- CURRENCY EXCHANGE
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|World First (Foreign Exchange)|
|World First is the award-winning currency exchange company that makes transferring money overseas faster, cheaper and easier. They offer excellent exchange rates, great customer service and are FCA regulated. They won the 2015 Sunday Times HSBC International Track 200, 2014 European Business Award for Customer Focus and the 2013 Customer Experience Award (Financial Services – Banking and Investment). World First takes the safety and security of your money very seriously. They're FCA authorised and keep all client funds segregated from business funds in line with the regulations. They're totally transparent at every step of the way.|
|Credit Rating: 3A1 D&B Rating|
|Location: UK, USA, Australia, Singapore, Hong Kong|
|Languages: French, German, Spanish, Greek, Turkish, Cantonese, Hakka (Chinese dialect), Afrikaans, Japanese, Russian, Zulu, Hindi, Bengali, Hebrew, Lithuanian and Tigrinyi|
1.Margin 0.25%-1.5% from spot rate guaranteed dependant on size and frequency
2. Compared with banks, their rates can usually save you between 0.5% and 3% of the amount transacted.
3. We keep you in touch with the status of your transfer and notify you at every stage of the process.
4. We can offer you forward contracts and other hedging options to protect you from currency movements and to fix the exchange rate for a transaction up to 3 years in the future.
5. Minimum one-off transfer £250 or sterling equivalent..
6. Minimum regular transfer £250.
7. No commission and no transfer fees for amounts over £250 or sterling equivalent.
1. ID / company check as part of the account opening process for both private and corporate clients respectively.
2. Your bank may charge you to transfer your funds to them.
1. Regular Payments.
2. Forward Contacts.
3. Spot Contracts.
4. Stop Loss Orders.
5. Limit Orders.
6. Hedging strategies.
7. Currency Options.
Orders Available Stop Loss Order: A stop loss order is a means of limiting your risk from adverse exchange rates. A currency level is set. If that currency level is reached, the trade is automatically executed in the market. The currency level used for a stop loss order is always worse than the current market price. This is a way to protect yourself from adverse changes in exchange rates without needing to constantly monitor the rate.
Take Profit Order: Like a stop loss order, a take profit order first involves setting a currency level. Once that currency level is reached, the trade is executed in the market. The currency level used for a take profit order is always better than the current market price. This is a way to capitalise on improvements in exchange rates without needing to constantly monitor the rate.
OCO - "One Cancels Other": A combination of a 'Stop Loss' order and a 'Take Profit' order. When one of these two orders is executed, the other order is automatically cancelled. Order: You can leave an "order" with us to transact on your behalf if a particular exchange rate is reached.
GTC - Good Till Cancelled: A GTC foreign exchange order will be left in the market until executed or cancelled by you.
|Established: 2005 FCA 502759|
|Spread/Margin: 0.1% - 0.7% from interbank variable on volume|
|Costs/Fees: $0 above $5,000|
|Rate Improved With Volume:|
|Transfer Methods: Australia bank to foreign bank or vice versa|
|Transfer Speed: EUR & USD next day, 2-5 days any other currency|
|Transfer Minimum: $250|
|Online Trading Platform: Click Here >>|
World First’s online platform Xchange allows you to manage all your foreign exchange transactions and payments. This platform makes it fast, easy and secure to manage your currency exchange requirements.
Xchange offers you the ability to:
1. View live rates.
2. Make payments to almost any country globally.
3. Access your balance instantly.
4. Track payments online.
5. Access our economic research.
There are no hidden charges. You can log in from anywhere, anytime and your beneficiary details are stored making it easy for you to take control of your dealings.
|Currency Converter: Click Here >>|
A spot transaction is the exchange of one currency for another at a specified rate for settlement in two working days. There are no associated costs with spot transactions. If you transfer funds via CHAPS you may be charged a fee, this depends on your agreement with your bank.
World First will make a payment to your requested bank account on the agreed forward date, as long as World First has received your funds. You can fix a forward exchange rate for any period from 3 days up to 1 year in advance. A deposit of between 3% - 10% of the amount of the deal is required for a forward contract. This must be received within 3 days of the forward contract being agreed. In order to guarantee delivery of funds on the settlement date, it is recommended that you settle the outstanding balance on the contract 2 working days before the contract is due to settle. This type of contract is ideal if you want to fix a rate now, but will not be making immediate payment. e.g. fixing a pound sterling to euro exchange rate today for transfer on a future date.
Flexible Forward Contract
Also known as a "time option", this type of contract is similar to a forward contract but allows you to make and receive the pre-agreed payments early if required. This type of contract is ideal if you know you need to purchase a foreign currency, wish to fix the exchange rate now but are not sure of the exact settlement date.
Hedging strategies are tailor made to fit your exposure. They are also made to fit to your risk levels and currency forecast. This means you are able to protect yourself from adverse rate movements as well as benefit from favorable rate movements.
World First Markets Ltd is the first currency broker to offer this kind of service to private clients and companies in the United Kingdom. Until now only large corporate clients have been able to access this service via their banks. World First Markets Ltd is authorised and regulated by the Financial Services Authority (FSA) to provide a service allowing private individuals and companies to hedge their foreign exchange exposure.
World First Markets Ltd categorise all clients as 'retail clients' affording them the greatest level of protection under the FSA regulations. Clients are also able to choose between an ‘advisory’ service or an ‘execution’ only service. The key to hedging strategies is the relationship between enabling you to protect yourself from adverse rate movements while at the same time benefit from favourable rate movements on amounts over £100,000.
There are 3 most commonly used strategies:
1. The Participating Forward The participating forward provides a worst case rate. In addition, it allows 'participation' in any favorable exchange rate move for 50% of the amount. This option carries an obligation but no premium.
2. The Protection Option The protection option provides a guaranteed worst case rate. There is no obligation at expiry. For example if the spot rate is more favorable at expiry than the worst case rate, the client would buy at spot. There is a premium for this option.
3. The Risk Reversal The risk reversal works in a similar way to a protection option however in order to reduce the premium the potential upside or benefit in favorable rate movements is capped. This option carries an obligation.
|Regular Payments: |
World First offers special reduced payment fees and fixed rates for regular transfers.
This is ideal if you are:
1. Paying for an overseas mortgage
2. Working abroad and transferring your salary
3. Living abroad but receiving a UK pension
4. Transferring money abroad to cover running costs for an overseas property
5. Paying tuition, university or school fees
If you’re making regular overseas payments through your bank, you’re probably paying high charges and receiving a different amount each month. We offer a regular overseas payments service that has no or very low fees and that enables you to fix the amount you receive with each payment. Our payment plans are hassle-free, cost-effective and can be set up for any regularity.
|Security Statement: |
Security is always of the highest importance when transferring large sums of money. Your money is completely safe with World First. We are regulated by HM Revenue & Customs as a Money Services Business. All funds sent to us are held in segregated client accounts that are only used for client transactions and are totally separate from our business accounts.
|Terms and Conditions: |
|Number Of Currencies: 52|
|Currencies Available: |
AED, AUD, BBD, BGN, BHD, BWP, CAD, CHF, CNH, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HRK, HUF, ILS, INR, ISK, JMD, JOD, JPY, KES, KWD, LKR, LTL, MAD, MUR, MXN, NOK, NZD, OMR, PHP, PKR, PLN, QAR, RON, RUB, SAR, SEK, SGD, THB, TND, TRY, TTD, TZS, USD XCD, ZAR.
|World First (Which Way To Pay - 9/4/2010)|
World First is ranked 4 out of 5
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