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WorldFirst international money transfers for online sellers
Last updated:
This provider has closed as of January 30, 2019 – read on for alternatives.
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World First has discontinued its services in the US effective January 30, 2019. The company will accept no new trades or transactions after this date, and inbound transfers received after 5 p.m. CT will be returned to the sender.
If you’re a personal or business customer who’s concerned about your account, call 737-226-5240 for assistance.
To find a suitable alternative, compare money transfer specialists to find the best rates, fees and turnaround you’re eligible for.
$1,000
Min. Transfer Amount
No limit
Max. Transfer Amount
3 - 5 days
Transfer Speed
Details
| Product Name | WorldFirst for online sellers |
|---|---|
| Min. Transfer Amount | $1,000 |
| Max. Transfer Amount | No limit |
| Transfer Methods | Online, Phone, Bank Account to Bank Account |
| Transfer Options | Regular payments, One off payments, Forward contracts |
| Transfer Speed Minimum transfer time | 3 - 5 days |
| Customer Service | Phone, Chat, Branch |
| Available Currencies | AED, AUD, BBD, BGN, BHD, BMD, CAD, CHF, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HRK, HUF, IDR, ILS, INR, JMD, JOD, JPY, KES, KRW, LBP, LKR, MAD, MUR, MXN, MYR, NOK, NZD, OMR, PHP, PKR, PLN, QAR, RON, RUB, SAR, SEK, SGD, THB, TND, TRY, TTD, UGX, USD, ZAR |
| Online Transfer Fee | USD 10 |
|---|---|
| Exchange Rate Updates | Real time |
Pros
- Competitive exchange rates.
- Offers spot contracts, forward contracts and hedging options.
- Weekly updates on market exchange rates.
Cons
- Small numbers of currencies available.
Alternatives to WorldFirst
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
How does the WorldFirst service work for online sellers?
When you open a WorldFirst online seller account, you get access to a local bank account in the UK, US, Canada, Japan, China and Europe. This means that you can sell your goods or services online on international marketplaces and receive local currency in the form of GBP, USD, CAD, JPY, CNY or EUR, and then choose when you’d like to bring your money home. You can keep an eye on exchange rates and convert your money when the rate is favorable.
When you sign up for the service, you advise WorldFirst which international markets you need a receiving account in out of the above. WorldFirst will set up the accounts, and provide you with the account details. You can then provide these details to the online marketplaces you’ll be using, so you can get paid directly into your receiving account.
Let’s look at an example:
Say someone from the UK buys your product online on Amazon, you’ll get paid in GBP directly into your WorldFirst UK bank account. This lets you keep an eye on the exchange rate and choose to convert the money back into USD and bring it home when the rates are competitive, rather than at the time of the purchase.
Another key benefit is that you can pay international suppliers directly from your WorldFirst UK account. For example, if your product supplier is in London, they will request to be paid in GBP (not in USD). You can pay them directly in GBP from your WorldFirst UK bank account, saving you money as there’s no currency exchange required.
Key features and benefits of WorldFirst’s online sellers service
- Global bank accounts are issued instantly (others can take up to five days to be set up)
- Your local bank accounts are held in your name, not under WorldFirst’s name
- Benefit from a personal account manager to help you navigate the process of selling online and opening up local bank accounts in international markets
- WorldFirst are experts in online selling, particularly with major marketplaces like Amazon and eBay
- If your online marketplace isn’t currently supported by WorldFirst, you can request it
- WorldFirst offers local customer service within the US
- WorldFirst banks with four out of the five largest global foreign exchange banks
WorldFirst online sellers exchange rates and fees
WorldFirst doesn’t charge any fees to open an account. There are also no monthly account keeping fees, no fees to receive money and no transfer fees. WorldFirst applies a slight commission on the mid-market currency exchange rate, also known as the inter-bank rate. However, this commission is less than that charged by the big banks, making WorldFirst a competitive option for anyone looking to sell products or services online. In fact, WorldFirst claims it can be up to seven times cheaper than simply using the payment process provided by the big marketplaces. You can request quotes with the current rates via the online portal after creating an account.
How smart online sellers save on foreign exchange costs
Available currencies and marketplaces
WorldFirst currently offers receiving accounts for the UK, US, Canada, Japan, China and Europe, allowing you to receive currency in GBP, USD, CAD, JPY, CNY or EUR. The service is connected with over 70 online marketplaces, including Amazon, eBay, Rakuten, Newegg and Cdiscount. Once your receiving account is set up by WorldFirst, you just need to give the bank account details to your online marketplace (say, eBay) so you can get paid directly into the account. For example, when you sell a product to someone in China, your online marketplace will facilitate the payment to be made directly to your Chinese receiving account.
Registration and process
You can register for an account online in minutes by clicking the “Go to Site” link, which securely redirects you to WorldFirst’s website where you can start the application process. Fill out a few details including your name and contact details, and create an account username and password. WorldFirst will get in touch with you to verify your account, then you’re good to go. Once your account is open, WorldFirst will provide you with the details for your international receiving accounts, which you can then pass on to your online marketplace.
What other products does WorldFirst offer?
- Consumer money transfers. WorldFirst also offers a competitive international money transfer service to send money abroad. You can read about it here.
- Business transfers. You can also create a specialized business account for international payments.
- Forward exchange contracts. This feature allows you to lock in an exchange rate up to two years in advance.
- Supplier payments. Make payments to overseas suppliers quickly and easily.
- Currency tools. View live exchange rates and graphs, create personal rate alerts and receive daily market updates.