What is 1st Contact?
1st Contact is one of the best international money transfer companies which was established in 1995. Since that period, it has been offering services targeting areas such as immigration, tax returns, forex, contracting, travel, and shipping. However, for the last 18 months, 1st Contact has been rebranding to Sable International.
Is 1st Contact safe?
Regulations and security
In the UK 1st Contact, is registered with the Customers and HM Revenue as a business offering money services. It is also regulated and approved by the Financial Authority. When it comes to Australia, 1st Contact is registered with the Australian Securities and Investments Commission. Notably, 1st Contact is licensed in South Africa by the Financial Services Board. Additionally, Sable FX, the first sister company of 1st Contact, is also registered under the Companies Ordinance.
The 1st Contact website platform uses the 128-bit SSL encryption technology. Through this technology as a customer, you will be assured that your personal information and transaction details are protected from authorized access.
1st Contact Exchange rates and fees
If you use the 1st Contact platform, you will be charged a margin ranging from 1.5% to 2% depending on your transaction currency. Generally, transfers above £2,000 are free while the ones which are below this amount attract some fees depending on destination and transfer size. For example, if you make transfers from the UK to Australia, you will be charged £2 while all transfers from the UK to the Eurozone cost £5. In addition, the recipients may be charged some fees depending on their home country and bank. Sadly, 1st Contact does not have control over such fees.
There is neither minimum nor maximum transfer limits. One of the reasons why there is no maximum limit is because there is an additional exchange rate margin. On the other hand, there is no minimum limits since the exchange fees are fixed.
1st Contact Transfer speed
Transfers made through 1st Contact are usually delivered the same day. However, in some cases, transfers may take up to 3 days depending on the mode of transfer and the destination you choose.
Initially, 1st Contact used to offer only spot rate forex transfers. However, upon its merger with Sable international, customers can benefit from the services highlighted below.
With the forward contract, clients are allowed to buy currency on a specific date in the future but using the agreed current price.
A limit order implies that clients are free to select a specific rate and their transactions will not be completed until it matches the market exchange rate. This kind of order is highly beneficial especially when one does not need money immediately.
The stop-loss order is similar to the limit order. However, clients who choose this kind of order are required to select a rate that is below the current market exchange rate. Sadly, if the market rate does not favor you when you are exchanging your funds, 1st Contact will not offer you any protection.
OCO order means one-cancels the other order. It refers to a pair of conditional orders whereby when one order is executed, the other order is canceled automatically. Under the automated 1st Contact money exchange platform, an OCO order combines a limit order and a stop order. When any of the orders’ rate is reached, the order is executed while the other order is canceled by the system automatically. In case you are an experienced money transfer trader, you can use the OCO orders in mitigating the market risk.
Advantages of using 1st Contact
• If you are making transfers above £2,000 you will not incur any fees and even the fees you incur below this amount are minimal.
• 1st Contact offers the best exchange rates compared to many of the banks around the world.
• The web app is very simple and straightforward to use.
• Customers can also benefit from additional services like accounting and immigration.
Disadvantages of using 1st Contact
• Not all countries around the world are allowed to make money transfers using 1st Contact platform.
• 1st Contact does not have a mobile app and customers are required to make their transfers using a web application. However, the web app is mobile optimized.
1st Contact Review
1st Contact has a highly experienced team of professionals who have assisted more than 50,000 clients in making money transfers. Notably, 1st Contact has an excellent customer support team.