Frequently Asked Questions

Making a transfer with Forex Worldwide is fast and easy. Simply register and log-in to your Forex Worldwide account online and select 'Request a Transfer'. Complete the details and add your beneficiary information and lock in the exchange rate. Alternatively, call one of our friendly dealers and lock in an exchange rate over the phone.

No problems at all. We encourage our clients to compare our rates with our competitors. Either call one of our dealers and ask for indicative quote or login to your Forex Worldwide account and select 'Request a Transfer'. Fill out the details but simply do not confirm the transaction.

The length of time it takes for your FX transfer to reach the beneficiary will depend on what currency you are buying and the destination country. For most currencies, it will typically be within 24-48 hours of receiving your funds (depending on what time of the day we receive your funds). From time to time there can be delays beyond our control. For example, where intermediary or receiving banks hold funds up or take time to apply to the beneficiary account.

If you need to cancel a transaction or you are unable to pay us, you should contact us as soon as possible. FX transactions are binding on you and Forex Worldwide enters into corresponding transactions with the bank. Accordingly, cancelling a transaction may result in a loss that you will be liable for. Please review our Product Disclosure Statement for more details.

To open an account, register online at forexworldwide.com or complete a paper application. Before you can transact, we must verify your identity in accordance with our obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth). You will need to provide government-issued identity documents and proof of address, which we may verify electronically. We may accept or reject any application at our discretion, and we cannot open an account if identity verification is unsuccessful.

As a reporting entity under the AML/CTF Act 2006 (Cth), we are required to verify your identity before providing our services. We may verify your details electronically against public and private databases, including those maintained by the Australian Passport Office, Medicare Australia, the Australian Taxation Office (ATO) and VicRoads (and equivalent state transport and road authorities). Typically you will provide a current Australian driver’s licence, passport or Medicare card, together with proof of address.

Yes. You may nominate one or more Authorised Persons who can place orders and give us instructions on your behalf; that authority remains in place until you revoke it in writing, and you are responsible for all instructions they give (PDS Section 4.2). You may also open a Joint Account — all account holders must agree to the Client Agreement, liabilities are joint and several, and we may act on instructions from any one holder, with notice to one holder treated as notice to all (PDS Section 4.3).

Forex Sport Pty Ltd provides its financial services under Australian Financial Services Licence (AFSL) No. 401379 and is authorised and regulated by the Australian Securities and Investments Commission (ASIC).

Yes. Forex Worldwide is a reporting entity under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and complies with its AUSTRAC obligations, including customer identification, ongoing transaction monitoring, and the reporting of suspicious matters, threshold transactions and international funds transfer instructions.

A Target Market Determination sets out the class of customers a financial product has been designed for, consistent with the Design and Distribution Obligations (DDO). We have prepared and published TMDs for our products; you can download our current TMD from the documents links in the footer.

A Spot Contract is a foreign exchange transaction that settles within two business days (T+2) — use it when you need to transfer money in the near term. A Forward Contract lets you lock in an exchange rate now for settlement on a fixed future date (more than two days and up to 12 months ahead), which is commonly used to manage currency risk and protect future payments. A Forward Contract is binding and must be settled on the agreed terms regardless of where the market moves.

Payment must be made by electronic funds transfer (EFT) or direct/telegraphic wire transfer from a bank account in your name. We do not accept cash, credit cards, debit cards or third-party cheques.

Always verify beneficiary bank account details before transferring funds, and be alert to any request to change payment details. Confirm any change by calling the payee on a number you have independently verified. Forex Worldwide will never ask you to change your payment details by email alone. Taking these steps protects you against Authorised Push Payment (APP) fraud (PDS Section 5.4).

Transfers of AUD $1,000 or more carry no transaction fee. For transfers under AUD $1,000, a fee of up to AUD $10 (or foreign currency equivalent) applies. Where a single transaction involves multiple beneficiaries, a fee may apply to each beneficiary receiving less than AUD $1,000.

Your exchange rate is based on the wholesale interbank market rate plus a foreign exchange spread (our margin), which varies by currency pair and market conditions (FSG Section 7.2, PDS Section 6.5). Because rates move continuously, the rate is confirmed at the time you lock in your transaction.