Two-factor authentication for WorldFirst

Enhanced security is just around the corner

Passwords are ok, but hands up if you only have one that you use to log in to most things...

We thought so! Don't worry though - we're here to help, by making your online accounts even more secure with two-factor authentication (2FA).

What is two-factor authentication (2FA)?

As the name suggests, 2FA means using more than one method to verify your identity when carrying out certain actions online, such as access your account.

With 2FA, you will have to use two of the below forms of verification when logging in:

  • Something you have - e.g. a device with a code, like a card reader
  • Something you know - e.g. a password
  • Something you are - e.g. your fingerprint

You may already be familiar with 2FA as some banks have already implemented it. Most commonly banks ask for a password and a number generated by a card reader or sent to you via text.

Why is it important?

2FA increases the general security of your account, reduces the possibility of fraudulent activity being made on your behalf and your account being compromised by phishing attempts of malware.

Where will I need to use 2FA?

As regulations change, 2FA will become mandatory every time you make a payment online and add or edit a beneficiary, no matter who you are transacting with. At WorldFirst we're getting ahead of the curve and will start introducing 2FA from June, 2018.

How will 2FA work with my WorldFirst account?

When you login, you’ll enter your username and password as normal but we’ll also send a text message to your registered mobile phone containing a 6-digit code. You’ll need to enter this code on screen too. That’s it – fully authenticated and safely in to your online account!

We're also developing a way to authenticate via our app too – this will be available later on in 2018.

When is this all happening?

We’ll be making 2FA available to set up on your WorldFirst Online account from June, 2018. We’ll do this in phases, rolling out to all accounts across the year. We’ll be in touch as and when the benefits of 2FA are brought to your account.

Still have some questions?

If you'd like to find out more information or have any specific questions, please contact your account manager who will be happy to help.

World First Pty Ltd is a designated remittance provider with the Australian Transaction Reports and Analysis Centre (AUSTRAC), remittance sector registration number: IND100192523-001. Regulated by the Australian Securities and Investments Commission (ASIC), Australian Financial Services Licence (AFSL) number 331945. Australian Company Number (ACN) 132 368 971. Member of the Australian Financial Complaints Authority, membership number 13405.

If you’re considering making a foreign exchange transaction, or you’re a new or existing customer looking for more information, it’s important your read our PDS available online.

*Pricing from 0.50% or less applies to 25 of our major and most popular currencies.

Price match applies if it doesn't result in a loss for us, we'll match it.

Many banks and payment providers frequently claim to offer “fair” and “transparent” pricing, yet the reality is something very different. Our new pricing model aims to provide both new and existing customers with fair, simple and transparent pricing, using 3 clear FX margin bands margins (0.5%, 0.25% and 0.15%) with no hidden fees. With transparent pricing our customers and potential customers can clearly compare WorldFirst to our competitors.

How do we collect this data?

WorldFirst obtain price comparisons from other international payment providers’ websites, at specific dates and time using a third-party supplier. The comparison table shows the margin applied by the competition to transfer amounts of AUD 1,000, 10,000 and 50,000 into EUR, USD and GBP.

1. The Margin

The margin is the percentage difference between the exchange rate we buy our currency at and the rate at which we sell it to our customers. We at WorldFirst take a smaller margin than most banks and other currency companies, and pass this benefit on to our clients, making all our transfers simpler and more transparent.

2. The cost of international payments

For each pricing band we look at the FX margin applied. This is what we use to compare against our fixed bands of (0.50%, 0.25% and 0.15%).

When researching and making comparisons it is important to know if any additional transaction charges will be applied such as payment fees or account management fees. For most customers WorldFirst does not apply additional fees to make payments or to maintain an account with us. If any fees are applicable these will be made clear to you in advance.

3. How do we work out a comparison up to 8 times cheaper than the banks

When we collect data from providers, we do it using different “amounts” such as $1,000, $10,000 and $50,000 where possible. For our data we have focused on the top currency pairs in Australia: GBP to USD/EUR/AUD.

Because the WorldFirst fixed pricing tiers are based on annual volumes transacted by our customers, we have averaged out the margins applied by competitors to transactions of differing amounts in those tiers to calculate an average margin. We take our margins and divide by the average margins of the big 4 banks. This is important, because providers tend to offer better exchange rates and smaller transfer fees when a customer is moving larger sums of money.

What all this means for you

Other money-transfer providers may have variable margins across different currencies, whilst WorldFirst now has fixed margins, agreed ahead of time, making it easier to compare.