Regular International Transfer Options
With World First you have 2 options:
Option 1 - Receive the prevailing rate each month on the pre-agreed date of your transfer.
Option 2 - Fix the rates for all your transfers in advance up to 2 years ahead.
Option 1
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.
For example: If converting from sterling to euros, your payment in August may be converted at 1.46, whereas your payment in September may be at 1.47.
Advantages: You benefit if the rate improves. We don't require a deposit.
Disadvantages: You lose out if the rate deteriorates. The amount of currency that reaches you will vary each month, which may not be appropriate if you are paying a mortgage.
Option 2
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. Over the course of 2006, the sterling dollar rate moved between 1.7150 and 1.9850. This represents a 13.6% swing in one year: On a £1,000 monthly transfer into dollars, the amount that reaches your overseas account would have varied by over $270.
With this option, World First will give you one fixed exchange rate for all your transfers up to 2 years ahead. If you're transferring £1,000 per month and fix your year's payments with us at 1.90, you will always get $1,900 whether the rate goes up to 2.0 or down to 1.6. 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. We require 1 month's deposit.
