If you are looking to send money overseas in a quick, secure and cost-effective manner, 1st Contact Forex is worth comparing.
In business since 2001, 1st Contact Forex has more than 60,000 registered clients and carries out in excess of 140,000 transactions every year. Offering money transfer and foreign exchange services, 1st Contact Forex has an annual turnover of almost $200 million US dollars. Owned by 1st Contact Group, the company has headquarters in London, England as well as branch offices in Australia and South Africa.
1st Contact Forex is a registered money services business with HM Customs & Excise in the UK. Although there is no physical branch in Canada, you can send money online through the company website. 1st Contact Forex lets you transfer money to a host of countries around the world using a completely secure and trustworthy method.
With their low fees and competitive exchange rates, using the services of 1st Contact Forex can save you money.
1st Contact Forex exchange rates
1st Contact Forex can provide competitive exchange rates because they carry out transfers in huge amounts, which allows them to save money and offer better rates to their customers. Without typical overhead costs, 1st Contact Forex provide higher rates than banks. To view the exchange rates on offer, visit the 1st Contact Forex website.
On the home page, select Canadian Dollars (CAD) as the “from” currency. Enter the amount you wish to transfer and select the currency you wish to transfer the money to. 1st Contact Forex will immediately inform you of the current exchange rate. This is the rate that will apply to your transfer if you send it within a given time frame. Exchange rates are constantly fluctuating and are frequently subject to change.
How much does it cost to transfer money with 1st Contact Forex?
1st Contact Forex charge relatively low fees since they perform transfers in huge amounts. These bulk transfers turn into savings, which it passes on to its customers. Every fifth transfer you carry out through 1st Contact Forex is free. All transfers equivalent or greater than around CAD$3,450 are free. You have to pay fees for other transfers, which may include both transfer fees and receiving fees.
The table below gives you an idea of how much you may have to pay in fees if you send CAD$1,000. As seen below, this will vary depending on the country you are sending the money to.
|Destination country||Transfer fee||Receiving fee|
|Great Britain||CAD$10||GBP 0|
|Hong Kong||CAD$5||HKD 50|
|Euro Zone||CAD$20||EUR 0|
Minimum transfer amount and available countries
There is no minimum or maximum transfer limit with 1st Contact Forex. If you cannot find the country you wish to send money to on the 1st Contact Forex website, you can get in touch with a company representative. Here are some of the popular destinations where you can send money to from Canada:
What types of transfers can you carry out with 1st Contact Forex?
You can transfer money electronically to bank accounts in different countries around the world using the services of 1st Contact Forex. You can also transfer money to credit card accounts in South Africa.
Larger amounts of money attract better exchange rates and fees, so you can benefit by sending more at once, since 1st Contact Forex works on a sliding scale.
1st Contact Forex allows you to secure an exchange rate in advance by paying a 10% deposit of the amount you wish to transfer. You can secure an exchange rate if you wish to send an amount equivalent or greater than GBP 1,000, which is around CAD$1,750 at the time of writing on 8 February 2018.
The registration and transfer process
You can register with 1st Contact Forex using a simple online application. After filling in your basic contact information and providing proof of your home address and valid ID, a passport photo for example, your account is activated on the same business day. If you wish to transfer the equivalent of GBP 10,000.00 (around CAD$16,000.00) or more, you may have to submit additional documents to verify the source of the funds. Furthermore, if you send over GBP 30,000.00 (around CAD$50,000.00) or more in a one year period, you will also have to verify the source of your funds.
1st Contact Forex accepts payments via debit cards and through internet banking. You must use your full name as a reference when making transfers using internet banking. If you do not provide your full name, you will have to email 1st Contact Forex proof of payment so it can allocate your funds for your transfer.
If you use internet banking to make a transfer, the cleared funds can take up to three business days to reach the client account of 1st Contact Forex. Once this happens and you provide all of the required documentation, the converted funds will then reach the nominated overseas account within three more business days.
What are the pros and cons of using 1st Contact Forex?
- More competitive exchange rates than most banks
- Faster money transfers than most banks
- Zero fees with every fifth transfer you make
- No minimum limit to how much money you can transfer
- Toll free phone number for direct access to a 1st Contact Forex representative
- Online transfers only
- Cannot send funds using a credit card
What other products and services does 1st Contact Forex offer?
- 1st Contact Forex specializes in transferring funds internationally. It does not provide any other service. 1st Contact Group, which owns 1st Contact Forex, is a UK based organisation. It provides tax solutions, services for contractors, financial services, visa and immigration services, job assistance and relocation solutions. Some of these services apply to the UK only.
Real questions from past users
Using 1st Contact Forex to send money overseas can help you save money. Keep in mind that it is important that you compare your options first.