It’s been a while since I’ve written on our blog, but what we’ve announced is the most significant development for WorldFirst customers, since we first launched individual currency accounts over ten years ago.
We’ve always been committed to making the sending of money faster, easier and cheaper for everyone and now we’re taking a big step forward with our new revolutionary pricing, designed to bring not only lower FX rates but, just as importantly, simplicity and transparency to the way our customers send and receive money globally.
Taking the hassle out of FX pricing
There are now just three pricing tiers for all of our customers, each with a fixed spread based on their annual transaction volume. so it will be very straightforward to know upfront what will be charged. The indicative exchange rate based on your fixed spread will be visible on our website, our online trading platform and our app, or can be quoted over the phone. The same pricing tier will be applied automatically on every transaction you make, so you don’t need to worry that it will change or increase.
As well as simplicity and transparency, we’ve taken it one step further and also reduced our prices significantly for everyone. The fixed spread that we charge over the interbank rate will now be up to 8x less than the competition, and for many existing customers, we’ll be charging half as much as we did before!
We’ve done this despite some of our competitors recently increasing our pricing. We’ll continue to include free payments, cover the receiving charges for almost all customers and provide dedicated telephone support – so we’ve lowered prices without any changes to our most popular benefits, features, and award-winning personalised customer service. I genuinely believe that we will be the best deal in the market every time.
We’re in this for the long-term
This isn’t temporary or just for new customers, it’s a permanent change to the way we do business globally. We launched similar new pricing in Asia a couple of weeks ago and will roll it out to all customers globally within the next month. We believe customers should always know what rate they are being charged upfront, even before they register with us. We believe it is our duty to always be clear, never charge hidden fees and to provide everyone with the trust, confidence and value that you deserve and expect.
Despite recent and significant advances in technology, the FX and payments industry has continued to operate under opaque pricing. We are taking this bold step to lead the change in this area. This is the right thing for us to do, even if it means we’re reducing our existing margin by up to 50%. We’re in this for the long-term and know that we need to make investments like this to bring our product and services to lots more people and businesses globally. As we continue to grow together, and by working with our parent company (the world’s largest FinTech) we will be able to bring other revolutionary developments to our products, so everyone will benefit.
Thanks for reading,
Jonathan Quin.
CEO and Co-founder – WorldFirst
Find out more about our new and existing services by visiting our website at www.worldfirst.com/au/pricing.