WorldFirst review — everything you need to know

If you need to send money abroad from Canada, WorldFirst is one of the options to consider, offering international transfers and currency exchange services for individuals, businesses, and online sellers.

Before you pick a provider for your international payments, it’s worth taking a closer look at what each service offers. This guide covers how WorldFirst works, who can use their services, and what fees you can expect. We’ll also look at how it compares to Wise, so you’ve got all the info you need to make the right call for your next international transfer.

Can You Use WorldFirst in Canada?

Canadian businesses can use WorldFirst to manage international payments and currency exchange. However, personal accounts are no longer available, as WorldFirst has shifted its focus exclusively to business customers³. So, if you're a personal customer looking to send money internationally, you'll need to consider alternative providers that cater to personal transfers.

Business services for Canadian companies

WorldFirst offers a range of services tailored for Canadian businesses engaged in international trade:

• Multi-Currency accounts: Open up to 15+ local currency accounts and connect and receive payments from over 130 global marketplaces like Amazon, Shopify, and PayPal.
• International payments: Send money to over 200 countries in more than 100 currencies, with competitive exchange rates and fast transfer times.
• Currency conversion tools: Utilize spot contracts and forward contracts to manage currency risk and lock in favourable exchange rates.
• World Account platform: Manage all your international financial activities from a single online platform, simplifying global commerce operations.

Services Offered by WorldFirst for Businesses

WorldFirst is geared towards helping businesses manage international payments more efficiently, especially those trading or selling online. Designed to support cross-border commerce at scale, WorldFirst offers tools to collect payments, convert currencies and pay overseas suppliers. Here’s a closer look at what you can do with a WorldFirst business account.

Marketplace and Global Collection Accounts

WorldFirst’s World Account lets you open local receiving accounts in major currencies like USD, EUR, GBP, AUD, CAD, and more under your business name⁴. You can collect payments from marketplaces like Amazon, AliExpress, Shopee, and Lazada faster and with fewer currency conversion costs, with no need to jump through hoops or wait on delayed payouts.

You can also:

• Open multiple local currency accounts to get paid like a local in different regions
• Receive funds from marketplaces and payment gateways
• Consolidate earnings from different platforms into one dashboard
• Hold and convert currencies when the exchange rate suits you

This setup is handy for eCommerce sellers looking to simplify their global payouts and reduce currency risk.

WorldFirst Business Features at a Glance

WorldFirst helps Canadian businesses navigate international payments, currency exchange, and global trade. Here’s a quick snapshot of key features available to Canadian business users:

WorldFirst for Business Users

What Are WorldFirst’s Fees and Exchange Rates?

WorldFirst has a fairly straightforward pricing model. There are no setup or account maintenance fees, and you won’t pay anything upfront to make a transfer. Instead, WorldFirst makes money by adding a margin to the exchange rate — also known as the spread.

Account and transfer fees⁷

• Account opening and maintenance: Free
• Receiving funds: Free
• Local transfers: Free in major currencies like SGD, USD, GBP, and EUR
• Payments to other world accounts: Free in up to 12 currencies
• SWIFT and Non-SWIFT payments: Up to 1.5%
• Payments to sourcing platforms (e.g., 1688.com): Up to 0.8% of the transaction amount

Exchange Rates and Markups

When you send money with WorldFirst, the exchange rate you get includes a margin on top of the mid-market rate. This is often referred to as the spread, and it’s how WorldFirst earns money on each transaction. The size of the margin depends on which currencies you’re exchanging and how much you’re sending.

High-volume customers may be offered better rates, so it’s worth speaking to an account manager if your business makes frequent or large international payments.

While WorldFirst says their margins are smaller than what traditional banks charge⁸, the final rate you get may still be higher than providers that use the real mid-market rate with a transparent fee such as Wise.

Transfer Fees and SWIFT Costs

Customers can expect to pay up to 1.5%⁷ of the total amount when making SWIFT and Non-SWIFT payments. Because transfers are often processed via the SWIFT network, you might still see additional costs from intermediary (correspondent) banks. These third-party fees are not set by WorldFirst and can be hard to predict.

In some cases, multiple banks may be involved in routing a single payment — and each one may deduct a fee. WorldFirst says it covers these charges where possible, but there’s no guarantee, so your recipient might receive slightly less than expected.

Pros and Cons of Using WorldFirst in Canada

WorldFirst offers a wide range of features for Canadian businesses that manage international payments, particularly online sellers and importers dealing with multiple currencies. But like any financial service, it has its strengths and its trade-offs. Here’s a quick overview of what to keep in mind before signing up.

Summary of benefits and drawbacks

FAQs/People Also Ask – WorldFirst FAQs

Q: Is WorldFirst available to individuals in Canada?

A: No, WorldFirst no longer offers services to individuals. Accounts are only available to registered businesses and online sellers.

Q: What is WorldFirst used for?

A: WorldFirst is used by businesses to send and receive international payments, manage multiple currencies, and collect payments from global marketplaces.

Q: Does WorldFirst charge a fee?

A: Payments to other World Accounts are free in up to 12 currencies, but WorldFirst adds a margin to the exchange rate. Some transfers may also incur third-party SWIFT fees.

Q: Is WorldFirst a bank?

A: No, WorldFirst is a regulated financial services provider that specialises in international payments and foreign exchange for businesses.

How WorldFirst Compares to Wise

WorldFirst and Wise both offer international payment services, but their pricing models and target customers are quite different.

WorldFirst is designed for business users only, focusing on online sellers and importers who need multi-currency accounts and tools like forward contracts. It offers competitive rates for high-volume clients but adds a markup to exchange rates, and some transfers may involve unpredictable SWIFT fees.

Wise, on the other hand, is available to both personal customers and businesses in Canada. It uses the real mid-market exchange rate and charges a low, transparent fee starting from 0.48%^* that's shown upfront. There are no hidden costs and no surprises caused by intermediary banks.

If you're a Canadian business dealing with large volumes or specific FX needs like forward contracts, WorldFirst might suit you. But if you value pricing transparency, not having to pay a markup on the exchange rate, or need a solution for personal transfers, Wise is a straightforward alternative.

Conclusion

WorldFirst may be worth considering if you run a Canadian business that sends or receives large international payments, especially through global marketplaces. Designed with eCommerce sellers and importers in mind, WorldFirst offers useful features like multi-currency accounts, forward contracts, and local collection accounts in multiple currencies.

But it may not be the right fit if you want to send smaller transfers, want transparent upfront pricing, or need a personal account. The exchange rate markup and potential SWIFT fees can also make costs harder to predict.

Looking for something simpler? Wise offers a transparent alternative with access for both individuals and businesses, no exchange rate markups, and a low, clearly stated fee. It’s a great choice for anyone who wants to move money internationally without any of the guesswork.

Sources:

1. About WorldFirst
2. COUNTRIES AND REGIONS WE SERVE | WorldFirst MY
3. We're closing our Private customer business
4. Receiving money with WorldFirst
5. How does WorldFirst work?
6. Global marketplace payment solution for online sellers
7. Our Pricing and Fees| WorldFirst MY
8. FAQs from WorldFirst
9. Wise Business Fees & Pricing: Only Pay for What You Use