How does WorldFirst work?
Last updated: 16 July 2024
WorldFirst is a one-stop digital payment and financial services platform helping businesses grow in global markets. Here’s how we work.
Key takeaways
- A World Account lets you set up local currency accounts in 15+ currencies
- Send payments in 40+ currencies and receive payments in 20+ currencies
- Transfer funds internationally at competitive FX rate
- Collect payments from 100+ leading marketplaces and payment gateways
Introduction
WorldFirst aims to simplify international payments and collections for online sellers, SMEs and global businesses. A World Account lets you get paid, pay, hold funds, convert and manage your global earnings in one place. Our services focus on what businesses need to reach new markets and grow globally.
In this guide, we’ll go through how we provide fast, secure and reliable international transfers.
Table of Contents
Who is WorldFirst?
Founded in 2004 in the UK out of a frustration with how complex and costly it was to send money abroad, WorldFirst was created to help small and medium-sized businesses manage cross-border payments. The first international office opened in Sydney in 2009. We joined Ant Group in 2019 and currently have 500+ employees globally, across nine regions, including Australia, the UK, Southeast Asia and Asia.
With our services, businesses can make fast and affordable payments, set up multi-currency accounts, collect funds from marketplaces, and manage currency conversion risks through forward contracts.
Is WorldFirst safe?
WorldFirst Pty Ltd is regulated by the Australian Securities and Investments Commission (ASIC). We’re a designated remittance provider registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC).
We only partner with top-tier banking institutions to provide payment services. Two-factor authentication protects customer funds and our systems automatically detect and address any potentially fraudulent activities in real-time. We also perform strict checks on all customers and constantly monitor funds to confirm the validity of payments.
We don’t invest customer funds. Instead, we store equivalent balances in segregated accounts, with leading financial institutions, to cover customer account balances.
What kind of businesses can use WorldFirst?
Our customers include both small-to-medium enterprises (SMEs) and large businesses – everyone from Amazon sellers to importers and multinationals. Whether you’re a sole trader running a fast-growing business or an established brand, you can use a World Account to streamline international payments and protect your profit margins.
The World Account provides a centralised platform to manage finances across multiple marketplaces and countries.
How does WorldFirst manage international transfers?
Local currency accounts
With a WorldFirst multi-currency account, you can send, receive and hold funds in 15+ local currencies, including GBP, USD, EUR, AUD, JPY, NZD, SGD, HKD, CNH and CAD. Offshore accounts for AED, CHF, SEK and PLN are also available.
Each account comes with an account number and banking details under your business’s name, with no need for a registered overseas address. The benefit of a local currency account is that using domestic networks to send and receive payments reduces transfer times and fees.
You can open multiple local currency accounts online without needing an overseas business address.
Sellers can use their local currency accounts to collect funds from global marketplaces and payment gateways. They can also hold funds in their World Account to pay suppliers in the same currency or withdraw them at any time when exchange rates are favourable.
Sending and receiving payments
You can send payments in over 40 currencies across 130+ countries and regions and receive payments for free in 20+ currencies.
With batch payments, you can process up to 200 payments at once, saving you valuable time on manual tasks and freeing you up to focus on expanding your business. You can even schedule one-off or regular payments in the future.
The speed of payments depends on several factors, including the payment currency, size of the transaction and the payee’s bank and country. Eighty percent of payments reach their destination on the same day.
You can receive payments from a number of sources, including:
- Online marketplaces
- Payment gateways
- Third-party businesses
- Your company’s bank account
- Your personal bank account in the same name
Our partnership with over 100 marketplaces and payment gateways, including Amazon, eBay, Etsy, AliExpress and Stripe, lets customers grow their business where customers are.
With a World Account, you can also pay 1688.com suppliers directly. 1688.com is China’s leading wholesale marketplace, featuring low MOQs and highly competitive pricing to help you maintain your profit margins.
WorldFirst’s payment infrastructure
Thanks to our banking relationships, we use SWIFT GPI for cross-border transfers, improving transparency and real-time funds tracking.
Local currency accounts are set up through our partnerships with leading banks, making transactions in the same currency as fast and cost-effective as a domestic payment.
Exchange rates
Our margins are capped at 0.6%, with clear and transparent pricing so you always know what you’re paying.
Forward contracts and firm orders
WorldFirst customers can decide on the exchange rate for payments and manage currency conversion risks by locking in an exchange rate with a forward contract, or targeting a set rate with a firm order.
Forward contracts: Lock in an exchange rate for up to 24 months to hedge against sudden currency fluctuations.
Firm orders: You can set your preferred exchange rate for a currency pair. We’ll monitor the rates 24/7 and make the exchange once it hits your target, so you can focus on your business rather than the market.
How to open a World Account
Here are the steps to open a business bank account with WorldFirst
- Gather all the important documents
Before getting started, make sure you have the following documents:
- Your company’s basic information (including your ABN, trading address and company structure)
- A valid ID (your passport or driver’s licence)
- Your mobile phone
- Details of all current directors registered within the company
- Valid ID for all shareholders (passport or driver’s licence)
Here’s the in-depth list of documents you’ll need to provide for account verification.
- Add the country or region of your business
Select the country or region where your business is registered using the dropdown list.
- Verify your email address
Enter your email address and click on the ‘Send code’ button. Verify your email address by entering the code shared over email. Create a secure password for your account.
- Verify your mobile number
Enter your mobile phone number and click ‘Send code.’ When prompted, enter the 6-digit verification code sent to your mobile phone number via SMS.
- Provide information about your business
Enter your company registration number and other company details, including company name, type of business, and registered address.
- Provide proof of identity
Select your ID’s country of issue and upload proof of ID.
- Provide information about company directors and ownership
Add details about registered directors and major shareholders, and upload the necessary documents.
Once your account is verified, you can start using it right away. Your account is automatically set up with AUD, NZD and USD receiving accounts but you can open other local currency accounts based on your current business requirements.
- 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
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
