WorldFirst Disclaimer Policies

Disclaimer

World First Pty Ltd holds an Australian Financial Services Licence - to provide financial services in relation to foreign exchange contracts and non cash payments facilities to persons within Australia.

Using any of the products contained on this website involves certain risks. Please ensure that you fully understand these risks before transacting with us. If you are in any doubt as to the nature of these risks, please speak with your financial adviser. The website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the information contained in this website, you should consider whether it is appropriate for you, in light of your objectives, financial situation or needs. You should also obtain and consider the Product Disclosure Statement and Financial Services Guide before making a decision in relation to the product. You can read our Product Disclosure Statement and our Financial Services Guide.

Telephone calls are recorded for training and quality assurance purposes.

The World First Group* makes no representations, warranties, or assurances as to the accuracy or completeness of any information derived from third party sources.

All facts quoted about 'WorldFirst' on the website are in relation to group statistics and not individual subsidiaries, unless otherwise stated.

The information and material provided on this site may not be reproduced or distributed, in whole or in part, without the prior written consent of WorldFirst.

Currency Converter Exchange Rates

The rates on the converter are the "interbank" rates. These are the true market rates - the rates at which banks deal with each other in amounts over £5million. Private individuals and small to medium size business cannot access these rates. So the rate you get quoted when you make a transfer will be slightly lower.

The interbank rates are provided for indication purposes only. Although we believe them to be correct, they are provided by an external source and we cannot guarantee their accuracy, nor are we liable for any loss incurred as a result of relying on these rates.

Big 4 Bank rate and fee competition research

Based on a comparison of WorldFirst currency rates & fees versus the rates and fees published online by the Commonwealth Bank, ANZ, Westpac and NAB in the period 01/07/17 – 05/09/2018 for transfers of amounts of AU$3,000, $10,000, $100,000 and $200,000 to EUR, GBP, USD, NZD and CAD.

- All pricing comparison data obtained and prepared by WorldFirst through online research and reflects daily rates as at the last update

- Pricing comparisons conducted on different days of the week and at different times every fortnight

- Whilst every effort is made to ensure the information is accurate, you should confirm the latest information with WorldFirst prior to transacting.

- The information published is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you

- Up to 7x cheaper messaging is based on transfers for sums of AUD100k, compared with rates advertised online, and the transfer directions include AUD to GBP, AUD to USD, AUD to EUR, AUD to NZD and AUD to SGD. Fees not included

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.

*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 spread applied by the competition to transfer amounts of AUD 1,000, 10,000 and 50,000 into EUR, USD and GBP.

1. The spread

The spread 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 spread 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 spread 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 spreads applied by competitors to transactions of differing amounts in those tiers to calculate an average spread. We take our spreads and divide by the average spreads 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 spreads across different currencies, whilst WorldFirst now has fixed spreads, agreed ahead of time, making it easier to compare.