World First challenges ‘pirates of the high fees’

World First challenges ‘pirates of the high fees’ article image

World First challenges ‘pirates of the high fees’

When choosing a Foreign Exchange specialist, exporters look for a service that’s fast, safe and reliable – with highly competitive rates. 

International money transfer experts World First ticks all of those boxes.

The company which launched in London in 2004 and opened its Sydney office four years later, is a 5-star Gold trusted merchant with Feefo, aglobal ratings and reviews provider. World First currently boasts a 97% client approval rating.

Andrew Porter, Managing Director of World First Australia, said: “People shouldn’t have to put up with the high transfer fees and uncompetitive exchange rates typically offered by banks for international money transfers. And now, they don’t have to.”

The company recently launched a bold marketing campaign taking on Australia’s Big Four Banks.

The tongue in cheek campaign “Pirates of the High Fees” highlights the high transfer fees charged by the major banks to transfer money overseas and educate Australians about "a better way to make international currency transfers".

"Depending on the currency pair and volume, World First can offer rates of up to four cents better than the Big 4 Banks," says Mr Porter. Better rates together with lower fees means our customers get to keep more of theit hard-earned money, and that's how it should be."

Bank fees for international money transfers can range anywhere from $18-$32, says Mr Porter.

“If you are slugged $30 or $32 every time you make a transaction, that can really add up. Some corporates make 20 payments in one deal.”

World First charges a $10 flat fee on international transfers under $10,000 and no fees for transfers above $10,000.

Rapid growth

The company was founded in London by two former UK bank employees who recognised that SMEs were not being offered strategic currency services in the way that they should be. 

They launched the business working from the sunroom of a London home.

Fast forward a decade and the company now employs 300 personnel globally with offices in London, US (Virginia and Austin), Singapore, Hong Kong and Sydney.

“The growth has been phenomenal,” says Mr Porter.

“Our Sydney office has grown from 4 or 5 employees to about 50 in the past five and a half years.”

As well as offering its clients highly competitive rates and minimum charges, World First has a strong focus on customer service, security, and safety and cutting edge technology.

Point of difference

World First have two main points of difference, product offering and customer service.

“Our business is relationship driven,” says Mr Porter. “We understand our clients’ needs and work in with those needs to find an ideal hedging solution.

“That’s our main point of difference.

“At the end of the day it’s not hard to beat the banks on rates. They make most of their money from big institutional clients and don’t really cater for SMEs.

“We often find that clients simply want to find a provider who will take their transfer seriously and treat it with the respect it deserves.

“At World First you can speak to someone at any time day or night – you just can’t do that with a bank.

“If you call a bank after 5.30pm all you will get is an answering machine.”

World First specialises in tailored hedging solutions for individuals and corporates, finding the right product to suit your budget, risk appetite and cash flow.

Their eCommerce service offering assists exporters, selling on various interational market places with opening up bank accounts globally, managing funds from sales through multiple online marketplaces (Amazon, eBay, Rakuten to name only a few), paying supplier invoices, offering flexibiity of repatriation date and market education.

Mr Porter says World First is a currency specialist that offers its clients the very latest technology and that's another element 

that sets it apart from the competition. 

International business awards and the future

World First has received several major international business awards for its outstanding customer service, including The Queen’s Awards for Enterprise.

The company deals with every major currency (mainly crossed against the Australian dollar) including USD, Pound, Euro, NZD, Yen and CAD.

Mr Porter expects the recently signed free trade agreements with Australia’s major Asian trading partners to create great opportunities for exporters.

“We are already experiencing enormous growth in e-commerce activity in China … and that is another area where World First can assist,” he says.

“All we do is FX – we don’t have to subsidise other divisions.

“That means we can pass on the savings (to our clients) … it’s really that simple.”

For more information contact World First on Ph: 1800 701 540


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