We've recently updated our terms & conditions. Please click here to download.

International payment solutions for online sellers

We've put together all the international payments solutions that online sellers need so that they can grow their business. So now you can access receiving bank accounts abroad, as well as pay invoices and suppliers and make the most of when an exchange rate looks good for you.

International receiving bank accounts

We can open receiving accounts for you in Europe, the US, New Zealand, Australia, Canada, Japan, China and the UK. We open them quickly and once you've got the details, you can update your marketplace and start selling to buyers around the world. Plus our great rates mean you could save more.

You should know that  World First UK Ltd provides clients with access to a receiving bank account, in the name of World First Uk Ltd, for the sole purpose of receiving marketplace revenues. Funds held in these accounts are safeguarded and segregated in line with the requirements set by the Payment Services Regulation, 2009. These bank accounts aren't covered by the Financial Services Compensation Scheme.

Supplier payments

If you need to pay suppliers abroad, you could save money by using us. All you have to do is tell us how much you want to send, who you want to pay and which currency you want to pay in. We would offer you a rate based on the live exchange rate on the day and you can make a payment there and then. And we'll help make sure you get more for your money with a great rate.

Forward contracts

If you want to lock in a rate but aren’t ready to make a transfer - fix it up to 3 years in advance. The great thing about this is that you'll know exactly how much you'll get when you're ready to transfer.

You might need to pay an initial deposit and then the balance will be due at the end of the contract.  If the rates move against you, you may need to top up the deposit. Your dealer will explain and discuss this with you before you book your forward.

World First Pty Ltd is a designated remittance provider with the Australian Transaction Reports and Analysis Centre (AUSTRAC), remittance sector registration number: IND100192523-001. Regulated by the Australian Securities and Investments Commission (ASIC), Australian Financial Services Licence (AFSL) number 331945. Australian Company Number (ACN) 132 368 971. Member of the Australian Financial Complaints Authority, membership number 13405.

If you’re considering making a foreign exchange transaction, or you’re a new or existing customer looking for more information, it’s important your read our PDS available online.

*0.50% or less applies to 25 of our major and most popular currencies.

Price match applies if it doesn't result in a loss for us, we'll match it.

Many banks and payment providers frequently claim to offer “fair” and “transparent” pricing, yet the reality is something very different. Our new pricing model aims to provide both new and existing customers with fair, simple and transparent pricing, using 3 clear FX margin bands margins (0.5%, 0.25% and 0.15%) with no hidden fees. With transparent pricing our customers and potential customers can clearly compare WorldFirst to our competitors.

How do we collect this data?

WorldFirst obtain price comparisons from other international payment providers’ websites, at specific dates and time using a third-party supplier. The comparison table shows the spread applied by the competition to transfer amounts of AUD 1,000, 10,000 and 50,000 into EUR, USD and GBP.

1. The spread

The spread is the percentage difference between the exchange rate we buy our currency at and the rate at which we sell it to our customers. We at WorldFirst take a smaller spread than most banks and other currency companies, and pass this benefit on to our clients, making all our transfers simpler and more transparent.

2. The cost of international payments

For each pricing band we look at the FX spread applied. This is what we use to compare against our fixed bands of (0.50%, 0.25% and 0.15%).

When researching and making comparisons it is important to know if any additional transaction charges will be applied such as payment fees or account management fees. For most customers WorldFirst does not apply additional fees to make payments or to maintain an account with us. If any fees are applicable these will be made clear to you in advance.

3. How do we work out a comparison up to 8 times cheaper than the banks

When we collect data from providers, we do it using different “amounts” such as $1,000, $10,000 and $50,000 where possible. For our data we have focused on the top currency pairs in Australia: GBP to USD/EUR/AUD.

Because the WorldFirst fixed pricing tiers are based on annual volumes transacted by our customers, we have averaged out the spreads applied by competitors to transactions of differing amounts in those tiers to calculate an average spread. We take our spreads and divide by the average spreads of the big 4 banks. This is important, because providers tend to offer better exchange rates and smaller transfer fees when a customer is moving larger sums of money.

What all this means for you

Other money-transfer providers may have variable spreads across different currencies, whilst WorldFirst now has fixed spreads, agreed ahead of time, making it easier to compare.