If you run a business that deals with clients or suppliers overseas, it can be hugely beneficial to open a business bank account that allows you to transact in a range of currencies. This guide explores how the WorldFirst multi-currency account works.
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What is the WorldFirst multi-currency business account?
The WorldFirst multi-currency account is a business account that enables you to open multiple local currency accounts online. This can enable you to send and receive payments quickly and easily to multiple countries in a range of currencies.
There’s no monthly account fee, nor are there any fees to collect funds in other currencies. However, transfers to clients and suppliers overseas and at home will be charged a payment fee. International payments are charged at a higher rate than local payments in GBP, EUR or USD.
How does it work?
If you open a WorldFirst multi-currency business account, you’ll need to complete an online form and provide some details about yourself and the company you run. Once your account is open you can take advantage of the following features:
Receive payments from overseas. Customers and clients can pay you in more than 20 currencies for free.
Connect with marketplace and payment gateways. Receive payments from multiple sources, including Amazon, Shopify and PayPal.
Transfer money abroad. You can pay international and domestic suppliers and employees with same-day or next-day payments to more than 200 countries in more than 100 currencies.
Manage everything from one dashboard. Use the online servicing portal to track and monitor your currency accounts in one place.
FX management. Benefit from live rate alerts that monitor currency movements so that you can lock in at the best rates.
Team management features. Give your team set roles and control their permissions from one place, as well as connect to accounting software to reduce your admin.
Cashback. Earn cashback on your card spend.
Pros and cons of the WorldFirst Multi-currency business account
Pros
Send and receive payments in multiple currencies across the globe
Manage all account transactions from 1 dashboard
Connect to accounting software to help track expenses and budget better
No monthly account fee
Easy to open account and get started
Cons
Fees apply to payments sent from account
WorldFirst is registered as an electronic money institution so there is no protection under the Financial Services Compensation Scheme (FSCS)
Some customers report poor experiences with customer service
Our verdict: Is an account with WorldFirst worth it?
If you run a business that regularly receives or sends payments around the world in a range of currencies, the WorldFirst multi-currency account is certainly worth considering – particularly as it has no monthly fee, which is more unusual with this type of account.
As well as enabling you to manage payments in a wide variety of currencies, you can also benefit from extra features such as connecting to accountancy software and more than 130 marketplaces and payment gateways.
However, before you make any final decisions, it’s best to compare the account with other business bank accounts to be sure it’s the most suitable option for you.
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To make sure you get accurate and helpful information, this guide has been edited by
Kate Steere
as part of our
fact-checking process.
Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time.
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