WorldFirst

General Information & Regulation

WorldFirst was officially founded in London in 2004, with offices in Sydney, Australia in 2008, Singapore in 2013, and Hong Kong in 2014, making it one of the early payment service providers serving Chinese cross-border e-commerce merchants. In 2018, WorldFirst launched a new World Account and launched the Chinese brand name “Wang Li Hui WorldFirst”. In 2019, WorldFirst joined Ant Group as a wholly-owned subsidiary. WorldFirst currently holds a full license from ASIC (License No. 331945) in Australia and a payment license from the FCA (License No. 900508) in the UK.

Products and Services

Products and services provided by WorldFirst WanliHub are mainly in two major areas, namely cross-border e-commerce and foreign trade B2B.

Account Types

There are two distinct types of accounts are on offer: The WorldFirst International Payments Account and the WorldFirst International Collections Account. The first account is designed for business importing and paying overseas suppliers, and the second account is for business selling via online marketplaces and websites. Here some some features and offerings provided by each type of account.

The WorldFirst International Payments Account

• Banking-beating exchange rates on international payments

• International payments in 68 currencies

• Send mass payments from a single transaction

• Lock in an exchange rate for up to two years with a forward contract

• Make transfers online 24/7 or through your account manager

The WorldFirst International Collections Account

• Open locally-based currency accounts in USD, GBP, EUR, CNH, JPY, SGD, CAD, NZD, HKD & AUD

• Collect overseas funds from marketplaces & payment gateways like Amazon and Stripe

• Hold funds to pay suppliers and repatriare sales with ease at a great exchange rate

• Use the funds you've collected to book prefunded spot contracts

• Make transfers online 24/7 or through your dedicated acccount manager

Platform & Currency

WorldFirst supports more than 40 popular e-commerce platforms (Worten, Wayfair, Walmart, Shopline, AliExpress, etc.) and 30 payment gateways worldwide and supports 10 major global currencies: GBP, USD, CAD, JPY, EUR, NZD, SGD, AUD, HKD, and CNH.

Fees & Exchange Rates

Exchange rate

Despite adding a margin on their exchange rates, WorldFirst rates are still generally more competitive compared to banks. WorldFirst also has an exchange rate calculator on their webiste, but this does not accurately show the rates they offer for your personal transaction. They quote the interbank rate, which is not the rate you can make a transfer at.

Exchange rates are realtime and priced about 2% above the mid-market rate. The pricing comprises pay anything between $10 and $30 depending on the amount being transferred. Private clients transacting $100,000 and above do not pay any transfer fees.

Transfer Fees

WorldFirst does not charge any fees for personal wire transfers and payments. However, businesses pay anything between $10 and $30 depending on the amount being transferred. Private clients transacting $100,000 and above do not pay any transfer fees.

Other Fees

You may incur sending and receiving fees on either end of the transaction depending on the banks you use. To minimise these costs, transact using local banks within the worldFirst Network in the sending and receiving countries.

Payment Methods

When sending money using WorldFirst, you payment options are limited to bank transfers. In Fact, if you don't have a bank accont, it becomes almost impossible to transfer money through WorldFirst. The following are the payment methods you can use:

• Debit Cards

• Oonline/Telephone Banking

• BACS

• Direct Debit

• CHAPS

Customer Support

Potential clients or existing WorldFirst clients who have any inquiries or payment-related issues, they can directly get in touch with this company through telephone in different regions.

Lines are open 8 a.m. until 6.p.m Monday to Thurday and 8 a.m. until 5.30 p.m. Friday AEST/AEDT time. Local call rates and chiliarges apply.

Or you can also follow this broker on some social media platforms, such as Twitter, Facebook.

Pros & Cons

Frequently Asked Questions

Does WorldFirst charge fees for payments or wire transfers？

WorldFirst's payouyment fees are determined by factors including the location where you and your payee are based and the currency you want to convert to.

How much can I transact with WorldFirst？

Corporate clients and online sellers have no minimum transfer amounts. WorldFirsthas no minimum transfer amounts, but the transfer amounts between $2,000 and $9,999 will incur an AUD $10 fee and the transfer amount less than $2,000 will incur an AUD $20 fee.

How much does the account cost？

It's free to open an account and WorldFirst does not charge any fees for receiving money or any ongoing subscription costs.

How long does a transfer take？

This depends a few things, including the currency you're sending or buying, the bank used and the size of the transaction.

Can I make a same-day payment ？

Yes. You can book a same-day transfer for a large number of currencies and earlier you book your trade, the better. To make a same-day outgoing payment in EUR/USD or GBP, you will need to have your cleared funds with this company by the 15：00 Sydney time. For payments to Australia and New Zealand cleared funds must be received by 13:00 Sydney time.