Frequently asked questions
Most common general questions
For our business clients though, there may be fees and if so we'll agree a fee structure up front that reflects how much business we do together.
Sometimes the banks in the middle and at the end will take a charge, so it seems that not all the money has been sent but we try our best to make sure all your money gets to where it needs to by covering correspondent and receiving charges where we can.
There are fees for Online Sellers transferring funds back to domestic accounts - you can see them here.
If you want to open an account for personal use you can do it over the phone or online. Over the phone shouldn't take longer than 10 minutes. It's super-fast to open an account online too - we can usually get you up and running within an hour (we'll need to verify your identity).
Business clients and online sellers can open an account online and our team will get you sorted out as fast as they can.
You can transact any amount over HKD 10,000 (or equivalent in other currencies).
Ensuring the safety and security of your money is central to our business. We ensure your funds are segregated from business funds.
We are regulated in Hong Kong by the Hong Kong Customs and Excise, Money Services Supervision Bureau. We are required to hold sufficient capital to protect our business and further safeguard our customers. We maintain high levels of capital. If you'd like a reference for us please give us a call, we'd be happy to oblige. You can find out more about where the companies under the WorldFirst Group are registered and regulated here.
You'll find full information on our security page, where you can also download our audited financial statements.
If your details have changed please email [email protected] with your account number and your new information. Just so you know, if you've moved house you may need to provide proof of your new address.
Payments questions
If it's sterling, US dollars or euros then we'll usually make a same-day payment when we receive your funds. This will arrive fully cleared with your bank the same day though they may not credit your account until the next business day.
With other currencies, we send your payment out on the date agreed but you'll need to allow one to four days for your funds to reach the recipient. The length of time depends on the currency. For example for Swedish kroner, it will be 1 day; for East Caribbean Dollars it could be 4 days. Transfers to Australia and New Zealand will usually clear within 24 hours. If you're sending USD to another country (not the US) then you should allow up to 4 days for it to clear.
If you need funds to arrive by a particular date please call us for advice and accurate information for the country you are sending funds to.
In rare circumstances delays may occur. WorldFirst will do everything reasonably possible to ensure that funds arrive on time but is not liable for delays caused by intermediary or receiving banks.
Yes we can receive funds from an account in a different name to yours, but due to Anti Money Laundering regulations we will need to verify the source. Please contact us for more details.
We are a member of SWIFT - the main system used throughout the financial world to make payments with speed, certainty and confidence. Once we've received your cleared funds we pay the account(s) on the agreed date. We'll send you confirmation in a PDF to let you know everything has gone through.
Please note that the funds will arrive in the beneficiary's account from WorldFirst, rather than your name. There will be a reference which starts with WFPAY followed by a sequence of numbers.
- Europe - IBAN and SWIFT
- Canada - account number, SWIFT and Transit code
- Australia - account number, SWIFT or BSB code
- New Zealand - account number, 6 digit bank code and SWIFT
- USA - account number, ABA routing number or SWIFT
- UK - account number and sort code or SWIFT and IBAN
- India - account number, SWIFT and IFSC number, reason for transfer
- China - account number, SWIFT
- Mexico - account number, (Clabe no). and SWIFT
Please call us for information on other countries.
Once you've booked your trade, you'll receive an email confirmation which includes our client account details. It'll also tell you when you need to send the money to us by.
When you book your trade, you will be given a 'funds in' date based on the method you chose for sending funds to us. You need to make sure that your funds are with us and cleared by that date.
You can send your money to us by either of these 2 methods:
- Express Transfer (RTGS/CHATS): is a same-day payment and will arrive with us on the day you send it.
- e-Transfer/Telegraphic Transfer (Giro): takes 1 to 2 working days for funds to arrive.
You can send funds to WorldFirst at any time as long as they are cleared by the date of the outgoing payment on your trade confirmation. If your funds aren't yet with us, your payment won't leave.
We'll make the payment to your beneficiary on the date we agree when you book your trade. Your beneficiary might not be able to access the money right away as their bank might take some time to clear the funds for them.
Please note that the funds will arrive in the beneficiary's account from WorldFirst, rather than your name. There will be a reference which starts with WFPAY followed by a sequence of numbers.
Yes, you can book a same-day transfer for a large number of currencies and the earlier you book your trade, the better. To make a same-day outgoing payment in EUR, USD or GBP, you will need to have your cleared funds with us by the times below (given in local UK time)
- EUR payments: 13:00
- GBP payments: 14:00
- USD payments: 14:00
If we receive your funds after these times we will still try our best to make the payment on the same day.
This doesn't often happen, but if your funds don't arrive within the expected timescale, then let us know as soon as possible so that we can set up an investigation with our bank. We will continue to liaise with our bank until the issue has been resolved and the beneficiary has received the funds, and we promise to keep you informed every step of the way.
WorldFirst can initiate a non-receipt investigation (trace) if funds have not reached the beneficiary in an appropriate amount of time. The most common reason for delays are below:
- Further Information Request: Our correspondent banks and/or their banking partners may request further information on a payment. It will be released when a satisfactory response has been supplied.
- Incorrect Details: Before launching a trace on your payment, it is a good idea to check the payment details with your beneficiary. If the details are indeed incorrect, an amendment would be more appropriate in most cases.
- Value Date: Select currencies cannot credit the beneficiary on the same day as we make the payment - your account manager will be able to confirm this detail for you.
For most of our payments, you may request a copy of the outbound payment message sent to your beneficiary’s bank. This will contain all the beneficiary details that you confirmed for the payment.
All of these details will provide the beneficiary bank an opportunity to verify the payment against their own records.
WorldFirst may be able to initiate a payment recall on a best endeavour basis if you require funds to be returned – just let your account manager know.
Similarly, as your beneficiary may have to authorise the return of the payment, it is essential to make them aware of their role in the investigation.
If you have provided an incorrect account number, name, address, or payment reference prior to the payment being processed on our side, we may be able to change the details for you.
In cases where the payment has already been processed by WorldFirst, we may be able to issue an amendment request to the beneficiary bank, although in some instances we may have to wait for funds to return in order to reprocess the payment. The course of action will be determined by the currency, bank or destination, so it is once again recommended to discuss this with your account manager.
Unfortunately, if a payment has been made to the wrong bank (i.e. your beneficiary has provided the wrong SWIFT BIC or sort code), our only options are to wait for a return of funds or to recall the payment from the incorrect destination.
It is advised that you log the incident with the appropriate local crime authority as soon as you have reason to believe the payment is fraudulent. It is also essential that you make your account manager aware as soon as possible, as this will give us a better chance to recover funds.
There are many factors to which can contribute to how long an investigation can take, such as – number of intermediary banks involved in the payment journey, if incorrect details have been supplied, or if a bank is holding the payment.
We assure you that WorldFirst will continue to keep you updated on the progression of the investigation; each case is reviewed on a 2 day basis.
Online platform for business questions
No - get in touch with your dealer and they will have a look at it for you.
A beneficiary is the person or organisation you wish to pay.
Your payment will leave WorldFirst on the day stated on your trade confirmation, once your payment has been received by us and has cleared.
Use the 'Payments From Trade' option in the menu on the left-hand side of the screen when logged into WorldFirst Online. It will show you the trades you've previously booked and you will be able to choose which beneficiaries to send them to.
Online seller questions
It’s free to open an account and we don’t charge fees for receiving money or any ongoing subscription costs.
There is no minimum duration for holding an account with us. If you want to close any of your accounts, please email etailers.asia@worldfirst.com to notify us. Please note that no account is closed until you receive email confirmation from us.
We reserve the right to close accounts where it is inactive or the transaction turnover is very low over a three month period. If this happens, we'll contact you by email and you'll be given three months’ notice to resume transactions through the account, otherwise it will be closed following this notice period.
You're given online access to your accounts, so you can log in and view current balances and credits at any time. We also send balance notification emails for European and North American accounts every Monday. If you are based in the US, you will receive UK account balance notification emails every Monday and Wednesday. If you are based outside the US, you will receive UK account balance notification emails every Tuesday and Thursday.
You can log into your online account and transfer your balance(s) at any time of the day. Please make sure you have added details of the beneficiary account on WFO before you make a transfer. You can see how to enter these details in the answer to the question "How do I enter my bank details for my home account?" below.
Yes, you can view your balances when you log in to WorldFirst Online.
In rare circumstances delays may occur. WorldFirst will do everything reasonably possible to ensure that funds arrive on time but is not liable for delays cuased by intermediary or receiving banks.
Yes. You can view all incoming and outgoing funds for all of your accounts by clicking on the 'Your statement(s)' tab on the online system.
E-commerce marketplace sites that have been approved by WorldFirst. Please contact the team if you would like to know if a website that you would like to sell on is supported. If it's possible, the member of the team will tell you immediately.
No, the account is only used for the purpose of receiving funds in from the e-commerce site that you are selling on.
We can open receiving accounts in the UK, USA, Europe, Canada, China, Japan, Australia, New Zealand and Singapore. These accounts can only be used to receive funds from marketplaces in those countries.
You can ask any of the following people to certify your documents:
- Accountant
- Bank/building society official
- Barrister
- Commissioner of oaths
- Justice of the Peace
- Local government officer
- Member of parliament
- Serving police officer
- Solicitor/Lawyer
Whoever you ask to certify your document(s), you must provide them with both the original document and the copy and ask them to write on (or stamp) the copy: "I certify that this is a true copy of the original document". You must also ensure that they write (or stamp) the following information in English on each document that they certify:
- The date
- Their signature
- Their name and title printed clearly
- Their personal or business address
- Their contact number
- Their registration number (if applicable)