WorldFirst Review - Is It Everything Your Business Needs?
WorldFirst combines global reach, low fees, and fast transfers into a single, easy-to-use platform.
Businesses can open multi-currency accounts, send and receive funds in over 100 currencies, and integrate with major marketplaces and accounting tools.
WorldFirst is primarily suited for SMEs, and offers competitive pricing, no monthly fees, and multiple support options (with real humans).
It’s a secure, regulated alternative to traditional banks for managing international business payments.
In this review, we’ll go over their key product features, fees and costs, eligibility, and how to get started.
Before going into more detail, here’s a quick summary of the benefits and drawbacks of WorldFirst.
Pros
Multi-currency account with 100+ currencies and 15+ local account options
Free account setup with no monthly fees
Fast transfer times with major currencies settling within a day (including payments to China)
Over 100 integrations with marketplaces and accounting tools
Instant payments to 150,000+ Chinese suppliers who also use WorldFirst.
Cons
No access to ATM withdrawals or physical cards (but physical cards are launching soon!)
Payments in exotic currencies can take up to 11 days to arrive (for example, TWD, FJD, and SCR if sent after cut-off hours)
FX rates can at times nudge up, starting at 0.50% but in some scenarios reaching closer to 1.5% (more on this under the FX rates section)
Long approval and KYC process (which is similar to other companies in the industry)
Product offering
9.0
WorldFirst has a strong product offering. You get access to a multi-currency account, virtual business cards, a mobile app, direct integrations with e-commerce platforms, accounting software, and API integrations.
Fees and rates
9.0
Fees and rates are fairly competitive when taking into account free accounts and no fees on transfers.
Most fees come in the form of a markup, which ranges from 0.5% to 1.5%+ depending on the currencies involved.
For most traditional currencies (GBP, USD, EUR, AUD, etc.), the FX rate markup is around 0.5%, for others, it’s over 1% in most cases.
On transfers over 100,000 GBP/USD/AUD/EUR, you can get tailored rates that are much better.
Transfer speed
8.0
Most major local currencies will arrive the same day, international payments can take around 2-3 days, while exotic currencies can take up to 11 days.
Payments to China in USD can arrive same-day (subject to cut-off time, for example, UK businesses would need to send a transfer by 10am-ish).
Transfer limits
9.0
There are no limits on transfers with WorldFirst when it comes to making payments. If the payment is too large, it will get batched up and sent in multiple payments.
There are, however, limits on multi-currency accounts and virtual cards, which vary by currency.
Ease of use
8.8
WorldFirst is easy and simple to use. The sign-up process will require you to submit all relevant business documents. And, only the director can apply for the account.
Safety and trust
9.0
WorldFirst holds over 60 regulatory licenses and is part of the Alibaba Group as of 2019.
It is regulated by multiple financial regulators, including FCA, ASIC, AUSTRAC, MAS, and FinCen.
Customer feedback
8.0
User feedback is generally mixed. It looks like, as long as you get your account verified, there are no issues, albeit with occasional hiccups here and there.
But getting your account verified is the real challenge, with many waiting for weeks or even months to get passed the KYC process.
Unfortunately, this is in line with the industry. Most business payment platforms take their time with approvals, and some require even more back-and-forth submissions.
WorldFirst is available in 210 countries and territories and supports over 100 currencies. This is slightly less than offered by Airwallex (130 currencies) but better than Sokin (75 currencies).
With WorldFirst, you can get 15+ local accounts, meaning you will get local account details in a given currency. This allows your business to make payments while avoiding traditional fees.
These are the currencies you can hold in your account and use for transfers or payments with no additional FX fees:
AUD
CAD
CHF
CNH
CZK
EUR
GBP
HKD
JPY
MXN
NZD
PLN
SEK
SGD
USD
This alone is a great offering. For example, Airwallex offers 12 local accounts, while Sokin only has 4.
If you’re making transfers or payments to other currencies, you will need to pay additional fees depending on where your business is located:
Country
Default currency
SG
USD
AU
AUD
UK
GBP
EEA
EUR
Others
USD
This means that, for example, if your business is making a payment to NGN, and you are located in the UK, money will be converted based on your default currency, GBP in this case, so it will be treated as a GBP/NGN transfer.
If you are sending a payment to an unsupported currency by WorldFirst or Mastercard, it will get declined.
Business virtual card
In addition to the multi-currency account, WorldFirst offers a virtual card powered by Mastercard: World Card.
World Card connects to the WorldFirst multi-currency accounts, letting you make international transfers and purchases, earning up to 1.2% cashback on eligible purchases.
It’s only available as a virtual card, which can be managed from your account or mobile app. Physical cards are being launched soon.
With World Card, you get no extra FX fees in 15 currencies, as long as you have the currency in your multi-currency account (outlined above).
And, you can spend money in over 150 currencies (with additional FX fees, outlined above).
Teams & expense management
WorldFirst offers granular control over team accounts, making it quick and easy to manage.
With account management, you can easily control all your accounts from one dashboard, consolidate all finances, easily add or remove team members, track every payment, set permission and approval rules, and much more.
FX risk management
One of the highlights of WorldFirst is its currency risk management tools. They offer a similar set of tools as many other companies, but with a few advantages.
Forward contracts
With most other companies, like Regency FX and TorFX, you get forward contracts limited to 12 months. WorldFirst, on the other hand, lets you lock the rates for 24 months.
Spot contracts
With spot contracts, you can make instant currency conversions at the current FX rate.
Firm orders (limit orders)
With these, you can pre-set which exchange rate you want at whatever price you need, and the system will convert it automatically for you.
Integrations
This is where WorldFirst shines.
With WorldFirst, you get access to multiple integrations to control everything from one dashboard.
These include:
Over 130 marketplace integrations, like Etsy, Amazon, Shopify, and others, let you receive payments directly into your WorldFirst account.
Accounting integrations such as Xero and NetSuite give you access to one dashboard for all the tools and central cash flow.
Integration into Chinese supplier platforms like TaoWorld and 1688, where you can browse 10,000+ product categories and pay suppliers in China directly from your balance using CNH and USD accounts.
API integrations for making and receiving payments, and integrating into custom systems.
This is almost on par (if not better) than what Payoneer offers.
Mobile app
The WorldFirst app is available on iOS and Android.
It is simple, but it lets you control your virtual cards, make instant payments, keep an eye on live exchange rates, and convert currencies on the go.
The app doesn’t have many reviews or ratings on either of the stores, and there’s not much information about it.
It might seem basic at first, but it’s in line with what others are offering.
For example, the Airwallex app gives you the same set of features, while the TorFX app has even fewer features, and many (including Sokin) don’t even have an app.
Which makes sense, since you are more likely to be using the desktop version to do the bulk of the work and only use the app for general quick checking.
WorldFirst is very competitive when it comes to the fees. However, their pricing varies depending on where your business is located.
For simplicity, we’ll be looking at the UK, EU, and AU fees, but you can find the full breakdown below.
WorldFirst charges no fees to get started, and there are no ongoing fees. Most fees come into play when you start converting currencies or making payments.
They offer similar fees and rates to other major platforms like Airwallex. For example, both charge from 0.5% on currency conversions, however, WorldFirst actually ends up cheaper for receiving payments.
One thing to note, WorldFirst pricing can get confusing. There are some inconsistencies in naming between different countries, so it’s worth contacting them directly if you’re unsure.
Here’s a roundup of all the fees split by location:
United Kingdom
Category
Feature / Description
Fee / Rate
Account Setup
Open local currency accounts in 15+ currencies (USD, GBP, EUR, CAD, AUD, JPY, etc.)
Free
Account opening fee
Free
Ongoing account fees
Free
Payments & Conversions
Local payments in GBP, EUR, or USD
0.3
International payments
4
Cross-currency payments above £5,000
Free
Payments to other World Accounts (instant between accounts)
As you can see, WorldFirst is technically adding from 0.50% on top of the real exchange rate. However, a fair few currencies on the list are pushing into over 1% markup.
This means that if you were to make a payment of 100,000 GBP to PHP, it would cost you £1,600 more. This is high compared to Wise Business, for example.
Similarly, if you send 100,000 AUD to EUR, it would cost you 530 AUD.
However, it is fairly normal within the international business realm and is also offset by no transfer fees beyond the conversion.
Keep in mind that conversion happens when you take one currency and convert it to another. This includes:
Converting money in your currency account
Making a payment via a virtual card in another currency
Sending money from one currency to another
All these will include the conversion fees.
If you already have the currency in your multi-currency account and make the payment, there’s no conversion happening, so you won’t be paying any fees.
Most WorldFirst transfers will be completed within hours. However, this also depends on your business location and the currencies involved.
When sending money with WorldFirst, most payments in major local currencies (USD, EUR, GBP, SGD, etc) will settle the same day if sent before the cut-off times.
International transfers can take 2-3 business days to complete.
And for exotic currencies, it can take up to 11 days for the money to arrive.
You can check the full list on their website here, under “How long will my payments take?”.
WorldFirst accounts are only available to registered businesses, not individuals.
To open a company account, the main applicant must be a company director, and you’ll need to provide standard business verification documents.
Customer service
You can contact WorldFirst via email, over the phone, or using the live chat.
The quickest way to get a response is via the live chat (this takes around a minute) or over the phone. Email responses, on the other hand, usually take a day.
However, depending on your location, the details will change. Here’s a summary of their contact details:
Other than being fully regulated, WorldFirst takes a number of steps to ensure your business's financial safety, including:
Two-factor authentication
256-bit encryption
Systems are in place to monitor fraudulent activity
3D Secure & PINs for card payments
Getting Started
Opening an account with WorldFirst
To get started, follow these steps:
Sign up for a World Account
Head to the WorldFirst website and choose “Open a World Account.” Select your business type and country, then enter your company and contact details.
Verify your identity
Upload a government-issued ID (passport or driving licence) for the main applicant (has to be a director). You’ll also need to complete facial recognition via mobile or upload a photo of yourself holding your ID if the scan fails.
Provide company information
Submit your company registration certificate and registered number, along with:
A list of directors (name + date of birth)
IDs for all shareholders owning 25%+
A shareholding structure chart (if applicable)
A Declaration of Beneficial Ownership if no one owns more than 25%
Upload supporting documents
You may be asked for:
Proof of address (bank statement, utility bill, tenancy agreement, or council letter)
Proof of trading (invoices, contracts, or bank statements)
Proof of source of funds (recent bank statement, tax return, or financial report)
Industry licences or product certificates if you operate in a regulated sector
Get approved and start transacting
Once your documents are reviewed and approved, your World Account will be activated. You can then:
WorldFirst is rated 3.8/5 on Trustpilot with 3,000+ reviews. There isn’t much on the app stores, as I’ve already mentioned.
*Average WorldFirst review scores over the past 3 months based on online user reviews.
Looking through recent reviews, it seems like most users are largely happy about the simplicity of the setup process, professional and helpful support agents, and an intuitive, easy-to-use platform for managing global business payments.
Many seem to say that once the account is active, everything becomes quick and simple.
On the downside, there are a fair few complaints around getting verified, especially when it comes to the KYC process.
Mostly, these are related to the delays and how long it takes to get approved (with some waiting for months).
But in reality, the KYC complaints is a pattern we’ve seen with other similar companies.
For example, many complaints with Airwallex, Wise, Moneycorp, and Payoneer are also related to long approvals, additional KYC verification, required documents, and unreasonable delays.
To be fully transparent, Sokin and Currenxie actually offer a very streamlined KYC according to online reviews, but they have their own set of issues.
What caught my eye is that a few users have mentioned the discrepancy between advertised and actual offered rates.
This is a big one when it comes to transparency, however, it was only reported by a few people, so it might be just one bad experience.
Feel free to share your feedback and experience with WorldFirst at the bottom of this page.
Their flagship product, ibanq, provides multi-currency virtual IBAN accounts, enabling businesses to receive, hold, and send funds across borders, giving companies greater control over their global cash flow. Their mass payment functionality simplifies payroll and supplier payments, even across multiple currencies, ensuring businesses can process international payments in bulk without opening local currency accounts.
Our key measures when testing Wise Business for international business transfers were the product offering, cost, speed, safety and customer satisfaction. We've covered the key points in the table below and each element in more detail throughout the review.
Historically, Moneycorp is considered one of the biggest money transfer providers in the world. The company has over 45 years of history and launch in the USA in 2018. The company is headquartered in the UK but with offices in USA, Ireland, France, Romania, UAE, Hong Kong, Australia and Brazil.
Our key measures when testing OFX Business for international business transfers were the strength of the product offering, cost of service and transfers, speed, safety and customer satisfaction.
Xe Business offers strong all-round support for international business transfers. As part of our scoring process we have looked at product offering, cost, speed of transfers, safety and customer satisfaction.
Multipass offers a strong selection of multi-currency option. A setup fee and higher monthly fees than elsewhere are a little offputting when you consider exchange rates are higher than Airwallex, Wise Buiness and Revolut Business.
Globally Payoneer serves around 190 countries, gives access to local accounts in 9 and supports 70 currencies. Features within the account allow you to take advantage of payments, invoicing and bulk options in each location. Where Payoneer is stronger than the likes of Revolut Business or Wise Business, is that it is built for international companies - as opposed to being an offshoot of a personal offering. This sets them apart from other providers, alongside the likes of Airwallex, by offering a full international business solution.
When scoring Airwallex as an international business provider we factored in the product offering, speed of sending money, cost, safety measures in place and customer satisfaction.
With 6+ years of hands-on experience in international money transfer services, Artiom has tested and analyzed dozens of companies, services, and apps firsthand. From sending money between the UK, EU, US, JP, and ID, to helping friends and family transfer large amounts abroad, he combines deep personal experience with industry insight.
He has worked on content and product at MoneyTransfers.com since 2019, with a focus on FX rates, transfer apps & companies, and comparison tools. His work has been featured in Forbes, Yahoo Finance, Decrypt, PoundSterling, and more.
With 6+ years of hands-on experience in international money transfer services, Artiom has tested and analyzed dozens of companies, services, and apps firsthand. From sending money between the UK, EU, US, JP, and ID, to helping friends and family transfer large amounts abroad, he combines deep personal experience with industry insight.
He has worked on content and product at MoneyTransfers.com since 2019, with a focus on FX rates, transfer apps & companies, and comparison tools. His work has been featured in Forbes, Yahoo Finance, Decrypt, PoundSterling, and more.
.svg)
