WorldFirst Review [2024]: Features, Fees & Support

Founded in 2004, WorldFirst is a UK-based global payment service provider that offers various services to facilitate international payments and FX transfers. While it’s not a bank, WorldFirst is authorised and regulated by relevant authorities, including the Financial Conduct Authority (FCA), as an Electronic Money Institution.

WorldFirst has been a part of the Ant Group, an affiliate company of Alibaba Group, since 2019. With headquarters in London, it expanded its business globally and currently has over 600 employees and 32 global offices, including London, Amsterdam, Singapore, Tokyo, Sydney, and Hong Kong. 

Since its launch, WorldFirst has facilitated transfers exceeding USD 300 billion, helping over 150,000 companies simplify cross-border payments and save on currency exchanges.

WorldFirst offers extensive financial services tailored to provide businesses with fast and affordable international money transfers, from local currency accounts to spot and forward exchange contracts.

As it operates globally, some products and services may vary in different countries. This article will focus on product offerings for UK businesses.

World Account

The World Account is WorldFirst’s business account for businesses in global ecommerce with frequent cross-border transactions. It allows customers to conveniently transfer money between different currency accounts and manage funds in multiple currencies in one place.

With a World Account, customers can:

• Open 20 local currency accounts, including USD, GBP, EUR, CAD, CNH, HKD, SGD, JPY, AED and MXN, with local account numbers, sort codes, and IBANs.
• Transfer money overseas and locally in more than 90 currencies, including GBP, EUR, USD, AUD, CHF, JPY, NZD, and CAD. This streamlines the process of paying overseas suppliers.
• Receive payments from over 100 major online marketplaces like Amazon, AliExpress, Etsy, and more.
• Connect with top payment gateways, such as PayPal, Stripe, and Shopify.
• Simplify the accounting process with Xero and NetSuite integration.
• Schedule payments and send money in bulk to up to 200 payees.
• Set up automatic payments to transfer money or withdraw funds automatically when certain conditions are met.
• Add access and allocate roles in multi-user accounts, from viewer to payment creator, admin, and payment authorisers.

WorldFirst prioritises account security with a two-factor authentication login to ensure secured money transactions. World Account clients can also benefit from real-time fraud monitoring, blocking, and alerts.

Lastly, we cannot find information on whether WorldFirst provides expense cards for business clients.

Foreign Exchange

You can benefit from the following foreign exchange services with WorldFirst to mitigate and hedge your currency risks:

• Forward Contracts: Secure an exchange rate for up to 24 months. You can choose from 3 options: Fixed, Flexible and Window forward contracts based on the level of flexibility you need.
• Spot Contracts: Send money internationally at the current market rate on the same or the next working day.
• Firm Orders: Set a target exchange rate, and WorldFirst will automatically carry out the trade.

WorldTrade

WorldTrade is a feature that simplifies global sourcing by offering a secure and efficient way to manage payments and orders. It’s especially helpful for businesses sourcing goods from Chinese suppliers. With WorldTrade, you can:

• Real-Time Payments: Pay suppliers instantly using credit or debit cards at 2.9% or with your WorldFirst balance at no cost.
• Secure Escrow System: To ensure your money is safe, funds are held in escrow and only released when your order has been shipped. Your transaction data is encrypted in compliance with PCI DSS.
• Order and Shipping Tracking: Stay updated with the latest orders and shipping statuses so you always know where your goods are in the process.
• Access to Suppliers: WorldTrade connects you to nearly 1 million Chinese businesses that are also WorldFirst users, giving you access to a wide variety of suppliers.

WorldFirst’s Feature Rating is 4.2/5

WorldFirst provides global businesses with fast, secure, affordable international payment options. Companies, especially online sellers, can benefit from their local currency accounts, flexible foreign exchange tools and secure sourcing solutions for goods from China.

However, the lack of expense card offerings, a feature commonly available from competitors, impacts the overall ratings of WorldFirst’s features. 

Opening a local currency account with WorldFirst is free and has no monthly account fees. 

Below are the pricing for other services WorldFirst provides.

If you are a business with a monthly turnover exceeding GBP 100,000, WorldFirst may provide options to reduce costs when making international payments. For further information, you should contact WorldFirst directly. 

WorldFirst’s Fee Rating is 4.2/5

WorldFirst offers competitive pricing, especially for global businesses seeking cost-effective international payment solutions. However, while the free monthly fee is a significant advantage, the variable currency conversion rates introduce some uncertainty. Still, WorldFirst's pricing structure provides good value for most users. 

WorldFirst offers responsive human customer support for new and existing customers via chatbot, live chat, phone calls, and emails. 

If you are new to WorldFirst, you can call them at 020 7801 1065 or +44 207 801 1065 if you are outside the UK. 

For existing customers, you can call these numbers for the following queries:

• Collecting payments: 020 7801 1068 within the UK; +44 207 801 1068 outside the UK
• Sending payments: 020 7326 9120 within the UK; +44 207 326 9120 outside the UK

Alternatively, you can also open a chat with a dedicated account manager on WorldFirst’s website or send an email to clients@service.worldfirst.com

WorldFirst’s customer support team is based in the UK and is only available from 8:30 a.m. to 5:30 p.m. on weekdays (UK time). They are closed on Bank Holidays and weekends.

Outside of working hours, you can access self-help resources, including a chatbot and the Help Centre, to find answers to common queries.

WorldFirst’s Customer Support Rating is 3.8/5

WorldFirst’s focus on human interaction is a practical approach to providing responsive and personalised customer support. The multiple channels for communications and specialised support lines for different queries ensure they can help with specific customer needs. However, the limited hours could be inconvenient for customers outside the UK or in urgent situations.

Companies and sole traders worldwide are eligible to apply for a WorldFirst account. However, we couldn’t find the full list of eligible countries on their website.

As this product is available to customers worldwide, the requirements may vary depending on individual circumstances or the country of company incorporation. For accurate information, we recommend contacting WorldFirst to check your eligibility.

Required Documents

To complete your application, ensure you have the following:

Personal Information:

• Phone number and email address
• A valid ID (e.g., driving licence or passport)
• The residential address of the applying director

Shareholder Information:

• Names and dates of birth of current directors
• A valid ID copy of all Ultimate Beneficial Owners (UBOs)
• Residential addresses and shareholding percentages of all UBOs

Company Details:

• Company registration number
• Company address, date of registration, and type of company
• Trading address (if different from the registered address)
• The industry your company operates in
• Estimated monthly turnover

You can apply for a WorldFirst account online through the application portal on their website, and it should take around 10 minutes to complete. According to WorldFirst, they usually take up to 2 working days to review and approve applications.

In the meantime, you may also receive a request to provide additional information or documentation to verify your account.

The Ease of Opening an Account for WorldFirst is 4/5

WorldFirst offers a moderately easy process for opening an account, with a streamlined online application, global accessibility, and fast approval.

However, we were unable to find detailed information about the eligibility criteria, which may make the process slightly less straightforward for some applicants.

If your businesses are registered in Hong Kong, Singapore or the British Virgin Islands (BVI), Statrys is a notable business account alternative to WorldFirst.

While WorldFirst offers local currency accounts in multiple locations to collect funds, we simplify the process with a unified multi-currency account that allows businesses to hold and manage 11 major currencies in one single account number.

We also allow you to issue multiple expense cards to your team, making it easier to manage and track employee expenses. 

Additionally, Statrys' also provide customer support via multiple channels, including WeChat, WhatsApp, and email, to ensure your queries are answered promptly and effectively.

Let’s take a look at Statrys’ services.