How we compare with other providers

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Frequently asked questions

The exchange rate you receive from us, or the margin charged, is determined by a range of factors including size of payment, currency pairs being traded and your annual transfer volume. The more you transact, the better your exchange rate will be, but you can take comfort knowing our margin won’t be greater than 0.60%. Similar to when buying physical products from a supplier, the price generally improves as your order quantity increases. This translates to FX in so far as a clients’ pricing is a function of the number of payments they make and the volume of their foreign exchange.
The costs of making a payment with our banking partners can be as much as $20. On smaller payments, the margin we charge will often not cover the cost of the payment, so we need to also include a fixed fee. For example, on an AUD $3,000 transfer, a 0.60% margin would yield AUD $18 gross profit. Our costs to make that onward payment with our banking partners can be as high as $20, meaning WorldFirst would be making a loss on the transfer. On a similar transfer with a bank, the cost to the client could be as much as $150.
A margin is how our business makes money. Simply put, without a margin there would be no FX businesses.
We believe we are one of the market-leaders when it comes to transparency and pricing. Many FX businesses won’t disclose what their maximum margin is and can offer introductory rates for new clients and then charge more in the future.
WorldFirst are up to 8x cheaper than the banks. Banks can charge a margin of up to 5% and also add a fee. FX businesses like WorldFirst were established to provide customers an alternative to traditional banks, where we specialise in exchange rates and high levels of customer service.
The costs charged by WorldFirst on transfers is the margin and a fixed fee for transfers less than $10,000 AUD. It is important to make sure you are aware of any fixed fees that your bank or your beneficiary’s bank charges for sending or receiving funds. If you bank does charge a fee, WorldFirst has no control over this and your payment may be short whatever the value of the beneficiary’s bank’s fixed fee is.
The comparison savings are based on a single transfer of AUD$20,000 to USD. Savings are calculated by comparing the exchange rate including margins and fees provided by each bank and WorldFirst. Pricing data is provided by an independent third party, FXC Intelligence. The comparison savings provided is true only for the example given and may not include all fees and charges. Different currency exchange amounts, currency types, dates, times and other individual factors will result in different comparison savings. These results therefore may not be indicative of actual savings and should be used only as a guide. The rate comparison chart is updated bimonthly. Because the WorldFirst has a maximum margin of 0.60%, 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 major banks who have customer rates in FXC Intelligence. This is important, because providers tend to offer better exchange rates and smaller transfer fees when a customer is moving larger sums of money.
WorldFirst is part of the Ant Group, one of the world’s largest fintech companies. This enables us to keep pricing low and supports our vision to make it easy to do business anywhere.
For example, a margin of 0.60% doesn’t mean the charge is 60 basis points. If the interbank rate is 0.78 for AUD to USD then a margin of 0.60% would result in your exchange rate being 0.7753. However, if you were charged 60 basis points then the exchange rate that would be offered to you would be 0.7740 which is not as favourable.
Full FAQs

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.

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