A Receiving Account is a set of bank account details in your name that allows you to collect bank transfers in one or multiple currencies. By providing your payers with the account details, your payers will be able to make bank transfers to you and the funds will be reflected in your World Account balance.
Your World Account holds the pooled balance of all your Receiving Account collections by currencies. For example, you can have multiple USD Receiving Accounts, but funds transferred to all of them will be reflected in your USD World Account balance.
As of May 2024, with the World Account, you’ll be able to open Receiving Accounts in the following currencies: USD, EUR, GBP, AUD, CAD, HKD, JPY, SGD, NZD, CNH, AED, PLN, CHF, SEK, MXN, CZK, TRY, ILS, ZAR, SAR, THB (non-Thailand users only) and MYR (the currencies supported is subject to where you’re registered). You can open up to 14 Receiving Accounts in any currency denomination we offer. If you need additional Receiving Accounts, please contact your Relationship Manager.
*Due to local regulations, some of the Receiving Accounts will be held under the name of WorldFirst or AliPay.
Those special cases are:
- CITI JPY account holder name is WorldFirst Japan K.K.
- DBS USD account holder name is Alipay Merchant Service
- HSBC THB/MYR/IDR account holder names differ based on the clearing network
With the Receiving Accounts, you can receive payments from several sources:
- 120+ Marketplaces, such as Amazon, etc
- Payment service providers, such as Stripe, etc
- Your company’s or your own bank account
- Other business or individual’s bank account
- Tax refunds
If you’re a sole proprietor, you can receive payments from marketplaces, tax authorities, and your own personal bank account.
If you’re a limited company, you may receive payments from eCommerce marketplaces and payment service providers, tax authorities, your own personal bank account, and other approved third-party sources.
To protect your account against fraud, we may request additional information from you before we can release a payment to your account. You’ll need to provide supporting documents such as invoices or contracts.
Open a Receiving Account
- In your World Account dashboard, go to the “Collection” tab. Then click on “Manage Accounts” > “Add a New Receiving Account“. You can then select the currency of your Receiving Account
- Once the account is set up, you can click on “Details” to get the account details
