Foreign exchange and live rates
Take a look at live market exchange rates and follow the latest FX news.
Exchange rate as of 08:06 UTC
The exchange rate is updated frequently and is for informational purposes only. The actual rate offered to you when making a payment will be confirmed before booking the payment.
What is foreign exchange?
The United Nations recognises around 180 different currencies that can be used to buy and sell goods and services around the world. Exchanging one currency for another so as to buy, sell or settle debts in a foreign country is perhaps the simplest definition of foreign exchange.
Foreign exchange markets can move quickly and unpredictably. Speaking to a WorldFirst relationship manager could provide you with more flexibility and a better understanding as to when to make an exchange or purchase.
What is the interbank rate?
The interbank rate is the foreign exchange rate paid by banks when they trade currencies with other banks. This rate is much like a wholesale rate and is unobtainable to the general public unless they are exchanging an amount of more than $100m.
The banks make money like any wholesaler in any other industry – they buy at one rate and sell it on at another and the difference in between is known as a ‘spread’.
Products and services from WorldFirst
Forward contracts
A forward contract is a hedging product that allows you to secure an exchange rate for up to two years on a predetermined volume of currency.
Spot contracts
A spot contract is one that must be settled within two working days of the ‘trade’, or payment.
Firm orders
If you’ve got a target exchange rate in mind we’ll watch the markets for you. When the rate hits the level you want we’ll act immediately.
Frequently asked questions
Can’t find what you’re looking for? For further information, please visit our FAQ page.
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WorldFirst is easy for us. It was fast, we had a dedicated account manager. We had transparency and we had favourable exchange rates.
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It gives us that flexibility to use one card across multiple currencies. We pay for all our subscription costs, our Amazonad vertising, as well as general office bills.
Georgie Kerr
Founder
Elk & Friends
WorldFirst is easy for us. It was fast, we had a dedicated account manager. We had transparency and we had favourable exchange rates.
Annette Katinis
Co-founder
Scoot Boot
Your money is always safe with WorldFirst. So you can hold your funds and pay your suppliers directly, without moving money from your bank account.
Rocky Yan
Founder
Party Bestbuy
With WorldFirst, having an option to pay directly to 1688 is very convenient. All we do is transfer directly or to the factory, and we know it will get there fast.
Mark & Jenny Brookfield
Owners
Sunrise Accessories
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