Bankers Automated Clearing Services - The process for making Sterling payments via domestic banks. Usually takes three business days.
Clearing House Automated Payment System - a faster way of making payments. Usually happens on the same day.
A WorldFirst employee who has an RG146 compliance accreditation, enabling them to provide general advice regarding Foreign Exchange.
The amount of money at risk due to foreign exchange movements.
A new UK system for faster payment of amounts up to £10,000 (lower for some banks). Funds usually credit within minutes.
A contract to exchange a specific amount of one currency for another on a future date, at a predetermined rate. A deposit is normally required for forward contracts. Here at WorldFirst we call this "Buy now, pay later".
The difference between the spot rate and the forward rate. The forward points are a calculation of the interest rate differential between the buy and sell currency.
The rate at which two currencies can be exchanged on a preset future date.
A GTC foreign exchange order will be left in the market until executed or cancelled by you.
Protection against future currency movements. The financial products used to provide this protection are often called Currency Options.
This is the rate used by the banks to trade currency between themselves in large amounts. It's the rate you'll usually see quoted on online currency converters and is often used to show where the market is.
See "Spread" below.
Currency is bought by the customer at the offer rate and sold at the bid rate. The mid-market rate is the mid-point between the bid and offer rates.
A combination of a stop loss order and a take profit order. When one of these two orders is executed, the other order is automatically cancelled.
You can leave an order with us to transact on your behalf if a particular exchange rate is reached.
The foreign exchange rate at which two currencies can be exchanged in two days' time.
The exchange of one currency for another at a specified rate for settlement in two working days.
A stop loss order is a means of limiting your risk in case exchange rates get worse. A currency stop loss level is set. If that currency level is reached, the trade is automatically executed in the market to stop any further loss. The currency level used for a stop loss order is always worse than the current market price. This is a way to protect yourself from adverse changes in exchange rates without needing to constantly monitor the rate.
The spread is the profit taken by a service provider between the rate they receive and the rate they pass on to clients. We take a smaller spread than most banks and other currency companies, and pass this benefit on to our clients.
Like a stop loss order, a take profit order first involves setting a currency level. Once that currency level is reached, the trade is executed in the market. The currency level used for a take profit order is always better than the current market price. This is a way to capitalise or take profit on improvements in exchange rates without needing to constantly monitor the rate.
The date for the exchange of payments.

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.