Whenever used in this Agreement, unless inconsistent with the subject matter or context, the following words shall have the following meanings:
"Acceptance" means the Client indicating to WorldFirst, either verbally or in writing, that they wish to be contractually bound to the Trade Contract Terms offered by WorldFirst;
"Agreement" means these general terms and conditions, together with all schedules, attachments or other documents attached or referred to herein;
"American Option" means an Options Contract that can be exercised at any time at or before the Expiration date;
"Application" means the application form which the Client completes and submits to WorldFirst for the purpose of using the WorldFirst foreign exchange services as described in the product disclosure document;
"Authorised User" has the meaning given in clause 6.1 of this agreement.
"Authorities" includes any judicial, administrative, public or regulatory body, any government, any Tax Authority, court, central bank or law enforcement body, or any of their agents with jurisdiction over WorldFirst or any company in the WorldFirst group;
"Call Currency" means the amount of the Call currency to be bought upon exercise of the Option as specified in the related Trade Contract Terms;
"Call Option" means a transaction which gives the Buyer the right to buy from the Seller the Call Currency amount at the Strike Rate;
"Put Currency Amount" means the amount of the Put Currency to be sold on exercise of the Option as specified in the related Trade Contract Terms;
"Quoting Error" means an obvious mistake made by WorldFirst when quoting a currency rate to a client;
"Redenomination" means the process whereby a country changes and recalibrates its currency into another currency;
"Registered Office" means the registered office of World First Pty Ltd as notified to the Australian Securities and Investments Commission;
"Sale Currency" means the currency being sold by WorldFirst and purchased by the Client;
"Senior Officer" - means the Chief Executive Officer or Managing Director of WorldFirst and/or the Client Company;
"Settlement Date" means, in relation to an Options Contract, the date for settlement of the payment rights and obligations under the Options Contract following the exercise of the option, as specified in the relevant Trade Contract Terms;
"Spot Contract" means a contract conferring the obligation to buy or to sell a specified amount of a currency at a specified price within two (2) Days after the contract is entered into.
"Strike Price" means the exchange rate specified in the Trade Contract Terms at which the Put Currency will be exchanged for the Call Currency if the Options Contract is exercised, as agreed on the Trade Date;
"Tax Authority" means Australian or foreign tax, revenue or monetary authorities (e.g. the ATO).
"Trade Confirmation Notice" means a document signed by the Client and WorldFirst confirming the details of the Spot, Forward or Option Contract entered into between the Client and WorldFirst.
"Trade Contract Terms" means the currency rate and timing of payment at which WorldFirst is offering to the Client a Spot Contract, Forward Contract or Option Contract.
"Trade Date" means the date on which the Spot, Forward or Options contract is entered into between the buyer and seller;
"Value Date" means either the Day selected by the Client and agreed by WorldFirst for the settlement of an Order or if there is no such Day, then the third Day after the execution of an Order by the Client.
"WorldFirst" means World First Pty Ltd, its subsidiaries, holding companies, successors and/or assigns, as well as its officers, directors, employees and agents;
"WorldFirst Website" means the WorldFirst website located at www.worldfirst.com/au/
"WorldFirst Online" or "WFO" means the online trading platform facilitating the buying and selling of foreign currency.
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.
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.
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.
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.
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.
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.