We've recently updated our terms & conditions. Please click here to download.

passport18 M

Frequently asked questions

Private clients

If you have a private account with WorldFirst, we will not charge a fee for your international payments. This is less than almost all the banks, who may charge between up to $30. Intermediary banks may also charge fees.

Corporate clients

If you have a corporate/business account with WorldFirst, you will not be charged a fee for your cross-currency international payments.

Intermediary banks may charge a fee to process international payments. WorldFirst will strive to cover any fees associated with your transfer however at times fees charged by an intermediary bank cannot be covered by WorldFirst as these fees are out of our control. Same-currency fees may apply.

Online sellers / World Account

If you have an online sellers/World Account with WorldFirst, you will not be charged a fee for your cross-currency international payments. Fees may apply for same-currency transfers.

If you want to open an account for personal use you can do it online, we can usually get you up and running within an hour (we'll just need to verify your identity).

Business clients and online sellers can open an account online and our team will get you sorted out as fast as they can.

As a private client you can transact any amount over AUD$2,000 (or equivalent in other currencies) either by telephone or online. Corporate clients and online sellers have no minimum transfer amount. We have no maximum transfer amounts.
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.

World First Pty Ltd is also a member of the Australian Financial Complaints Authority (AFCA) membership number 13405.

Ensuring the safety and security of your money is central to our business. We comply fully with all relevant regulations and ensure your funds are appropriately segregated from business funds in line with requirements. Being authorised and regulated requires our company to hold sufficient capital to protect our business and further safeguard our customers and suppliers.

We maintain high levels of capital and have a 3A2 credit rating from Dun and Bradstreet. If you'd like a bank reference for us please give us a call, we'd be happy to oblige.

You'll find full information on our security page.

We always try to quote you a better rate than your bank and if you're quoted a better rate in writing, we'll match it, providing it is not below the market rate – we've even got a price promise (find out more here). Savings are usually from 0.25% up to 4% of the amount being transferred. We try to cover correspondent and receiving charges where we can (i.e. the charges from the banks who handle the transfer along the way).

The Banks buy currency in bulk at an exchange rate known as the “mid-market rate”, they then sell the currency at an exaggerated rate, taking a percent of the profit. This is commonly known as the “spread” or “margin” on an FX transfer.

Most providers offer a spread that is unreasonably high, and when this is paired with transaction fees, it can mean that you’re more than likely losing a fair chunk of your money.

WorldFirst makes money by placing a small spread depending on your volume. This spread is up to 8 times cheaper than the banks. For more information, please refer to our pricing page.

Yes, you can lock in a rate now for a date up to two years in the future. This is called a forward contract. You might need to pay an initial deposit and then the balance will be due at the end of the contract. If the rates move against you may need to top up the deposit. Your currency specialist will explain and discuss this with you before you book your forward. This can be ideal if you want to know exactly how much you'll get when you need to make your transfer.
If you're unhappy with any aspect of your transaction with us, please contact your relationship manager. Your complaint will always be investigated and you'll receive a formal response. We appreciate all feedback, both positive and negative, as it helps us tailor our services to your requirements. For more information on our Complaints Procedure, click here.
If your details have changed please email client.assistance@worldfirst.com with your account number and your new information. Just so you know, if you've moved house you may need to provide proof of your new address.
This depends on a few things, including the currency you're sending or buying, the bank used and the size of the transaction.

If you’re transferring major currencies like AUD, NZD, GBP, USD or EUR, we'll usually make a same-day payment on the agreed value date of the contract. Funds should settle with the beneficiary bank same business day, however, the bank might credit the account next day. With other currencies, we process your payment out on the agreed value date but you'll need to allow one to four days for your funds to reach the recipient.

If you need funds to be received by your beneficiary by a certain date, please contact your account manager who will be able to advise the best course of action. In rare circumstances delays may occur. WorldFirst will do everything reasonably possible to ensure that funds arrive on time but is not liable for delays caused by intermediary or receiving banks.

Yes we can receive funds from an account in a different name to yours, but due to Anti Money Laundering regulations we will need to verify the source of these funds. Please contact us for more details.

We are a member of SWIFT Network - the main system used throughout the financial world to make payments with speed, certainty and confidence. Once your funds have cleared into our account, we will process the onward payment on the agreed value date of the contract. We'll send you confirmation in a PDF to let you know everything has gone through.

Please note that the funds will arrive in the beneficiary's account from WorldFirst, rather than your name. There will be a reference which starts with WFPAY followed by a sequence of numbers.

You'll need the account name and number as well as your beneficiary’s full physical address as well as some regionally specific information such as:

  • Europe - IBAN and SWIFT
  • Canada - account number, SWIFT and Transit code
  • Australia - account number, SWIFT or BSB code
  • New Zealand - account number, 6 digit bank code and SWIFT
  • USA - account number, ABA routing number or SWIFT
  • UK - account number and sort code or SWIFT and IBAN
  • India - account number, SWIFT and IFSC number, reason for transfer
  • China - account number, SWIFT
  • Mexico - account number, (Clabe no). and SWIFT

Please call us for information on the requirements for other countries.

Once you've booked your trade, you'll receive an email confirmation which includes our settlement details. It'll also tell you when you need to send the money to us by.

When you book your trade, you will be given a 'funds in' date based on the method you chose for sending funds to us. You need to make sure that your funds have cleared into our account by that date.

You can send your money to us by either of these 2 methods:

  • Online/Telephone Banking: This usually arrives with us the same day or next day.
  • If you are a corporate client and sending us AUD, we can collect funds via Direct Debit. Talk to us if you would like to set up a Direct Debit Provision. Direct Debits may take up to 3 working days to clear.

You can send funds to WorldFirst at any time as long as they are cleared by the value date of your contract as stated in your trade confirmation. If your funds aren't with us, your onward payment will not be processed.

We'll make the payment to your beneficiary on the agreed value date as long as your funds have cleared into our account.

As we are making the payment on your behalf, the funds will arrive in your beneficiary's account from WorldFirst and not in your name. There will also be a reference which starts with WFPAY and followed by a sequence of numbers. Make sure to let your recipient know just in case they're expecting to see the money arrive in your name.

Yes, you can book a same-day transfer for a large number of currencies and the earlier you book your trade, the better. To make a same-day outgoing payment in EUR, USD or GBP, you will need to have your cleared funds with us by the 15:00 Sydney time. For payments to Australia and New Zealand cleared funds must be received by 13:00 Sydney time.

This doesn't often happen, but if your funds don't arrive within the expected timescale, then let us know as soon as possible so that we can set up an investigation with our bank. We will continue to liaise with our bank until the issue has been resolved and the beneficiary has received the funds, and we promise to keep you informed every step of the way.

WorldFirst can initiate a non-receipt investigation (trace) if funds have not reached the beneficiary in an appropriate amount of time. The most common reason for delays are below:

  1. Further Information Request: Our correspondent banks and/or their banking partners may request further information on a payment. It will be released when a satisfactory response has been supplied.
  2. Incorrect Details: Before launching a trace on your payment, it is a good idea to check the payment details with your beneficiary. If the details are indeed incorrect, an amendment would be more appropriate in most cases.
  3. Value Date: Select currencies cannot credit the beneficiary on the same day as we make the payment - your account manager will be able to confirm this detail for you.

For most of our payments, you may request a copy of the outbound payment message sent to your beneficiary’s bank. This will contain all the beneficiary details that you confirmed for the payment.

All of these details will provide the beneficiary bank an opportunity to verify the payment against their own records.

WorldFirst may be able to initiate a payment recall on a best endeavour basis if you require funds to be returned – just let your account manager know.

If a payment recall is initiated, it is essential that you make your beneficiary aware of this as they will need to provide debit authority in order for a return to take place.

If you have provided an incorrect account number, name, address, or payment reference prior to the payment being processed on our side, we can change the details for you.

In cases where the payment has already been processed by WorldFirst, we may be able to issue an amendment request to the beneficiary bank, although in some instances we may have to wait for funds to return in order to reprocess the payment. The course of action will be determined by the currency, bank or destination, so it is once again recommended to discuss this with your account manager.

Unfortunately, if a payment has been made to the wrong bank (i.e. your beneficiary has provided the wrong SWIFT BIC or sort code), our only options are to wait for a return of funds or to recall the payment.

It is advised that you log the incident with the appropriate local crime authority as soon as you have reason to believe the payment is fraudulent. It is also essential that you make your account manager aware as soon as possible, as this will give us a better chance to recover funds.

There are many factors to which can contribute to how long an investigation can take, such as – number of intermediary banks involved in the payment journey, if incorrect details have been supplied, or if a bank is holding the payment.

We assure you that WorldFirst will continue to keep you updated on the progression of the investigation, with an update generally provided every two days.

To see a rate, go to 'Book a Trade'. Select the currency you wish to buy and follow the steps. You will be shown a live rate. You can choose to book the trade and add payment details or you can cancel.
No - get in touch with your currency specialist and they will have a look at it for you.
Yes, you can. Simply book your trade in the usual way but change the date on the calendar to the date you need in the future. If you haven't booked a forward contract previously it is advisable to speak to your currency specialist first.
A beneficiary is the person or organisation you wish to pay.
Once your payment has been received by us and has cleared, your payment will leave WorldFirst on the day stated on your trade confirmation.
Use the 'Payments From Trade' option in the menu on the left-hand side of the screen when logged into WorldFirst Online. It will show you the trades you've previously booked and you will be able to choose which beneficiaries to send them to.
Yes. If you have already booked your trade, use the 'Payments From Trade' option in the menu on the left-hand side of the screen when logged into WorldFirst Online. This will allow you to add as many beneficiaries as necessary to your trade. If you haven't booked your trade, use the 'Book a Trade' option. This will allow you to add multiple payments and book a larger trade to cover all of them.
After we've received your registration documents, your receiving bank account details are normally sent to you within 10 working days. If you haven't received this email after 10 working days, please contact us immediately. You'll also be given a link to sign up to our online service - this lets you access the account and make transfers at any time, day or night.
It’s free to open an account and we don’t charge fees for receiving money or any ongoing subscription costs.
There is no minimum duration for holding an account with us. If you want to close any of your accounts, please email etailers@worldfirst.com to notify us. Please note that no account is closed until you receive an email confirmation from us.

We reserve the right to close your account where it is inactive or the transaction turnover is very low over a three month period. If this happens, we'll contact you by email and you'll be given three months’ notice to resume transactions through the account, otherwise it will be closed following this notice period.

You're given online access to your accounts, so you can log in and view current balances and credits at any time.
You can log into your online account and transfer your balance(s) at any time of the day. Please make sure you have added details of the beneficiary account on WFO before you make a transfer. You can see how to enter these details in the answer to the question "How do I enter my bank details for my home account?" below.
Yes, you can view your balances when you log in to WorldFirst Online.
Log in to your online account and click on 'create a new beneficiary'. These details will come through to us to verify.

Please note that we cannot pay to third parties - the account must be in your name or your company name.

There is a mandatory currency conversion, please make sure that the account is denominated in a different currency to the one you hold in your WorldFirst account. If you are unsure on any of your bank details please check them with your bank.

USD payments credit the same day as they are paid out. EUR, GBP and other currency payments take 1-4 days to credit from the day they are paid out. If you're sending USD to China this can take up to 4 days to credit. AUD payments are credited same day.

In rare circumstances delays may occur. WorldFirst will do everything reasonably possible to ensure that funds arrive on time but is not liable for delays caused by intermediary or receiving banks.

Yes. You can view all incoming and outgoing funds for all of your accounts by clicking on the 'Your statement(s)' tab on the online system.
E-commerce marketplace sites that have been approved by WorldFirst. Please contact the team if you would like to know if a website that you would like to sell on is supported. If it's possible, the member of the team will tell you immediately.
No, the account is only used for the purpose of receiving funds in from the e-commerce site that you are selling on.
We can open receiving accounts in the UK, USA, Europe, Canada, China and Japan. These accounts can only be used to receive funds from marketplaces in those countries.
You can ask any of the following people to certify your documents:
  • Accountant
  • Bank/building society official
  • Barrister
  • Commissioner of oaths
  • Justice of the Peace
  • Local government officer
  • Member of parliament
  • Serving police officer
  • Solicitor/Lawyer
Whoever you ask to certify your document(s), you must provide them with both the original document and the copy and ask them to write on (or stamp) the copy: "I certify that this is a true copy of the original document". You must also ensure that they write (or stamp) the following information in English on each document that they certify:
  • The date
  • Their signature
  • Their name and title printed clearly
  • Their personal or business address
  • Their contact number
  • Their registration number (if applicable)

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.

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 spread applied by the competition to transfer amounts of AUD 1,000, 10,000 and 50,000 into EUR, USD and GBP.

1. The spread

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.

2. The cost of international payments

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.

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 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.

What all this means for you

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.