Currency Exchange Process
World First has made the currency exchange process as fast and as easy possible. There are just 3 steps from start to finish:
2. Contact World First to discuss your currency requirements. You will be assigned an experienced personal consultant. They will work with you on every step of the transaction to help convert your currency - from your first call through to the completion of all payments. When you are ready to transact, we will agree an exchange rate with you and send you a Transaction Confirmation.
3. You can instruct your bank to make a standing order to us on a set day each month. We'll then convert your funds each month and send the currency to your designated bank account. Your funds will arrive 1 to 4 days after we receive your money depending on which country you are in. Once you have set-up the standing order and booked your regular payments, the process is totally automated.
Please call us on 1 800 701 540 to discuss your requirements.
Frequently Asked Questions:
Can I set-up a standing order from outside the country?
Most online and telephone banking systems now allow you to set-up a standing order online.
Can I pay weekly, bi-monthly or quarterly?
Yes - you can pay with any regularity up to quarterly but the minimum number of transfers is 6 (for weekly or monthly transfers) and 4 (for quarterly transfers).
Can I pay to more than one account?
Yes - but the charge of AUD$25 is per outgoing payment for the second payment
I need to pay a fixed currency amount per month, how do I know how much to send you each month?
With World First you have 2 options:
Option 1 – Receive the prevailing rate each month on the pre-agreed date of your transfer.
If you believe the rate is going to improve over the period of your transfers, you can elect to receive the prevailing exchange rate on the day that your funds reach us each month.
Advantages: You benefit if the rate improves and we don't require a deposit.
Disadvantages: You lose out if the rate deteriorates and the amount of currency that reaches you will vary each month, which may not be appropriate if you are paying a mortgage.
Option 2 – Fix the rates for all your transfers in advance up to 2 years ahead.
Fluctuating exchange rates mean that the amount of euros, dollars or other foreign currency that ends up in your overseas bank account will vary from month to month.
With this option, World First will give you one fixed exchange rate for all your transfers up to 2 years ahead. We will require you to pay a deposit equivalent to 1 month's transfer to reserve your fixed rate. This means that in the last fixed-rate payment month, you do not need to send us any money.
Advantages: You have one fixed amount per month and don't need to worry about the rate worsening.
Disadvantages: If the rate improves you do not benefit and we require 1 month's deposit.
How do I send my money to you?
You will need to do this by bank transfer, standing order or direct debit. This should ensure there are no charges (or minimal charges) for you to send your funds to us. We cannot accept cash, cheques or drafts for regular payments.
