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The World Account is a multi-currency account designed for businesses and online sellers. It allows you to receive online marketplace payments in 10 different currencies and manage all your balances from one dashboard.
You can receive funds in the following 10 currencies:
GBP British pound
USD US dollar
CAD Canadian dollar
JPY Japanese yen
AUD Australian dollar
SGD Singapore dollar
NZD New Zealand dollar
HKD Hong Kong dollar
CNH Chinese yuan
This means you can receive payments from ecommerce marketplaces in Europe, the USA, New Zealand, Australia, Canada, Singapore, Japan, China and the UK. You can link your World Account to a wide range of online marketplaces and platforms, including the following:
You can also pay international suppliers in their local currency, and hold your funds in a foreign currency until you’re ready to convert them back to euros. The account can be managed through WorldFirst’s online platform or the WorldFirst mobile app.
PayPal is a popular option for online sellers looking to manage their online payments. However, there are a few costs you’ll need to be aware of:
Payment fees. A fee applies when you receive payment for selling an item. For PayPal Wallet transactions, you’ll pay a fee of 3.4% + €0.35 for international payments.
Currency conversion fees. If you’re paid in a foreign currency and you want to convert those funds into Australian dollars so you can withdraw them to your bank account, PayPal adds a 3.25% margin on top of its base exchange rate before converting your money to EUR.
Disappointing exchange rates. If you want to send an international payment from your PayPal account, you’ll find that PayPal’s exchange rates often don’t match those offered by some specialist transfer companies.
By comparison, WorldFirst doesn’t charge any ongoing fees, any fees for receiving payment in your World Account or any cross-currency transaction fees. And with a foreign exchange margin of between 0.15% and 0.50% based on the amount you transfer each year, using a World Account instead of PayPal could potentially offer big savings for your business.
What are the WorldFirst World Account’s fees?
WorldFirst does not charge any of the following fees:
Account opening fees
Account management fees
Cross-currency transaction fees
Fees for receiving payments
However, when exchanging currency using your World Account, such as if you’re repatriating sales revenue to euros, you’ll need to consider WorldFirst’s margin. This is the difference between the rate at which WorldFirst buys currency (the mid-market rate), and the rate it uses when it sells currency to you. The margin that applies to your account varies depending on the amount you transfer each year:
Annual transfer amount
GBP£0 – GBP£500,000
GBP£500,000 – GBP£5 million
GBP£5 million +
Calculate how much your payments will cost with a World Account using the calculator below.
How do I set up a WorldFirst World Account for my ecommerce store?
You can open a World Account by completing a few simple steps.
Head to the WorldFirst homepage. You’ll need to visit the UK website as there is no dedicated site for Ireland. Select “Online sellers” from the “Business” drop-down menu and click “Sign up for free”.
Select the country your business is trading from, then enter your name, email address, password and mobile number. You’ll then be asked to confirm your title and enter your date of birth.
The next step is to provide the residential address of a director or owner of your company.
Now it’s time to enter your business’s trading name, company structure, website URL (optional). You’ll then be asked whether the registered business address and trading address are the same as your personal address.
Provide a basic description of the type of goods or services your business sells, estimate the amount you’ll transfer using your account in the next 12 months and specify how you heard about WorldFirst. You’ll also need to tick a few boxes to indicate that you have read and understand the terms and conditions.
The final step is to upload your passport, driver’s licence or Medicare details to prove your identity.
In a nutshell
10 locally-based currency accounts. The World Account lets you receive online marketplace payments in 10 different currencies.
Competitive exchange rates. WorldFirst’s exchange rate margin varies depending on the amount you transfer, but at 0.15-0.50%, it’s very competitive.
Transparent pricing structure. WorldFirst is upfront about all the costs and charges that apply to your account, and there are no ongoing fees or fees for receiving funds.
Customer support. WorldFirst offers phone and email customer support as well as an online sellers hub with plenty of useful tools and resources to help you grow your business.
Sign-up process. You’ll need to wait for a WorldFirst representative to contact you before your account can be opened.
How does the WorldFirst World Account compare to other online seller services?
To find out how the World Account compares to other marketplace selling accounts, check out the table below.
Tim Falk is a freelance writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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