WorldFirst launches World Account to give UK firms boost on global stage

World Account enables customers to open multiple currency accounts, with no hidden fees to send and receive payments and no monthly account charges

WorldFirst, the international payments business, has launched a payment platform that aims to make international banking easier, faster and more affordable for the UK’s small businesses.

The new World Account helps smaller companies access a range of international banking services not usually made available to them by traditional banks.

It also removes the delays and difficulties businesses have to deal with when opening an overseas account, such as having proof of residency or a local company entity.

Customers are able to open multiple international currency accounts in British pounds, Euros, and Canadian and US dollars free of charge. These can all be accessed and managed through the platform or via a specially created mobile app.

World Account has been launched as a free service, with no hidden fees to send or receive international payments and no monthly account charges. It also imposes no maximum on transfer values or deposit limits.

Customers are able to send money to international suppliers in their local currencies and access competitive rates when importing and exporting.

Over the coming months, WorldFirst will introduce additional functionality and more currency accounts including the Japanese yen, Australian dollar, Singapore dollar, New Zealand dollar and Hong Kong dollar.

Founded in 2004, WorldFirst is an international money transfer business with 600 employees across its London, Amsterdam, Austin, Hong Kong, Singapore and Sydney offices. To date, it has helped more than 120,000 individuals, small businesses and online sellers transfer over £60bn.

Jonathan Quin, co-founder and CEO at WorldFirst, said: “Our clients continually tell us that they are frustrated at how slow, complicated and expensive international banking can be, especially the process of opening overseas accounts. Thankfully the wait is now over for a solution that meets their needs and will enable UK business to compete more effectively in the global economy.

“This is just the start for the World Account. As our flagship product, we’re investing heavily to add even more functionality and bring on board more currencies with the aim of making it the one stop shop for all businesses’ international banking and finance needs. This is just the beginning.”