Price promise

Because we transact more than $4bn a year, we're able to access the same interbank market rates as the mainstream banks. We make our money by taking a smaller margin from this rate which allows us to pass the savings on to you. The interbank rate is the one the banks trade with each other at, and also the one you see quoted in the media, on the news and the one used by online converters.

We're so confident we can offer you great rates, we offer the WorldFirst Price Promise: If you get a better quote from another provider, talk to us, and provided it won't result in a loss for us - we'll match it, subject to the following conditions:

To take us up on this you need to:

a. Be registered with us;

b. Be registered with another provider (the one you obtained the quote from);

c. Get a quote for the same amount and currency pair from the other provider; and

d. Submit your quote to us within 3 hours of receiving it from the other provider.

If it doesn't result in a loss for us, we'll match it.

Our Price Promise only applies to quotes - information provided before you have agreed to a rate and entered into a transaction. We work off live market rates and therefore immediately go into the market to buy the required currency at our clients' request.

Once you decide to go ahead and book the transaction with us, the promise expires. We cannot cancel or amend a transaction already entered into in the unlikely event you find a better quote. We cannot match an off-market rate - that is, one better than the interbank rate at the time of quoting.

To make the most of our promise, register with us. It only takes a couple of minutes to open an account and there's no obligation to transact with us.

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.