WorldFirst has a suite of tools to help businesses operating in the global marketplace. WorldFirst prides itself on educating small business owners on how to lower costs on online marketplaces such as Shopify, Amazon and eBay.
What WorldFirst offers
WorldFirst offers one of the best business solution suites. Specializing in supporting and partnering with small and medium-sized businesses operating in global markets and marketplaces.
- Business account management
- Multi-currency receiving accounts
- Forward contracts
- Firm orders
- Xero integration
Business account management
The WorldFirst business account management team is available to help business owners manage global currency risk.
Multi-currency account - WorldFirst World Account
The World Account offered by WorldFirst is a multi-currency account. You may sign up for this account as a business, an online seller, a sole trader, or a freelancer. Once you register, you get access to multi-currency virtual receiving accounts that give you the ability to bank like a local in different parts of the world. The currencies in which you get free bank account details include:
- Great British pound (GBP)
- Euro (EUR)
- U.S. dollar (USD)
- Canadian dollar (CAD)
- Chinese yuan renminbi (CNH)
- Hong Kong dollar (HKD)
- Japanese yen (JPY)
- New Zealand dollar (NZD)
- Singapore dollar (SGD)
- Australian dollar (AUD)
These accounts save you having to open bank accounts in foreign countries, thereby giving you easy means to receive funds from international customers.
You may use your World Account to hold funds in multiple currencies. Pay out of the World Account to suppliers or overseas employees in local currencies.
With a WorldFirst forward contract, you can lock in a favorable exchange rate for up to two years. While you may have to make an initial deposit, you would have to pay the remainder only when the contract ends. If the rate fluctuates negatively, you may have to add to your deposit.
If you have an idea of what exchange rate you are hoping to receive, but don’t want to keep track of the FOREX market, you can get WorldFirst to do it for you. When the rate gets to a point within your desired range, WorldFirst books it for you immediately.
Integrate WorldFirst with Xero to reduce your bookkeeping administration for your business.
What WorldFirst doesn’t do
- Business debit cards optimised for foreign currency denominated purchases.
- USA resident support due to Ant Financial purchase of WorldFirst in 2019. US residents cannot create a WorldFirst account.
WorldFirst’s review of business benefits gives it a high score amongst its peers. Having no debit card available has impacted it’s scoring by iCompareFX.