If you’re looking at sending money overseas in a quick, secure and cost-effective manner, 1st Contact Forex is worth comparing.
1st Contact Forex, owned by 1st Contact Group, began offering money transfer and foreign exchange services in 2001. It has more than 60,000 registered clients and carries out in excess of 140,000 transactions every year. Its annual turnover is soon to touch the $200 million mark. It has its headquarters in London, England, and branch offices in Australia and South Africa.
This company is a registered money services business with HM Customs & Excise in the UK. It holds an Australian Financial Services Licence (AFSL) issued by Australian Securities and Investments Commission (ASIC) to deal in foreign exchange. It meets with all capital and liquidity related requirements and follows policies and procedures as laid forth by its corporate bankers, ANZ and Barclays.
1st Contact Forex lets you transfer money to a host of countries the world over in a secure way. Using its services, you can save in the form of fees.
|Product Name||1st Contact International Money Transfers|
|Min. Transfer Amount||AUD 0|
|Max. Transfer Amount||No limit|
|Transfer Methods||Online, Phone, Bank Account to Bank Account|
|Transfer Options||Regular payments, One off payments, Market orders, Forward contracts|
Minimum transfer time
|Banking Partner||1st Contact|
|Customer Service||Phone, Email, Branch|
|Available Currencies||AED, AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, JPY, NOK, NZD, PLN, QAR, RON, SEK, SGD, THB, TRY, USD, ZAR|
1st Contact Forex exchange rates.
When you deal with 1st Contact Forex you can get competitive exchange rates, especially when compared to banks, because this business does not have to worry about typical overhead costs. Besides, this business carries out transfers in bulk, which makes it privy to better rates. In turn, it passes on the savings to its customers. If you want to view the exchange rates on offer, you simply have to visit the 1st Contact Forex website.
On the home page, select Australian Dollars (AUD) as the ‘from’ currency. Enter the amount you wish to transfer and select the currency you wish to transfer the money to. As soon as you do this 1st Contact Forex informs you of the existing exchange rate. This is the rate that will apply to your transfer, as long as you complete it within a given time frame. This is because exchange rates that 1st Contact offers are subject to change.
You can see the exchange rate that 1st Contact Forex offered for transferring Australian Dollars to Great Britain Pounds on 1st June 2017 below. This has been included as an example, and you should always check current rates on the day you wish to transfer money.
How much does it cost to transfer money with 1st Contact Forex?
1st Contact Forex has tie ups with banks from across the world and processes transfers in bulk. This lets it make savings, which it passes on to its customers. Every fifth transfer you carry out through 1st Contact Forex is free. All transfers equivalent or greater than AUD$5,000 are free. You have to pay fees for other transfers, which can include transfer fees and receiving fees.
The table below gives you an indication of how much you may have to pay as fees depending on the country you’re sending money to, considering you’re sending AUD1,000.
|Destination country||Transfer fee||Receiving fee|
|Czech Republic||AUD15||CZK 250|
Minimum transfer amount and available countries
There is no minimum or maximum limit you can transfer through 1st Contact Forex. If you don’t find the country you wish to send money to on the 1st Contact Forex website you can get in touch with a company representative to find out if any assistance is on offer. Here are some of the popular destinations where you can send money to from Australia.
- Czech Republic
- Euro Zone
- Great Britain
- Hong Kong
- New Zealand
- South Africa
- Sri Lanka
- United Arab Emirates
- United States
What types of transfers can you carry out with 1st Contact Forex?
You can transfer money electronically to bank accounts in different countries across the world using the services of 1st Contact Forex. It also lets you transfer money to credit card accounts in South Africa.
You can benefit more by sending larger amounts because this business works on a sliding scale, where larger sums attract better rates.
You can secure an exchange rate if you wish to send an amount equivalent of greater than GBP1,000. 1st Contact Forex lets you secure an exchange rate in advance by paying as little as 10% of the amount you wish to transfer as deposit.Back to top
The registration and transfer process
You can register with 1st Contact Forex using a simple online application. It activates your account on the same business day it receives copies of your proof of residential address and passport. If you wish to transfer the equivalent of AU$20,000.00 or more than you will have to submit additional documents to verify the source of the funds.
1st Contact Forex accepts payments via debit cards and through Internet banking. You have to use your name and surname as reference when making transfers using Internet banking. If you don’t provide your name and surname you have to email 1st Contact Forex proof of payment so it can allocate your funds for transfer.
If you use Internet banking to make a transfer, the cleared funds can take up to three business days to get to the client account of 1st Contact Forex. Once this happens and you provide all the required documentation, the converted funds get to the nominated overseas account within three business days.Back to top
What are the pros and cons of using 1st Contact Forex?
- You can get better exchange rates when compared to most banks
- Money can get to the recipient faster than it would if you choose a bank
- Every fifth transfer you make using 1st Contact Forex does not attract any fees
- There is no minimum limit to how much you can transfer
- You can speak to a 1st Contact Forex representative over the phone by calling their Australian toll-free number
- You can’t initiate transfers in person
- You can’t send funds using your credit card
What other products and services does 1st Contact Forex offer?
- 1st Contact Forex specialises in transferring funds internationally. It does not provide any other service. 1st Contact Group, which owns 1st Contact Forex, is a UK based organisation. It provides tax solutions, services for contractors, financial services, visa and immigration services, job assistance and relocation solutions.
Real questions from past users
Using 1st Contact Forex to send money overseas can lead to savings. However, it is important that you compare your options first.