WorldFirst vs Wise: Account Comparison
Last updated: 30 July 2024
Searching for the best international business account in Australia? We compare WorldFirst with Wise Business.
Key takeaways
- WorldFirst allows you to open currency accounts for free. Wise charges AUD 22 per currency account
- Payments between World Accounts or Wise users are instant and free
- WorldFirst supports over 20+ currencies; Wise supports 18
Introduction
WorldFirst and Wise both offer business bank accounts in Australia for making secure international transactions. But which one can support your business’s global expansion?
Let’s compare the World Account with the Wise Business account.
Table of Contents
What is WorldFirst
WorldFirst, an international payment provider, is part of Ant Group. Almost one million businesses have partnered with WorldFirst to streamline cross-border transactions.
The World Account is a multi-currency account that lets you pay, get paid, hold and convert funds in over 20 currencies. You can receive payments from global customers, international marketplaces and payment gateways, make fast payments to suppliers securely, convert funds when it suits you or withdraw the money to your bank account.
What is Wise?
Wise offers accounts that enable you to send and receive payments in multiple currencies. They provide both personal and business accounts and support over 300,000 businesses worldwide. Additionally, Wise offers a virtual business debit card for an extra cost. [1]
WorldFirst vs Wise: The fees breakdown
Registering
| WorldFirst | Wise | |
|---|---|---|
| Monthly Fee | Free | Free |
| Multi-currency account | Free (20 Currencies) | AUD 22 (18 Curriencies) |
Receiving payments
| WorldFirst | Wise | |
|---|---|---|
| Recieve funds | Free | Free for AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, JPY, NOK, NZD, PLN, RON, SEK, SGD, TRY and USD (non-wire)
USD wire payments cost USD 6.11and CAD SWIFT payments cost CAD 10 |
| Hold funds in multiple currencies | Free | Free |
Sending Money
| WorldFirst | Wise | |
| Users in the same network | Free and instant to other World Account users | Free and instant to other Wise users |
| Sending payments to other accounts | + up to 0.6% currency conversion fee(competitive FX rates for all major currencies) | From 0.33% (fee varies by currency) |
| Paying 1688.com suppliers | Up to 0.8% currency conversion fee | Not supported |
| For businesses with AUD 100,000+ monthly volume | Custom pricing for greater savings | Wise charges a 0.4% fee for sending large amounts over AUD 40,000 (In comparison, transaction fees for transfers below AUD 40,000 is 0.04%) [3] |
*Fees as checked at the time of writing this blog in June 2024.
AED
AUD
CAD
CHF
CNH
EUR
GBP
HKD
JPY
MXN
NZD
PLN
SEK
SGD
USDExchange rate as of 09:57 UTC
The exchange rate is updated frequently and is for informational purposes only. The actual rate offered to you when making a payment will be confirmed before booking the payment.
World Account vs Wise Business Account: Feature comparison
Supported currencies
WorldFirst and Wise Business offer multi-currency accounts to their customers. With one account, you can open multiple local currency accounts to send, receive and hold funds in various currencies. For each account, you get an account number and bank details.
| WorldFirst | Wise Business [2] | |
|---|---|---|
| Multi-currency account fee | Zero | AUD 22 |
| Local currency account details | 20+ currencies (including GBP, USD, EUR, AUD, JPY, NZD, SGD, HKD, CNH and CAD). WorldFirst can also provide offshore accounts for AED, CHF, SEK and PLN. |
18 (Including AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY and USD) |
| Currencies supported for sending and receiving funds | 40+ currencies | 40+ currencies |
| Countries supported | 130 countries and regions supported | 190+ |
Details checked at the time of writing this blog in May 2024.
Account-to-account transfers
When sending money from one World Account to another in the same currency, payments are instant and free, with no transaction fees. Payments between Wise accounts are also free
Marketplace and payment gateway integration
WorldFirst supports 100+ global marketplaces, including Amazon, eBay, AliExpress and Stripe.
You can add the local currency account number and banking details in your marketplace seller account to collect payments in your customers’ local currencies.
It’s easy to download an account verification letter directly from your World Account if the marketplace requires proof of account ownership.
Wise also supports the collection of sales from major marketplaces such as Amazon and eBay through its multi-currency account. You can get local bank account details to receive payments or pay invoices.
Payments to China
With a local CNH currency account, WorldFirst allows customers to pay Chinese suppliers in their preferred currency, whether that’s USD, CNH or another one entirely, and collect funds in CNH. It’s also the only payment service provider that’s integrated with 1688.com, China’s leading online B2B marketplace. This means that you can use your World Account balance to pay 1688.com suppliers in a few clicks and they’ll receive the funds instantly.
Wise Business doesn’t offer a CNH currency account for receiving funds. They’ve partnered with a licensed third-party payment provider, regulated by the People’s Bank of China, to allow payments in CNY, but strict guidelines apply regarding who can use this service.
Security
WorldFirst Pty Ltd is an Australian company regulated by the Australian Securities and Investments Commission (ASIC). It’s also a designated remittance provider registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC).
Wise Australia is authorised and regulated by the Australian Prudential Regulation Authority (APRA) and ASIC.
WorldFirst vs Wise: What are the customers saying?
WorldFirst
WorldFirst has a score of 4.7 out of 5 on Trustpilot. Reviewers commonly mention customer service as a reason for their score.
“We have been working with WorldFirst Australia for many years with our wholesale business.
The customer support team has both been very helpful and prompt with every transaction we have been doing” – Edith Hartneyn, Trustpilot
Wise
Wise has a score of 4.3 out of 5 on Trustpilot. Reviewers commonly mention ease of use as a reason for their score.
“I love the ease of receiving money and changing it to a different currency at a much better rate. The setup was not too bad. I found the documentation lacking many times, so I had to reach out to support and getting a response took several days.” Oliver S, Trustpilot
WorldFirst or Wise: Which is better for global businesses?
WorldFirst and Wise Business provide similar services to Australian businesses. The difference lies in the fees charged and the currencies supported.
The right payment provider for you will depend on your exact business needs.
- Open 15+ local currency accounts with local account details
- Direct CNH payments to 1688.com
- Pay suppliers, partners and staff in 40+ currencies and 130+ destinations
- Collect secure payments from 100+ marketplaces and payment gateways, including Amazon, AliExpress, Paypal and Shopify
- Lock in currency conversion rates for up to 24 months
Sources
- https://wise.com/au/business/
- https://wise.com/au/pricing/business
- https://wise.com/au/large-amounts/
Disclaimer: The information contained is general only and largely our views. Before acting on the information you should consider whether it is appropriate for you, in light of your objectives, financial situation or needs. Although information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions, estimates, mentioned products/services and referenced material constitute the author’s own judgement as of the date of the briefing and are subject to change without notice. WorldFirst shall not be responsible for any losses or damages arising from your reliance of such information.
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- Almost 1,000,000 businesses have sent USD$150B around the world with WorldFirst and its partner brands since 2004
- Your money is safeguarded with leading financial institutions
