WorldFirst international money transfers

Must knows about transferring money with WorldFirst

When making international money transfers there are two T’s you want to get familiar with: 

• Transfer Speed: Transfers for major currencies are normally received on the same day, depending on when the transfer is made. For other currencies, it usually takes an additional 1 – 3 working days. The speed of payment depends on a few factors, including the currency, the payee’s bank and country, and the size of the transaction. In some cases a payee’s bank may take an additional working day to credit their account.
• Transfer Fees: The fees you'll have to pay each time you make a transfer will depend on the location of you and your payee, as well as and the currency you want to convert to.

WorldFirst Products and Services

Depending on how quickly you want or need your money transferred to your overseas destination you have several WorldFirst products to choose from. Your options are:

Spot contracts

Need to make a deposit to lock in a supplier contract pronto? A spot contract is what you’re after. With this option, WorldFirst offers you a rate based on the live exchange rate on the day.

Forward contracts

Heard rumours that exchange rates are about to drop and you want to lock in a rate but aren’t ready to make your transfer just yet? With a WorldFirst forward contract, you can fix your rate up to 2 years in advance to facilitate payments for identifiable goods or services. 

You’ll likely need to pay a deposit but the balance will not be due until the end of the contract. The good news is you’ll know exactly how much you will get when you are ready to make your transfer. With forward contracts, there are some risks that the rate moves against you so might have to top up your deposit if this happens.

Regular payments

Started your own custom design t-shirt business and need to regularly pay your suppliers based in China? Whatever the reason you need to transfer money internationally, WorldFirst can automate your payments. To help with your budgeting there’s even flexibility to lock in a rate or convert it at the rate on the day of the transfer.

Firm order

Don’t have the time to monitor exchange rates all day but know the rate you want to exchange at? WorldFirst can do the monitoring for you. You tell them the rate you want, then when the market gets to that rate they’ll book it for you. They also do the same thing in reverse, so if you tell them your worst rate and the rate reaches this and looks like it’s going further south, they will book it for you.

Why use WorldFirst for IMT?

You’ve got plenty of options these days when it comes to making an international money transfer. Here are some of the reasons to consider using WorldFirst:

• More competitive exchange rates than the major banks
• Safe and secure. WorldFirst has been around since 2004 and is fully licensed and regulated with ASIC
• Easy as - you can make transactions 24/7 via the online portal
• Be in the know – whether it’s rate alerts, live graphs or daily economic updates you’re interested in, WorldFirst has options to keep you updated on matters that will affect your money
• It’s won numerous awards covering everything from customer service (UK
  Customer Experience Awards 2013, to business growth (Investec Hot 100, 2012 & 2013)
• Did we mention it won a Mozo Experts Choice Award?

How to transfer money with WorldFirst

Before you’ll be able to make an overseas money transfer with WorldFirst, you’ll need to register for an account online. It takes around ten minutes to complete the registration process, and as soon as your identity has been confirmed you’ll be able to make a transfer.  

There are three steps to making a money transfer:

1. Lock in a rate: In order to make a foreign currency transfer, you will need to know the amount in foreign currency you want to send & the supplier's business bank details. WorldFirst will then quote you a rate for that trade.

2. Transfer funds to WorldFirst: You’ll receive an email confirmation which will confirm your trade along with the details of where to send your funds and by when. You can transfer your funds to WorldFirst via bank transfer.

3. Funds released: Upon receiving settlement of the trade, WorldFirst will convert the funds and transfer the funds to the business account requested by you.

Some extras you might want to know:

• While WorldFirst are able to make a same-day payment for US Dollars, British Pounds and Euros you should allow up to 4 days for your funds to be cleared.
• When you book a trade with WorldFirst you will receive notification of a ‘funds in’ date. If your payment has not been cleared by the date on your trade confirmation your payment will not be sent.
• Be sure to carefully check the account details of where you want your money to be sent as WorldFirst cannot be held responsible for funds that are sent to a wrong account.
• When you open an account with WorldFirst, you will have access to 10 different virtual currency accounts under your own company name that you will be able to use to receive money from your customers and pay your suppliers.
• In the very unlikely event that your funds don’t show up in your beneficiary's account in the expected timeframe, let WorldFirst know and they will investigate and liaise with you regularly until it is sorted out.