditions.
You can register
here (Corporate Clients).
Is World First regulated?
Yes. World First holds an Australian Financial Services License (License number 331945).
Click here to verify
How long does a transfer take?
This depends on the currency you are sending us, the currency you are buying, the bank you use and the amount.
If you are buying Australian Dollars, Sterling, US Dollars or Euros, we will make a same-day payment on receipt of your inward payment and this should arrive in your nominated account the same day or next day.
If you are buying other currencies: Once we have received your funds, please allow 1 to 4 days for your funds to reach the recipient. e.g. for Swedish Kroner, it will be 1 day. For East Caribbean Dollars please allow 4 days.
What rate will I get? Will I get the same rate I see on the Internet?
The rate will depend on the amount being transferred and the date you want the funds to arrive. The rates on certain internet sites are "mid rates" for transactions over $5,000,000. This means they are an indicative rate halfway between the buy rate and the sell rate and no-one can trade at these rates. We believe, however, that World First will quote you an exchange rate closer to these mid rates than anywhere else. If there is a particular exchange rate you are trying to achieve, we are always happy to watch target levels for clients and can transact or call you if the rate is reached. You can see indicative exchange rates on our currency converter though please note these are the "interbank" rates for amounts over $5,000,000 so smaller amounts will get slightly worse rates.
Can I fix an exchange rate for a future date?
Yes, this is called a "Forward Transaction". You can fix a rate today for any date from 1 week up to 1 year in the future. A deposit may be required for forward transactions and you will pay us the balance 1 day before the pre-agreed future date. This can be ideal if you have to pay the balance on a foreign property in 3 months time and you want to know exactly how much your property will cost in Australian dollars.
Glossary of Foreign Exchange Terms
BACS: Bankers Automated Clearing Services - the process for Sterling clearing for domestic banks. Usually takes 3 business days.
CHAPS: Clearing House Automated Payment System - a faster means of making payments. Usually occurs on the same day.
Exposure: The amount of money at risk due to Foreign Exchange movements.
Forward Rate: The rate at which two currencies can be exchanged on a preset future date, e.g. sterling dollar exchange rate today for transfer in 3 months time.
Forward Points: The difference between the spot rate and the forward rate.
Forward Contract: A contract to exchange a specific amount of one currency for another on a future date at a predetermined rate. A deposit is normally required for forward contracts.
GTC - Good Till Cancelled: A GTC foreign exchange order will be left in the market until executed or cancelled by you.
Hedge: Protection against future currency movements.
OCO - "One Cancels Other": A combination of a 'Stop Loss' order and a 'Take Profit' order. When one of these two orders is executed, the other order is automatically cancelled.
Order: You can leave an "order" with us to transact on your behalf if a particular exchange rate is reached.
Spot rate: The foreign exchange rate at which two currencies can be exchanged in 2 days time.
Spot Transaction: The exchange of one currency for another at a specified rate for settlement in 2 working days.
Stop Loss Order: A stop loss order is a means of limiting your risk from adverse exchange rates. A currency level is set. If that currency level is reached, the trade is automatically executed in the market. The currency level used for a stop loss order is always worse than the current market price. This is a way to protect yourself from adverse changes in exchange rates without needing to constantly monitor the rate.
Take Profit Order: Like a stop loss order, a take profit order first involves setting a currency level. Once that currency level is reached, the trade is executed in the market. The currency level used for a take profit order is always better than the current market price. This is a way to capitalise on improvements in exchange rates without needing to constantly monitor the rate.
Settlement Date: The date for the exchange of payments.
Please Contact Us if there is anything else you would like us to explain.
