Frequently asked questions
Business clients and online sellers can open an account online and our team will get you sorted out as fast as they can.
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.
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.
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.
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:
- 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.
- 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.
- 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.
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.
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.
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.
- Bank/building society official
- Commissioner of oaths
- Justice of the Peace
- Local government officer
- Member of parliament
- Serving police officer
- The date
- Their signature
- Their name and title printed clearly
- Their personal or business address
- Their contact number
- Their registration number (if applicable)