The World Account, a new international payments platform from UK-based FinTech WorldFirst, goes live for online marketplace sellers today.
Providing an alternative to traditional international banking for businesses who operate across different currencies, World Account makes the process of international trade cheaper and easier.
Using World Account, online sellers 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 great exchange rates.
World Account will put an end to slow international payments, expensive transfers and the endless delays and complexities commonly encountered by businesses trying to open overseas bank accounts. The exciting new platform will help ambitious online sellers to easily access overseas bank accounts to compete better with local businesses across the globe.
It is free to open a World Account with WorldFirst and users can manage their international earnings and payments online – either using WorldFirst Online or the brand new app. Using the online platform, users can view balances, make international payments and transfer money between their GBP, USD, EUR and CAD accounts with instant FX transfers.
Commenting on the launch, Jonathan Quin, Co-founder and CEO at WorldFirst said:
“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.
With the World Account, they’ve finally got a platform that supports their business growth internationally, whether they’re a one man band or a multinational operation”
World Account is launching as a free service with no hidden fees or charges on FX transfers or to open or maintain the currency platform. Similarly, there is no maximum on transfer values or deposit limits. The new platform is available both online and through a newly launched mobile app to online marketplace sellers today with a wider launch for all businesses planned imminently.
Additional functionality and 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. To register for a World Account, visit www.worldfirst.com/uk/online-sellers