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 4% of the amount being transferred. For example, a client transferring £100,000 into Euros was recently quoted 1.48 by their bank and thus would have received €148,000. We quoted 1.51 and paid them €151,000. 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 £10,000 (or equivalent in local currency) we will make your international payment for free. For transactions under £10,000 we charge £15 per transfer. If you would like to make multiple payments from a single transaction over £10,000 the first payment is free and subsequent payments are £15. This is less than almost all banks, which usually charge up to £40. We can also avoid correspondent and receiving bank charges in most countries. This can save you a considerable amount in certain countries.

What amounts can I transact with World First?

We can transact any amount over £1,000/€1,500/$1,800. Smaller amounts are available for customers making regular transfers or by special request. We offer money transfers and cash collection up to £1,000 in various countries through our sister company: World Money Move

How do I open an account with you (Private Clients)?

For amounts over £10,000 you would need to complete, sign and return our Terms & Conditions together with:

If you will be transacting less than £10,000 you only need to complete our online registration form. We can deal in any amount over £1000. 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 together with your certificate of incorporation. If you are an Unlimited company we require a copy of a company utility bill and a copy of the passport or driving licence of the person authorising transactions.

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 (Corporate Clients).<

What security do I have and is World First regulated?

Please see our security page. Yes: World First is regulated by HM Customs & Excise as a Money Services Business. Our Registration Number is 12164508. This can be verified with them by calling 0845 010 9000. They will also ask for the postcode for our registered office, which is SW11 2JB.
You can read more about security on the following pages:
Private Clients click here | Corporate Clients click here

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.

Please contact our Operations Department on 020 7801 9087 (+44 20 7801 9087) for a more accurate date for your specific requirement. The speed with which your funds reach us will depend on the currency, value date your bank uses and whether you make a BACS or CHAPS payment (for Sterling). See glossary below or contact our Operations Department on the above number.

What rate will I get? Will I get the same rate I see on Teletext or the Internet?

The rate will depend on the amount being transferred and the date you want the funds to arrive. The rates on Teletext and 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 lower 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 Pounds Sterling.

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.