WorldFirst offers online sellers easy access to over 70 online marketplaces.
|Product Name||WorldFirst Money Transfers for Online Sellers|
|Max. Transfer Amount||No limit|
|Transfer Methods||Online, Phone, Agent|
|Transfer Options||One off payments, Market orders, Forward contracts|
Minimum transfer time
|Banking Partner||Worldfirst - AU|
|Customer Service||Phone, Email|
|Available Currencies||AUD, CAD, CNY, EUR, GBP, JPY, USD|
|Online Transfer Fee||USD 0|
- Compatible with 70+ online marketplaces including Amazon and eBay
- Get access to receiving accounts in several major global markets
- Competitive exchange rates and no fees
- Some online marketplaces may not be compatible with this service
If you want to sell goods or services online, you need an effective solution for transferring payments to your own account in your own currency. WorldFirst’s international money transfer service provides a dedicated account for online sellers. You can access local bank accounts in several leading global markets and convert your money into your own currency whenever you wish. It also provides access to over 70 leading online marketplaces.
How does the WorldFirst service work for online sellers?
When you open a WorldFirst online seller account you get access to a local bank account in the UK, US, Canada, Japan, China and Europe. This means that you can sell your goods or services online on international marketpaces and receive local currency in the form of GBP, USD, CAD, JPY, CNY or EUR, and then choose when you’d like to bring your money home. You can keep an eye on exchange rates and convert your money when the rate is favourable.
When you sign up for the service, you advise WorldFirst which international markets you need a receiving account in out of the above. WorldFirst will set up the accounts, and provide you with the account details. You can then provide these details to the online marketplaces you’ll be using, so you can get paid directly into your receiving account.
Let's look at an example:
For example, if someone from the US buys your product online on amazon.com you’ll get paid in USD directly into your WorldFirst US bank account. This lets you keep an eye on the exchange rate, and choose to convert the money back into AUD and bring it home when the rates are competitive, rather than at the time of the purchase.
Another key benefit is that you can also pay international suppliers directly from your WorldFirst US account. For example, if your product supplier is in China or the USA they will request to be paid in USD (not in AUD). You can pay them directly in USD from your WorldFirst US bank account, saving you money as there's no currency exchange required.
Key features and benefits of WorldFirst's online sellers service
- WorldFirst was among the first provider to offer this service in Australia
- Global bank accounts are issued instantly (others can take up to 5 days to be setup)
- Your local bank accounts are held in your name, not under WorldFirst's name
- Benefit from a personal account manager to help you navigate the process of selling online and opening up local bank accounts in international markets
- WorldFirst are experts in online selling, particularly with major marketplaces like Amazon and eBay
- If your online marketplace isn't currently supported by WorldFirst, you can request it
- WorldFirst offers local customer service within Australia
- WorldFirst banks with 4 out of the 5 largest global foreign exchange banks
WorldFirst online sellers exchange rates and fees
WorldFirst doesn’t charge any fees to open an account. There are also no monthly account keeping fees, no fees to receive money and no transfer fees. WorldFirst applies a slight commission on the mid-market currency exchange rate, also known as the inter-bank rate. However, this commission is less than that charged by the big banks, making WorldFirst a competitive option for anyone looking to sell products or services online. In fact, WorldFirst claims it can be up to seven times cheaper than simply using the payment process provided by the big marketplaces. You can request quotes with the current rates via the online portal after creating an account.
Available currencies and marketplaces
WorldFirst currently offers receiving accounts for the UK, US, Canada, Japan, China and Europe, allowing you to receive currency in GBP, USD, CAD, JPY, CNY or EUR. The service is connected with over 70 online marketplaces, including Amazon, eBay, PriceMinister and Cdiscount. Once your receiving account is set up by WorldFirst, you just need to give the bank account details to your online marketplace (e.g.: eBay) so you can get paid directly into the account. For example when you sell a product to someone in the UK, your online marketplace will facilitate the payment to be made directly to your UK receiving account.
Registration and process
You can register for an account online in minutes by clicking the “Go to Site” link, which securely redirects you to WorldFirst’s website where you can start the application process. Fill out a few details including your name and contact details, and create an account username and password. WorldFirst will get in touch with you to verify your account, then you’re good to go. Once your account is open WorldFirst will provide you with the details for your international receiving accounts, which you can then pass on to your online marketplace.
What other products does WorldFirst offer?
- Consumer money transfers. WorldFirst also offers a competitive international money transfer service to send money abroad. You can read about it here.
- Business transfers. You can also create a specialised business account for international payments.
- Forward Exchange Contract. This feature allows you to lock in an exchange rate up to two years in advance.
- Supplier payments. Make payments to overseas suppliers quickly and easily.
- Currency tools. View live exchange rates and graphs, create personal rate alerts, and receive daily market updates.