Currency Exchange UK

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.

A vanilla option provides the right but not the obligation to buy a currency on a pre-determined forward date at a guaranteed worst case rate. It also allows you to benefit from any favourable exchange rate move for 100% of the amount (in return for an upfront premium).

World First Markets Ltd offers a range of hedging strategies (currency options) to enable you to manage exchange rate fluctuations. These strategies are tailored to fit your exposure, currency forecast and risk level. They usually enable you to protect yourself from adverse rate movements but benefit from favourable exchange rate moves.

The three most widely used strategies are:

A vanilla option provides the right but not the obligation to buy a currency on a pre-determined forward date at a guaranteed worst case rate. It also allows you to benefit from any favourable exchange rate move for 100% of the amount (in return for an upfront premium).

Participating forward: this provides a guaranteed worst case rate for the full transaction amount, like a forward contract. However it also provides the ability to ‘participate’ for 50% of the amount in any favourable exchange rate move.

Risk reversal: this provides the ability to fix a worst case rate for a currency purchase, like a forward contract. However you can benefit 100% in any favourable move up to a pre-determined best case exchange rate. There is a reduced premium for this option.

GBP GBP United Kingdom, Pounds

AED AED United Arab Emirates, Dirhams

AUD AUD Australia, Dollars

BBD BBD Barbados, Dollars

BHD BHD Bahrain, Dinars

BWP BWP Botswana, Pulas

CAD CAD Canada, Dollars

CHF CHF Switzerland, Francs

CZK CZK Czech Republic, Koruny

DKK DKK Denmark, Kroner

EEK EEK Estonia, Krooni

EGP EGP Egypt, Pounds

EUR EUR Euro Member Countries, Euro

FJD FJD Fiji, Dollars

HKD HKD Hong Kong, Dollars

HUF HUF Hungary, Forint

ILS ILS Israel, New Shekels

INR INR India, Rupees

JMD JMD Jamaica, Dollars

JOD JOD Jordan, Dinars

JPY JPY Japan, Yen

KES KES Kenya, Shillings

LTL LTL Lithuania, Litai

LVL LVL Latvia, Lati

MAD MAD Morocco, Dirhams

MUR MUR Mauritius, Rupees

MXN MXN Mexico, Pesos

NOK NOK Norway, Krone

NZD NZD New Zealand, Dollars

OMR OMR Oman, Rials

PKR PKR Pakistan, Rupees

PLN PLN Poland, Zlotych

QAR QAR Qatar, Rials

SAR SAR Saudi Arabia, Riyals

SEK SEK Sweden, Kronor

SGD SGD Singapore, Dollars

SKK SKK Slovakia, Koruny

THB THB Thailand, Baht

TND TND Tunisia, Dinars

TRY TRY Turkey, New Lira

TTD TTD Trinidad and Tobago, Dollars

TZS TZS Tanzania, Shillings

USD USD United States of America, Dollars

XCD XCD East Caribbean Dollars

ZAR ZAR South Africa, Rand

HRK HRK Croatia, Kuna

KWD KWD Kuwait, Dinar

GBP accounts with: Barclays, HSBC, Citi and RBS

EUR accounts with:

Barclays Spain / France / London

Citi London

Bank of Ireland London / Belfast

World First Advisory Services will make sure your foreign exchange providers are giving you the right information, charging you a fair and competitive price and enabling you to get the most out of your foreign exchange requirements. Most importantly, our experts are totally independent from any dealing desk. Their sole purpose is to give you clear and transparent information that benefits you. World First’s Advisory Services have put together a variety of options to suit your needs. These can delivered as standalone services or grouped as a package. Price Check – ensure the rates you are receiving for your spot, forward and options contracts are competitive and fair. This service costs £250-£500 per month. Economic Advice – concise interpretation of the constant stream of market information and data tailored to suit your currency needs. This service costs £250-£500 per month. Hedging Advice – unbiased, independent advice on hedging contracts taking into account factors such as your risk appetite, suitability for purpose and fit with your strategy. We will also check the level of profit made inside each deal is competitive. This service costs £500-£750 per month. Advisory Services gives you access to one of the most experienced currency options teams in the UK.

 

The two key features of our service are:
1. Open pricing policy – you pay for what you need

2. No minimum sign-up period

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.

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.

1. Margin 0.25%-1% from spot rate guaranteed

2. Compared with banks, our rates can usually save you between 0.5% and 3% of the amount transacted ie up to $6000 on a $200000 transfer.

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 2 years in the future.

5. Minimum one-off transfer $1000.

6. Minimum regular transfer $250.

7. No commission and no transfer fees for amounts over $5000.

1. We will need to undertake an 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 us, although the saving you will receive from using us will more than negate this.

3. $15 Fee for transfers less than $5000