iBanFirst Review [2024]: Features, Fees & Customer Support

Founded in 2016, iBanFirst is a financial services provider offering payment solutions tailored for SMEs that operate cross-border. They are a fully licensed and regulated as a Payment Service Provider (PSP) in Europe and in the UK, iBanFirst is a member of SWIFT and SEPA certified.

Currently, they employ over 350 employees across 10 countries in Europe. Furthermore, they serve over 10,000 companies and are processing around 1.5 billion euros every month. 

Below are features and services offered by iBanFirst.

Business Accounts

iBanFirst accounts offer the following key benefits:

• Open foreign currency accounts accounts with unique IBANs and account details for over 30 currencies, including AED, AUD, EUR, GBP, USD, SGD, and CAD. These accounts allow you to hold, receive, and make payments in these currencies using domestic payment networks.
• Facilitate payments to and from 140+ countries.
• Send fast EUR transactions via SEPA and international payments via the SWIFT network.
• Secure your margins with hedging strategies supported by FX experts.
• Convert between 30 currencies at real-time exchange rates with a low, pre-set conversion fee.
• Track payments in real-time, and access MT103 documents for free
• Free instant transfers between iBanFirst accounts
• Choose your preferred payment speeds: RTGS (typically within an hour during business hours), Express (within 24 hours), and Standard (2 to 3 business days). Keep in mind that payment speeds may vary due to factors like regulatory checks, compliance, cut-off times, and the involvement of beneficiary banks.

Cards

iBanFirst does not offer payment cards.

Foreign Exchange

With iBanFirst, you can make foreign currency conversions at the live exchange rates, calculated based on the interbank rate and iBanFirst’s spread at the time of the request. Alternatively, you can use a forward rate provided by iBanFirst.

A forward rate is a rate iBanFirst offers for the conversion of currency at a future date. It allows you to hedge against currency value changes between now and then. iBanFirst offers forward contracts with a maximum maturity period of 24 months.

iBanFirst offers three types of forward rate contracts:

• Forwards - Secure a rate for a predetermined future date
• Flexible forwards - Lock in an FX rate for flexible usage within a specified period
• Dynamic forwards - Keep the option for a better rate at expiry, with transparent terms.

If the forward rate extends beyond seven days, collateral must be provided to mitigate this risk. The collateral, ranging from 3% - 10% of the payment amount, is subtracted from the total settlement amount.

Additional Services

• Aggregate all your accounts in one place - Get a crisp overview of your multicurrency accounts, as well as those held at other banks (e.g., BNP Paribas, ING, and Deutsche Bank) for tax reporting.
• API - Connect iBanFirst to your own system. The iBanFirst API includes features such as retrieving account balances, creating and validating a payment, and getting a currency conversion quote.
• Accounting software integration - Connect with accounting software such as Dougs, Axonaut, Time, and others to simplify accounting and bookkeeping.

iBanFirst's Features Rating is 4/5

iBanFirst offers a comprehensive suite of tools for international transactions, currency risk management, and account management. Supporting a broad range of currencies and transactions across 140+ countries, the platform provides flexibility with multiple payment speeds. For businesses with currency exposure, iBanFirst’s FX forward contracts—including standard, flexible, and dynamic options—are particularly valuable for securing future exchange rates.

However, businesses with frequent card-based transactions or diverse payment needs might find the absence of payment card options limiting, especially for day-to-day expenses or employee spending.

The rates provided exclude taxes and are applicable to all countries except Germany. For information regarding rates specific to Germany, please contact iBanFirst directly.

Account Fees

Transaction Fees

*SHARED: The order giver pays the fees charged by their bank. The fees charged by the beneficiary’s bank are the beneficiary’s responsibility.

**OUR: The order giver pays the fee charged by all the banks in the payment chain.

Your personalised foreign exchange rate quote may be determined based on your annual foreign exchange transaction volumes and will be provided following an analysis by iBanFirst’s foreign exchange experts.

Fees may be subject to change, for the most updated information, kindly refer to the iBanFirst Fees information page.

iBanFirst's Fee Rating is 4/5

Overall, iBanFirst's fees are competitive, especially for businesses in Europe with high foreign transaction volumes. For companies transacting over EUR 200,000 per year, iBanFirst offers secure and genuine cost savings through free intra-iBanFirst and SEPA transfers. 

Conversely, for those with transaction volumes below EUR 200,000, the 0.2% fee on incoming funds could accumulate quickly. The fees associated with US local account management, up to EUR 100, are also a drawback, particularly given the availability of free alternatives in the market. 

You can find support through the following channels:

• iBanFirst Help Center page
• iBanFirst FAQ Page
• iBanFirst website's contact form

We could not find a live chat function, email address, or phone number specifically for support. However, you may be able to contact them using their office number, as follows:

• Belgium: +32 2 808 15 42
• France: +33 1 76 44 00 47 or +33 1 76 77 39 95
• Netherlands: +31 85 808 1102
• Romania: +40 31 630 2323
• Bulgaria: +359 2 491 7128
• Germany: +49 211 8823 0185
• Italy: +39 02 3056 9009
• Spain: +34 91 949 81 20
• Hungary: +36 1 700 8978

iBanFirst's Customer Service Rating is 2/5

iBanFirst’s customer support appears limited, which may impact accessibility and responsiveness. The company does not offer a dedicated support email, live chat, or specific customer service phone line. 

While office phone numbers are available for each country, they are listed on the “About Us” page rather than a dedicated “Contact Us” page. This can make it more challenging for clients to quickly access support.  This lack of centralised and immediate contact options contributes to a lower overall rating.

Any company with foreign exchange and international payment volumes greater than EUR 200,000 per year can open an iBanFirst account.

Restrictions might apply depending on the country of incorporation, business activity, or origin of funds.

We cannot find the list of unacceptable countries or business activities on their website, so it's advisable to contact them for more details. Nevertheless, on the iBanFirst account request form, it appears that you can select from more than 100 countries.

iBanFirst focuses on business customers. However, for significantly larger private transactions, such as real estate purchases, it is possible to open a non-commercial account with iBanFirst. In such cases, iBanFirst encourages you to contact them directly. 

To complete the application process, you may be asked for the following documents.

For Companies:

• Signed iBanFirst contract
• Proof of incorporation
• Shareholder structure chart with identification of ultimate beneficial owners (UBOs), dated and signed
• Primary bank account details

For UBOs and iBanFirst Platform Users:

Valid identity document, which includes:

• Passports
• National identity cards
• Driving licenses (excluding French nationals)

Identity documents must not be expired and must be of good quality (clear, sharp, without folds or scratches, etc.).

Although the application process is fully remote, there is no dedicated registration portal to submit all documents and apply for an account. Instead, applicants must fill out a request form and then wait for the iBanFirst team to follow up to continue the process.

The Ease of Opening an iBanFirst Account is 3.5/5

While iBanFirst has inclusive eligibility requirements and standard document requests, the limitations on transaction volume and the lack of clarity on unacceptable countries or business types could pose difficulties for certain businesses, especially those in their early stages. Additionally, the absence of the application portal may impact the ease and speed of the process.