WorldFirst World Account for online sellers
Min. Transfer Amount
Max. Transfer Amount
|Product Name||WorldFirst Money Transfers for Online Sellers|
|Min. Transfer Amount||AUD 1|
|Max. Transfer Amount||No limit|
|Transfer Methods||Online, Phone, Agent|
|Transfer Options||One off payments, Market orders, Forward contracts|
Minimum transfer time
|Customer Service||Phone, Email|
|Available Currencies||AUD, CAD, CNY, EUR, GBP, JPY, USD|
What's in this guide?
How does the WorldFirst World Account work?
The World Account is a multi-currency account designed for businesses and online sellers. It allows you to receive online marketplace payments in 10 different currencies and manage all your balances from one dashboard.
You can receive funds in the following 10 currencies:
- GBP British pound
- USD US dollar
- EUR Euro
- CAD Canadian dollar
- JPY Japanese yen
- AUD Australian dollar
- SGD Singapore dollar
- NZD New Zealand dollar
- HKD Hong Kong dollar
- CNH Chinese yuan
This means you can receive payments from ecommerce marketplaces in Europe, the USA, New Zealand, Australia, Canada, Singapore, Japan, China and the UK. You can link your World Account to a wide range of online marketplaces and platforms, including the following:
You can also pay international suppliers in their local currency, and hold your funds in a foreign currency until you're ready to convert them back to Australian dollars. The account can be managed through WorldFirst's online platform or the WorldFirst mobile app.
Why use WorldFirst instead of PayPal?
PayPal is a popular option for online sellers looking to manage their online payments. However, there are a few costs you'll need to be aware of:
- Payment fees. A fee applies when you receive payment for selling an item. For PayPal Wallet transactions, you'll pay a fee of 2.6% + $0.30 for Australian payments and 3.6% + a fixed fee for international payments.
- Currency conversion fees. If you're paid in a foreign currency and you want to convert those funds into Australian dollars so you can withdraw them to your bank account, PayPal adds a 2.5% margin on top of its base exchange rate before converting your money to AUD.
- Disappointing exchange rates. If you want to send an international payment from your PayPal account, you'll find that PayPal's exchange rates often don't match those offered by some specialist transfer companies.
By comparison, WorldFirst doesn't charge any ongoing fees, any fees for receiving payment in your World Account or any cross-currency transaction fees. And with a foreign exchange margin of between 0.15% and 0.50% based on the amount you transfer each year, using a World Account instead of PayPal could potentially offer big savings for your business.
What are the WorldFirst World Account's fees?
WorldFirst does not charge any of the following fees:
- Account opening fees
- Account management fees
- Cross-currency transaction fees
- Fees for receiving payments
However, when exchanging currency using your World Account, such as if you're repatriating sales revenue to Australian dollars, you'll need to consider WorldFirst's margin. This is the difference between the rate at which WorldFirst buys currency (the mid-market rate), and the rate it uses when it sells currency to you. The margin that applies to your account varies depending on the amount you transfer each year:
|Annual transfer amount||$0 - $750,000||$750,000 - $7.5 million||$7.5 million +|
Calculate how much your payments will cost with a World Account using the calculator below.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
How do I set up a WorldFirst World Account for my ecommerce store?
You can open a World Account by completing a few simple steps.
In a nutshell
- 10 locally-based currency accounts. The World Account lets you receive online marketplace payments in 10 different currencies.
- Competitive exchange rates. WorldFirst's exchange rate margin varies depending on the amount you transfer, but at 0.15-0.50%, it's very competitive.
- Transparent pricing structure. WorldFirst is upfront about all the costs and charges that apply to your account, and there are no ongoing fees or fees for receiving funds.
- Customer support. WorldFirst offers phone and email customer support as well as an online sellers hub with plenty of useful tools and resources to help you grow your business.
- Sign-up process. You'll need to wait for a WorldFirst representative to contact you before your account can be opened.
How does the WorldFirst World Account compare to other online seller services?
To find out how the World Account compares to other marketplace selling accounts, check out the table below.
Watch: Business and online payments during COVID-19
We spoke to WorldFirst's CEO Jeff Parker about the trends he's seen in business transfers since lockdown.