Make your international money transfers simple and easy with WorldFirst Foreign Exchange. Get more bang for your buck.
WorldFirst Foreign Exchange can see that your transfer is processed smoothly with your best intentions in mind. It is a low-cost money transfer service which doesn't charge commissions or high fees. Using its service rather than a bank could mean you get better rates on your foreign money transfers, saving you money.
If you’ve signed up through the finder.com.au link, there will automatically be a note on your file telling your dealer not to charge any fees. WorldFirst will also ask you how you heard about us and if you say finder.com.au, then you’ll get the $0 fee applied to your transfer.
WorldFirst's Price Promise
Since WorldFirst transacts over $4b a year, its able to access the same interbank rate as the mainstream banks. If you get a better quote from another international transfer service, talk to WorldFirst and provided it doesn't result in a loss for WorldFirst, it will match it. Here are the conditions:
- You need to be registered with WorldFirst
- You need to be registered with another provider (the one you obtained the quote from)
- Get a quote for the same amount and currency pair from the other provider and
- Submit your quote within 3 hours of receiving it from the other provider.
What does WorldFirst Foreign Exchange offer?
WorldFirst Foreign Exchange allow you to transfer money to international locations in different currencies. As you'll read below, they offer a number of options when carrying this out.
This is a transfer or transfers made using the rate of the day.
A forward contract allows you to fix an exchange rate for your transfers. This can be done for up to two years in advance, and allows you to budget in advance knowing that your rate won't change. To carry out a forward contract you'll need to pay a deposit, and then pay the balance at the arranged transfer time.
Foreign exchange rates
The main thing you'll want to know if you're transferring money to an overseas location is what foreign exchange rate you'll receive. Some transfer services may offer you low fees but an inferior rate, or vice versa. WorldFirst Foreign Exchange guarantees a better exchange rate than your bank, which can be from 0.23% - 4% better than what you're quoted.
How is WorldFirst able to offer rates like this?
When banks trade foreign currencies between themselves they'll use the 'interbank' rate. This rate is much better than the rate you usually receive at a currency exchange kiosk or at a bank. WorldFirst offers this rate to customers and adds a lower margin to it, known as a 'spread'.
How much does it cost to transfer money?
WorldFirst doesn't charge a commission fee to carry out your foreign transactions – saving you money. They also have lower transaction fees.
In terms of transfer fees, WorldFirst will give you one free international payment for each transaction worth over $10,000. If you make a transaction under this amount, or make an additional transaction worth over $10,000 you'll pay a fee of $15.
If you're a business customer you'll be able to negotiate a better fee between $0 and $15.
For ANZ this charge ranges from $24 - $32 per transaction, or if you're at Westpac, $20, so you save in fees by opting for WorldFirst Foreign Exchange over a regular bank.
Minimum transfer amount and available currencies
The minimum transfer amount with WorldFirst is $250 per transaction for all currencies except for the INR. If you would like to transfer money to India, the minimum is $10,000. Transactions over $1,000 can be made online and via the telephone, whereas transactions under this can only be carried out online.
WorldFirst Foreign Exchange offers a huge number of available currencies, including:
- United States Dollar (USD)
- British Pound (GBP)
- Hong Kong Dollar (HKD)
- Chinese Yuan (CNY)
- Japanese Yen (JPY)
- Euro (EUR)
- Indian Rupees (INR)
- New Zealand Dollar (NZD)
- Canadian Dollar (CAD)
There are also a large range of other currencies such as the Swiss Franc, Mexican Peso, Thai Baht, Singapore Dollar and many more.
The registration and transfer process
To carry out any kind of money transfer with WorldFirst , be it for personal or business use, or for a one-off or regular transfer, you need to open an account. This is free and will only take a few moments.
Here's how to do it:
- Fill in your details, including name, contact numbers, country of residence and whether or not you're making a joint application or not.
- Supply your other details, including address, reasons for needing foreign exchanges, and the currencies you require in addition to the countries you're sending money to. You'll also need to verify your identity by supplying a Medicare number or Passport number.
- Fill in your login details including username, password and security questions.
To transfer money, all you have to do is either call WorldFirst or log onto your account online.
If you're arranging a transfer by phone, you'll have to agree to a rate. You'll then receive an email confirmation within a few minutes. Then, you'll need to give WorldFirst the details of the account that it's going into.
If you're transferring online you can fix a rate online and carry out transactions yourself. You can also manage regular payments and view your statements. To use this service you must request it from WorldFirst when signing up, and they'll supply you with a username and password.
Once you've agreed on a rate you'll have to send your money to WorldFirst to begin the process. You can do this by going to your bank branch and making a same-day transfer, using your telephone banking or by carrying out an EFT or BPAY transfer. They also have accounts with Citibank and Westpac, so if you have an account with one of these banks you can transfer your money quicker.
WorldFirst Foreign Exchange have accounts in Europe, America, the UK and New Zealand if you want to make a non-AUD payment or are making a payment from outside of Australia.
Why choose WorldFirst Foreign Exchange?
WorldFirst Foreign Exchange offers low fees, competitive rates and no commission when carrying out transfers.
They also try to make the process easier and faster by providing local bank accounts for you to deposit your funds into, and a wide range of currencies.
WorldFirst Foreign Exchange is regulated by the Australian Securities and Investment Commission (ASIC), and are regulated both overseas in the UK, where their parent company is and in the USA.
What can I use WorldFirst Foreign Exchange for?
There are many reasons you might want to transfer money, and WorldFirst Foreign Exchange can facilitate all of these.
- Sending money back home - If you've moved to a different country and regularly send money to your home country you can do it through WorldFirst.
- Moving overseas - If you're making the move to a new country and need to move your money there WorldFirst can help you.
- Paying off a mortgage on an overseas property - Many Australians have invested in overseas property. If you need to make regular payments towards these properties you can organise this.
- Sending a gift - From time to time you may want to send a money gift to family or friends overseas, or simply transfer them money to pay for miscellaneous costs or bills.
- Business transactions - If you regularly pay international suppliers or receive money from international customers WorldFirst can help tailor a service to your needs.
Frequently asked questions
How long does a transfer take?
Euro, dollar and sterling transfers are processed on the same day, so will usually reach your recipient the same day they're sent. Other currencies can take between 1 - 4 days to arrive.
What rate will I get?
The rate you receive will depend on WorldFirst, so you'll need to contact them or log onto your account online to get a quote.
Can I fix a rate for a future date?
Yes, this is referred to as a forward contract, and can be set for any date between one week and two years from the date you set it. These types of transactions may require a deposit.