Product Disclosure Statement
Issuer:World First Pty Ltd ACN 132 368 971
Address:
Level 17, 55 Clarence Street, Sydney NSW 2000
Phone: 1-800 701 540 (within Australia)+61 (0)2 8298 4999 (International)
Fax: +61 (0)2 8298 4988
Email: enquiries@worldﬁrst.com
Website: www.worldfirst.com/au
Australian Financial Services Licence Number:
331945Preparation date: 15 April 2022
Version: 11

1. Key information
Introduction and purpose
The purpose of this Product Disclosure Statement (PDS) is
to provide you with sufficient information to enable you tomake an informed decision about whether to purchase a
we, our) ACN 132 368 971. You may also use this PDS toof similar products.
When we use the term “you” we mean you as the acquirer
applicable.
WorldFirst is the issuer of the products described in this
PDS. Should you have any queries about this document,
please do not hesitate to contact us. Our contact details
are at the top of this PDS.
This PDSThis PDS is an important document which contains
information that you need to know about the products we
can offer you. It is designed to:— Provide you with the information you need to determine
whether the products we offer are appropriate for yourneeds.
— Explain the terms and conditions, rights and obligations
associated with our products.
— Help you to compare products.
The information in this PDS is general information only anddoes not take into account your personal objectives,
ation and needs. You should consider thesethings and seek independent professional advice before
roducts.
making a decision about our

We also have a Financial Services Guide that gives you
more information about us and the products and services
we can offer you. Please contact us using the details at the
beginning of this PDS to get a free copy of this document.
Important risk notice
Decisions to enter into transactions involving foreignexchange products are very important. They often havent risks and consequences. Refer tont
Risks Explained section of this PDS for more information
nt risks in trading foreign exchange products.
It is your responsibility to ensure that you fully understandthe products, how they work and the risks involved. This
document may not contain all of the information that you
need in order to fully understand the products and the risks.
To the extent permitted by law, neither WorldFirst nor
its affiliates accepts any responsibility for errors or
misstatements, negligent or otherwise, nor for any direct,
indirect, consequential or other loss arising from any use ofthis document and or/ further communication in relation toit.
You must make sure that you maintain security over allcredentials required to access your account. WorldFirst
will not take any responsibility where it can reasonably
demonstrate that your account has been compromised
from negligence, or any other wrong doing on your part.
Under the circumstances, WorldFirst will not reimburse
any amounts as a result.
Changes to this PDS
Information in this PDS that is not materially adverse tousers of our products is subject to change and may be
updated via our company website. You can access that
information by visiting the website, or telephoning us andasking for an electronic or paper copy. You can also accessthe website which may contain, from time to time, otherinformation about our products.
We may change these Terms and Conditions and any
information in this PDS relating to the Terms and Conditions(including fees and charges) at any time without yourconsent for one or more of the following reasons:— To comply with any change or anticipated change in any
relevant law; or— To re ct any decision of a court, ombudsman orregulator; or— To re ct a change in our systems or procedures, forsecurity reasons; orAs a result of changed circumstances (including by
r new features); or
To respond proportionality to changes in the cost ofproviding you products and services; orTo make them clearer.
1

If the change involves an increase to our fees and charges
or the introduction of a new fee or charge, we will give you
notice at least 30 days before the change takes effect. We
will notify you of the above changes to these Terms andConditions by sending an individual notice to you (either bygiving it to you personally or by Electronic Communication)or by advertising in a national or local newspaper.
WorldFirst will not take any responsibility In the event any
electronic communications fail to reach you.
Your contract with WorldFirst
When you acquire a product from us you are entering into
a contract with WorldFirst in relation to the product. That
contract is made up of:— the account opening application form;— the description of the products in this PDS; and— the terms and conditions provided to you (this is usuallypart of the account opening application form, but may
include extra documents).
The account opening application form and our standard
terms and conditions are separate documents to this PDS.
The terms and conditions and description of fees andproducts within those documents forms part of this PDS. A
copy of those documents are available upon request, at nocharge, by contacting us using the details at the beginningof this PDS.
We will send you a receipt for each foreign exchangetransaction you place with us. Please ensure that you
verify the information contained on the receipt. If there
is a discrepancy please contact us immediately using thecontact details at the beginning of this PDS. If we do nothear from you, we will proceed as instructed and you will bebound by the information we have provided to you (which
To the extent of any inconsistency, the terms of this PDS
prevail over any other terms and conditions.

2. About usWorldFirst is authorised to give both retail and wholesaleclients general and personal advice in relation to “non-cash
payment products”, and “foreign exchange contracts”. Put
simply, this involves advising you about different types ofmoney transfer or currency exchange services.
WorldFirst is also authorised to deal in relation to thosesame products. This means that we can help you toand complete the transactions for you.
WorldFirst is also authorised to “make a market” for foreignexchange contracts. This allows us to quote market prices
to you.
World First Pty Ltd is a wholly owned subsidiary ofWorldFirst UK Limited.

3. How to open an account withWorldFirstYou are required to:— Complete an account opening application form;— Read and accept our terms and conditions;— Submit supporting documentation as indicated on theapplication form.
These forms and the supporting documentation must becompleted, signed, and returned to us via facsimile, mail,email, or in person. Upon receipt of these documents we willconduct an analysis process to approve you as a customer.

4. Introduction to foreign exchange
contracts
Foreign exchange contracts help you transfer one currency
into another currency. Some types of foreign exchange
contracts are also a risk management tool used to obtainprotection against adverse exchange rate movements. They
involve an agreement between you and us to exchange one
currency for another on a pre-agreed date.
WorldFirst specialises in two types of foreign exchange
contracts:
Spot Contracts
This is a foreign exchange contract for buying and sellingcurrency where the settlement date is between 1 and 2
business days after the date of entering the contract.
Forward Contracts
This contract is similar to a spot foreign exchange contract,
except that a Forward Contract allows you to buy or sell
one currency against another for settlement at a later date(typically between 3 business days to 24 months). Forward
Contracts are generally used by businesses or individualsThis provides the ability to manage exposure to currency
World AccountWorldFirst’s World Account is the core product offering where
all foreign exchange transactions, including Spot and Forward
contracts will be administered. The World Account is both acollections and payments account that will be used to receive
payments and hold funds in foreign currencies, and fundSpot and Forward Contracts when you need to send
payments.

5. Firm Orders
You can arrange for your spot or forward contract to comeinto effect at a time in the future, when a certain exchange
rate (“Target Rate”) is reached. We call this a “Firm Order”.
When the Target Rate is reached, your spot or forward
transaction will either open or close in accordance with yourinstructions.
We offer the following types of Firm Orders:2Limit Order
A Limit Order means that your contract is scheduled tocome into effect if the market price meets a Target Rate thatis more favourable to you than the market price at the time
you place the order. Limit Orders can be used to lock in a
rate that is better than the one available at the time that you
place the order.
Stop Loss
A Stop Loss means that your contract is scheduled to comeinto effect when the market price meets a Target Rate thatis worse than the rate at the time you place the order. A Stop
Loss can be used to limit potential losses for example toclose an open positon if the market moves against you to
the Target Rate.
OCO (one-cancels-the-other)
An OCO means that your transaction has both a Limit Orderand a Stop Loss attached. The transaction will occur wheneither of the Target Rates are met with the other order being
cancelled.
Firm Orders are not separate products. Rather, they area means by which you can order your foreign exchangetransaction to take place. You can cancel your transaction at
any time before the Target Rate has been met. This meansthat the transaction will not proceed and you will havecancelled an Order to which paragraph 6.7 of our Terms andConditions applies.
While Firm Orders can provide less exposure to market
movements and more certainty about your total risk
exposure, a Firm Order does not change the features of the
spot or forward contract or the nature of the associated risks
as disclosed in this PDS.

6. Spot Contracts
Foreign exchange spot contracts are a basic tool for
exchanging currency and are the simplest method ofmanaging foreign exchange risk.
nt beneof Spot Contracts

An extremely efficient and easy way to repatriate overseas
earnings, make a foreign currency payment and manage
foreign exchange risk.
nt risks of Spot Contracts— The risk that your money may be delayed or lost due toan event or incident of a sovereign, strategic, political— or governmental nature in any of the countries in which— WorldFirst operates. In such an event, WorldFirst
would attempt to recover your money. If WorldFirst
executed the transfer, with knowledge that such an
event or incident had occurred, and did not notify youof the additional risk when making the transfer, thenWorldFirst would refund your transfer, less the transfer
costs.
— There is a risk that your money may be delayed or lost
due to unforeseen circumstances. WorldFirst will not

the case law of Australia. This includes catastrophic
disasters, terrorist attacks and other events that affectour services.
— The spot exchange rate can be volatile even over a shortperiod of time such as 1 trading day. Therefore, you may
the same day.
How do foreign exchange Spot Contracts work?
To exchange currencies at the current foreign exchange rate,
you advise us of the following information:
—
—
—
—
—

The amount of money you wish to exchange.
The two currencies involved.
Which currency you would like to buy or sell.
The date by which your currency will arrive in theWorldFirst bank account.

We will then quote you a spot rate. If you accept the rateover the phone, then you are bound to the transaction. We
send the agreed amount to our nominated bank accounton the agreed date. On receipt of your funds, we make thecurrency conversion at the agreed foreign exchange rate
which was based on the prevailing spot exchange rate at thetime of the transaction.
We then arrange for your bought currency to be sent to thebank account nominated by you or credited to yourWorld Account.
Example of a Spot Contract
For example, Mr. Smith is buying a boat from Europe andneeds to send EUR 100,000 to the boat builder’s bankaccount in France immediately.
Assuming Mr. Smith has an account with WorldFirst, hetelephones WorldFirst and asks for a quote to buy EUR
100,000 and sell Australian dollars for settlement in 2
working days’ time. WorldFirst quotes him a rate of 0.7500.
Mr. Smith accepts the rate of 0.7500 and WorldFirst sends
payment the next day to WorldFirst’s Australian bankaccount for AUD 133,333.33 and informs WorldFirst where
to send the Euros.
WorldFirst receives the AUD 133,333.33 the next day.
The next day (2 days after agreeing to the rate), WorldFirst

7. Forward Contracts
Forward Contracts allow you to buy or sell one currency
against another for a set settlement date typically between
3 business days and 24 months from the date of the deal.
Forward Contracts are used by companies or individuals

3

in order to manage their foreign exchange exposure andnt beneof Forward Contracts— A simple way of managing future currency exchange
risk and negating any unfavourable movements in
exchange rates.
—
currency in the future. This means that you know what
you will have to pay on a future date. This allows for— you are not sure of the exact date that you will need
the funds, you will still be able to specify a specialdelivery period.
This means you will be able to draw down on the funds
within an agreed period of time.

—delivery date. This means it does not allow you to takeadvantage of a favourable movement in the exchange
rate.
— If you use the forward exchange contract to cover anobligation that ceases to exist, or it changes prior to thedelivery, then the contract may need to be closed out.
This means you may incur a loss or be required to takeout further currency protection to cover the changed
exposure.
— A relatively small margin (typically between 3% to20%) of the total transaction is required to enter
into a forward exchange contract. This margin only
represents a small percentage of the transaction; themarket value will be determined by the full amount of
the transaction. The contract is therefore susceptible
to small movements in the market leading to large
impact on the funds you have deposited and may
require you, on short notice, to provide additional funds
to cover margin payments and your position. Margin
call amounts will vary depending on, but not limited
to, notional value, currency pair and market volatility.
A failure to meet the margin call can result in theenforced liquidation of your exchange position as wellas additional losses.
How do Forward Contracts work?
To conduct a forward foreign exchange contract, you advise
us of the following factors:— The amount of money you wish to exchange;— The two currencies involved;— Which currency you would like to buy or sell;— The future settlement date.
We will then quote you a forward rate and tell you what
deposit you will need to send us in order to enter into thisforward contract.
If you accept the rate over the phone, you are bound to thenotice. You send the agreed margin amount so it reaches our
nominated bank account on the agreed margin settlement

date. On or before the settlement date of the forward
contract, you send the balance of the forward contract toour nominated bank account. On receipt of your funds,
we make the currency conversion at the agreed foreignexchange rate which was based on the prevailing “forward
exchange rate” at the time that the transaction was originallyentered into. We then arrange for the purchased currency to
be sent on the pre-agreed settlement date of the contract toyour nominated bank account.
Example of a Forward Contract for an importer
For example, An Australian Company, BC Importers, isimporting a boat from Europe and needs to send EUR
100,000 to the boat builder’s bank account in France in 3
months’ time when they are due to take delivery of the boat.
Assuming BC Importers has an account with WorldFirst,
the authorised company employee (the Finance Director for
example) telephones WorldFirst and asks for a quote to buy
EUR 100,000 and sell Australian dollars for settlement in 3
months’ time.
WorldFirst quotes him a rate 0.7800 and informs him that
we will require a 10% initial margin of AUD 12,820.51 to be
paid within 2 days.
BC Importers accepts the rate of 0.7800 and WorldFirst
sends a trade conation notice. The employee makes
a bank payment the next day of AUD 12,820.51 which is amargin payment that guarantees him the exchange rate of
0.7800 that WorldFirst has quoted him.
In 2 months time, the AUDEUR spot rate is trading at
0.8600; WorldFirst must margin call BC Importers as theclose-out cost of the contract is over 9% of the 10% initial
margin established. WorldFirst would issue a margin call foran additional AUD 12,820.51 that must be paid within 2 daysin order to keep the position open. BC Importers pays therequired margin call and now has AUD 25,641.02 in margin
held against the forward contract.
In 3 months time, BC Importers sends WorldFirst thebalance of AUD 102,564.11 and informs WorldFirst where tosend the Euros. WorldFirst receives the AUD 102,564.11 andin total, has received AUD 128,205.13 from BC Importers.
The day after that WorldFirst sends EUR 100,000 to they in France that BC Importer
bene
Margin amounts for Forward Contracts
We may require you to pay a deposit (typically between 3%
to 20%) before entering into the transaction.
We may also, in our sole discretion, require payment of amargin amount from you at any time during the term of a
Forward Contract prior to its maturity. Any margin amountrequired by us will need to be paid by you before the expiry of
the second business day after our request. Failure to do
so will constitute a default of the terms of the contract andyou will be liable for any costs associated with the closure ofyour contract. This may include the forced liquidation ofyour position as well as additional losses which can include
your initial deposit and previous margin payments.
We would typically require further margin amounts if there4was an adverse movement in the relevant currency pair. Margin
call amounts will vary depending on, but not limited to, notional
value, currency pair and market volatility.

8. World Account: Collections andPayments accountOur non-cash payment facility, the World Account, enables you
to send and receive online payments in multiple currencies.
The World Account is designed to support only commercial
transactions and will facilitate all client transactions including
Spots and Forwards.
nof the World Account— Use your World Account to send and receive payments
in multiple currencies.
— Make secure payments without using your bank accountor credit card number.
— Use your World Account as a convenient funding source
for foreign exchange contracts entered into with WorldFirst.
- clients can withdrawal funds from their own bank account- clients can make fixed payments to their currency accounts- pay multiple beneficiaries in a single trade— No account opening or monthly fee. Instead, you only pay forforeign exchange contracts that you enter into with WorldFirst.
— You can receive and make payments in AUD without the needto enter into a foreign exchange contract.
— World First applies anti-fraud controls designed to prevent
unauthorised access to your World Account.
nt risks of the World Account— Despite the anti-fraud controls applied by WorldFirst, there is arisk your World Account may be accessed by an unauthoriseduser or subject to another type of fraudulent activity.
— When you use your World Account to make payments, there isa risk that the funds may be sent to an incorrect beneﬁciary.
Similarly, there is a risk that third parties who intend to send
payments to your World Account may send those payments toan incorrect account. Despite assistance that WorldFirst may
provide, there is a risk that funds sent to an incorrect beneﬁciary
will be permanently lost.
— You will not be able to use your World Account to complete an
intended payment if your World Account holds insufficient
funds (including any fees payable on entering into a foreignexchange contract) to cover the payment.
— You cannot use a bank account or credit card to add funds toyour World Account, which is funded only through payments
you receive from third parties. If you do not use or withdraw thefunds stored in your World Account within 90 days of receiving
them, WorldFirst will remove those funds by crediting them to abank account held in your name.
— You cannot use your World Account to send or receive
payments to or from another World Account.
— The World Account can be used to send or receive payments ina range of currencies, but there are some currencies that
WorldFirst does not trade in.
— You cannot use the World Account to facilitate payments
relating to personal or domestic transactions.

Tailored and Flexible
A major benefit of entering into a foreign exchange contract isthat you can tailor the transaction to meet yourcircumstances. Unlike exchange traded products, our contracts
are not standardised and can be personally tailored to suit yourrequirements. For example, WorldFirst allows you to enter intotransactions in small amounts and the settlement date isnegotiable, whereas exchange traded products are a standard
size and cannot be varied in duration.
How does the World Account work?
The World Account consists of separate individual currency
accounts assigned to you. You must tell WorldFirst whichcurrencies you would like to send and receive funds using yourWorld Account. WorldFirst will credit your currency accounts
with funds received using the unique account numbers you will
be provided for and assigned to each currency account.
The funds will be credited using the same currency received on
condition that the correct unique currency account number isused on the inward payment. If the incorrect currency is sent toWorldFirst, it may be automatically converted by the applicablecounterparty institution, and at an exchange rate outside
WorldFirst’s control.
WorldFirst will make payments from your World Account when
you instruct us to do so, and will rely on the beney andother payment information that you provide to us. You may use
the funds held in your World Account to make payments in
AUD, or in a foreign currency.
Where you instruct us to make a payment in a currency that is
not held in your World Account, or which you hold in insufficientquantity, you can enter into a foreign exchange contract tofacilitate the payment.
Example of using the World Account to fund a foreign exchange
contract
Company A opens a World Account with WorldFirst. For thisexample Company A decides to register for a range ofcurrencies, including AUD, USD, GBP, NZD, EUR and CAD
among others.
Company A can use these currency accounts to receive andalso send funds.
Company A receives GBP 10,000 from an online marketplace
for goods sold and shipped to Company A’s UK customers.
These funds are received directly into Company A’s GBP
currency account within the World Account.
Company A needs to make payments to Company B (one of
their suppliers in the UK) in GBP and Company C (a supplier in
the US) in USD.
Company A uses the World Account online platform to send apayment of GBP1,000 from their GBP balance to Company B.
This transaction attracts a xed transfer fee of GBP9 is payable
to WorldFirst (costing Company A a total of GBP1,009).

5

Company A buys USD3,000 from WorldFirst at a rate of 1.30
using 2,307.69 of their GBP balance and sends a payment of
USD3,000 to Company C.

Real time quotes

Finally, Company A converts the remaining GBP balance of
6,683.31 into AUD at a rate of 1.76, sending a payment of
AUD11,762.63 to its business bank account in Australia.

WorldFirst uses sophisticated technology and/or liquidity
providers (counterparties) in order to offer you up-to-theminute quotes. You may check your account and positions
in real time and you may do so 24 hours a day and transact
based on real- time information.

910

nt beneof our products

Our products provide important risk management tools for
those who manage
ket exposures. WorldFirst
offers its clients the ability to buy and sell foreign currency
using Spot Contracts or Forward Contracts. This enables
clients to protect themselves against adverse market
swings. The significant benefits of using products offered
by WorldFirst as a risk management tool are to protect yourexisting portfolios or exchange rate and provide cash ow
certainty.
In addition to the bene
et out in the sections of this PDS
dealingroducts the following bene
ayalso be applicable:
Manage Volatility
WorldFirst offers clients a way of managing volatility thatenables clients to protect themselves against adverse
market movements yet secure enhanced market rates
when offered. Clients, in normal market conditions, canminimise downside risk by the use of “stop loss” orders. In
addition, clients may also use limit orders which allow themthe opportunity to bene from favourable upside market
movements.
Provide Cash Flow Certainty
By agreeing a rate of exchange now for a time in the future
you will determine the exact cost of that currency, thereby
giving certainty over the ow of funds.
Tailored and Flexible
A major bene of entering into a foreign exchange contract
is that you can tailor the transaction to meet yourcircumstances. Unlike exchange traded products, ourcontracts are not standardised and can be personally
tailored to suit your requirements. For example, WorldFirst
allows you to enter into transactions in small amounts
and the settlement date is negotiable, whereas exchange
traded products are a standard size and cannot be varied in
duration.
High Level of Liquidity
The foreign exchange market is very liquid enabling
WorldFirst to efficiently manage its risks by entering intotransactions with its hedging counterparties. The liquidity
comes mainly from large and smaller banks that provide
liquidity to investors, companies, institutions and othercurrency market players.

nt risks explained

You should be aware that trading in the foreign exchange
products offered by WorldFirst involves risks. It is importantthat you carefully consider whether trading our products isappropriate for you in light of your investment objectives,
ation and needs.
WorldFirst recommends that you do not risk money that you
are not in a position to lose and that you adopt a philosophyof capital preservation and implement risk mitigation
techniques (such as the use of stop loss orders).
In addition to the risks set out in the sections of this PDS
roducts the following risks may also
dealing
be applicable:
Market Volatility
Markets are subject to many inwhich may result in
rapid ctuations and re ct unforeseen events or changes
in conditions with the inevitable consequence being market
volatility.
Given the potential levels of volatility in themarkets, it is therefore recommended that you closely
monitor your positions with WorldFirst at all times.
In certain market conditions such as during extreme pricevolatility in markets, quotes provided by WorldFirst may‘gap’. A gap means that a price may unexpectedly jumpfrom one price level to another without trading at rates in
between those two price levels or quotes. It is not possible
for us to predict when a price ‘gap’ will occur or by how
much. Price gaps are generally a result of unexpected news
or previously unknown data being released (e.g. news ofterrorist attacks, revaluation of a currency, geopolitical
upheaval or natural disasters). In such an event WorldFirst
reserves the right to make cash adjustments where there
have been losses incurred by us as a result of an order you
have active on the trading platform.
Counterparty Risk
Given you are dealing with us as a counterparty to everytransaction, you will have an exposure to us in relation
to each transaction. In all cases, you are reliant on ourability to meet our obligations to you under the terms ofeach transaction. This risk is sometimes described ascounterparty risk.
We may choose to limit our exposure to our clients byentering into opposite transactions as principal in thewholesale market.
You are also subject to our credit risk. If our businessbecomes insolvent we may be unable to meet our
obligations to you.
6In addition, WorldFirst must comply with therequirements imposed under our AFSL.

sets out these powers and you should fully understandthem.

In the event of insolvency of WorldFirst, you will be an
unsecured creditor to the extent that you have a claim
against us for amounts you have already paid under anexisting contract that has not been settled. The extent towhich you may recover your proportional entitlement will
be determined by applicable insolvency laws subject to any
contractual arrangements you have with us (e.g. the set-off
and netting rights of WorldFirst against client money, under
our terms and conditions).

Cyber Risk

However, we may agree at times for you to place money inour designated client money account, say, if you anticipate
making trades in the future but have not nominated thefunds for a particular trade or trades. In this situation, thefunds are segregated from our own funds and property.
This means that they are not available to pay generalcreditors in the event of receivership or liquidation byWorldFirst. However, in that situation, by paying us moneyin this way, you authorise us to retain any interest onthat money, and to use that money (including to deduct
reasonable fees) in any way agreed to as set out in this PDS,
the terms and conditions, or as otherwise agreed with you.
Important Information about the Financial Claims
SchemeAs WorldFirst is not a bank, building society or credit union,
any amounts you hold with us are not covered under the
Financial Claims Scheme.
The Financial Claims Scheme is administered by theAustralian Government to protect depositors from potential
loss due to the failure of these institutions. For more
information, see https://www.fcs.gov.au/
Because the Financial Claims Scheme only applies tobanks building societies and credit unions, any amounts
with WorldFirst is not deemed a deposit, and therefore, theFinancial Claims Scheme would not apply in the event ofWorldFisrt’s failure.
Transactions are not Transferable
As each transaction you enter into with us is a transaction
between you and WorldFirst and is not traded on an
exchange or market, you will not be able to sell, transfer orassign the transaction to any other person.
Abnormal Market Conditions or Force Majeure
WorldFirst reserves the right to close out some or all of youropen transactions between you and WorldFirst if an event
occurs that is beyond your or our control, where such event
either wholly or partially prevents, hinders, obstructs, delays
or interferes with your ability to meet your obligations under
the Client Agreement.
Discretionary Powers of WorldFirst
Under our terms and conditions, we have a number of
discretionary powers which may affect your trading
activities. We refer you to the terms and conditions which

WorldFirst makes use of electronic communications toprowith any electronic
communication, there is an element of cyber risk that can
to misuse or technology faults.
The Board and Management of WorldFirst take cyber risk
seriously. An Information Security function has been set up
to minimize the cyber risk posed to our customers; however
there are circumstances where cyber risk is out of ourcontrol. This includes without limitation, a possibility that
we are fraudulently instructed to pay a f
y,invoice or other reasons that may lead to loss of client funds.
In majority of cases, this is because the client has suffered acyber attack or fraudulent access to their communications
system. To help better protect yourself and your online
accounts WorldFirst offers guidance https://www.worldfirst.
com/au/help-support/online-security/

11. How we are paid
For all cross currency transactions, we earn income on themargin between the wholesale cost of currency, and the costat which we offer the currency to you. The margin that ischarged is determined according to a complex calculation,
taking into account the availability of the currency you arebuying or selling, market volatility, the pre-agreed settlement
date and the value of the transaction.
Please review our current Financial Services Guide for more
information about how we are remunerated. You can request
a copy of this document free of charge by contacting ususing the details at the beginning of this PDS.
We also receive some fees, which are explained below.

12. Costs of the products
Fees will be charged for most payments. Our fee structure isbased on the destination currency and location of the beneficiary.
For payments made domestically in locally currency, such as a
USD payment to a US based beneficiary, the fee will be USD$2.50.
For payments made internationally, such as a USD payment toHong Kong (China), the fee will be USD$10. Fees vary by currency
and are charged in the destination currency.
The above fee structure will apply to all clients unlessotherwise stated/agreed with WorldFirst or if you havepreviously made non-standard arrangements with youraccount manager. Fees and/or margins apply to same
currency transactions. Fees and/or margins charged may varyon weekends and/or public holidays to account for potential
exchange rate fluctuations.
There is also a margin (described above) which is built into the cost of the currency which we quote to you. It is not in
addition to the quoted price. The margin that is charged
generally ranges between 0.1% and 1% per transaction. The
size of the margin will depend on the current interest rates,
the availability of the currency you are buying or selling,
market volatility, our relationship with you and the value of thetransaction.
7

Additional margin may be applied to forward transactions andwill be agreed with you up front and clearly displayed at the pointof booking the transaction. We may also apply a margin (%) fee
to collect certain currencies into your virtual accounts, based on
the source of those funds. This fee will generally range between
0-0.5%.
Other banks that receive your funds or act as an intermediary
may charge you fees which are often unknown or out of thecontrol of WorldFirst.

13. Terms and Conditions
Our terms and conditions are provided to you at the beginningof the registration process and must be read and signed before
a contract is entered into.
In addition to the terms set out in this PDS, when you use ourservices you will be bound to WorldFirst’s terms and conditions
as amended from time to time.
WorldFirst may choose to provide you with general advice. For
example, this PDS may include some general advice. Thatmeans that, unless stated otherwise, we do not take into
account yourctives,ation or needs,
and you will need to decide yourself whether the product isappropriate for you.
You should read this document in detail to help you form thatdecision. In the event that you do receive personal advice thatsituation anddoes take into account your objectives,
needs, then you will receive a separate Statement of Advice(SOA).
There is no cooling off period for any product offered byWorldFirst. Should you change your mind after entering into atransaction with WorldFirst you should close out your position
by taking an opposite transaction.
WorldFirst is not liable for any loss that arises from incorrect
ation information being provided by you or from any
iden
quoting errors in a currency rate quotation.
You will be required to indemnify WorldFirst for any loss that
occurs as a result of WorldFirst acting in good faith on yourverbal or written instructions.
You must provide all information to us which we reasonably
require of you to comply with any law in Australia or any othercountry. In particular, you must provide adequate iden
ation
before you can use our products or services.
WorldFirst may delay, block or refuse to enter, adjust orcomplete a transaction if WorldFirst believes on reasonablegrounds that making the payment may breach any law inAustralia or any other country, and WorldFirst will incur noliability if it does so.
WorldFirst may disclose any information that you provide to
the relevant authority where required by any law in Australia or
any other country.
Unless you have disclosed to WorldFirst that you are acting intrustee capacity or on behalf of another party, you warrant thatyou are acting on your own behalf when purchasing thisproduct from WorldFirst. When you use our services, you arepromising that you will not breach any law in Australia or any
other country.

We accept payment from you via electronic transfer, or cheque.
We reserve the right to refuse cheques. We do not accept cash.
Money is considered to be “received” by us when it has clearedin one of our designated accounts.

14. Providing instructions bytelephone
When providing instructions by telephone, you will need toation information.
provide WorldFirst with adequate iden

15. How we handle your money
We will notify you of a number of nominated bank accounts
where you should transfer your money. Those accounts are
owned by WorldFirst, but used solely as segregated client
accounts, separate to the company’s own operating
accounts. We have processes in place to govern how thatmoney is handled.
Any money you pay us when you purchase one of the
products described in this PDS becomes our money at thetime of payment, and we have a corresponding obligation to
you under the relevant contract to make the payment orprovide the option, depending on the arrangement.

16. Stopping or cancelling a payment
We reserve the right to cancel any contract immediately incircumstances set out in our terms and conditions. Those
circumstances include (but are not limited to) yourinsolvency, non-payment or late payment, or for a breach by
you of our terms and conditions.
We may, in our discretion, agree to a request from you tocancel or alter any exchange contract you have entered intowith WorldFirst. If, at your request, WorldFirst cancels oralters your contract you will have to pay to WorldFirst acancellation fee (of up to 0.05% per day of the sale currency
amount until the closing out of the order), an administrationfee (of up to $100) and any costs and/or exchange rate
losses that are incurred by WorldFirst. WorldFirst takes noresponsibility for any consequences resulting in an incorrect
payment caused by you.

17. Tax implications
Using foreign exchange contracts can create tax
implications.
Generally, if you make a gain attributable to an exchange
rate or price ctuation then that part of the gain is included
in your assessable income. Conversely, if you make a loss
attributable to an exchange rate or price ctuation thenthat part of the loss is deducted from your assessable
income.
However, the taxation laws are complex and vary dependingon your personal circumstance and the purpose of yourcurrency trading. You should discuss any taxation questions
you may have with your tax adviser before using our
products or services.

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18. What are our different roles?
WorldFirst is the product issuer. This means that we provide
the facility you use to transfer money, and do not act on behalfof anyone else.
WorldFirst is also the service provider. Our representatives cangive you general or personal advice and help you use the moneytransfer service. This role is undertaken on behalf of the
product issuer.

19. Would you like more information?
You canre about this product by contacting ususing the details at the beginning of this PDS. You can also
look at our website for more information.

20. What should you do if you have acomplaint?
We have procedures in place for dealing with complaints promptly.
In the event you have a complaint about the service provided,
you can:a. Contact your WorldFirst representative and discuss yourcomplaint.
b. if your complaint is not satisfactorily resolved within 2 weeks,
please contact by telephone or in writing: Complaints Officer
World First Pty Ltd complaints.aus@worldfirst.com
c. If the complaint cannot be resolved to your satisfaction you
have the right to refer the matter to the Australian Financial
Complaints Authority (AFCA) which is an external dispute
resolution scheme, of which WorldFirst is a member.
You can contact the AFCA at:
GPO Box 3,
Melbourne, VIC 3001, Australia.
Phone: 1800 931 678
Fax: (03) 9613 6399
Email: info@afca.org.au
Website: afca.org.au
d. The Australian Securities and Investments Commission (ASIC)
also has an Infoline phone (1300 300 630) which you may callto obtain information about your rights.

21. Protection of personal information
WorldFirst collects personal information about you so that it can
provide the products described in this PDS to you, and so that it
can operate its business.
Also, some laws require us to collect and hold personal
information. These requirements include (but are not limited to)requirements set out in the Corporations Act 2001 and associatedregulations, and the Anti-Money Laundering & Counter Terrorism
Financing Act 2006 and associated rules.
WorldFirst does not disclose any non-public personal or financial
information about its customers to third parties, except aspermitted by law and as necessary in processing and conducting
the transaction you have requested and authorised. Third parties
that we may need to disclose your information to in order to meetthese purposes include banks, compliance consultants andgovernment bodies..

You can access any personal information that we have about
you, upon request. If you don’t provide information to us
that we request, we may be unable to provide or continue
providing, services to you. You can contact us using thedetails at the beginning of this PDS to request a free copyof our full Privacy Policy

22. Glossary
AFSL — Australian Financial Services Licence.
AUD — Australian dollars
Base Currency — The currency being priced in terms of
the other and the rst currency quoted in a currency pair.
For example, in this pair AUD/USD, the AUD is the basecurrency.
Foreign Exchange Rate — This is the price at which one
currency can be bought or sold in exchange for anothercurrency.
GBP — Great British Pounds.
Margin Amount — An amount of money, also known as amargin call, that we may require from you if you have an
open foreign exchange transaction and we consider thatyour position is exposing us to risk. For example, if yourcontract requires you to trade at a rate that is 10 per centless favourable than the prevailing spot rate, we may ask you
to pay a margin amount.
Representative — Includes a director or employee ofWorldFirst, and a director or employee any company related
to WorldFirst.
Settlement Date — This is the date that WorldFirst instructs
a payment from a bank account to the client’s nominatedbank account, and the date that cleared funds should bereceived by WorldFirst from clients.
Spot Market — The global spot foreign exchange market,
which for the purposes, shall, unless otherwise agreed, be
treated as being open continuously, in any week, from 18:00
GMT on Sunday until 01:00 GMT Saturday.
Spot Rate — The spot currency exchange rate for theCurrency Pair prevailing at any time in the Spot Market.
Terms Currency — The pricing currency and second
currency quoted in a currency pair. For example, in the quote
AUD/USD, the USD is the terms currency.
USD — United States Dollars.

23. Governing Law
Any legal questions concerning the Terms and Conditions,the agreement between you and WorldFirst (which isgoverned by these Terms and Conditions), will be decided
under the laws of New South Wales Australia.

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