#Worldfirst best exchange currency rates full

Your full name and contact information, including an email address.

The first step is to sign up for an account. You’ll be able to track the transfer online and receive email updates during the process. You can find WorldFirst’s bank account details in the confirmation email you’re sent.

Transfer the money to WorldFirst’s bank account.

Double-check the exchange rate is the one you want as this is the one you’re locking in. It can either be for as soon as possible or at a later date.

Pick what date you want WorldFirst to make the transfer.

Even though you can only use a bank transfer in Singapore, you can choose if the money is coming from a bank account under your name or not. You’ll need to include the currency you hold and what you want to send, as well as the amount. You’ll find this button on the homescreen of your log-in page. WorldFirst will then transfer your money to your recipient’s bank account. In addition to your name and contact information, you’ll also need to upload a copy of your government-issued ID - such as your NRIC or passport.įirst, you’ll need to wire money to your WorldFirst account by domestic bank transfer (FAST payment, Express transfer or GIRO).

#Worldfirst best exchange currency rates free

You’ll first need to sign up for a free WorldFirst account. WorldFirst’s margin generally ranges between 0.1% and 4% per transfer, depending on market volatility and the specific currencies you’re buying or selling. This margin varies from company to company, so it’s important to compare both the exchange rate the money transfer service is offering as well as their additional fees. In other words, it’s the difference between the wholesale cost of the currency, and the rate WorldFirst offers to you. This is because a lot of money transfer companies and banks add on a small margin to the interbank rate to cover their own costs. You may have noticed that the exchange rate you see on Google or Xe is different to the one being quoted to you.

WorldFirst makes its money off the spread, which is also known as the margin. The Monetary Authority of Singapore (MAS) You can organise your money transfer with WorldFirst either over the phone or online.Īustralian Securities and Investments Commission (ASIC)įinancial Transactions Reports Analysis Centre of Canada (FINTRAC)įinancial Crimes Enforcement Network (FinCEN) WorldFirst only accepts payments via domestic bank transfer (FAST payment, Express transfer or GIRO).Īfter you’ve booked your money transfer, you’ll receive an email with WorldFirst’s bank account details for you to transfer your money to. What payment methods does WorldFirst accept? However, a nominal fee will be charged for business transfers. For online sellers, there are also no monthly charges or any fees for receiving payments.

WorldFirst charges no fees for transfers made by private clients and online sellers, as long as you’re transferring over S$2,000. If you are looking to make a single payment for an item purchased overseas, a spot contract is usually the best choice. This is different from a forward contract, which settles the value of a currency transaction sometime in the future. A spot contract allows investors to buy or sell a currency at today’s market rate.

You may also contact your dedicated local relationship manager if you have any enquires or issues with your transfer. Get access to customer service on a variety of platforms and speak to a representative over the phone or email. While you can’t schedule recurring transfers, WorldFirst offers these specialised services and features for those with individual client accounts to get the most out of your transfers. You cannot use cash or a debit or credit card to make the transaction. However, WorldFirst only offers bank-to-bank transfers - meaning, funds must be drafted from your bank account, which will then be deposited into your recipient’s bank account. What separates WorldFirst from most traditional banks and currency brokers is the fact that they offer foreign exchange methods that banks typically reserve for large corporate clients. What types of transfers can you make with WorldFirst?