WorldFirst Singapore review: Features, fees, and how it benefits your business

WorldFirst is a financial platform that specialises in international business payments, with a particular focus on transactions to China. The platform offers local and international transfers with competitive exchange rates and pay-as-you-go fee structures. It was founded in the UK in 2004 and was later acquired by China's Ant Group in 2019.

In this article, we’ll explore the core features of WorldFirst, including its FX and international transfer services, multi-currency account, and payment collection solutions. We'll also compare WorldFirst with Airwallex, a more comprehensive financial platform that offers solutions like business cards, expense management, and more. Read on to understand the benefits of each platform and determine which is best suited for your business needs.

What is WorldFirst?

WorldFirst is a cross-border payment service provider that helps global SMEs manage their transactions – particularly payments to China – with ease and flexibility. By simplifying the process of international money transfer, it enables businesses to streamline their financial operations and expand their global reach. WorldFirst offers a number of services, including:

• Multi-currency account. Collect and hold funds in 20+ currencies, simplifying the process of receiving payments from customers in different countries.

• International transfers. Transfer money in 90+ currencies, with 80% of payments arriving within the same day.

• Forward contracts. Lock in an exchange rate for future transactions to increase financial stability and protect your business from market fluctuations.

• Mass international payouts. Send up to 200 payments in a single transaction to streamline the process of paying suppliers or employees in different countries.

• Marketplace collection. Receive payments from 100+ global marketplaces such as Amazon, AliExpress, and Etsy in their local currencies, avoiding additional conversion fees.

• Accounting software integrations. Connect your World Account with Xero or NetSuite to automatically sync your payments data and simplify the reconciliation process.

Airwallex provides a more comprehensive suite of services compared to WorldFirst. In addition to WorldFirst’s offerings, Airwallex includes features like corporate cards, Bill Pay, and a payment gateway, offering a more complete end-to-end financial solution suitable for businesses of various sizes and requirements.

Who uses WorldFirst for money transfers? Understanding your benefits

eCommerce businesses

By linking your World Account to international marketplaces like Amazon and AliExpress, you can receive customer payments in their local currency, minimising checkout friction and boosting sales.

Taking this a step further, Airwallex offers a global payment gateway solution that eCommerce businesses can seamlessly integrate with platforms like Shopify, WooCommerce, and Magento with no coding needed. By integrating Airwallex with your eCommerce platform, you'll be able to accept customer payments in 160+ payment methods and 180+ countries, and settle their funds directly into your multi-currency account.

Importers

For businesses engaged in international trade or manufacturing, WorldFirst facilitates payments to overseas suppliers in 40+ currencies. In particular, if your business sources products from China, WorldFirst offers integrations with online B2B marketplaces like 1688.com, allowing businesses to pay their suppliers easily.²

In comparison, Airwallex offers high-speed transfers with competitive exchange rates and low fees. By leveraging partnerships with local networks to 120+ countries, instead of going through traditional SWIFT wire transfers, Airwallex ensures that 90% of transfers are delivered within the same day, allowing for timely payments to your suppliers and enhancing cash flow efficiency.

Businesses with global operations

For companies that have international offices or work with overseas contractors, you can use the mass international payout service to pay up to 200 suppliers or employees in different countries in a single transaction.

Compared to WorldFirst, Airwallex enables businesses to make batch payments to up to 1,000 recipients all at once, saving you even more time and money on individual payments.

What are WorldFirst’s fees and exchange rates?

WorldFirst offers a pay-as-you-go fee structure with no setup or monthly fees. Likewise, Airwallex does not charge any account opening fees, monthly charges, or hidden fees.

For global transfers, WorldFirst charges S$1.3 for transactions going through local payment rails, and payment fees starting from S$6.7 for SWIFT transfers. It charges 0.8% of the payment amount for transfers to Chinese suppliers on 1688.com and TaoWorld, while payments to other World Accounts are free. In contrast, Airwallex offers free transfers when sending money via local payment methods, such as WeChat Pay and Alipay, in 120+ countries.

WorldFirst offers exchange rates with a mark-up of up to 0.6%, whereas Airwallex offers market-leading FX conversions of 0.4% for AUD, USD, HKD, CNY, JPY, EUR, GBP, CAD, CHF, NZD, SGD, and 0.6% for all other currencies.

How to use WorldFirst Singapore to make international payments

WorldFirst provides a range of global payment solutions designed for businesses and eCommerce sellers. Their services include international money transfers, bulk payments, and marketplace payment collection, all designed to streamline financial transactions across borders.

To make an international business payment via WorldFirst, simply follow these steps:

1. Fund your account: Top up your World Account by making a bank transfer from your own account.

2. Add recipient details: Enter the recipient’s bank account details, such as the receiving bank country, receiving currency, and payee account number.

3. Make a payment: Select the currency you'd like to use for your payment. Then enter either the amount you want to debit from your account, or what you want your payee to receive in their local currency account. You'll see the converted amount based on WorldFirst's real-time exchange rate. Once you've confirmed the rate and the details, you can make the transfer.

4. Track your transactions: With 80% of WorldFirst payments arriving on the same day, you can easily track the status of your transactions using the WorldFirst dashboard.

Opening a multi-currency account  

For online sellers looking to expand your business internationally, WorldFirst provides a seamless way to open local accounts in various foreign currencies. This allows you to receive customer payments in their local currency while holding multiple currencies within a single account, making it easier to manage your international transactions.

Here's how you can do it:

1. Add a new receiving account: Within your World account, set up accounts in the foreign currencies you expect to receive. WorldFirst supports accounts with local bank details in 20+ currencies, which allows you to receive payments in multiple currencies without the need to convert them immediately.⁴

2. Collect payments from international customers: With your local accounts set up, you can link your World Account with your eCommerce platform and start receiving payments from international marketplaces directly into these accounts. 

3. Hold and transfer in multiple currencies: Once you have received payments in different currencies, you can hold them within the corresponding local accounts until you are ready to convert them back to SGD or transfer them.

4. Convert foreign currencies to SGD: When you are ready to convert your received foreign currency funds to SGD, simply choose the amount you wish to convert, confirm the exchange rate, and execute the transaction.

5. Withdraw SGD to Local Bank: Once the conversion is complete and your SGD World Account is credited, you can proceed to withdraw the funds to your local Singapore bank account. Enter the withdrawal amount and confirm the details to complete the transfer.

Similar to WorldFirst, Airwallex offers multi-currency accounts with local bank details in over 23 currencies. Through partnerships with local payment networks across 120+ countries, businesses like igloohome can save over S$100 on each transfer by avoiding SWIFT fees.

Integrating with Xero

WorldFirst's integration with Xero offers businesses a comprehensive solution to track their spending, automate invoicing, and streamline the closing of accounting books all within one platform. By automatically syncing your World Account bank feed directly with Xero, businesses can maintain an accurate and up-to-date ledger, reducing the manual effort typically required for bookkeeping.⁵

Airwallex offers a robust two-way integration with Xero, providing businesses with enhanced financial control and visibility. Through this integration, data flows seamlessly between both platforms: transactions from Airwallex automatically sync with Xero via the bank feed, consolidating financial information to streamline month-end reconciliations and reduce errors in financial reporting. Additionally, Airwallex’s Bill Pay integration with Xero allows businesses to manage vendor invoice payments directly from Xero—automating the process from bill upload and approval to payment execution and account reconciliation.

How to open a WorldFirst account?

Before you can open a WorldFirst account in Singapore, you need to ensure that you meet the eligibility criteria and prepare the necessary documentation.

To be eligible, you should have a registered company or sole proprietorship in Singapore.

During the account opening process, you will be asked to provide the following information and documents⁶:

1. Proof of ID: A valid government-issued ID such as a national ID card, passport, or driver’s licence.

2. Business documentation: This includes your certificate of incorporation and proof of company ownership.

3. Proof of address: A recent utility bill, bank statement, or other official document that confirms your company address.

Step-by-step guide to sign up and login to WorldFirst

1. Create an account. Sign up for a new World account on their website. Start by selecting the country where your business is registered. Then enter your email and mobile number. You'll receive a confirmation code to verify these details.

2. Select business type. Choose whether you have a registered company or sole proprietorship.

3. Enter business details. Use Singpass to autofill information about your business or manually enter the details yourself. This includes your company name, registration number, and address. You'll be asked to verify your identity by providing your ID copy and business licence copy.

4. Account review and approval. After completing your online registration, you will receive an email regarding the status of your account application within two business days. If your account is approved, you can proceed to login and start using your WorldFirst account.

5. Login to your account. Head to WorldFirst's login portal and enter your mobile number, email, or username, along with your password. You’ll receive a one-time passcode via the Authy app, enter this code to complete your login process.

6. Set up currency accounts. Upon logging in, you will be prompted to select the currencies you want to use for your account. Choose from a wide rangof currency accounts including GBP, USD, EUR, CAD, and AUD to start making payme ents and receiving funds.

Alternative digital banking solution for global businesses: Airwallex Global Account

Airwallex provides an end-to-end payment solution designed to streamline financial operations for businesses. Compared to WorldFirst, Airwallex enables swift cross-border payments while reducing transaction costs through partnerships with local payment networks in over 120 countries. With multi-currency debit cards and in-built expense management, companies can track spending in real-time and simplify expense reporting. Airwallex’s payment gateway supports 160+ payment methods in 180+ countries, allowing businesses to process online transactions seamlessly, collect and hold funds in the same currency, and avoid unnecessary conversion fees. These features collectively position Airwallex as a comprehensive financial partner for businesses of all sizes.

Comparison of Airwallex and WorldFirst:

Why choose WorldFirst Singapore for your business?

The multi-currency World Account offers numerous benefits for businesses engaging in international transactions. It facilitates payments to overseas suppliers, streamlines payroll management for employees across various countries, and enables selling on global eCommerce platforms. Additionally, WorldFirst helps businesses lock in current foreign exchange rates, so they can reduce the risks that come with currency fluctuations when making international payments.

Like WorldFirst, Airwallex offers a multi-currency Global Account that supports 23+ currencies, including GBP, EUR, USD, AUD, CNY, and HKD. The Airwallex account enables businesses to consolidate their funds and manage multiple currencies in one place, streamlining international transactions.

Compared to WorldFirst, Airwallex offers broader global coverage with partnerships across local payment networks in over 120 countries, providing free international transfers and more affordable FX fees. For companies managing both local and global expenses—such as ad spend and SaaS subscriptions—the Airwallex Borderless Card offers a more streamlined solution for expense management. This card allows businesses to transact in multiple currencies without transaction fees and includes unlimited 1% cashback on purchases, making it an efficient and rewarding choice for managing everyday business expenditures.

Conclusion

WorldFirst provides businesses with international payment services, featuring extensive global coverage and competitive foreign exchange rates.

However, its lack of certain features such as corporate cards with in-built expense management, bill pay solution, and payment gateway may require businesses to use additional platforms or services.

On the other hand, Airwallex offers a fuller range of services that allows businesses to operate seamlessly across borders and focus on expanding without worrying about complicated  financial operations.

While WorldFirst offers reliable options for global transfers, companies looking for cost-effective transfers, extensive global coverage, and a more comprehensive financial solution may find Airwallex’s all-in-one platform better suited for maximizing efficiency and supporting growth.

Frequently asked questions

What currencies can I hold in a WorldFirst multi-currency account?

You can receive and hold 20+ currencies in your WorldFirst account, including GBP, USD, EUR, AUD, JPY, NZD, SGD, HKD, CNH, and CAD.

How secure is my money with WorldFirst?

WorldFirst's affiliate, Alipay Merchant Services Pte. Ltd., is licensed as a major payment institution under the Payment Services Act by the Monetary Authority of Singapore. This licensing ensures compliance with strict regulatory standards designed to protect your funds and provide peace of mind.⁷

How long does it take for a WorldFirst international transfer to complete?

80% of WorldFirst transfers will arrive within the same day. The speed of payment can vary depending on the recipient's bank and country, and the size of the transaction.

What are the customer support options available for WorldFirst users in Singapore?

WorldFirst provides customer support to users in Singapore through live chat, email, and phone. Customers can use WorldFirst's live chat, email [email protected], or call +65 6805 4380 during their regular opening hours to speak with a dedicated account manager.⁸

How much can you transfer with WorldFirst?

There is no set minimum or maximum transaction amount.

Sources and references

1. https://www.worldfirst.com/sg/for-importers/ 

2. https://www.worldfirst.com/sg/1688-world-pay/

3. https://www.worldfirst.com/sg/pricing/

4. https://www.worldfirst.com/sg/how-to-create-a-new-receiving-account/ 

5. https://www.worldfirst.com/sg/xero-integration/ 

6. https://www.worldfirst.com/sg/account-opening-help/ 

7. https://www.worldfirst.com/sg/legal/ 

8. https://www.worldfirst.com/sg/help-support/contact-us/

This publication does not constitute legal, tax, or professional advice from Airwallex nor substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.