WorldFirst Marketplace Sellers Account Review
In this World First Marketplace Sellers Account Review, we’ll talk about World First’s Marketplace Sellers Account, find out what it is, how to set one up, and the advantages and disadvantages associated with the account.
World First offers free receiving accounts for international marketplace sellers including Amazon, eBay and other online sellers. As a specialist in low-cost foreign currency transactions, we find they are exceedingly more competitive than marketplace providers and the major banks.
An Introduction to World First’s Marketplace Sellers Account
World First’s focus on e-Commerce began 7 years ago. When Amazon wanted their established North American sellers to be able to sell to the European market, they encountered a fundamental problem – there was no way for these sellers to get their funds back to the US.
So World First started opening localized accounts for online merchants which allowed them to collect their funds in a “receiving account” and then sending the money back home at a competitive rate. By being one of the first money transfer company’s to target Amazon sellers, World First is now amongst the leaders in offering low-cost FX solutions to online marketplace sellers, with strong customer ratings and great recommendations on the Amazon Seller Central forum.
The Marketplace Sellers Account sits perfectly with World First’s focus on looking after small businesses. It gives them the edge for money transfers by eCommerce marketplace sellers in the US, Canada, UK, Europe, Japan and more recently China. The latest additions of Japan and China shows they are fully invested in providing a global service for online sellers and is one of the first money transfer businesses to launch receiving accounts in those markets.
As an Amazon verified partner, World First primarily targets Amazon Sellers, but they also provide seller accounts for over 70 other marketplaces including eBay, PriceMinister, Cdiscount, Rakuten, and so on.
- US Dollar
- British Pound
- Japanese Yen
- Euro Dollar
- Canadian Dollar
- Chinese Yuan
The Marketplace Seller Receiving Accounts Lets You Open Accounts in these 6 Countries/Currencies
The account is simply designed for marketplace sellers who want to receive money from global online sales. As a specialist in low-cost foreign currencies, World First provides exceptionally low rates of 0.5-2.0% depending on volumes.
If you need to pay suppliers abroad, all you have to do is tell World First how much you want to send, who you want to pay, and which currency you want to pay in. World First offers live exchange rates on the day for over 120 different currencies and you can make payment then and there. They also do limit orders, allowing you to send your money day or night at the exchange rate you want.
And if you’re not ready to make a transfer, but want to lock in a rate, World First is able to fix the rate for up to 2 years in advance in a forward contract. The great thing about this option is that you’ll know exactly how much you’ll get when you’re ready to make the transfer – but it does involve an initial deposit and can be subject to currency fluctuations against you.
How the Marketplace Seller Account Works
Setting up WorldFirst’s Marketplace Sellers Account
If you already have a World First personal account, it’s practically effortless to create a Marketplace Seller Account – all you have to do is talk to one of World First’s customer representatives. If you don’t have a World First account, you can easily set one up online. First, you will need to sign up as a business, with your full name, DOB, address, ABN or ACN (not mandatory).
Once World First has received your registration documents, all you need to do is tell them where you need your local receiving accounts and which currencies. Your details of your segregated secure accounts are then sent to you within 10 working days. You’ll also be given a link to sign up for the online service – this lets you access your account and make transfers to your home account at any time.
Using WorldFirst’s Marketplace Sellers Account
Think of it as simply having a local savings account in the countries and currencies you need, but also centralizes all of your funds online within World First’s platform. Inbound transfers can only come from marketplaces, but you can send funds to suppliers or transfer to your own home currency and local bank account at any time. Important to note is that World First only makes money through currency conversion when you withdraw funds into your own local bank account. This gives you the flexibility to accumulate your funds and wait for a more favourable exchange rates before you transfer the money to your native bank account.
Advantages and Disadvantages of the Marketplace Sellers Account
Here are all the good and bad points.
- Gives you a receiving account in six different countries and currencies, including Japan and China.
- World First is a regulated, reputable, and reliable money transfer and currency exchange provider.
- Makes opening an account with multiple currencies is easy.
- World First offers competitive exchange rates, on par with some of the lowest in the industry.
- You’re only charged a fee when you transfer money to an external bank account.
- Make and send payments in multiple countries and with over 120 currencies from one place.
- There are no setup fees or monthly charges.
- There is no charge to send or receive payments.
- You can lock in exchange rates in a forward contract for up to 3 years.
- The same high levels of security, encryption, and protection as with World First’s other services.
- It takes 5-10 working days to open an account.
- Inbound money transfers can only come from approved marketplaces.
- Coverage for currencies and countries is limited.
- No credit/debit card facility.
- All your money is with one currency provider.
- You cannot add money to the account any other way.
If you are a marketplace seller and want a simple, low-cost way to receive and send money, World First’s Marketplace Sellers Account could be the way to go. But if World First doesn’t offer the right coverage for you, OFX’s Online Sellers Account or Transferwise’s Borderless Account also offer local receiving/bank accounts for various countries and currencies.