Following a successful Beta trial and over 1000 registrations, WorldFirst has launched their newest offering the “World Account” for online money transfers. The World Account is launching as a free service with no hidden fees or charges on FX transfers or to open or maintain a currency platform. Similarly, there is no maximum on transfer values or deposit limits. The new platform is available both online and through a mobile app to online marketplace sellers today with a wider launch for all businesses planned imminently.
The UK based Fintech is providing an alternative to traditional international banking for businesses who operate across different currencies. The World Account makes the process of international trade cheaper and easier.
Jonathan Quin, Co-founder and CEO at WorldFirst, commented on the new service;
“It’s really exciting to say that the World Account is now live. We strongly believe that this is the future of payments for small businesses and online sellers trading internationally and will become the world’s most flexible financial platform as we build on the foundation that this gives us. The messages from the small businesses that we work with has been clear; they wanted a simpler, faster and cheaper way to manage their money when doing business internationally – and that’s what we’ve created. Working with some high-profile and long-standing banking partners, we’re able to give our clients access to the local currency accounts, great rates and frictionless functionality they need to grow their business.”
Using the World Account, users can open multiple local currency accounts – initially in GBP, USD, EUR and CAD – for free enabling them to send, hold and receive funds in different currencies. Online sellers will now be able to receive payments in Euros, for example, and either hold them in their account until such time as they need to pay a supplier in euros or make international payments out and benefit from WorldFirst’s competitive exchange rates.
WorldFirst says their new service will end slow international payments, expensive transfers and the endless delays and complexities commonly encountered by businesses trying to open overseas bank accounts.
More currency accounts including the Japanese yen, Australian dollar, Singapore dollar, New Zealand dollar and Hong Kong dollar will be supported over the coming months.