(25 October 2017 – United Kingdom) International money transfer and foreign exchange (FX) provider, WorldFirst has launched a new product, World Account to UK corporate customers.
The FX fintech claims the new account will assist businesses to access a range of international banking services that many SMEs trading overseas find impossible to access through traditional banks.
In a blog post, World First said the account “makes the process of managing finances across multiple currencies simpler, faster and cheaper than ever before.”
The firm added that small or large businesses can quickly open multiple international currency accounts in GBP, EUR, USD and CAD free of charge. Additionally, it said these accounts can then be accessed and managed from a single platform or newly launched app.
World First added that with World Account, businesses will not be hit with “hidden fees to send international payments or receive funds from overseas.” Businesses will be able to hold balances in multiple currencies at the same time allowing them to manage their funds effectively to reduce foreign-exchange costs.
WorldFirst Co-founder and CEO, Jonathan Quin said, “This is a very proud day for WorldFirst as we clearly demonstrate our on-going commitment to bringing business banking into the 21st Century. The average UK business currently generates £287,000 in revenues from overseas exports, but this would be significantly higher if the financial services system was better equipped to make the process of doing business internationally easier, faster and cheaper.
“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.”
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.
Multi-currency accounts are set to become a core offering, as several providers, including Singapore’s largest bank, DBS, have begun offering them to corporate and business customers.
East & Partners Europe’s UK Business FX Markets Program highlights that competition among UK banks (53.3 percent), international banks (30.3 percent) and non-bank providers (16.4 percent) continues to intensify for new customer acquisition. Among non-bank providers, Western Union has the highest share of market (3.6 percent), in front of Monex, CMC and IG Markets and American Express. The latest round of reporting also highlighted for the first time WorldFirst’s presence in the market as key FX providers outside domestic and international banks.